Economics
$50 Billion Saudi Debt Drive Reflects Rising Financial Strain
- Government increasingly reliant on debt as oil revenues drop
- Kingdom grapples with deficits, challenges ramping up FDI
Saudi Arabia's government acknowledges that lower oil prices and mammoth spending needs will squeeze its finances.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Even as Wall Street heavyweights flock to Riyadh for a Davos-style conference, Saudi Arabia is grappling with low oil prices, budget deficits and challenges attracting foreign investment.
That’s forcing the kingdom to lean heavily on another source of funding: debt.