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.
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.
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.
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.
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.