Oil crisis enables hospitality revolution | ehotelier.com
The Kingdom of Saudi Arabia is on the brink of a revolution. This revolution will be neither political nor ideological. Instead, it will come in the form of keys — hundreds of them, representing millions of dollars’ worth of investment. In the wake of plummeting oil prices resulting from the uneasy mixture of oversupply and tightening Chinese demand, one could be forgiven for believing that the Kingdom’s economy is approaching a state of crisis. However, the Organization of the Petroleum Exporting Countries (OPEC) giant has long been prepared to ride out this period of financial turbulence. Long before the oil prices began to dip, the government was prepared to deal with the budget gap created by diminished oil revenue.