Epstein Secrets

st invented, some argued that a country with a growth rate as skimpy as its bikinis, and chronic political instability, did not belong. Now, as the Economist notes, "in some ways, Brazil outclasses the other BRICs. Unlike China, it is a democracy. Unlike India, it has no insurgents, no ethnic and religio

grams missed their objectives. Gulf countries have long tried to absorb their national workers into the public sector instead. The result in Saudi Arabia is that about 80 percent of all working Saudis have government jobs, but more than 80 percent of private-sector jobs are held by foreigners. Foreig

st invented, some argued that a country with a growth rate as skimpy as its bikinis, and chronic political instability, did not belong. Now, as the Economist notes, "in some ways, Brazil outclasses the other BRICs. Unlike China, it is a democracy. Unlike India, it has no insurgents, no ethnic and religio

grams missed their objectives. Gulf countries have long tried to absorb their national workers into the public sector instead. The result in Saudi Arabia is that about 80 percent of all working Saudis have government jobs, but more than 80 percent of private-sector jobs are held by foreigners. Foreig

rship, in our view. More questions than answers at this stage Deputy Crown Prince Mohammed bin Salman’s initial suggestion in an interview with The Economist that a Saudi Aramco IPO could be considered has raised market expectations. Ensuing comments from Aramco’s management did not make clear whether a li

l Research. Source: Haver, BofA Merrill Lynch Global Research. Likewise, the focus on religious tourism is appropriate given its importance in Saudi Arabia but NTP targets appear ambitious to us with a targeted 20%yoy CAGR increase in Umrah pilgrims. Religious tourism accounted for c40% of total tourist

rade status to be retained despite likely further rating cuts A prolonged oil price downturn is likely to continue to put downward pressure on Saudi Arabia’s credit rating in the medium-term. On average, the GCC has benefited from three notch rating upgrades over the period 2002-10 prior to the start of

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