Saudi Arabia's Hurdles Reshape Mideast Financial Order
Bankers and business leaders are shifting more attention toward Saudi Arabia's neighbors in the Gulf such as Qatar and the United Arab Emirates as the kingdom grapples with lower oil prices and weakening finances. The kingdom's budget is in deep deficit, it has raised billions of dollars through bond sales to help fund an economic transformation plan expected to cost $2 trillion, and officials are rationalizing spending. The constraints facing Saudi Arabia are prompting a rethink among businesses seeking funds or wanting to do deals. Bloomberg's Matthew Martin reports. (Source: Bloomberg)
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