Epstein Secrets

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

toll on the kingdom's finances. Already, the Saudi government is forced to devote nearly 40 percent of its budget simply to paying wages, economist John Sfakianakis at Banque Saudi Fransi in Riyadh says. "They can't keep creating $130 billion spending packages," he warns. "They can do it for another few years.

g $22 billion is of greater concern, they said. The U.A.E.'s banking industry is already the biggest among the six Gulf Arab states including Saudi Arabia,Kuwait and Qatar, with 1.54 trillion dirhams ($418 billion) in assets, central bank data shows. To contact the reporter on this story: Arif Sharif

00 basis points in a percentage point. "This is very a reassuring move by the central bank to limit the risk of any run on Dubai-based banks," said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. It will alleviate any "liquidity concerns by foreign banks about the banking system, mostly those

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

toll on the kingdom's finances. Already, the Saudi government is forced to devote nearly 40 percent of its budget simply to paying wages, economist John Sfakianakis at Banque Saudi Fransi in Riyadh says. "They can't keep creating $130 billion spending packages," he warns. "They can do it for another few years.