Saudi Arabia has been admitted to the FTSE emerging markets index — a move that could bring tens of billions of dollars into the country.
Emerging market economies and their currencies have come under severe stress in recent weeks, as rising US interest rates and trade fears prompt investors worldwide to shun their assets and move money to the US.
Saudi Arabia has said it has stepped up preparations for the stock market debut of state energy giant Aramco. Government officials said Wednesday's media reports about the IPO having been halted were not true.
Diplomats are seeking to resolve a conflict that has led German drugmakers to miss out on orders from Saudi Arabia. Along with Canada, Germany is struggling to react to Riyadh's new-found foreign policy assertiveness.
Saudi Arabia and Japan's SoftBank have agreed to partner to build a massive, multibillion-dollar solar power project in the sunshine-rich Middle Eastern kingdom, which is looking to wean off its reliance on oil.
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