Saudi Arabia faces a rising unemployment problem, in common with many states, but perhaps uniquely in the current global climate it is still seeing rent levels rising. Partly this is because of sizeable financial and legal barriers to home ownership, which the government seems bent on addressing. With home ownership currently estimated at only 30% of the population, there is huge potential for growth in mortgage lending and also construction.
Barack Obama, the US president, arrived in Saudi Arabia on June 3rd at the start of a tour of the Middle East. Many Saudis will pay close attention to Mr Obama's comments regarding the Arab-Israeli peace process and on Iran. Yet for many Saudis, the most pressing concerns at present are unemployment and the cost of living. The government cannot readily create more jobs, but it is taking some steps to improve access to housi...
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