Paul Gamble News
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Saudi Arabia, the Arab world’s biggest economy, is cracking down on illegal workers, part of a push to create more jobs for its citizens and stave off unrest.
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Saudi Arabian King Abdullah’s spending plan to diversify the economy and keep at bay the protests that have toppled four leaders is helping to fuel the regional Gulf Cooperation Council’s fastest inflation rate.
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Saudi Arabian banks are lending more as government spending boosts confidence in the country’s economy, benefiting companies including Saudi Arabian Mining Co. and Saudi Electricity Co.
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Halah Alduhaylib strolls among the recruitment stands at a jobs fair in Riyadh where there are 10,000 positions available. Only Saudis need apply.
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Saudi Arabia’s one-year and six- month treasury bill yields rose to 10-month highs after loan growth reached the fastest pace in almost three years, lifting borrowing costs in the world’s largest oil exporter.
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Saudi Arabia, the world’s largest oil exporter, may be forced to tap its reserves to fund spending programs as oil drops below the kingdom’s breakeven budget price.
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The biggest religious gathering in the world is getting bigger for business.
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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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When the three Saudi men met each other in school 11 years ago, they dreamed that by the time they had reached their mid-20s, each would have a well-paid job, a house, a new car and maybe a wife.
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With oil above $90 a barrel, it’s business as usual for Persian Gulf exporters regardless of the uprisings that are rocking other Arab nations.
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