Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.My Schadenfreude has two reasons.
The landmark five-year loan, a signal of Riyadh's newfound dependence on foreign capital, opens the way for Saudi to launch its first international bond issue. It comes as the sustained slump in crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap international bond markets.
The Saudi government has been a large funder of Muslim proselytizing throughout the world.
1. Islam is religiously offensive to me.
2. By promoting it, it makes radical Islam more likely to be a secular problem for the West.