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Surging oil prices have provided much-needed relief to Saudi Arabia in recent months. The extra income has so far had little effect on economic growth, which remains sluggish, but it has eased financial pressure on the government, enabled the authorities to begin rebuilding foreign reserves and has bolstered confidence at a time of heightened uncertainty in the kingdom. Meanwhile, as if to demonstrate an undiminished appetite for Saudi risk, foreign banks are lining up to arrange financing for major projects, with several large transactions under discussion last month. |
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