Nokia revived after mobile spin off - YouTube: ""
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Thursday, 24 July 2014
Saudi Stocks Jump as Mobius Says Market Access a ‘Game Changer’ - Bloomberg
Saudi Stocks Jump as Mobius Says Market Access a ‘Game Changer’ - Bloomberg:
"Saudi shares climbed, making their biggest weekly gain in 10 months after the Arab World’s largest exchange said it will allow foreign investors direct access next year.
The Tadawul All Share Index (SASEIDX) rose 0.5 percent to close at 10,214.73, the strongest weekly advance since September. The gauge crossed the 10,000 level for the first time in six years on July 22. Saudi Electricity Co. led the advance with a 5.8 percent gain to 17.42 riyals, the highest close since October 2006. Riyad Bank climbed to the strongest level since June 2008.
Saudi’s capital markets are “very well developed, but if they open it up to foreign investors, that will be a game changer,” Mark Mobius, who oversees more than $40 billion as executive chairman of Templeton Emerging Markets Group in Singapore, said in a Bloomberg Television interview in Hong Kong today. “If we can invest freely, of course we’ll be able to put more money in.”"
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"Saudi shares climbed, making their biggest weekly gain in 10 months after the Arab World’s largest exchange said it will allow foreign investors direct access next year.
The Tadawul All Share Index (SASEIDX) rose 0.5 percent to close at 10,214.73, the strongest weekly advance since September. The gauge crossed the 10,000 level for the first time in six years on July 22. Saudi Electricity Co. led the advance with a 5.8 percent gain to 17.42 riyals, the highest close since October 2006. Riyad Bank climbed to the strongest level since June 2008.
Saudi’s capital markets are “very well developed, but if they open it up to foreign investors, that will be a game changer,” Mark Mobius, who oversees more than $40 billion as executive chairman of Templeton Emerging Markets Group in Singapore, said in a Bloomberg Television interview in Hong Kong today. “If we can invest freely, of course we’ll be able to put more money in.”"
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Russia Loses Over 1% in Expected 2014 GDP Growth After IMF Revision | Business | RIA Novosti
Russia Loses Over 1% in Expected 2014 GDP Growth After IMF Revision | Business | RIA Novosti:
"The International Monetary Fund (IMF) on Thursday lowered its outlook for Russia’s GDP growth this year from 1.3 percent to just 0.2 percent citing increased capital flight and sluggish investment activity threatened by geopolitical tensions.
“Our largest downward revision, relative to our WEO April forecast, is for Russia, where we have revised growth for 2014 from 1.3% to 0.2%, and for 2015 from 2.3% to 1%,” IMF Economic Counsellor Olivier Blanchard said, presenting the revisions in Mexico.
“This reflects mainly a deterioration of business confidence, which has been aggravated by geopolitical tensions. The result has led to large capital outflows, and a near freeze in investment decisions,” Blanchard stated in his opening remarks at the launch of IMF's World Economic Outlook (WEO) Update."
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"The International Monetary Fund (IMF) on Thursday lowered its outlook for Russia’s GDP growth this year from 1.3 percent to just 0.2 percent citing increased capital flight and sluggish investment activity threatened by geopolitical tensions.
“Our largest downward revision, relative to our WEO April forecast, is for Russia, where we have revised growth for 2014 from 1.3% to 0.2%, and for 2015 from 2.3% to 1%,” IMF Economic Counsellor Olivier Blanchard said, presenting the revisions in Mexico.
“This reflects mainly a deterioration of business confidence, which has been aggravated by geopolitical tensions. The result has led to large capital outflows, and a near freeze in investment decisions,” Blanchard stated in his opening remarks at the launch of IMF's World Economic Outlook (WEO) Update."
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Turkey says times are good, interest rates can fall – beyondbrics - Blogs - FT.com
Turkey says times are good, interest rates can fall – beyondbrics - Blogs - FT.com:
"
Investors could be forgiven for being confused by the signals coming out of Turkey’s central bank on Thursday.
Governor Erdem Başçi (pictured) suggested that rate cuts were likely to continue. Speaking at a press conference in Ankara, he said the markets were pricing in a cut in the key policy rate of about 50 basis points and that any further interest rate cuts would be “measured”.
The bank has already cut interest rates three times this year."
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"
Governor Erdem Başçi (pictured) suggested that rate cuts were likely to continue. Speaking at a press conference in Ankara, he said the markets were pricing in a cut in the key policy rate of about 50 basis points and that any further interest rate cuts would be “measured”.
The bank has already cut interest rates three times this year."
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Dubai’s “house bank” on a roll – beyondbrics - Blogs - FT.com
Dubai’s “house bank” on a roll – beyondbrics - Blogs - FT.com:
"Emirates NBD, Dubai’s biggest bank, reported a 30 per cent increase in net profit in the first half as the emirate’s economy grows amid regional unrest.
But its main shareholder, the indebted Dubai government, continues to raid its piggy bank. In the past six months, Dubai borrowed an extra Dh7bn from the lender, in which it holds a 55.6 per cent stake, extending its overdraft to Dh98.6bn ($26.8bn.)
Five years on from its sovereign debt crisis, Dubai’s economy has recovered and is booming again. But the emirate’s debt burden remains at around $130bn."
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"Emirates NBD, Dubai’s biggest bank, reported a 30 per cent increase in net profit in the first half as the emirate’s economy grows amid regional unrest.
But its main shareholder, the indebted Dubai government, continues to raid its piggy bank. In the past six months, Dubai borrowed an extra Dh7bn from the lender, in which it holds a 55.6 per cent stake, extending its overdraft to Dh98.6bn ($26.8bn.)
Five years on from its sovereign debt crisis, Dubai’s economy has recovered and is booming again. But the emirate’s debt burden remains at around $130bn."
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tks @AgronomyUkraine: Ukraine: the feed trough of the Soviet Union
Agronomy-Ukraine: Ukraine: the feed trough of the Soviet Union:
"
It's a fact that every article ever written about Ukraine agriculture starts off with the assertion that the country was once the bread basket of the Soviet Union.
Except it wasn't.
It did produce a lot of grain but my local reliable sources tell me that at time quality was low and most was used for animal feed."
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"
Except it wasn't.
It did produce a lot of grain but my local reliable sources tell me that at time quality was low and most was used for animal feed."
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Q&A: MSCI Talks on the Future of Saudi Arabia’s Stock Market - MoneyBeat - WSJ
Q&A: MSCI Talks on the Future of Saudi Arabia’s Stock Market - MoneyBeat - WSJ:
"With a market capitalization of more than half a trillion dollars, Saudi Arabia’s plan to allow foreigners direct access to its listed companies early next year has sparked strong international interest from investors.
After all, it’s the biggest economy in the region – with plans to spend hundreds of billions of dollars in the coming years to diversify away from its dependence on oil revenue. Investors would be hard pressed to come up with reasons not to partake in the potential growth it offers. Especially if the country is added by MSCI Inc. to its indexes, which are tracked by streams of global cash seeking returns.
Sebastien Lieblich, the Geneva-based executive director of index research at MSCI, tells The Wall Street Journal that the potential opening up of the market could lead to the creation of a Saudi Arabia index, and its potential inclusion in a major composite benchmark such as the emerging markets index. Here are some key excerpts."
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"With a market capitalization of more than half a trillion dollars, Saudi Arabia’s plan to allow foreigners direct access to its listed companies early next year has sparked strong international interest from investors.
After all, it’s the biggest economy in the region – with plans to spend hundreds of billions of dollars in the coming years to diversify away from its dependence on oil revenue. Investors would be hard pressed to come up with reasons not to partake in the potential growth it offers. Especially if the country is added by MSCI Inc. to its indexes, which are tracked by streams of global cash seeking returns.
Sebastien Lieblich, the Geneva-based executive director of index research at MSCI, tells The Wall Street Journal that the potential opening up of the market could lead to the creation of a Saudi Arabia index, and its potential inclusion in a major composite benchmark such as the emerging markets index. Here are some key excerpts."
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UAE's TAQA pulls out of $1.6 billion deal with Jaiprakash Power Ventures - The Economic Times
UAE's TAQA pulls out of $1.6 billion deal with Jaiprakash Power Ventures - The Economic Times:
"Abu Dhabi National Energy Co (TAQA) is pulling out of a $1.6 billion deal to buy two hydroelectric power plants of Jaiprakash Power Ventures because of "a change in strategy", a senior TAQA official said on Thursday.
The official, who declined to be named under briefing rules, did not give further details of the decision.
In March, TAQA said a consortium led by it had agreed to buy the two power plants. The consortium was to spend $616 million on equity in the plants, and in addition take over their non-recourse project debt, bringing the total enterprise value to around $1.6 billion, a TAQA spokesman said at the time. "
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"Abu Dhabi National Energy Co (TAQA) is pulling out of a $1.6 billion deal to buy two hydroelectric power plants of Jaiprakash Power Ventures because of "a change in strategy", a senior TAQA official said on Thursday.
The official, who declined to be named under briefing rules, did not give further details of the decision.
In March, TAQA said a consortium led by it had agreed to buy the two power plants. The consortium was to spend $616 million on equity in the plants, and in addition take over their non-recourse project debt, bringing the total enterprise value to around $1.6 billion, a TAQA spokesman said at the time. "
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Boeing in deal to provide plane parts to Iran - Your Middle East
Boeing in deal to provide plane parts to Iran - Your Middle East:
"Boeing has struck a deal with Iran Air to provide plane parts, the first time the US firm will be doing business with Iran since the US embargo of 1979.
According to a regulatory filing published Wednesday, Boeing will supply goods and services "related to the safety of flight" to Iran Air, the country's flag carrier.
The filing says that the agreement, reached in the second quarter, includes the provision of airplane parts, manuals, navigation charts and data to the airline, in line with the US company's recommendations to customers for such things as an aircraft modification, a parts replacement or inspection."
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"Boeing has struck a deal with Iran Air to provide plane parts, the first time the US firm will be doing business with Iran since the US embargo of 1979.
According to a regulatory filing published Wednesday, Boeing will supply goods and services "related to the safety of flight" to Iran Air, the country's flag carrier.
The filing says that the agreement, reached in the second quarter, includes the provision of airplane parts, manuals, navigation charts and data to the airline, in line with the US company's recommendations to customers for such things as an aircraft modification, a parts replacement or inspection."
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Iran Energy Profile: Fourth In Crude Oil Reserves, Second In Natural Gas - Analysis | Eurasia Review
Iran Energy Profile: Fourth In Crude Oil Reserves, Second In Natural Gas - Analysis | Eurasia Review:
"Iran holds some of the world’s largest deposits of proved oil and natural gas reserves, ranking as the world’s fourth-and second-largest reserve holder of oil and natural gas, respectively. Iran also ranks among the world’s top 10 oil producers and top 5 natural gas producers. Iran produced 3.2 million barrels per day (bbl/d) of petroleum and other liquids in 2013 and more than 5.6 trillion cubic feet (Tcf) of dry natural gas in 2012.
The Strait of Hormuz, on the southeastern coast of Iran, is an important route for oil exports from Iran and other Persian Gulf countries. At its narrowest point, the Strait of Hormuz is 21 miles wide, yet an estimated 17 million bbl/d of crude oil and oil products flowed through it in 2013 (roughly one-third of all seaborne traded oil and almost 20% of total oil produced globally). Liquefied natural gas (LNG) volumes also flow through the Strait of Hormuz. Approximately 3.9 Tcf of LNG was transported via the Strait of Hormuz in 2013, almost all of which was from Qatar, accounting for about one-third of global LNG trade.
Effects of recent sanctions
Iran’s oil production has declined substantially over the past few years, and natural gas production growth has slowed, despite the country’s abundant reserves. International sanctions have stymied progress across Iran’s energy sector, especially affecting upstream investment in both oil and natural gas projects. The sanctions have prompted a number of cancellations and delays of upstream projects, resulting in declining oil production capacity. The United States and the European Union (EU) enacted measures at the end of 2011 and during the summer of 2012 that have affected the Iranian energy sector more profoundly than any previously enacted sanctions. The sanctions impeded Iran’s ability to sell oil, resulting in a 1.0-million bbl/d drop in crude oil and condensate exports in 2012 compared with the previous year.
"
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"Iran holds some of the world’s largest deposits of proved oil and natural gas reserves, ranking as the world’s fourth-and second-largest reserve holder of oil and natural gas, respectively. Iran also ranks among the world’s top 10 oil producers and top 5 natural gas producers. Iran produced 3.2 million barrels per day (bbl/d) of petroleum and other liquids in 2013 and more than 5.6 trillion cubic feet (Tcf) of dry natural gas in 2012.
The Strait of Hormuz, on the southeastern coast of Iran, is an important route for oil exports from Iran and other Persian Gulf countries. At its narrowest point, the Strait of Hormuz is 21 miles wide, yet an estimated 17 million bbl/d of crude oil and oil products flowed through it in 2013 (roughly one-third of all seaborne traded oil and almost 20% of total oil produced globally). Liquefied natural gas (LNG) volumes also flow through the Strait of Hormuz. Approximately 3.9 Tcf of LNG was transported via the Strait of Hormuz in 2013, almost all of which was from Qatar, accounting for about one-third of global LNG trade.
Effects of recent sanctions
Iran’s oil production has declined substantially over the past few years, and natural gas production growth has slowed, despite the country’s abundant reserves. International sanctions have stymied progress across Iran’s energy sector, especially affecting upstream investment in both oil and natural gas projects. The sanctions have prompted a number of cancellations and delays of upstream projects, resulting in declining oil production capacity. The United States and the European Union (EU) enacted measures at the end of 2011 and during the summer of 2012 that have affected the Iranian energy sector more profoundly than any previously enacted sanctions. The sanctions impeded Iran’s ability to sell oil, resulting in a 1.0-million bbl/d drop in crude oil and condensate exports in 2012 compared with the previous year.
"
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Saudi Arabia: The next big thing for investors - Jul. 22, 2014
Saudi Arabia: The next big thing for investors - Jul. 22, 2014:
"
Get ready for the next big emerging market opportunity: Saudi Arabia.
The oil giant is set to open its stock market to direct foreign investment for the first time, giving outsiders access to the biggest bourse in the region.
The Saudi market -- worth an estimated $530 billion -- is more than double the size of the Tel Aviv stock exchange in Israel."
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"
The oil giant is set to open its stock market to direct foreign investment for the first time, giving outsiders access to the biggest bourse in the region.
The Saudi market -- worth an estimated $530 billion -- is more than double the size of the Tel Aviv stock exchange in Israel."
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Will the DFM see a post-Ramadan recovery this year? « ArabianMoney
Will the DFM see a post-Ramadan recovery this year? « ArabianMoney:
"Today the sun sets on the holy month of Ramadan for the Dubai Financial Market and participants head off for their nine-day Eid holiday.
It’s not been a good month for the DFM with volatility second only to Venezuela and a huge sell-off followed by a recovery and then another crash with stocks down a thumping six per cent in one day last week."
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"Today the sun sets on the holy month of Ramadan for the Dubai Financial Market and participants head off for their nine-day Eid holiday.
It’s not been a good month for the DFM with volatility second only to Venezuela and a huge sell-off followed by a recovery and then another crash with stocks down a thumping six per cent in one day last week."
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India’s wealthy and how they spend it – beyondbrics - Blogs - FT.com
India’s wealthy and how they spend it – beyondbrics - Blogs - FT.com:
"Jimmy Choos under your sari and an African safari for the Diwali long weekend?
A new report by Kotak Wealth Management and Ernst & Young – Top of the Pyramid 2014 – finds that India’s super rich are “ready for change” as a strong new government comes to power in New Delhi – and they’re spending to prove it.
The researchers spoke to 150 Indian “ultra high net worth individuals” – members of households with a minimum net worth of Rs250m ($4.17m) mapped over ten years – and to members of the luxury and wealth management industries. They began work early this year, as consumer sentiment centered on the general elections and the prospects of a change in government."
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"Jimmy Choos under your sari and an African safari for the Diwali long weekend?
A new report by Kotak Wealth Management and Ernst & Young – Top of the Pyramid 2014 – finds that India’s super rich are “ready for change” as a strong new government comes to power in New Delhi – and they’re spending to prove it.
The researchers spoke to 150 Indian “ultra high net worth individuals” – members of households with a minimum net worth of Rs250m ($4.17m) mapped over ten years – and to members of the luxury and wealth management industries. They began work early this year, as consumer sentiment centered on the general elections and the prospects of a change in government."
'via Blog this'
When History Repeats Itself: The EU Shift in Energy Partnerships to the South
When History Repeats Itself: The EU Shift in Energy Partnerships to the South:
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2014 will arguably be the most important year of the decade when it comes to energy security in the European Union (EU). No other year in the recent past has seen such an imposing shake up in Europe’s energy geopolitics; one which will inevitably see the build up to the coming and going of significant energy partners for the EU in the future.
Several factors have been at play so far: political tensions in Ukraine and Russia, new participants in the gas supply market, plans for reinforcement of existing pipelines as well as for the construction of several new trans-continental gas pipelines, and lastly the heavy internal pressure for reform of energy security policy from several member states of the EU.
The amalgamation of these is forcing the EU to reconstruct its energy policies as well as its security policies. Essentially, what can be witnessed by the end of the decade is a transference in EU geopolitical energy partnerships towards the south."
'via Blog this'
"
Several factors have been at play so far: political tensions in Ukraine and Russia, new participants in the gas supply market, plans for reinforcement of existing pipelines as well as for the construction of several new trans-continental gas pipelines, and lastly the heavy internal pressure for reform of energy security policy from several member states of the EU.
The amalgamation of these is forcing the EU to reconstruct its energy policies as well as its security policies. Essentially, what can be witnessed by the end of the decade is a transference in EU geopolitical energy partnerships towards the south."
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Jet deal opens up the skies to India and beyond for Etihad | The National
Jet deal opens up the skies to India and beyond for Etihad | The National:
"Jet is looking to operate non-stop flights to Europe, China, Australia, the Middle East, South East Asia and neigbouring Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, said Naresh Goyal, the Jet chairman.
“Our focus remains to develop hubs in Mumbai and Delhi,” he said.
Jet will also link more points in India to Abu Dhabi, for onward connections, besides operating its own flights beyond Abu Dhabi to North America and the Middle East, and increase frequencies to Abu Dhabi. New routes will be introduced between Abu Dhabi and Goa, Ahmedabad, Pune and Lucknow by the year-end."
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"Jet is looking to operate non-stop flights to Europe, China, Australia, the Middle East, South East Asia and neigbouring Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, said Naresh Goyal, the Jet chairman.
“Our focus remains to develop hubs in Mumbai and Delhi,” he said.
Jet will also link more points in India to Abu Dhabi, for onward connections, besides operating its own flights beyond Abu Dhabi to North America and the Middle East, and increase frequencies to Abu Dhabi. New routes will be introduced between Abu Dhabi and Goa, Ahmedabad, Pune and Lucknow by the year-end."
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Emirates Reit profits up 194 per cent in first half as office rents grow | The National
Emirates Reit profits up 194 per cent in first half as office rents grow | The National:
"Emirates Reit has reported a threefold increase in first-half profits as rents and prices grew in Dubai’s long-stagnant office market.
The Sharia-compliant real estate investment trust said that net profits for the first six months of the year increased to US$34.15 million from $11.6m – a gain of 194 per cent – as rents in Dubai grew.
The news comes as the property agent CBRE reported that average prime office rents in Dubai’s central business district – an area around Downtown Dubai – rose 3 per cent in the three months to the end of June and by a total of 25 per cent compared to a year earlier to stand at an average of Dh1,884 per square metre per year."
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"Emirates Reit has reported a threefold increase in first-half profits as rents and prices grew in Dubai’s long-stagnant office market.
The Sharia-compliant real estate investment trust said that net profits for the first six months of the year increased to US$34.15 million from $11.6m – a gain of 194 per cent – as rents in Dubai grew.
The news comes as the property agent CBRE reported that average prime office rents in Dubai’s central business district – an area around Downtown Dubai – rose 3 per cent in the three months to the end of June and by a total of 25 per cent compared to a year earlier to stand at an average of Dh1,884 per square metre per year."
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Weak volumes mark trade on DFM, ADX | GulfNews.com
Weak volumes mark trade on DFM, ADX | GulfNews.com:
"The Dubai Financial Market (DFM) index fell 0.24 per cent on Wednesday to reach 4,667.58 as Arabtec continued its decline that started with the beginning of this week. The construction giant dropped 1.65 per cent.
Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index went down 0.26 per cent to reach 4,964.15.
Both markets were marred by low trade volumes as DFM ended the day with a total trade value of Dh627.7 million — a plunge from previous sessions when values exceeded Dh2 billion."
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"The Dubai Financial Market (DFM) index fell 0.24 per cent on Wednesday to reach 4,667.58 as Arabtec continued its decline that started with the beginning of this week. The construction giant dropped 1.65 per cent.
Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index went down 0.26 per cent to reach 4,964.15.
Both markets were marred by low trade volumes as DFM ended the day with a total trade value of Dh627.7 million — a plunge from previous sessions when values exceeded Dh2 billion."
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World’s Biggest Wealth Fund Reviews $8 Billion Russian Holdings - Bloomberg
World’s Biggest Wealth Fund Reviews $8 Billion Russian Holdings - Bloomberg:
"Norway’s $890 billion sovereign wealth fund, the world’s biggest, is reassessing its holdings in Russia as the European Union considers expanding sanctions against the country.
Since the July 17 downing of Malaysia Airlines flight MH17 by a missile that the U.S. says was probably supplied by the Russian military, sentiment toward assets based in Russia has soured further. The government of Norway, which isn’t an EU member, said it’s ready to adjust the fund’s holdings to reflect the changing geopolitical climate. The European Commission will present proposals for more “targeted measures” to national officials today.
“If the oil fund’s investments become affected by economic sanctions against Russia that Norway supports,” the fund “will need to make the necessary adjustments to accommodate the new situation,” Runar Malkenes, a Finance Ministry spokesman, said in an e-mailed response to questions."
'via Blog this'
"Norway’s $890 billion sovereign wealth fund, the world’s biggest, is reassessing its holdings in Russia as the European Union considers expanding sanctions against the country.
Since the July 17 downing of Malaysia Airlines flight MH17 by a missile that the U.S. says was probably supplied by the Russian military, sentiment toward assets based in Russia has soured further. The government of Norway, which isn’t an EU member, said it’s ready to adjust the fund’s holdings to reflect the changing geopolitical climate. The European Commission will present proposals for more “targeted measures” to national officials today.
“If the oil fund’s investments become affected by economic sanctions against Russia that Norway supports,” the fund “will need to make the necessary adjustments to accommodate the new situation,” Runar Malkenes, a Finance Ministry spokesman, said in an e-mailed response to questions."
'via Blog this'
JPMorgan to HSBC to Gain From $531 Billion Saudi Bourse Opening - Bloomberg
JPMorgan to HSBC to Gain From $531 Billion Saudi Bourse Opening - Bloomberg:
"HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia’s bourse to foreign investors.
The CMA said on July 22 that it would open up the oil-producing kingdom’s $531 billion stock market to foreigners next year. That may attract inflows of about $35 billion to the Arab world’s largest bourse, according to Aleksandar Stojanovski, a Dubai-based research analyst at Deutsche Bank AG.
Morgan Stanley, Standard Chartered Plc (STAN), and Credit Suisse Group AG (CSGN) have joined HSBC and JPMorgan in building local teams, partly in anticipation that the world’s biggest oil exporter and de facto leader of OPEC would lift barriers to one of the world’s most-restricted major stock exchanges. King Abdullah, the 90-year-old monarch, is seeking to lure capital to the $745 billion economy that has withstood political turmoil elsewhere in the Middle East."
'via Blog this'
"HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia’s bourse to foreign investors.
The CMA said on July 22 that it would open up the oil-producing kingdom’s $531 billion stock market to foreigners next year. That may attract inflows of about $35 billion to the Arab world’s largest bourse, according to Aleksandar Stojanovski, a Dubai-based research analyst at Deutsche Bank AG.
Morgan Stanley, Standard Chartered Plc (STAN), and Credit Suisse Group AG (CSGN) have joined HSBC and JPMorgan in building local teams, partly in anticipation that the world’s biggest oil exporter and de facto leader of OPEC would lift barriers to one of the world’s most-restricted major stock exchanges. King Abdullah, the 90-year-old monarch, is seeking to lure capital to the $745 billion economy that has withstood political turmoil elsewhere in the Middle East."
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