Riyadh, Asharq Al-Awsat-Hoping to get rich quick, Saudis of all ages and background are flocking to invest in the stock market. Most enthusiastic are young men who witnessed the incredible riches accumulated by the older generation and are seeking to emulate their fathers.
One young Saudi resorted to selling his personal property, at a loss, to join his friends in investing in a company located in the United Arab Emirates.
Nasser al Sebei, who sold his laptop to a friend only two months after buying it at a loss of 2000 Saudi Riyals (or 533 USD) indicated he felt compelled to join his friends and buy shares, “This is a chance too good to miss. I would have regretted not investing the money. Everyone has made huge profits from the stock market and become rich overnight.”
He said the laptop was “the only thing worth selling to finance my trip and pay for the shares. My father had given it to me as a present two months ago for obtaining top grades in my high school exams.” Nasser’s father did not object to the sale. He told his son, “The computer is yours to dispose of as you please. I am proud of the way you’re thinking.”
Other parents in Saudi Arabia have also been encouraging their sons to buy shares, hoping they would no longer have to worry about their future.
Fahd al Matrafi, a father of three university students, said, “I have given each child a small amount of money to invest in the stock market and benefit from the current boom. I promised them that I would double their assets if they continue making a profit.”
He hoped his children would learn from the exercise and grow to be independent. In the future, he added, “By the time they graduate, their experience in the stock market means they can make more money, get married, and manage their own affairs without relying on their father or incurring debts to cover the wedding or honeymoon expenses.”
In a message to other parents, al Matrafi called on them to support their sons as they will benefit from their financial gains and take pride in their child who, one day, might become one of the most successful brokers of his time.
In recent years, Saudi Arabia has witnessed a boom in share dealing both inside the Kingdom and in other Gulf countries. Many Saudis have sold land, personal property, homes, and even cars hoping to make big profits in the stock market.