My take is that the Saudis were incredibly fortunate to be sitting on a resource that has had inelastic demand for decades. So fortunate in fact that they didn’t get good at anything else that wasn’t related to oil.
They’ve known for some time that the oil reserves can’t sustain them forever so they’ve dabbled in investments in various industries with lacklustre results.
Their recent foray into gaming is symbolic of this. An industry that bleeds cash without the creative talent that underpins it. I mean Microsoft is a good example of when ‘business’ intersects with the production of art.
My take is that the Saudis were incredibly fortunate to be sitting on a resource that has had inelastic demand for decades. So fortunate in fact that they didn’t get good at anything else that wasn’t related to oil.
They’ve known for some time that the oil reserves can’t sustain them forever so they’ve dabbled in investments in various industries with lacklustre results.
Their recent foray into gaming is symbolic of this. An industry that bleeds cash without the creative talent that underpins it. I mean Microsoft is a good example of when ‘business’ intersects with the production of art.