Epstein Secrets

(cost basis) ] 9 10 8 10 11 12 11 - Middle East oil exporters gross claims on US banks 81 122 106 101 136 132 134 129 = 120 Saudi Arabia deposits in Bank for International Settlements (BIS) reporting banks Cross-border deposits with BIS reporting banks 163 180 169 167 188 244 224 210 212 of which, implied deposits from banks and ot

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

er and Executive Vice-President General Manager, Bank for International Settlements (BIS), Basel Vice-President International News an

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

edit-to-GDP ratio and its long-term trend in percentage points. Long-term trend is calculated using an HP filter. Source: Investment Strategy Group, Bank for International Settlements. direct investment has reversed and is now negative. In our view, neither China’s high savings rate nor its increasing government control of financi

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