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HSBC: Saudi Arabia's massive government reshuffle isn't going to change anything
The huge reshuffle at the top of Saudi Arabian politics isn't going to have any marked impact on the way that things are done in the country, according to a note sent by HSBC to clients on Monday.Over...
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The $2.5 trillion Saudi Aramco IPO could undo Saudi Arabia's reform plans
Saudi Arabia is trying to cure its "addiction" to oil by diversifying its economy. It wants to focus on other sectors, and the government has switched up its ministers for water, energy, health, and...
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Saudi Arabia is doubling down on its oil strategy
In a surprise move, Saudi Arabia sacked its long-time oil minister over the weekend, an event that illustrates the near-total control that the new young Saudi prince has obtained over the country’s...
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Saudi Arabia's Vision 2030 plan to transform its economy might be all 'smoke...
Saudi Arabia appears committed to its recently-announced long-term economic plan, dubbed Vision 2030, which aims to remove the country’s economic dependence on oil exports within the next several...
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Saudi Arabia is facing a moment of truth
Saudi Arabia’s decision to reduce its dependency on oil is the final acknowledgment that the Kingdom’s global swing producer role is nearing its end. The decision will have long-standing consequences...
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Egypt sentenced more than 100 people to 5 years in prison over a protest
CAIRO (Reuters) - An Egyptian court sentenced 152 protesters on Saturday to between two and five years in prison each after they demonstrated against a decision to transfer two Red Sea islands to Saudi...
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Another ratings agency just downgraded Saudi Arabia
NEW YORK (AP) — Saudi Arabia's credit rating has been downgraded by Moody's because of the long and deep slump in oil prices.Moody's Investors Service said Saturday that it also downgraded Gulf oil...
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Moody's downgrades Saudi Arabia: 'The buffers will continue to erode'
Saudi Arabia was downgraded by Moody's, the US credit rating company, as low oil prices and falling economic growth begin to take their toll on the country's finances.Moody's said "lower oil prices...
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Now we know the size of Saudi Arabia's secret stash of US Treasurys
Saudi Arabia has built up a massive amount of US debt.The kingdom held $116.8 billion in US Treasurys as of March, according to a report from Bloomberg.Saudi holdings of US federal debt have come under...
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HSBC: Saudi Arabia faces 'stagnation and decay'
Saudi Arabia faces a "protracted cycle of stagnation and decay" and has absolutely no alternative but to implement a sweeping programme of economic reforms if it wants to remain viable in the future,...
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The Senate just passed a bill that would allow families of 9/11 victims to...
WASHINGTON (AP) — The Senate passed legislation Tuesday that would allow families of Sept. 11 victims to sue the government of Saudi Arabia, rejecting the fierce objections of a U.S. ally and setting...
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Iraq has overtaken Saudi Arabia as India's largest oil supplier
Iraq has now overtaken Saudi Arabia in crude-oil exports to India, shipping some 960,700 barrels per day (bpd) to India in April, against Saudi Arabia's 787,700 bpd in exports to the Asian nation,...
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Saudi Arabia might start paying people with IOUs
Saudi Arabia might pay government contractors with IOUs.Bloomberg's Matthew Martin and Archana Narayanan report that the kingdom told banks it was "considering giving contractors IOUs to settle some...
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There's a guy in Saudi Arabia who is the CEO of his own publicly traded city
Fahd Al-Rasheed jokes that he always used to lose at SimCity, the computer game where you design and manage your own town.He lost, he says, because he would run out of money.He no longer has the luxury...
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Saudi Arabia is building the largest urban transit system ever made from scratch
Riyadh, the capital city of Saudi Arabia, boasts a population of over six million. But as of now, it has no public transportation system.That’s about to change. By the end of 2018, the city is expected...
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Saudi Arabia is borrowing more money as its reserve cash pile burns
Saudi Arabia is set to launch its first international bond to help shore up the country's finances in the wake of persistently low oil prices, says the Financial Times. Oil prices have dropped from...
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Iran isn't backing down over oil
DUBAI (Reuters) - Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted on Sunday as saying, as the country tries to raise its crude...
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GE is grabbing a $1.4 billion slice of Saudi Arabia's ambitious plan to wean...
DUBAI, United Arab Emirates (AP) — General Electric Co. said Monday it made a series of deals with Saudi Arabia worth more than $1.4 billion as part of the kingdom's ambitious plan to wean itself off...
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The 'black swan event' that could send oil to $25 a barrel
Oil's had a pretty good year.The commodity's seen a nice rally in light of a weaker US dollar, stronger economic data from China, decreasing non-OPEC production, and a continued rise in demand.WTI...
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Russia just one-upped the Saudis in China — again
Russia just one-upped Saudi Arabia in China again.The latest customs data, from April, shows that Moscow was Beijing's largest monthly crude-oil supplier for the second time in 2016, according to...
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