Epstein Secrets

divided into structural surplus and deficit economies. While Anglo-Saxon countries have tended to run current account deficits. Japan. Switzerland, Norway. and Sweden have generated consistent surpluses for decades. As a result of these highly persistent global imbalances, the two camps have accumulat

ancial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre. Tower, West Bay, Level 5. PO Box 14928. Doha. Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services ar

ies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Sa

ncial services activities that fall within the scope of its existing QFCRA license. Principal place of business in the QFC: Qatar Financial Centre, Tower, West Bay, Level 5, PO Box 14928, Doha, Qatar. This information has been distributed by Deutsche Bank AG. Related financial products or services a

lance of Payments (BoP) framework as they could lead to drains on SAMA reserves in the near term. Over time, Saudi Arabia could decide to emulate the Norway model, which would entail a more prudent use and conduct of fiscal policy, in our view. Chart 1: PIF budget contributions small versus GCC SWF contr

penditure for a sustained period. Consequently, we believe the focus on raising capital (to fund the expansion programmes) from the spin out of their Tower portfolios will only increase. We see Zain KSA as the key beneficiary of this given they have the most highly geared balance sheet amongst Saudi Telc