The refugees are too scared to leave because of previous attacks from locals thats all from that counting the cost is up next season. If you are President Donald Trump first visit to asia the goal is to forge relations and strengthen the resolve to confront the threat from north korea but what impact could this visit really have well be live across asia to bring you the very latest coverage here on aljazeera. Hello im has a seeker this is counting the cost on aljazeera your weekly look at the world of business and economics this week twenty thirty and beyond we take a look at saudi arabias vision for economic reform starting with iran code also this week time for a rise Britain Central Bank hikes Interest Rates for the first time in ten years. Turkeys economy is on the arc but there are challenges ahead well bring you a special report from istanbul. The gulf nations need to branch out and kick their Oil Dependency diversify says the International Monetary fund that warning comes a saudi arabia continues to work out how to sell around five percent of its state run Oil Producers around its a deal that could raise more than one hundred billion dollars the plan is at the heart of an ambitious Economic Reform Program which includes a new five hundred billion dollar megacity near the red sea its hoped the extra money from the sale will make saudi arabia less reliant on the black gold in the long term all of this comes against the backdrop of economic challenges at home its currently in a recession after shrinking in two consecutive quarters for the First Time Since two thousand and nine growth this year is expected to be close to zero saudi arabias budget deficit currently stands at nine point three percent of Gross Domestic Product it has suffered due to recent low oil prices and unemployment edged up in the Second Quarter to nearly thirteen percent although that number is far higher under twenty nine year olds with joining us now from london is a ham camel am is the head of the middle east and north Africa Research team at you raise a good good to have you with us am so how is saudi arabias vision twenty thirty looking right now is that realistic. I think its a beginning and then the its a vision aspirational more than anything and theyre trying to implement key parts of it i think with any Long Term Plan especially with this time horizon twenty thirty big parts of it will not be implemented there are meant to drive change more than anything else and i think were heading in that direction its fundamentally changing of the kingdom structure a political social structure and a movement into something thats much more viable fiscally and even regionally but there are some big challenges at the moment when were talking about saudi economy high unemployment. Its officially in recession right now all prices and havent completely cooperated the way the way they would like how do you see there are all of those challenges affecting how saudi arabia goes forward so i think that the short term challenges are very linked to the oil prices and i think were beginning to get some form of a recovery there not sufficient to rebalance the economy or get to to fiscal rebalancing but were probably going to have there by twenty twenty twenty to twenty one all of the gulf countries are suffering from oil prices i dont think that there is a short Term Solution to this issue and theyre realistic option and i think thats where were heading towards is more austerity to get to a position where saudi arabia is able to balance the books but at the same time fundamentally the long term structural issue is unemployment finding jobs for saudis restructuring the economy so that not only state revenues are not derived from oil but the economy has an engine that is not oil based or not energy based and i think thats why we have projects like me on thats why were getting liberalization of the Stock Exchange and thats why were getting some Structural Reforms to get the privates. Actor to play a bigger part in of the economy this is practically the end of the saudi state dictating all Economic Activity much more liberal saudi arabia isnt it also about the need for cash and particularly with the saudi aramco i. P. O. Sure i think iran cause i. P. O. Is actually linked to the issue of finding sufficient or additional cash to invest in local local Business Ventures and i think thats particularly the plan in terms of fiscal needs i dont think that the money from the aramco will go directly to fund the budget i think that theyre borrowing enough locally and internationally oil prices have rebounded to a level where they dont need a large amount of cash or a cash injection but its domestic investment thats important for saudi arabia right now finding ways to stimulate the economy and getting the Public Investment fund basically their Sovereign Wealth Fund to invest in projects to revive the saudi economy or shifted towards something less based on energy and that diversification and drive is why the state needs to sell that piece of iran because theres also a number of Unanswered Questions with regard to saudi saudi aramco. How how its going to be listed exactly. How big this stake will be who gets to take part transparency is an issue i mean how is the saudi government addressing all of those concerns the local listing is quite easy and its not problematic even from a regulatory perspective the question then becomes in regards to an International Segment or International Sale and i think that if we do get a private placement or private sale to some investors then it will probably delay an International Listing i dont think that saudi arabia is key. Politically going to abandon the listing in an international Stock Exchange but certainly a private sale to some investors or some sovereign Sovereign Wealth Fund would delay that the challenge obviously is sequencing all of these things its not easy and the clarity on what theyre what theyre trying to do have think has been quite problematic recently talking g. C. C. Though theres also this plan for a g. C. C. Wide value added tax a sales tax on all on all goods. How is that going to affect things i mean is there a concern that thats going to dampen growth absolutely i think any effort to really expand the revenue base find new sources of income in the g. C. C. Economies at the time when you have economic slowdown is going to be difficult challenging and its going to present real problems for these governments however its its something that they have to pursue absent some form of fiscal reform they will face more acute long term challenges so i think that there was agreement to move towards a t twenty eighteen because of these fundamentals Oil Prices Just will not rise to a level where the g. C. C. Budgets or the all form of g. C. C. Budgets can be sustained so everyone is perfect pursuing in one way or another fiscal reform and that involves expanding the revenue base but essentially this is all about saudi arabia trying to wean itself off of its dependence on oil do you think ultimately its going to be able to do that. I think sunning pieces of aramco is an easy solution and i dont think theyll confront many problems ahead of that the problem will be in terms of where to list how much value they get for aramco but since around core contributes a vast majority of the states income selling a portion of diversifying solves a piece of the problem so fiscal rebalancing getting the economy or government revenues to move away from oil is an easy part of the equation getting saudi arabias economy in proper i actually employees actual saudis to diversify is a more daunting challenge over here i am carol good to speak with you now the bank of england has raised its key Interest Rate for the first time in a decade the point two five percent hike was widely expected british policymakers are trying to dampen inflation which has been taking steadily higher but with concerns over the countrys braggs it dented economy which dilemmas in the current landscape might now be worrying the banks gov the most. With joining us now to talk more about that from london is Jeremy Jeremy is a chief economist and head of currency strategy of world first in the u. K. Thanks very much for being with us so whats behind this decision and why now whats behind this decision is inflation simply put inflation is running here in the u. K. The highest level in five in five years so the bank of england central mandate is price stability to try and keep inflation to its august of two percent were above that and the Interest Rate hike will dampen inflationary dampen inflationary pressures but also i think theres a credibility issue around the bank of england they cut Interest Rates post the post the referendum vote that we had here in the u. K. Last year so its a reversal of that say in the immediate near term fears that could have hit the u. K. Economy as we decided to leave the European Union havent really come to pass so therefore that emergency accommodation is no longer needed so whats this going to mean for british people then particularly homeowners youve got monthly mortgage payments well the average what if you took the average mortgage around two hundred thousand pounds which is about the average mortgage here in the u. K. Youd be looking at twenty five basis points out and about thirty pounds to your monthly repayments so in the grand scheme of things that doesnt sound like doesnt sound like much but if youre if the bank of england is looking at not just one Interest Rate hike in maybe two or three over the course the next couple years of say three will take it closer to one hundred pounds if you get to about one hundred pounds thats about five percent of the average take home wage now here in the u. K. The majority of our economy is based around consumption is based around spending its based around the high street and why why people going out there and flashing the cash so if people are having to spend more money on servicing debts be that Credit Card Debt house debt card debt theres less for them to spend elsewhere and you mentioned in. Place in earlier as a concern so is Consumer Debt thats on the rise again the bank of england. Also expressing concern about that how how does that figure into their thinking while they dont want to burst the bubble themselves i mean Consumer Debt has expanded pretty dramatically over the course of the past couple of years the spending that has kept the u. K. Economy going has come from either consumers running down their savings accounts or putting things on plastic so we have to sit there and say is the retail sales bubble going to burst if people cant spend anything anymore because theyre worried about the worried about the repayments the gram the vast majority of spending however is done on fixed rate debt so this Interest Rate rise that we saw from the bank of england wont immediately affect that but at the margin it may mean that some people who may were thinking about maybe think about taking on more debt may stop them and stop them in their tracks another question of people asking as well as after this whens is there going to be another rate rise and when and the bank of england in nest statement seemed to be cautious of the back about that implying that there might not be another rate rise until perhaps late next year and then another one after that in in twenty twenty perhaps whats your take on that yeah so this we think this was a hike really in name only that there was this was twenty five basis points but if you look at the reaction of the pound for example were back to levels that we last saw pre anyone really talking about an Interest Rate hike in november so the market is pretty seriously discounted away the likelihood that we see further Interest Rate increases over the course of two thousand and eighteen and maybe two thousand and nineteen the bank of england is now very very data dependent i will be looking at the data the inflation wage retail sales growth trade all of this coming together of forming a picture about whether the u. K. Economy a needs and Interest Rates. But b. Is also Strong Enough to take another Interest Rates rise we believe that as we get closer to the twenty nineteen deadline the article fifty deadline on break sets the u. K. Economy data will continue to remain quite poor and therefore the bank of in the will not be able to raise Interest Rates at the when they want so jeremy thanks very much for being with us thank you well still to come on counting the cost talking turkey we dig a bit deeper into the country strong recovery this year. The cleanup of a contaminated Fishing Community in nigeria has finally begun nearly ten years after two or spills shell pipelines had corroded and the result so millions of liters of crude oil poor into creeks and swarms around the need. How many trees reports. A devastated many groups who are being prepared for restoration in Nigerias Delta this used to be the breeding ground for fish and other marine creatures for months now with these workers have been clearing sludge and other contaminants its about trying to mop up that oil which is which is free within the environment within the mangroves on the water but i think more important than that phase one is about quantifying and designing the more robust phase two cleanup which will be about physically agitating cleaning flushing and where necessary execute treatment of the sediments might was part of the United NationsEnvironment Team that reported on the extent of the pollution progress is slow. After removing b. Top soil and the debris walkers try to wash the oil from the mud and riverbed and approaching all of its problems by the booms installed right over there as the oil float the process will then move up or river this needs to be defeated in some four thousand active mongrel swamp in bordeaux one of the worst affected communities and the oil rich niger delta. One out of focus is on cleaning and restoring only one thousand hectares in bordeaux after four years of difficult engagement with the local Community Years of inaction by all companies and government in addition to more spills only made the devastation worse but the bigger cleanup is still at the planning stage theres a clear determination to make this work the impact to a clean up is not just from the spills were talking about theres been lots of illegal activities around us but you know and all that and thats also one of the biggest concerns we have the illegal activities hes talking about include some of the pipelines and the theft of oil and that is still happening now the construction of five huge reservoirs in qatar almost complete once finished theyll be among the Worlds Largest reservoirs with the capacity of some one hundred million gallons of water each but is this project sustainable manoli visited the site. Construction workers trickle through this large pool but in less than a year it will flow with water. These workers are putting the finishing touches to one of the largest reservoirs ever built. Taking a step outside reveals the true scale of this four point seven billion dollar project its so big engineers couldnt find cranes that could stretch the length of it its reasonable its going to be. One hundred million. There are still construction so. This. With its current infrastructure cut to residents would go thirsty within forty eight hours if the water processing plants were not operating a big issue for a population thats been growing in size the country strain is ours does it mean theres no new the water from rivers and lakes seawater is converted to Drinking Water through to to sell a nation plants the five reservoirs will be connected to those plants almost tripling the supply now between two and a half meters in diameter the water is pumped through here and sent to the Worlds LargestWater Reservoir to give you an idea of the scale take the largest Water Reservoirs for nine of the worlds biggest cities you can put them all in there and still have room for a major sporting event but its a project really sustainable. Some are concerned the deceleration process is Energy Intensive and environmentally damaging however engineers a confident it wont be a problem i fear the impact on your planet because what we are doing is were reducing something. Because what were doing is moving moving. Moving meeting at the moment rather than the movement that has generated. An abundance of water in the desert is no longer just a pipe dream for carters residence these installations a built to last century. When u. S. President donald trump has confirmed Jerome Powell is his choice to lead the Federal Reserve pow