Epstein Secrets

ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T

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

orate Finance The NASDAQ OMX Group FBC Group Ltd Bloomberg News The New York Times Liberty Global Inc. Col

anaging Director Chief Executive Officer Senior Correspondent, Foreign Affairs Governor, Saudi Arabian General Investment Authority (SAGIA), Saudi Arabia Group Chief Executive Officer World Economic Forum Annual Meeting 2011 Forrester Research Inc. Vodafone Group Services Ltd Compagnie Financiére

chland Handelsblatt Frankfurter Allgemeine Zeitung DLA Piper UK LLP Itochu Corporation Mitsubishi Chemical Holdings Corporation Saudi Arabia Saudi Arabia Switzerland United Kingdom India Oman Oman India USA USA Greece Russian Federation South Africa India Switzerland USA Republic of Korea R

r Es a 4 oe Ses 2 Fea f = 2 22 3 sf SE a te ge < = 2 zs eer 8 = = 3 wn New Zealand Data as of December 31, 2016. Source: Investment Strategy Group, Bloomberg. Czech Republic South Africa 60 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014593 --- PAGE BREAK --- incorporates this view, as we are neutra

tify Iran uclear Deal,” Wail Street Journal, November 20, 2016. ristina Peterson, “House Passes 9/11 Bill That Would Let Victims’ Families Sue Saudi Arabia,” Wall Street Journal, September 9, 2016. elissa Eddy and Alison Smale, “Berlin Crash ls Suspected to Bea Terror Attack, Police Say,” New York Times

Group, White House, US Treasury, New York Times, Bloomberg, Wail Street Journal. JCPOA* finalized between I

Threatens to Close the Strait of Hormuz Division Investment Goldman Strait of Hormuz: April 2019 Crude Oil Production Per Country and Export Flows Arabia ; (85%) (9.8) Others 15%) = A third of world’s LNG and a fifth of global oil production goes through the Strait of Hormuz. = “Tran relies on the S