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Saturday, 26 November 2016

Saudi Arabia on verge of $30bn capital injection | World Places and News

Saudi Arabia on verge of $30bn capital injection | World Places and News:
"Saudi Arabia is hardly an emerging market success story at the moment, with a bout of austerity driven by low oil prices resulting in public sector pay cuts and a slump in non-oil growth to 0.07 per cent in the second quarter of 2016, putting the country on the brink for its first non-oil recession in 30 years.

Yet Saudi could be on the verge of attracting more than $30bn of foreign capital to its $380bn stock market, according to estimates by Bank of America Merrill Lynch.

A buying spree of this magnitude would represent a seismic shift for a widely ignored bourse that accounts for just 0.2 per cent of the holdings of the global emerging market fund sector.

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'via Blog this'