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“The Saudi experience with IBI, though brief, proved instrumental and became a model for how the Saudis went on to conduct business. Saudi Arabia understood that it lacked the resources of more developed nations. These included a large population, an educated populace, capital, credit, and native businesses. What Saudi Arabia realized it did have was an immense quantity of a very desirable resource: petroleum. Because it lacked so many resources, it could not drill for, extract, refine, transport, or sell that petroleum on its own. It needed outside firms to access the value of the petroleum, at least initially.” — Ellen R. Wald
The Saudi experience with IBI, though brief, proved instrumental and became a model for how the Saudis went on to conduct business. Saudi Arabia understood that it lacked the resources of more developed nations. These included a large population, an educated populace, capital, credit,
and native businesses. What Saudi Arabia realized it did have was an immense quantity of a very desirable resource: petroleum. Because it lacked so many resources, it could not drill for, extract, refine, transport, or sell that petroleum on its own. It needed outside firms to access the value of the petroleum, at least initially.