Thread regarding Saudi Aramco layoffs

Saudi Arabia posts $29 billion deficit in second quarter as oil revenues slump

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DUBAI (Reuters) - Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices hurt revenues, a finance ministry report published on Tuesday showed.

FILE PHOTO: A Saudi flag flutters atop Saudi Arabia's consulate in Istanbul, Turkey October 20, 2018. REUTERS/Huseyin Aldemir
The coronavirus crisis has hurt the non-oil sectors of the world’s largest oil exporter this year, adding to the impact of historic price lows on the economy.

Second quarter oil revenues fell by 45% year-on-year to $25.5 billion. Total revenues dropped 49% to nearly $36 billion.

Total second-quarter expenditures dropped annually by 17% to around $65 billion, the report on quarterly budget performance showed, although spending increased when compared to Q1 by 7.5%.

“A pullback in spending is essential for containing the deficit,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “The proactive stance of the government was already reflected in the austerity measures announced in April. However, these will dampen the recovery outlook,” she said.

Facing deep recession this year, Riyadh has introduced steps such as removing a cost-of-living allowance for state employees and tripling value-added tax to 15% to bolster state revenues.

Economists have said this could restrict recovery as curbs aimed at reducing the spread of the cornavirus are lifted.

RESERVES
The IMF has estimated the economy could shrink by 6.8% this year, a figure Saudi officials have said was “pessimistic”.

Saudi Arabia, which in the first three months of 2020 posted a $9 billion deficit, has raised $12 billion in international markets so far this year and has borrowed 41.1 billion riyals ($10.96 billion) in the domestic market, the document showed.

Finance Minister Mohammed al-Jadaan said this month the kingdom plans to tap international debt investors at least once more this year.

In addition to borrowing, the government has used around $13 billion in government reserves in the second quarter to finance its deficit, budget data showed. That is largely within a $32 billion drawdown limit targeted by the government this year.

Between March and April, however, the kingdom used $40 billion in foreign reserves to back overseas investments of its sovereign fund, the Public Investment Fund.

Source:
https://www.reuters.com/article/us-saudi-economy-budget-idUSKCN24T1ZN?utm_source=reddit.com

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Post ID: @OP+16bCP0nt

30 replies (most recent on top)

Saudi, and Saudi Aramco, was not living and was not a life. At one time it might have been and a lot of former employees in the Aramco recruiting offices still sell the quality of life as if it still is. The dead shells of long term expats wandering the halls with the money gleam in their eye have wasted the one thing they cannot accumulate and can never get back. Our time was not worth that and there have been no words that made us regret leaving or made us look back on the way out.

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Post ID: @aijf+16bCP0nt

I do know that my home was paid off within fours years tenure with the Company. Generally, you don’t want to retire with a mortgage. Most retirees plan ahead. I spent decades with the company and can tell you that almost all the people ready to retire had made good plans before taking off. A lot of people came over with a ton of debt; which they paid off quickly. I feel for those shorter term, laid-off employees that did not have the luxury of time on their side. I wish them well.

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Post ID: @8yww+16bCP0nt

The knob gobbler is entertaining in a "wet your pants and everybody but you realized it" sort of way

Spending the rest of the afternoon drinking beer and laughing at this id–t baking over there doing absolutely nothing but waiting for the sun to rise to to absolutely nothing again tomorrow.

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Post ID: @7dmf+16bCP0nt

Who is this id–t imagining leaves saudi for a mortgage?

He is a loser

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Post ID: @7how+16bCP0nt

I had the Aramco experience from 1991 to 2017. It was an enjoyable company at first, but it was always full of terrible office politics. By the time I retired, I could not recommend that people work there. The pension is great, along with the health benefits. My wife loved it and so did my kid. I noticed that a lot of those recently-laid-off people were excellent employees. It must be really bad to let some of these people go. I hope they are okay.

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Post ID: @7yov+16bCP0nt

I wished I could have experienced it in the early early days, the Barger era.
It was ok in my time, 2002 - 2020, but it is under going a transformation, like
it or not. Fast approaching a zero sum game for expats, IMHO (for what that is worth).

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Post ID: @7kzr+16bCP0nt

I know what company pay is friend. You tacking on a lot of stuff we don’t need here hahahahaha

What I got that you don’t have is free time and free air.

So yeah, I don’t care how much money we threw away or how much your bitter old self is banking. The company changed, not for the better, and we never looked back when we left. I don’t experience the resentment and backstabbing every day that you do and I certainly don’t get some kind of a sick charge out of making fun of those who are less fortunate than we are.

You old-timers? Missed some real fun. 10-15 years ago Aramco was the place to be. Now? Not for any price.

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Post ID: @7sbq+16bCP0nt

Folks - this is a very weird and emotional discussion of mentally sick people. Being happily retired after several years with Aramco and with few million bucks in my pocket I would explain a couple simple things. First, the referred salary of $175K is not impressive (or was not) at all. Second, locals make 1/3 of what expats make in similar positions at best. This explains well their (local's) jealousy. Despite some locals are pretty good workers, they are still underpaid. However, way too often locals are amazingly unqualified despite many of them graduated from good US universities. Most of them want to be "bosses" as they can produce nothing good as doers. By this single reason low and mid-level management - team and division "leaders" - are hopelessly incompetent. And guess what, these are most envious!

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Post ID: @7zzb+16bCP0nt

LOL 175k. As if that’s going to even come close to what people take in here after taxes, vacations and all the other perks. Like the previous poster said, after mortgage, utilities, taxes, you’ll be happy to have $200 left over at the end of the month. If you think that’s comparable to company pay, then clearly someone wasn’t making a lot.

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Post ID: @6qvg+16bCP0nt

Mr. Genius: You write so much that you must be emotionally drained worrying about getting laid off. It is clear that you will never get the size pension I currently enjoy. The company really took care of us years ago. It is also clear that you do not have a spouse, at the very least a female in your life. Making fun of the retirees and those that recently got released seems to be the only thing keeping you from jumping off the causeway bridge. Just another backstabbing employee that kisses booty for a living. Your coworkers need to be careful getting near you, because you are next on the chopping block.

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Post ID: @6ncg+16bCP0nt

Yes Mr Retiree, I am so jealous of you because you are retired. I am so jealous of a 60+, 70+ year old who is two years away from his grave. Time is something money can't buy. Nope, I can't be jealous of old decaying age. Your life must be empty coming to this board even though you have nothing to do with the company.

To the other wise guy who pulled in 175K last year. Hehe, if I pull that kind of salary, I may as well jump out a window. Half goes to taxes, one fifth goes to mortgage and utilities, kids private school take the remainder and you are left with a whopping $200 at the end of the month. What you save in a year, I save it in a month with this great Company. Make that, the world's greatest company. You're just envious because you either got fired and are p-ss-d about the money you left on the table or because you were busted when all those lies on your CV were exposed and you couldn't deliver.

To the guy who said be careful of other expats. You got that right, if you thought you could come here and do nothing and vacation all year long, you betcha I will be the first to throw you under the bus and get you off my projects. We work hard here and we're not going to tolerate any mediocre work from anyone, be it an expat or a Saudi.

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Post ID: @6seu+16bCP0nt

this bores me

Who goes home and makes 1/3 what Aramco pays anyway? Haha. No wonder this loser is gobbling milk bone by the mouthful and fetching slippers for his masters. Me? Pulled in north of 175k last year. Slavery hahahahaha

Even our time off smokes Aramco.. 4 weeks + 26 fridays on a 9-80 schedule? All those long weekends to fill at the lake or the beach or anywhere else we feel like going? We are enjoying Corona. Fridge full of it. You think rude arrogant entitled locals are bothering us and bothering my kids and stealing my property? Not here, not today.

So yeah loser you keep on gulping and swallowing. We didn’t pack up and head home because we got laid off. We headed home because the company’s no good, the culture is toxic, the business lines are mismanaged, and the saudis treat non-saudis like sht. All that money and not a thing to buy? That isn’t living anyway.

You gotta be one sorry worthless POS if you can’t survive anytime anywhere in the world in this business and you have to polish knobs to make money. Probably explains why you’re in here. Popping off to who you think are layoff victims but who actually are good enough, tough enough, smart enough, and competitive enough to play in your puddle when you are just an economic slave in ours just makes you look dumb. Loser

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Post ID: @6zsr+16bCP0nt

It is hard to understand some of the posters that chide the retirees and scold the poor souls that lost their jobs. I have been retired for years, but I can tell the people that have survived this lay-off, please be careful of the expats that cannot keep their trap shut. They are not your friends, they are ugly competitors that will do and say anything to ensure that they survive and you do not. Tell tale signs are that they relate stories to you of the past poor performance of the retirees and those affected by the layoffs. Good people were laid off and lucky ones made it to retirement. Watch out for the pompous crumb snatchers with big mouths that could cost you a job.

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Post ID: @6xww+16bCP0nt

Mr Genius: I retired very comfortably and do not work at all. It sounds like you squandered your money and are now very jealous of the retirees that made it decades with the company. Everybody I know retired with millions and the smart ones took the pension annuity and invested the 401K and Roth 401K into investment IRAs accounts. I bet you are kicking yourself because you cannot keep your mouth shut in the workplace. You don’t have to worry about this at home because nobody is there.

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Post ID: @6pjz+16bCP0nt

No genius, my pension is vested and guaranteed and looking fatter every month. Not to worry, expats are safe and all the company did was clean up the bottom 5%. Maybe it's time to reflect on your inflated self worth. Welcome back to planet earth where you will be making one third for twice the work.

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Post ID: @6sal+16bCP0nt

Good evening to all the gems who have nothing but hate. Every board including Exxon, Chevron, Oracle and a million others have one thing in common: a bunch of old timers, overpaid, who did thing who got laid off and come back here to vent. For some reason, they think of themselves as overqualified but because of corruption they got laid off. Everyone could see it but them. Living in a bubble. There is so much hate within these people to a point I feel they might hurt themselves. You got fired, good riddance. Don't forget to buy an F-250 and load it with hay. Some of us need to keep that cash flowing. Fill up that tank baby. The next fat paycheck depends on you.

See ya, enjoy Corona and a 70% pay cut.

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Post ID: @5wuu+16bCP0nt

Mr Economic Salvery Man: What is so mysterious about the 27 year retiree? I don’t get it.

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Post ID: @4ljt+16bCP0nt

Yes, welcome Economic slavery. You summarized it well. Life in the West has a lot of stress and it is extremely difficult to get ahead financially. Many of us expats that remain behind are very grateful to the company for all the extremely generous benefits. Do not for one second think you can tarnish all the expats name. The company knows well who are the few bad apples. And that’s exactly what you nasty disloyal traitors are: bad rotten apples. It is also clear that not all the expats that got layed off are poor performers. This is life. All companies are cutting. So go gracefully into the goodnight and say good or keep shut. As for the mysterious 27 years retiree: you got us all fooled. Can you try under cover story. It’s really getting boring.

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Post ID: @4eyb+16bCP0nt

I hear they are hiring greeters at Costco. Don't forget your bell. Don't forget to share half your salary with the IRS. Welcome mortgage payments, heat, electric and gardening. Don't forget to work hard only to be given 3 weeks of vacation a year. I hear fortune 500 are contributing 50c on the dollar up to 3%. That should set you comfortably for retirement. You bi*ched about health facilities, welcome $75 deductible every time you sneeze. Enjoy working on meaningful projects with Chevron, I hear they are making a k–ling this year and paying bonuses left and right. Bye bye SAIP.

Stop by this board every once in while to check on us. We will still be collecting bags of cash, vacation and retirement (shooooo, don't ruin for us, all of this for doing nothing). Sometimes, I don't know what to do with all this money.

Don't cry for me Argentina.

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Post ID: @4uck+16bCP0nt

You SOL when someone invents a robot sheep

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Post ID: @4fdh+16bCP0nt

Of course they’re not gonna lay YOU off twinkie. You’re special. You’re housebroken.

soooooeeeee! hahahahahahahaha

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Post ID: @3mjv+16bCP0nt

Some claim are retirees. Why did you wait until retirement if you hated it so much. I am sure you begged for an extension too, another year or two. If you had balls, you would have left year 1, not after 20 or 30 years with. How empty your life must be in retirement for you to come back here 2, 3 years after you left to spew your garbage.

For the few who were qualified and still got laid off, they have nothing to worry about, they will excel wherever they go and I wish them all the success. I will miss this group of expats.

For the losers who got laid off because they were too dumb, it's been a long time waiting. The company was nice enough to have kept you on the payroll all these years, you should have been fired years ago. From the posts, it is obvious who these doucheb#$s are. The ones packing up at 3:59 every day. Yep, everyone was noticing.

I will continue making that cash, a lot of it while the haters are p-ss-d because they left millions on the table. Booohooooo, mommy I got pink slipped.

Proud expat.

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Post ID: @3snj+16bCP0nt

Locals will be living like dessert rats in the future, if they don’t get off their lazy camel humps and start working. They may even need to stop stealing from the Company. Why layoff expats when they can just get back the more than $450 million (USD) that the senior management stole from the Company?

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Post ID: @3jxh+16bCP0nt

The Company is selling it’s pipelines within the Kingdom just to be able to pay for the dividends due against the flop of an IPO. Some expats purchased some stock in a desperate attempt to save their jobs. Their Company showed gratitude to them by laying them off.

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Post ID: @3fdk+16bCP0nt

Soooo many bitter people with really nasty comments. Just as well those of u making such miserable comments are being laid off. If u did not really like it here, and are so cut up about leaving u would not be so bitter. Just go guys. Stop your nasty comments about the Saudi employees.

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Post ID: @1ubl+16bCP0nt

Maybe Iranians can come in to manage Aramco. I am sure that they will pay the locals handsomely as houseboys and gardeners.

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Post ID: @1lkm+16bCP0nt

It won’t be long before they cannot afford to run the desalination plants and the drinking water aquifers dry up. They will go back to p–ping in the sand like stray cats in a litter box.

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Post ID: @foc+16bCP0nt

Won’t be long before their currency is under pressure. Maybe it can be used to make up for toilet paper shortages.

An idea: Why not balance the budget by raising family fees for expats! That worked out so well before. hahahahahaha all those billions, plus what families were spending, disappeared in 2017.

So it looks like the citizens will have to shoulder up and the working ones support the unproductive ones. I see that crashing and burning pretty quickly.

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Post ID: @qlf+16bCP0nt

It will great to see the locals working as busboys, houseboys, nannies, gardeners and maids in neighboring countries.

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Post ID: @lad+16bCP0nt

Well there is a surprise, they’re deep in the sh1t and sinking faster than the ARA Belgrano!

Fairly obvious the sh1t would hit the fan, starting an oil war with other OPEC members wasn’t a bright idea (didn’t work out too well last time did it?!) but then again, brains were an optional extra around these parts.

And the absolute panic setting in is laughable, only because they’re so adamant there isn’t an issue, everything is fine, the usual horse sh1t they spin...

Won’t be long now till the final collapse of the economy and satisfaction for the long suffering expats who have seen the light and left (taking a large chunk of their cash with them!).

Ah! Satisfaction!

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Post ID: @hid+16bCP0nt

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