Ebook Saudi, Inc.: The Arabian Kingdom's Pursuit of Profit and Power, by Ellen R. Wald
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Saudi, Inc.: The Arabian Kingdom's Pursuit of Profit and Power, by Ellen R. Wald
Ebook Saudi, Inc.: The Arabian Kingdom's Pursuit of Profit and Power, by Ellen R. Wald
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Review
“Wald has produced a clear, concise history of both the kingdom and its all-important oil corporation.†- Publishers Weekly“A solid overview of a nation much in world news and of economic trends that will have significant effects in the global marketplace in years to come.†- Kirkus Reviews“Well-written and well-researched, Wald’s book is crucial reading for understanding Saudi Arabia as this oil-rich kingdom finds itself in the forefront of fighting Iran’s attempts to control the Middle East and humiliate the US. A timely masterpiece. †- Steve Forbes“I can highly recommend it. A really fascinating history of Saudi Aramco.†- Tracy Alloway, Bloomberg“Saudi, Inc. should be mandatory reading for anyone planning to do business in Saudi Arabia. Those of us who have spent years studying the Kingdom are often saddled with the dilemma of explaining its complexity. Ellen Wald has done a masterful job of taking you inside the boardrooms and the royal chambers, the competing interests and personalities. She captures the vast scope of history, from the conquest of King Abdul Aziz to the evolution of the business community over the past 80 years.  Wald brings alive the interplay among the al Saud family, the tribes, the religious community and culture, and how they all contributed to the Kingdom’s development. Those who may think the Saudis were ill equipped to deal with the modern world are likely to walk away rethinking facile assumptions. Wald chronicles the skill in which the Saudis outmaneuvered everyone, especially the large U.S. corporate enterprises. A necessary read for all those venturing to the Gulf. †- Ambassador James B. Smith, ambassador to Saudi Arabia 2009-2013“The U.S.–Saudi relationship is both critically important to both countries and fraught with contradictions. In this incisive and briskly readable study, Ellen Wald skillfully traces the evolution of that relationship from its earliest days down to the present. Saudi, Inc. is an important and timely book.†- Andrew J. Bacevich, author of America's War for the Greater Middle East: A Military History“A competent history of the Saudi Aramco and of how the House of Saud came to dominate the Arabian Peninsula in the 1920s. Its most original parts deal with the Saudi government’s “long game†to gain full control of Aramco while avoiding outright nationalization.†- Foreign Affairs“An essential text for anyone who wants to understand the unique history of both Saudi Arabia and Saudi Aramco. Wald has done a tremendous job researching the history of the House of Saud and the evolution of Aramco and provides an in-depth analysis of the people and personalities involved.†- Mordern Trader
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About the Author
Ellen R. Wald, PhD, is a widely cited consultant on geopolitics and the global energy industry. She earned her doctorate in history at Boston University and an AB in history, Near Eastern studies, and creative writing at Princeton University. She teaches Middle East history and policy and has appeared on TV and radio on three continents.
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Product details
Hardcover: 448 pages
Publisher: Pegasus Books; 1 edition (April 3, 2018)
Language: English
ISBN-10: 168177660X
ISBN-13: 978-1681776606
Product Dimensions:
6.4 x 1.2 x 9.3 inches
Shipping Weight: 1.1 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
16 customer reviews
Amazon Best Sellers Rank:
#60,510 in Books (See Top 100 in Books)
Quick. What is the world’s most valuable company? Apple? Amazon? ExxonMobil?Not even close. Saudi Aramco is the most valuable company in the world by a long shot, with estimates beginning on the other side of $2 trillion. That is more than double the value of Apple, more than double that of Amazon, and six times that of ExxonMobil or all three combined!This book is about the history of Saudi Arabia and Saudi Aramco combined, because the history of neither the country nor the company can be written separately.The book does not address the reign of King Salman which began in 2015, the power of the Crown Prince, the social liberalization, Vision 2030, nor the intended Saudi Aramco initial public offering. Rather it paints a picture of the fortunes of a remarkable company from which important lessons can be learned. It chronicles the growth and operations of this parastatal, extractive enterprise and industrial behemoth.The state of Arabia in the first decades of the 20th century, was so poor and under developed that the King of Saudi Arabia’s wealth and that of the realm, was kept in gold coins, cash, and other precious metals. It all fitted into chests that Finance Minister Sulaiman reportedly stored in his family home. These funds were needed to be distributed among the king’s subjects in politically expedient ways so as to ensure the continued loyalty from nomadic and settled tribesmen.What is today Saudi Aramco, started as a Saudi Arabian concession to drill for oil, granted to an American company under the name ‘Arabian American Company’ – Aramco.It began as a huge gamble. Previous geological surveys for signs of petroleum deposits in the Arabian Peninsula were disappointing but not conclusively negative. Oil had already been discovered in Iran in the early 1900s by the later named BP, and later in small quantities in Bahrain.The Saudi king at the time was so sceptical that oil would be found, that he asked the engineers and geologists who would be surveying the concession area, to let him know if they found any underground water cisterns that could be useful to his people.Several years and $10 million later revealed nothing of commercial value. In 1938, the team in Arabia decided to deepen one of the ‘dry’ wells by another two hundred feet, and found oil. By 1940, about 20,000 barrels of oil per day were being produced and the company had begun building housing and offices in Dhahran on the west coast of Saudi Arabia.With the end of World War II, the demand for petrol remained as high as during the war. Not only was Western Europe rebuilding its devastated cities, but the American military presence around the world necessitated consistently available petroleum products. Aramco increased oil production to over 200,000 barrels per day in 1947.The economics of oil had to be managed. If oil prices spiralled upward quickly, it could damage the economies into which the oil needed to be sold. At the same time, the luxuries of modernity were needed and wanted by Saudi royalty for themselves, and for the country. The oil finds were superbly managed so they produced vast amounts of money for the company, and the Saudi treasury.Over time, the kingdom was able to leverage its assets to obtain the best from around the world, in a wide variety of domestic developments and enterprises. This wealth enabled Saudi Arabia to spend lavishly and quickly on its building programme - the development of modern cities, airports, hotels, universities and other amenities, that catapulted large parts of the country into modernity.What Saudi Arabia realized it did have, was an immense quantity of a very desirable resource: petroleum. What it lacked, was the many resources needed to get the most out of this oil wealth. Perhaps the most obvious lesson to any country was this realization: they needed to buy what they did not have from the outside, and then to make it their own. And this theme runs through their modern economic history.For the royal family, it meant sending princes abroad for education at the finest Western institutions like Princeton and Oxford. For Aramco, it initially meant encouraging Saudi workers to accept training as welders, carpenters, machine repairmen, and general workers. Later, it entailed sending promising young Saudis abroad to university to learn geology, petroleum engineering, logistics, and law.There was considerable pressure on the King to nationalize Saudi Arabia’s oil assets and Aramco. Mexico had nationalized their subsoil resources in 1917. Iran’s oil industry was nationalized in 1954, and Nasser nationalized the Suez Canal Company in 1956. Iraq, Iran and Libya, had nationalized the foreign oil company assets within their borders. All have fared poorly.But the Royal House of Saud blocked this nationalistic fervour, in favour of engaging their American partners for their business acumen and technical prowess. Eventually Aramco was purchased from the American company - purchased not taken - in what was described as an “amicable dealâ€, and the company was renamed Saudi Aramco. The board of directors named Ali al-Naimi as the company’s first Saudi CEO.al-Naimi is an example of the Aramco development process. Born into a desert Bedouin family, he benefited from an Aramco-sponsored university education. He returned to the company as an entry-level geologist, learned the oil business and corporate management, and rose to the very top.Managers at Aramco administered the company like an international, not local oil company, with the highest of international standards in every part of the business. This distinction has been the key to Aramco’s success.Aramco has been Saudi Arabia’s greatest source of revenue as well as innovation, and has taken its place among the great multinational energy companies of the world. It is a leader in exploration and production; the initial processing and movement of crude oil, natural and liquid gases. It operates refineries, petrochemical plants, as well as marketing outlets, and product distributors. Their portfolio now includes fracking, and solar energy.Aramco’s strategy has always been to enter into joint ventures with other companies who have greater expertise, so Aramco could gain knowledge and proficiency. For this purpose, it has invested in partners in the Philippines, Japan and China, and French partners in Saudi Arabia.Additionally, the actions and decisions of the kings of Saudi Arabia regarding their oil assets have, without exception, taken a very long-term view of the Kingdom’s economic wellbeing.South Africans have much to learn from them.Readability Light --+-- SeriousInsights High ---+- LowPractical High ----+ Low*Ian Mann of Gateways consults internationally on strategy and implementation and is the author of the recently released ‘Executive Update.
I normally wouldn’t gravitate towards reading a book with this subject matter but I was intrigued given the recent buzz on the Saudi Aramco IPO. I was very pleasantly surprised to be completely absorbed. Ms. Wald’s history of Saudi Arabia and its energy strategy reads like a novel! You have to admire and root for a country with a long-term strategy for its economic future that is willing to sacrifice short-term profits to become even more prosperous in generations to come.
This was a easy-to-read, pretty good history of Aramco and Saudi and how the two have developed over the decades. There were times when the book was repetitive, there are some editing errors (and entire paragraph reprinted two pages later), and the author, at times, felt a bit of a pollyanna regarding the cutthroat treachery within the house of Al Saud and the country. Overall, it's worth the read.
Ellen has been working on this project for about a decade and it really shows. The book is really well done and comes at the perfect time with the Aramco IPO looming.
and want to know more about the family of Saud this book is a good start.
I haven’t finished reading it as of now but I appreciate the historical background so far
The author wrote the story in a very readable style and keeps you engaged all the time. However, I have noticed that the book requires further editing and few corrections as well as there are number of facts were missing from the stories covered in the book.
#SaudiInc captures you from the very beginning, making a historical recount seem fantastical. The story told is necessary for understanding part of the history and themes that guide the region.
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