Saudia Arabia Adopts Tighter Austerity Measures to Tackle Deepening Economic Crisis

Dec.28/ Yemeni press

According to an article by the New York Times,Thousands of the Saudi royal dynasty members are continuing their lavish lifestyles as the country adopts tighter austerity measures to tackle its deepening economic crisis, a report says.

The austerity measures have been implemented despite the fact that an estimated 12,000-15,000 Saudi royal family members continue to receive billions of dollars in annual allowances, invest in the world’s most expensive real estate markets, purchase luxurious automobiles and consumer products, go on ostentatious international trips with their retinues and stash their Swiss banks accounts.

The report, which is based on dozens of interviews with diplomats, money managers, economists, real-estate and travel agents, interior decorators and members of the House of Saud as well as court records and real-estate documents, expressed doubt that the dynasty could simultaneously maintain its lavish lifestyle and its unchallenged grip on the country

The people have less money than before, but the royal family have the same. There is a lot of state money which is concealed from the budget, which is determined by the king alone,” said Prince Khalid bin Farhan al-Saud, a dissident member of the extended family living in Germany.