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They're investing in solar, who knows if it'll pan out. Throwing money at a problem works to a certain degree, and there's no question they have a sizable reserve to throw around.

They might IPO their oil industry and diversify.

They are doing this, but using private investments. From solar to wave they're investing in energy, but also in lots of other investments.

They are rapidly becoming investors.

Their army is not in a good shape.

See: Yemen