Jarmo Kotilaine News
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Abu Dhabi’s biggest utility and an aluminum smelter are raising as much as $2 billion by selling bonds they’ll repay with cash from projects being financed, evidence of the emirate’s effort to broaden its funding sources.
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Saudi Arabia is laying 2,400 miles of rail lines, almost enough to stretch across the continental U.S., in a push to diversify from oil that will also benefit Saudi Basic Industries Corp. and Saudi Arabian Mining Co.
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Saudi King Abdullah’s pledge to increase spending on housing by 55 billion riyals ($15 billion) probably will do little to relieve the country’s home shortage unless it’s coupled with long-delayed changes in mortgage financing laws.
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Saudi Arabia may not increase crude oil output to 10 million barrels a day in July as it intended, as the International Energy Agency’s planned stockpile release of 60 million barrels will keep the market “well supplied” during the month, analysts say.
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Saudi Arabia is spending more than $60 billion on a logistics hub, airport improvement and roads to reduce travel time in the Arab world’s biggest economy.
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Saudi Arabia, the world’s largest exporter of oil, replaced its central bank head and economy minister as it presses forward with a record spending plan aimed at reducing unemployment and reliance on crude exports.
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Saudi Arabia’s break-even price to balance next year’s budget will rise to $71.5 a barrel from $70.9 this year, according to National Commercial Bank, the kingdom’s largest lender by assets.
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The pilgrimage starts with a private jet to an exclusive airport in Saudi Arabia, where passengers are treated to a buffet while travel-company employees process their immigration documents. The visitors are then taken in air- conditioned cars and buses to the InterContinental Hotel overlooking the Grand Mosque in Mecca.
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Saudi Arabia’s domestic consumption of crude oil rose 4 percent in 2011 from a year earlier, data the government submitted to the Joint Organization Data Initiative showed.
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Iran’s central bank moved to avert a slide in the value of the rial as the U.S. and allies prepared for further sanctions that may include an oil embargo.
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