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Riyadhi said:
Fact 1: King Abdullah Financial District is bigger than BFH and DIFC and the financial center in KAEC.

Fact 2: Riyadh is the home for the headquarters of 6 of the largest 10 banks in the Arab World.

Fact 3: Riyadh is the home of the largest stock market in the Middle East and North Africa and the 11th in the world.

Fact 4: Saudi Arabia is the largest economy in the arab world and the 23rd economy in the world.

Fact 5: Riyadh is the home of the regional offices of 6 international banks.

Fact 6: Riyadh has a population of 5 million people.

Fact 7: Riyadh is the home of 4 of the top 10 richest men in the Middle East.

Fact 8: Riyadh has a GDP of $ 25 billion (Twice the GDP of all of Bahrain).
Quote from a fellow Bahraini Forumer...

"Some quick notes

1. Ok 4 of 10 richest in Riyad, but where is their money? it's in the USA ,London,Lebenon, and banks in Bahrain. Alwaleed is an example.

2. Suadi stock market is all speculation and badly run, analysts say they hope some day Gulf Stock Markets will be more like Bahrain where prices reflect the performance of companies and more rational and professionally run.

3 BMA is the best Banking regulator in all the Gulf.

4. Bahrain is the biggest center of Islamic banking in the world.

5. Population does not count,or Egypt would be the center of banking in the region

6. Imar prefered to establish it's bank Al Salam in Bahrain Why didn't it go to Dubai or Riyad

7. The biggest Islamic bank UIB established in Bahrain by Khalid bin Al Waleed why didn't he go to Riyad

8. Size is not everything ,what matters is how much of it will be actually built and who will fill it , for all we know it may be a goast town.

9.The banks they are talking about are all domestic banks.

This is just what comes to mind for more I need to make some reseach"
 

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My friend, alot of what your friends said is not true. I'll go over his point one by one;

1. Ok 4 of 10 richest in Riyad, but where is their money? it's in the USA ,London,Lebenon, and banks in Bahrain. Alwaleed is an example.
Not true. All of Rajhi's investments are in Saudi Arabia. Most of Olayan's investments are in the listed Saudi companies. The largest equity of Al-Hariri family is Saudi Oger which runs most of its projects in Saudi Arabia. Dallah group of Saleh Kamel owns equities all over Saudi. Even Alwaleed himself owns majority shares in three companies (Samba, Savola, National Industries) and other companies and projects.



2. Suadi stock market is all speculation and badly run, analysts say they hope some day Gulf Stock Markets will be more like Bahrain where prices reflect the performance of companies and more rational and professionally run.
I don't know if you know this or not but Saudi Stock Market is about 100 times bigger than the Bahraini market.

And by the way, I never EVER heard any analysts saying that the Saudi Market should be like the Bahraini. I personally invested in the Bahraini market with the IPO of Al Salam Bankand I totally regret it. In Saudi you subscribe in an IPO and in one week you get the refound. Another month and you can trade your stock. In Bahrain it was like hell. It took them 6 weeks to send me the refound and I'm still working on activiating my portfolio.

In Saudi, I go into my Bank account ONLINE and I trade smoothly while in Bahrain I could not even find out if there's online trading or not!!!



3 BMA is the best Banking regulator in all the Gulf.
Not true my friend. The award that BMA received recently was for its contribution to the global Islamic funds industry. It was not given to it as the best regulator int the Gulf. And that award was given to it by a Kuwaiti found, not the IMR or the UN!





4. Bahrain is the biggest center of Islamic banking in the world.
I think that we could say that few years back. But currently with all the Saudi GIANT banks switching into Islamic Banks this would be history. Look at the index of the largest banks in the Arab World. The top banks in terms of Market Capitalization and equities are Saudi Banks. I'm talking about both, Islamic and non-Islamic.




5. Population does not count,or Egypt would be the center of banking in the region
Yes it counts in a wealthy country like Saudi Arabia. You can not compare Riyadh to Manama in terms of purchasing power. Riyadh is a HUGE market. You cant even count the shopping malls of Riyadh.

The population factor does not always count. It counts when the population HAS the money.




6. Imar prefered to establish it's bank Al Salam in Bahrain Why didn't it go to Dubai or Riyad
The question here is: is it a matter of prefernce for Emaar?
I don't think so. It was not a choice for them. You know why, because it is nearly impossible for Emaar to establish a bank based in Riyadh. Even Saudis have very hard time obtaining permits for banks in Saudi.

Things are chaning though :)




7. The biggest Islamic bank UIB established in Bahrain by Khalid bin Al Waleed why didn't he go to Riyad
Ture, Khalid Bin AlWaleed was one of the invesors who established UIB and is now the chairman of the Bank. However, everybody knows tried to establish the bank in Saudi along with Global House but his propusal was rejected by SAMA (Saudi Arabian Monetary Agency).

And by the way, it is only the biggest Islamic bank in terms of its capital. This will not be a fact anymore after the establishment of the Saudi Enmaa Bank in Riyadh.



8. Size is not everything ,what matters is how much of it will be actually built and who will fill it , for all we know it may be a goast town.
Have you been to Riyadh?
Have you seen the huge banks buildings there? Do you know any Saudi who works for Samba, SABB or NCB? Do you know that one of their major complaints is the lack of office space?

The project was announced last just two weeks ago. And last week about 10 financial and insurance firms expressed interest in reserving office space in the financial district.

Trust me my friends, the buildings you see in the renders will be filled. Finance business is growing in an amazing way in Saudi Arabia.

And by the way, part of KAFD project is a Finance School.



9.The banks they are talking about are all domestic banks.
HSBC, Deutsche Bank, Emirates Bank, Kuwait National Bank are not domestic. They all recently opened offices in Riyadh. Even SABB, Franci Bank, Hollandi Banks are all joint ventures with major international banks. And last I heard, there are more than 20 international banks who are waiting to obtain the license to open in Saudi.
 

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Thnx alot lot lot lot Riyadhi..........now i understand the map of riyadh.....i now understood the way those buildings r scheduled...........but y those building r so distant from each other? is this bcuz there r lots of projects coming up in between those skyscrapers RIYADHI? i'm askin u bcuz u kno every thing going on in RIYADH......
and it woud be so kind of u if u show us the renderings of GHADIR PROJECT
THANKs
 

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B-Patriot,
I'm sorry. I said that Saudi Stock Market is 100 times larger than that of Bharain. That was a mistake. It is currently 27 times larger than Bahrain. I mixed up between Bahrain and Beriut Stock Exchanges.
Sorry for the confusion..
 

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Saudis want Riyadh to be a financial hub GCC Insights

Saudi authorities intend to turn Riyadh into a major centre for financial services on a global level. Officials are thinking big? Comparing the planned project to that of Canary Wharf, London's business and baking district. Known as the King Abdullah Financial District, the project would be developed in the heart of Riyadh, with easy access from the central business district and airport.

Officials concealed some details of the ambitious project during a conference on future development held in Riyadh last week. Minister of finance Ebrahim Al-Assaf revealed that Saudi authorities had been developing ideas for the project over the past two years. Still, the master plan is expected to be ready by year-end, with construction getting under way sometime in 2007.

Upon completion, the King Abdullah Financial District would house all state entities dealing with financial matters. Certainly, these include the Capital Market Authority and the Stock Exchange (Tadawul).



Ambitious

Additionally, financial institutions operating in the capital would most likely relocate or at least open branches in the new financial district.

Likewise, support providers such as accountants, auditors, analysts, consultants and other related activities are expected to operate from the district.

Undoubtedly, King Abdullah Financial District would be a mega project by international standards by virtue of its size. The authorities intend to develop the project on a 1.6 million square metre site. By comparison, London's Canary Wharf is built over an area of 345,000 square metres. Authorities are promising to develop the project with modern infrastructure in terms of road networks to information technology standards.



Opportunities

Additionally, an academy dedicated to offering degrees in financial services would be set up in the district. Other schemes include purpose-built conference halls. Eventually, the authorities expect the King Abdullah Financial District to emerge as the place Saudi nationals would turn to when seeking new job opportunities. Currently, finding jobs for locals is a daunting challenge in the kingdom. The economy has to generate some 160,000 annually for nationals to cope with demand.

The move to turn Riyadh into a major financial district could not be timelier. Already, Saudi Arabia was admitted to the World Trade Organisation last December.

Under WTO accession terms, the Saudi government agreed to allow 60 per cent foreign equity shareholding for joint ventures in banking. Also, Riyadh agreed to permit foreign banks in the form of a locally incorporated joint stock company or as a branch of an international bank.

The writer is assistant professor, College of Business Administration, University of Bahrain.
 

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Riyadhi said:
I don't know if you know this or not but Saudi Stock Market is about 100 times bigger than the Bahraini market.
hmm a lil proof will do right now please

Riyadhi said:
And by the way, I never EVER heard any analysts saying that the Saudi Market should be like the Bahraini. I personally invested in the Bahraini market with the IPO of Al Salam Bankand I totally regret it. In Saudi you subscribe in an IPO and in one week you get the refound. Another month and you can trade your stock. In Bahrain it was like hell. It took them 6 weeks to send me the refound and I'm still working on activiating my portfolio.
so you mean to tell me that the Saudi stock market is healthy?? Somehow I'm not convinced because part of the factors that make a stock market healthy is if there is enough investments in them and to be honest Saudi doesn't have a strong stock market because as soon as another Gulf company issues an IPO the Saudis are the first to run for their share of the cake (e.g Dana Gas, Rayyan Bank)

don't believe me? read this
http://news.ft.com/cms/s/576f0054-e541-11da-80de-0000779e2340.html

Riyadhi said:
In Saudi, I go into my Bank account ONLINE and I trade smoothly while in Bahrain I could not even find out if there's online trading or not!!!
wake up online trading has been around for a few years now with several banks in Bahrain.


Riyadhi said:
Yes it counts in a wealthy country like Saudi Arabia. You can not compare Riyadh to Manama in terms of purchasing power. Riyadh is a HUGE market. You cant even count the shopping malls of Riyadh.
now how does the number of malls really determine the size of the market? What about the number of foreign investments? Don't they count as well?

Riyadhi said:
The population factor does not always count. It counts when the population HAS the money.
Please read above point and think about it for a second


Riyadhi said:
The question here is: is it a matter of prefernce for Emaar?
I don't think so. It was not a choice for them. You know why, because it is nearly impossible for Emaar to establish a bank based in Riyadh. Even Saudis have very hard time obtaining permits for banks in Saudi.
there ya go, see its not that when you finally admit that things aren't so rosy in terms of investing in Saudi Arabia

Riyadhi said:
Have you been to Riyadh?
Have you seen the huge banks buildings there? Do you know any Saudi who works for Samba, SABB or NCB? Do you know that one of their major complaints is the lack of office space?
I have been to Riyadh and quite frankly i'm not that impressed, sure it may be glamorous in the outside but god knows what goes on in the inside that freaks me out. I mean seriously its just like George Orwell's novel 1984 with its Big Brother theme

Here's a good example. When BMI (British Midland) introduced flights to Riyadh and Jeedah there was soo much fear in the cabin crew that it was impossible to get anyone to go there without being threatened by their jobs. Don't you think that doesn't say enough about the state of your lovely country?


Riyadhi said:
Trust me my friends, the buildings you see in the renders will be filled. Finance business is growing in an amazing way in Saudi Arabia.
Yes dear

Riyadhi said:
HSBC, Deutsche Bank, Emirates Bank, Kuwait National Bank are not domestic. They all recently opened offices in Riyadh. Even SABB, Franci Bank, Hollandi Banks are all joint ventures with major international banks. And last I heard, there are more than 20 international banks who are waiting to obtain the license to open in Saudi.
HSBC has been around quite a long time in Bahrain, and so has Standard Charter and Citigroup banks as well. Plus there are other banks like Bank of China, BankMuscat, Shamil Bank, Salam Bank.......Hell I can go on forever listing local and international banks in Bahrain
 

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Well debated Pish..bahrain has been and WILL be the financial centre of the MIdeast no question about it..bahrain just has more freedom(in terms of market capabilities AND social freedoms) then riyadh..there is more of a social life..yes riyadh is coming up and all and iam happy for you guyz but still comparing is not an option..have a look at our FDI, it grows nearly every year..and your comments about "the number of malls" how on earth does that gotta do anythign with economic stability etc. Places like Manama, Dubai even Doha..are looking into the future when oil runs out..And one more thing..Why do soo many saudis come to bahrain on a daily basis..?
 

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Dear Riyadhi,


Not true. All of Rajhi's investments are in Saudi Arabia. Most of Olayan's investments are in the listed Saudi companies. The largest equity of Al-Hariri family is Saudi Oger which runs most of its projects in Saudi Arabia. Dallah group of Saleh Kamel owns equities all over Saudi. Even Alwaleed himself owns majority shares in three companies (Samba, Savola, National Industries) and other companies and projects.
Ok they have investments in Saudi I didn't say they don't , of course they do,it's what made them rich in the first place, but where is the rest of their fortune the majority of it .

Al Waleed owns large stakes in Citi, Four Seasons ,etc. and these are much more than what he has in Saudi. Hariri too,my point is having filthy rich people doesn't mean you automatically become a Financial Center or you would have been a long time ago.



I don't know if you know this or not but Saudi Stock Market is about 100 times bigger than the Bahraini market.

And by the way, I never EVER heard any analysts saying that the Saudi Market should be like the Bahraini. I personally invested in the Bahraini market with the IPO of Al Salam Bankand I totally regret it. In Saudi you subscribe in an IPO and in one week you get the refound. Another month and you can trade your stock. In Bahrain it was like hell. It took them 6 weeks to send me the refound and I'm still working on activiating my portfolio.

In Saudi, I go into my Bank account ONLINE and I trade smoothly while in Bahrain I could not even find out if there's online trading or not!!!

Saudi Stock Market is like a Casino Saudi's like to gamble but gambling is haram and illegal so their only resort is the Stock Market. An analyst in Al Arabiya said yesterday that in Saudi the Stock Market is the only place to invest while in other countries there are other venues.

Every Analyst that goes on TV says the Saudi Market is not a healthy market and that prices of companies should reflect it's earnings and future growth potential, and that Saudi's should learn how to invest not gamble.Also fund managers always mention Bahrain and Kuwait as good long term investment markets or at least their comentary implies it.

Go back several years ago and look at the Saudi market growth it's embarassing, and the way the stock market is falling now people are praying to return to the old days ,at least they won't sell their shirts that way.Poor people are in debt to banks in Saudi now, some buisnessmen have postponed their spending on investment in their buisness growth ,and paying their debtors cos they waiting for imaginary profits from the markets, and now they are stuck.

"Trading Online " when people hear this they think wow it must be like Etrade or IB. Actualy it's slow and takes a long time to execute trades, it brakes down a lot, and people are always complaining that Banks are stealing from them. Also my freind had to wait more than a month meanwhile going back and forth to Dammam to open his online account. By the way tell me what your problem is in Bahrain I'll be glad to help.


Not true my friend. The award that BMA received recently was for its contribution to the global Islamic funds industry. It was not given to it as the best regulator int the Gulf. And that award was given to it by a Kuwaiti found, not the IMR or the UN!
Who said anything about an award, I'm just stating a fact and all Bankers know it. I'm not sying it could not be better ,but still it's the best in the Gulf.


I think that we could say that few years back. But currently with all the Saudi GIANT banks switching into Islamic Banks this would be history. Look at the index of the largest banks in the Arab World. The top banks in terms of Market Capitalization and equities are Saudi Banks. I'm talking about both, Islamic and non-Islamic.
These banks you talking about where always there when Bahrain was and still is the Islamic Center Of The World, and a few more big domestic banks will not change that. Bahrain has the pole position in Islamic Banking ,for god sake the regulations and terms used in Islamic Banking where coined in Bahrain. It is so famous for that, just mention Islamic Banking to anyone and they will say Bahrain.



Yes it counts in a wealthy country like Saudi Arabia. You can not compare Riyadh to Manama in terms of purchasing power. Riyadh is a HUGE market. You cant even count the shopping malls of Riyadh.

The population factor does not always count. It counts when the population HAS the money
You are right it does count, but in Saudi 70% of the pop are expatriates they are manual workers, maids, drivers, restaurant workers ,Yemeni shop sellers,etc. Saudi is not like before a lot of people are poor now and unemployed. A Saudi told me that last month Imigration Authority announced it had vacancies and thousands applied.

When you campare Bahrain's purchasing power you should include in addition to the domestic buying power the Mill of people who come to Bahrain from Saudi , Kuwait, and Qatar every year. Wealthy people also live in the Eastern Province Of Saudi Arabia and Bahrain is closer to them than Riyad , Also there is big potential to increase visitors from Qatar after the Bahrain Qatar causeway opens. Kuwaitis love to come to Bahrain and they mostly complain of the lake of tourist attractions for families, but after the completion of a lot of the under construction projects in Bahrain they will increase for sure.

Now a trend in Bahrain is that a lot of Expatriates and Arabs especially Al Shawam who work in Saudi have their families in Bahrain and they go back and forth also the American presence may increase in Bahrain and they do contribute a lot to the economy. Some of the developers of projects in Bahrain have their eye on the European Tourist Market and they are trying to copy the UAE success in this.

The question here is: is it a matter of prefernce for Emaar?
I don't think so. It was not a choice for them. You know why, because it is nearly impossible for Emaar to establish a bank based in Riyadh. Even Saudis have very hard time obtaining permits for banks in Saudi.

Things are chaning though
Ok why didn't it establish it in Dubai? Imaar is the biggest contributer to the big project in Rabig it carries a lot of clout,don't try to convince me that it could'nt do that. you say things are changing, are you sure and when will it happen? changing the Stock Market Head and anouncing this Riyad Financial Center is not enough.

Ture, Khalid Bin AlWaleed was one of the invesors who established UIB and is now the chairman of the Bank. However, everybody knows tried to establish the bank in Saudi along with Global House but his propusal was rejected by SAMA (Saudi Arabian Monetary Agency).

And by the way, it is only the biggest Islamic bank in terms of its capital. This will not be a fact anymore after the establishment of the Saudi Enmaa Bank in Riyadh.
So it was rejected by SAMA ? Why do you Know? I don't want to go into politics, but when you have a Monopoly and people making good profit out of it they will shurly not let anybody share the cake with them. This is a good thing for Bahrain as it capitalises on the rejects from other Gulf Countries. Al Masraf is an example although I heard it was rejected by BMA too.

Have you been to Riyadh?
Have you seen the huge banks buildings there? Do you know any Saudi who works for Samba, SABB or NCB? Do you know that one of their major complaints is the lack of office space?

The project was announced last just two weeks ago. And last week about 10 financial and insurance firms expressed interest in reserving office space in the financial district.

Trust me my friends, the buildings you see in the renders will be filled. Finance business is growing in an amazing way in Saudi Arabia.

And by the way, part of KAFD project is a Finance School.

Yes you said it, it's just an opportunity to make money from realestate. They noticed the demand and they are capitalising on it by providing supply, it has nothing to do with being a Financial Center, that needs more work don't beleive everything that is said.

One last thing is the Terrorist threat, don't tell me you are dealing with it. It's more deeper than killing and arresting few people here and there. Also Gulf States wealth is mainly from oil , so what if Bahrain strikes oil then it will be wealthy too especially with the small number of population.

Dubai is actually a bigger threat to Bahrain than Riyad, but things are getting better for Bahrain its fighting back and the verdict is not out yet. I think that the new Financial Centers in the Gulf, those who are successfull at least will complement each other rather than compete with each other.

There are a lot of political considerations especially from the Big Sister Saudi as it's leaders know that Bahrain only has it's Financial Center and to try to attempt to take that away from her is not good for relations between the two countries .Saudi's are too generous to do that even if they can.
 

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Adel said:
Dear Riyadhi,

Dubai is actually a bigger threat to Bahrain than Riyad, but things are getting better for Bahrain its fighting back and the verdict is not out yet. I think that the new Financial Centers in the Gulf, those who are successfull at least will complement each other rather than compete with each other.

There are a lot of political considerations especially from the Big Sister Saudi as it's leaders know that Bahrain only has it's Financial Center and to try to attempt to take that away from her is not good for relations between the two countries .Saudi's are too generous to do that even if they can.

Hey Adel, I'd have to disagree with you on that. The real threat is not Dubai or Qatar, that will only make Bahrain stronger. The real threat is Saudi and Kuwait fully opening up their financial sectors. Even financial experts agree on this point. But for the time being, there are no problems for Bahrain and as it's the world hub for islamic banking and home to over 365 financial institutions and that's a solid foundation to build the future on.
 

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If Saudi is better than Bahrain in the financial sector, then why 180 banks do not think to move thier head quarter from Bahrain to Saudi not even to open a branch, why they are moving from Dubai to Bahrain? why not Reyadh? Any reason?
Bahrain has the experince in the financial sector since the 70s, what about Saudi?
 

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My dear friends,before saying any thing else......please have a look at this article....

"It will be a multi-year project during which Saudi Arabia - already the world's oil capital - will consolidate its position as the Middle East's financial capital. The King Abdullah Financial District will be the headquarters for the Capital Market Authority (CMA) and the Stock Exchange (Tadawul), and for financial institutions and other service providers such as accountants, auditors, lawyers, analysts, rating agencies, consultants, and IT providers.It will host other reforms such as licencing of international banks,insurance and investment companies.The purpose of this new financial academy will be to enhance the skills, training, and capabilities of current and future generations to consolidate Saudi Arabia's position as the largest economy in the region."

these are the words which i copied and pasted here from the first page of this thread............All i wanna say is " although K.S.A is not yet good enough in financials,but it is going to be the 'FINANCIAL CAPITAL' till this project is completed...
and not only i say this,but olso the SAUDI GOVERNMENT " that's all i wanted to say.
 

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Ya forget Qatar I didn't even mention it I meant the current threat is Dubai. Don't worry about Saudi it will never open up even if it does it will be only be a small opening somthing like Misyar not a full marrige. Yesterday Ebrahim Dabdoob Manager of NBK said they where given one branch in Saudi and was saying how difficult it was to compete with one branch. Kuwait I forgot about and your right, but I bet we find oil before they open up the way things are going there.
 

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By the way don't give much weight to what you read in Newspapers or even financial analysts, go back when the DIFC was anounced and read the hype ,headlines,and analyst mumbo jumbo you whould think Bahrain Financial Buisness would be in the tube by now.
 

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Pish and Adel,

I can go on and write a paragraph about each point. Then you'll do the same if not more but I wont. I'll be rather brief and straight to the point.

I like Bahrain. I go there at least once a month. It's got great potential as a major financial center in the region. And YES, Bahrain is relatively advanced when it comes to Finance comparing to Saudi.

However, it is not rational to say that Bahrain has more potential to be the largest financial center in the middle east than Saudi Arabia. Maybe Bahrain was playing that role for fifty years but things don't remain the same for ever.

I have a friend who works in Finance and we once drove to Bahrain on a weekend. Then we passed by BFH and I asked him how am I impressed by how massive the project built by a relatively small country like Bahrain. He said "This center was built based on assuming that the Saudis will never wake up".

Now just in one year what happened in Saudi,
Establishing Al Bilad Bank
Increasing Paid Capital for 7 Saudi Banks between 35% to 100%
Announcing King Abdullah Economic City with it's impressive Financial Island.
Issuing licenses to 3 international banks to work in Saudi (two opend already)
Announcing Enmaa Bank (The larget Islamic bank in the world with a capital of $4 billion)
Announcing King Abdullah Financial Distric (the larget financial district in the Middle East)

That was all in only ONE YEAR. This financial boom is not enough yet to keep with the the economic boom going on in Saudi. Only the oil and gas projects will need finance of more than $150 billion.


Now please think of these questions;

Is it realistic to compare the Saudi Economy with the Bahraini Economy?
Why did Bahrain become the financial center of the Middle East?
Why did NOT Saudi Arabia became the financial center of the Middle East?

Adel, do you belive that finance is like rocket science and that only Bahrain can do it right?
Do you think that Saudi is not capable of brining the best experties in the world (even from Bahrain) to build it's financial institutions?
What makes it hard for Saudi Arabia to be the financial hub of the Middle East?
Why can it be the Financial hub of the Middle East?


I'll answer that last question: Because SAudi has the MONEY, and finance is all about the money..



Final Note:
Keep in mind that the one who said that Saudi will be the Financial Capital of the Middle East was not a news agency or a financial anaylst. It was the the Saudi government itself who said that. Now trust me on this one; they only claimed that because they have solid plans.
 

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Adel,

Come on my friend I know you feel threatened by this financial district ;).
I don't think you should think that way though..
 

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Yes we are threatened because it's all we have right now untill we manage to develop our tourism in a couple of years or strike oil :) . I think what will happen eventually is every country will find it's knish and develop it.
 

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Yes ADEL......RIYADHI is absolutly right,
Saudi arabia has a plenty of money to spend.And infact they are......Money is being used like water in the KINGDOM.......there are over 400 projects going on here,and 25% of it are "MEGA PROJECTS" as in cities,plants,railway,red sea causeway n more...
And this is the first time ever in history that the projects of this quantity are held in the KINGDOM......
So these are the indications of the moving speed of SAUDI ARABIA.......
 
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