>Some of the leaders do know that they can't live on oil forever, so you see some sovereign wealth funds investing in things that their people can learn and use to build their society more resiliently
Do the Saudi's have the experience and culture to make this work? $90B invested in Softbank Vision Fund. [0]
A long time ago on an island far away... called Nauru, they tried to invest their wealth from their natural riches (phospor fertilizer). It didnt work out, if I remember correctly.
Doesnt Norway still produce oil? Naurus strategy also worked well as long as they were producing. (Although I am not worried about Norway, even if the investment were not to work out as intented, their economy seems sound)
However Norway was already one of the richest countries in the world before the oil boom. So there wasn't as much pressure on their government to spend that income immediately instead of investing it.
Its also worth considering that Norway has a highly educated, intelligent population and an open, protestant culture. Countries without these traditions or a less educated population are more prone to corruption and mismanagement.
Is that investment just finding a place to park money? Or does it do something good for the every day Saudi citizen? I don't follow the issue closely enough to know.
Do the Saudi's have the experience and culture to make this work? $90B invested in Softbank Vision Fund. [0]
[0] https://www.businessinsider.com/saudi-arabia-45-billion-with...