At a sprawling complex in the Saudi desert, 90 miles southeast of Riyadh, dozens of black and white Holstein cows amble from their sandy surroundings into air- conditioned milking halls. Inside, they take their places on a motorized, rotating corral and are milked by machines while munching on shredded alfalfa and being misted with water.
Saudi Arabia, the world’s biggest oil exporter, isn’t changing its “positive” view on the U.S. Treasuries market even as Democrats and Republicans quarrel over the debt ceiling, central bank chief Fahad Almubarak said.
Saudi Arabia issued final regulations on real estate financing, leasing and the supervision of financial companies as the kingdom tries to ease a housing shortage by opening up its mortgage market and enacting the first home-loans law.
Saudi Arabia’s mortgage law, approved two days ago after more than a decade of debate, will encourage banks to expand lending in a $16 billion market that now accounts for less than 4 percent of all home purchases.
For all the anxiety among politicians and their constituents over playing chicken with the debt ceiling and the prospect of the first-ever downgrade of U.S. debt, the people with the most at stake made more money buying Treasury securities in July than any month this year. Actually, they made a fortune, or $183,000 for every $10 million invested.