Saudi Arabiaâ€™s Prince Alwaleed bin Talal owns a number of hotels, firms, and television stations and is considered to be one of the wealthiest people in the world. He also owns 95 percent of Kingdom Holding, which has stakes in Apple Inc., Citigroup and General Motors.
Saudi Arabiaâ€™s Prince Alwaleed bin Talal has warned that high unemployment rate and poverty are two of the five ticking bombs threatening the kingdom.
In a message posted on Twitter, the billionaire Saudi prince said that the remaining three ticking bombs are the population growth in Saudi Arabia, the indiscriminate use of fuel, and the lack of diverse sources of income.
In January, Western media reports said that Saudi Arabiaâ€™s welfare programs were failing to keep up with its booming population. The reports also criticized the Al Saud regime for its unequal distribution of wealth.
Reports show that over 60 percent of people in Saudi Arabia live below the poverty line.
In February, Bin Talal called for precise measures to improve the current situation and employ Saudi Arabians instead of migrant workers.
According to a report by English-language newspaper Saudi Gazette in December 2012, as many as 3,500 men and women with doctorate and masterâ€™s degrees from prestigious European and US universities are reportedly unemployed in Saudi Arabia.
Highly educated Saudis argue that no university in the country has offered them a job despite vacancies.
Meanwhile, experts say that unemployment rate in Saudi Arabia could triple.
Bin Talal owns a number of hotels, firms, and television stations and is considered to be one of the wealthiest people in the world. He also owns 95 percent of Kingdom Holding, which has stakes in Apple Inc., Citigroup and General Motors.