Saudi NEOM Green Hydrogen Co. seals $8.5bn finance deals

Thats Saudi Arabia’s idea of an economic revival – monster projects that have no real market. If there was a market, why then has Air Products bought the entire output? Thats not something this company usually does. Oil economies suffer from the oil curse – rulers don’t need to trust the country’s business people for tax revenue as they get plenty of cash out of the oil. But this only creates a client state where everyone just hopes for a share in the oil spoils and very few people ever try anything entrepreneurial at all. Look at all those new ventures – the state looms large. Saudi is flush with oil cash now and as long as it is, it will use it to pay for the bling.

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