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Ellen R. Wald, PhD, is a widely acclaimed 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 has appeared on näytä lisää television and radio on three continents. näytä vähemmän

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# Saudi Inc.
What I learned from this book was to run my ministries like a family business that increased with profit year after year. Just as the Al Sauds run their family oil business well and capably with skill and astuteness for longevity I should run my own businesses with an eye of increasing my output and not decreasing it. Be constantly improving and building up my wealth in written material.

A family business is a family business and all family members must cooperate and unite with a decree of a family council and one rule and one law that they abide by and instill to ensure the continuity and success of the family line and wealth as well as fortune and income. Spending must be kept in line and reviewed yearly or as often as possible to make sure there is no dissatisfaction or discontent with how the money is being utilized or spent. Each monetary asset must be approved and accounted for by a responsible individual.

Sheikh Abdullah Sulaiman- What I learned from Abdullah Sulaiman was that even though he was not wealthy he still made something of himself. He left Arabia to go seek his fortune elsewhere. He returned wealthier in knowledge of bookkeeping and foreign trade. This proved to be an asset for his King and the court in which he served. Even though he started off as a financial clerk in the court to his uncle he did well enough and brilliant enough financially with a certain acumen for finance that he was rewarded by King Abdul Aziz for his service and skill. He had his own accounting system that worked for him. He was also a soft speaker and a master at detailed negotiations.

What I learned from him was that even though I love saving money knowing how to use money responsibly, mindfully, and with purpose is equally as important. Equally even more so is the money for longevity and to last you your entire life. Use your own system of foreign currency exchange and educational passions to make yourself a success both financially and at work in your letters and poetry. Figure out how to make your money last. Instead of buying the normal things just buy one or two weekly. And store your cash and use it with a purpose. Remember if you save like no one else now you can live financially free like no one else in your immediate family later or your family clan later. Be an example financially to those around you.

You do not have to talk loudly to let your voice be heard. Speak softly and let others quiet down and listen to you. There is beauty in your silence. Speak little and only when directly spoken to. Hone this skill at your parents house quietly and go about your day without much talking. If people want to talk to you then they can approach you and call you by your name. You do not have to say anything or greet anyone anymore. Let them do that. Instead sit and stand silently. And observe quietly and silently what is going on around you.

Be a detailed negotiator in your writing projects by working out the terms of agreement and going by what you feel would be best and revising it or throwing out some scripts if they don’t work with your gut. At the same time stay truthful and honest with the culture and personal history of the characters you are writing about and do detailed research and reading to understand everything while you are writing and take notes and use those notes to enhance your writing and make it shine like a star or the sun.

“Even when others give up do not walk away. There is a blessing and lesson in store. Just be patient and wait.”- ASN- When the oil company in America wanted to give up after the British company did, the geologists kept drilling and a blessing and a lesson came for everyone. Just because someone gives up and walks away in frustration and defeat, does not mean that there is no joy to be found. There is. Patience, negotiation, and diligence is key. Patience in keeping on working. Negotiation in agreeing on favorable terms when the original terms do not work out. Diligence to keep going even when others see failure that I still see success and achievements in the distance. Just like the geologists did with the oil.

“Acquire yourself the skill of getting to know those who are ignorant or pushed aside. They will tell you more than others who pass them by realize. Use this to your advantage and listen keener still.”- ASN- When J. Rives Childs went to Arabia in 1932 he used his skill of negotiation and “acquainting himself with less conventional circles” to his advantage. He did this by making friends with the people there. In Arabia he used his skill of “making friends” by getting to know the members of the ruling family of Al Saud and the other officials.

I loved how he quickly realized the best way to get things done and did not complain about it. He realized deference first, and pressure later. And mix with those around him. And always respect the culture and be adaptive conscious at all times. Never be rude or confrontational. Ever.

Defer to your parents in everything and obey them without question. If you have any questions ask them one to one in private without raising your voice. Always negotiate and bring three options and two solutions to the discussion table.

Do not spend money stupidly or foolishly. Remember that money is an asset that appreciates. Like math points and addition. It should not be spend without purpose or reason. It should not be lost or depreciated. Like subtraction and credit card debt. Spend mindfully and use money with a purpose. You have no money now currently. So use this time to figure out your money financial powerhouse and turn your finances around so you are never in the negative again. Best of all pretend like you have nothing to spend except on drinks. Literally. No food. Just drinks that you get cash back on. Nothing else. That way you build you cash revenue up and build wealth for the future and you can learn how to not run out of month before you run out of money. Remember save first. Spend last. Save for the future. Spend for drinking purposes only. Otherwise pretend the money is not there to spend. You need to learn that money is a tool. And you need to save now and save responsibly and wisely. So you can retire whenever you want on your own terms. Or work because you want to and not because you have to. Save agressively as much as you can now and in the years to come and revaluation when you hit forty. But do not slack off and leave your life and financial decisions to another person. Take full control yourself. Pay your bills on time and create a spending cap on your cards and honor it. For yourself. Do not be in debt like those around you. Pay everything in cash. Everything. Even if it takes you years to save. Save it.

“If you are in financially straights. Look at your budget and where you money is going. Then rein it in.”- ASN- I learned that when this lesson when Mr. Childs and Mr. Owen were trying to save the finances of the company they were helping it meant that they had to look at where the money was being spent, how it was being spent, why it was being spent, and how much money was being lost or wasted. Basically a loan had to be given because the company they were helping were struggling in how to deal with an influx of money and in managing it wisely and for posteirty.

What I learned from this was that if I want to be financially independent and financially sound in the future I have to know everything about my finances and look at every last detail and assess it. This is so that I do not waste my money and that in small amounts I can save instead of spend and pay off my outstanding loans and then save my outstanding loans in cash. Then go back to living as if I have nothing to spend even though I have tons of money just sitting in the bank. I have learned whether I have a negative net worth or a positive net worth it is my financial mindset and my growth mindset and my positive and upbeat attitude that matters the most. If I work hard then I can pay off my loans. If I work hard then I can save for what I need. If I work hard then I can buy whatever I want after I save up for it in cash.

Set about a strategy to increase your revenues. Work hard at your job to,pay off your loans. Then work on a private strategy to increase your retunes weekly. Without decreasing your bank balance too much. Use this to your advantage and skill. Your strategy is key here. So use it well!

“The Saudis use the Americans misconceptions of them as unintelligent, greedy, and unmotivated to their own advantage in this situation. Sulaiman and his deputies deliberately led the Americans on, telling them what they wanted to hear, and temporarily placating them until the time was right.” (page 51)

Use your family calling you names such as stupid, jackass and unmotivated, do not listen, stubborn, thickheaded, clown, clownery and whatnot to your advantage to work out your own plan and let them believe you are that. Save nothing. Just smile and work out your own plan to get out and stay out of their grasp and leave them behind in the dust. You owe them nothing. They cursed you out and abandoned you when you needed them the most. Why should you turn around and give them anything when they cannot respect you as a human being or a person? So stop fighting verbally with them and walk away and work on building yourself up in different areas that they never would or could. Then when the time is right use it to your advantage and walk out and leave them behind to stew and simmer in bitterness and regret. Some may say you are sick as your family does. But you have a brain and you are not going to let your family tarnish your brain by letting them use their supposed superior intelligence against you. Work out your own salvation through books, poetry, therapy, journaling, and novels, and working and saving up your money. Let them believe your limited work hours mean you can do nothing, be nothing, and live on nothing. They don’t need to know anything different. Just leave them be. But you know. And that’s all that matters. Well you and your support family members at least that you trust like tissue. Use this opportunity to let take opportunities they would owe over repeatedly. You take those opportunities as small and insignificant as they are and work them to your advantage as much as possible. Write your goals and plans down and conquer what you have to know, need to know, and want to know. Then tackle it in six to twelve takes a day until you complete the questions list. Carry a notebook around that you can jot down notes and questions and then type the questions in your Meeting Notes nightly until,you have a clear path to work with. Then you can finally say that you know more than others in your family about other topics outside of their jobs and how to actually apply it and use it in daily life.

“Work hard to control your spending and assets and be mindful of the legacy of wealth you want to leave for the future. So do not spend unwieely.”- ASN

The last thing that I learned from this book is that even though the Al Sauds had their own issues to deal with privately within their family (which I won’t get into as it is their business) they still stood together as a united front to save their company and turn something people ignored as a waste into something great that people could use for something for greatness. With different acumen from different family members and their supports over the many decades since the founding of Arabia they turned around their finances and habits around enough that I learned that you have to plan for the future with two plans. One to last you a certain number of years. The other to outlast you to never have to work again. And then working diligently to negotiate terms within the different cultural norms to work the plans and wording to your advantage so you come out better with the upper hand and greater knowledge than the opposite side who underestimate you and your capabilities.
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Kaianna.Isaure | 1 muu arvostelu | Feb 5, 2024 |
I don't know that I would have EVER thought that a book about the Kings of Saudi Arabia and an oil company would have been interesting. But this book is! I don't just mean that the book is well written (it is) but Wald actually seems very enthusiastic about the topic and that carries over to the reader. Or at least it did to me. I almost want to laugh at myself for how interesting and intriguing I found this book, "SAUDI INC. The Arabian Kingdom's Pursuit of Profit and Power" by Ellen R. Wald.

Abdul Aziz, or ibn Saud, the founder of Saudi Arabia (never realized where the name came from, sort of a 'duh' moment when I found that out: SAUD-i Arabia) was quite an interesting guy. He started out by conquering his hometown of Riyadh and then ended up growing his territory over time until he had even conquered Mecca. He and Sheikh Abdullah Sulaiman, the man he put in charge of his finances (also an interesting character), made quite the team to build up the Kingdom and solidify its well-being for the future. That was one of Aziz's goals, to ensure the continuation of his Kingdom. In order to even continue as a kingdom, he needed money, very badly. This is where oil comes into the picture.

Americans thought that Saudi Arabia might be a potential source of oil and so they requested permission to search for it. King Saud did not expect their search to be successful, but he saw a financial opportunity in this. He could charge the Americans a fee to search his country for it and also obtain rent from their premises, and then royalties from oil sales, if there was any to be found. Even if the Americans didn't find oil, his own country would still get something out of it.

Lo, and behold, after much searching and near failure, a significant source of oil was found. Four American companies ultimately teamed up to work in Saudi Arabia. They renamed the company, calling it the Arabian American Oil Company, or Aramco. Along with American oil operations came American equipment, American housing structures for the workers, an airport, hospital and power plant and other American luxuries. The King wanted those things for his country. He had more money than he had ever had before, thanks to Aramco. Though Saudi Arabia did not have the ability, as of yet, to build these things for itself, they could pay foreign venders to do it for them. Saudi Arabia was so successful in their modernization that Abdul Aziz was invited to extend his rule to other places, though he declined the offer. Ruling the territory he currently had was already a tough enough challenge.

This historical account does not merely focus on the Sauds and Aramco at a high level. Wald zooms in, as it were, on the individual lives of many of the characters involved, using their stories to help move the book along. You'll learn about the Saudi Kings: the beloved founder Ibn Saud, and his sons who succeeded him, all of whom had unique personalities of their own. Saud and Faisal, for instance, were opposites in personality. King Saud - was a bad governor and a spendthrift who loved luxury. He was, somewhat forcibly, persuaded to give up his government to his brother Faisal, was a much better ruler.

You'll also learn about non Royal Saudi Arabians, Aramco employees, and American Ambassadors who, at the beginning of the Aramco and Saudi relationship, often had to act as intermediators between the company and the Kings of Saudi Arabia. Wald often repeats who these people are, by mentioning what their job or position is, or by giving you a reminder about their background which can trigger your memory as to their identity. I really appreciate that as I often have a hard time keeping characters straight in my head.

Wald demonstrates how wise the Sauds were in their being willing to acknowledge that other countries were more modern than they and in their being willing to learn from those countries. They had foreign companies and workers come in and do the work while they learned until they were finally able to take over themselves. Ultimately the Sauds were able to take over Aramco itself by means of this strategy. Instead of forcibly nationalizing the foreign oil company, as some other countries had done, the Sauds were very patient and were willing to wait. They eventually even started having more and more young Saudi Arabians educated in other countries to increase their knowledge and to have more to contribute to their society when they returned. By the time the Sauds completely took over Aramco they were more ready than other countries, who had acted in haste, to run the oil industry themselves.

The book ends at the beginning of the reign of King Salman (2015) and does not deal with later plans of Saudi Arabia like Vision 2030, but the whole book gives you the history of the development of Saudi Arabia, which development and growth would eventually lead up to that plan and it gives you the big picture of the Saud mindset of always looking to the future. The Sauds are still looking to the future, they want to stay in the energy business and realize that oil will not stay a major source of energy forever and so they are making other plans to ensure that they will be a long-term relevant energy source.

As indicated at the beginning of this review, I found that Wald writes very well, her book really kept my interest. Some other books dealing with history are horribly boring, some so much so that I didn't finish reading them. Boring history books just seem as though they are merely reciting a bunch of facts, and after a while the continued recitation of various names, dates and events becomes quite dull and very hard to retain in one's memory. Wald, on the other hand tries to get you to picture the people, their personalities, their thoughts and the events and circumstances in which they are involved. She uses excerpts of historical quotations and recollections of many of the people involved in order to do this. She truly seems to find her topic interesting and seems to have worked hard to make it interesting to the reader.

Very well written, intriguing and even fascinating. Wald really drew me in to the history, and she might draw you in too, even though it is just a book about oil and Kings.

I received a complimentary Advanced Reading Copy of this book from the publisher for review. My review did not have to be favorable. Many thanks to Pegasus Books!
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SnickerdoodleSarah | 1 muu arvostelu | Feb 14, 2018 |

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Teokset
1
Jäseniä
37
Suosituimmuussija
#390,572
Arvio (tähdet)
½ 4.7
Kirja-arvosteluja
2
ISBN:t
6