THE SMOGGY SUN-DRENCHED view is from the top floor of the castle-like headquarters of Sabic, the biggest company listed on the Saudi Arabian stock market. Constrained on all sides by nothing but desert plateau, Riyadh stretches out on the rocky ground for as far as the eye can see. It is like a vast, bloated body digesting a rich, oily lunch: its veins freeways with SUV blood cells.
Housing finance companies are preparing to feast on Riyadh, eventually being supported, it is hoped, by a much stronger securitization market.
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