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Russia and OPEC Members See Easy Deal for Cut in Output

Saudi Arabia and Russia said they are expecting both OPEC as well as non-OPEC producers to come up with an agreement during meetings on Saturday to cut back on the output of oil to prop prices up during the first joint move in the past 15 years. Khalid al-Falih the energy minister from Saudi Arabia the defacto OPEC leader and top exporter of oil said a deal is already in place and we are only adding the final touches. Energy Minister of Russia Alexander Novak while speaking at a meeting between both members and non-members of OPEC in Vienna said... 
 

Forecast by Boeing is for 200,000 New Jobs in Aviation in Middle East

Airlines across the United Arab Emirates as well as the rest of the region of the Middle East will need as many as 200,000 additional personnel to support growing demand for deliveries of new aircraft during the upcoming two decades, said U.S. based Boeing. The plane maker in the U.S. announced in its Wednesday report that the Middle East’s industry of commercial aviation would need almost 92,000 for cabin crew, over 58,000 for pilots and technicians of over 66,000. The recruiting of personnel for the aviation industry will be one of the biggest... 
 

Middle East Countries to Increase Production of Oil in 2020

Countries in the Middle East might peak at nearly 30 million barrels a day of oil production by 2020, says Rystad Energy a consulting firm in Norway on Monday. Iraq and Iran will represent the biggest growth in products said one of the experts at the company. The production overall in the region increased to 26 million barrels daily from 24 million between 2010 and 2015, said Rystad Energy. While the kingdom of Saudi Arabia represents close to 40% of the oil production in the region, Iraq and Iran are the two countries that will see the biggest... 
 

Economies in Middle East Take $641 Billion Hit for Arab Spring

The Arab Spring phenomenon that took place across the Middle East in 2011 cost the economies in the region $614 billion of growth due to changes in governments, continued conflict and dropping prices of oil, shows a report released by an agency of the United Nations. The dollar figure from the ESCWA or United Nations Economic and Social Commission for Western Asia is equal to 6% of the GDP through the end of 2015 and based upon growth projections made prior to the start of the revolutions. Published Thursday, it is the first time an estimate has... 
 

UAE Will Not Start Income Tax, But Fuel Prices to Increase

The United Arab Emirates does not have any plans of imposing new taxes on its population and the government is not planning to introduce more fees, said the Finance Ministry undersecretary Younis al-Khouri. Gulf governments have planned new ways to raise more money as the low gas and oil prices created big deficits in their state budgets. The six Gulf Cooperation Council members are planning to implement a value-added tax starting in 2018. However, the remarks from Khouri appeared to rule out, for the time being at least, a possibility of a new... 
 

Retail Industry in GCC to Grow by Over 7%

Despite some markets in the Gulf Cooperation Council construction sector softening the retail industry should grow between 7% and 12% for the year. This comes following the expansion of theme parks, malls and mega events such as Expo 2020. Local and international designing and layout companies in the retail sector will reap the benefits of this growth due to the increasing focus on consumer comfort and entertainment for shoppers in the sector. With more international brands already in the Middle East North Africa market and more on the way sustainability... 
 

Inflation Eases in Egypt During September

The annual urban consumer prices inflation in Egypt eased in September to 14.1% from 15.5% or a high of eight years during August, said CAPMAS the official statistics agency on Monday. In August, headline inflation surged, raising the expectations that the Egyptian central bank raise interest raise September 22. However, the country’s central bank kept rates where they were citing transitory factors, which pushed costs up. The drop during September is the first for the urban measure dating back to March. Increases in inflation have been steady... 
 

Rail Network for GCC Now Scheduled for Completion in 2021

The Minister of Infrastructure Development in the United Arab Emirates has reportedly said that more delays were likely depending on the rail network for the GCC. Plans for a railway network that links the Gulf countries has not been pushed to 2021 or three years later than scheduled and might face even more delays. Abdullah Belhaif Al Nuaimi the UAE Minister reportedly said the decision to push the deadline from 2018 to 2021 had been taken in April at a transport ministers meeting. He said that the ministers knew at the time it would not be possible... 
 

Goldman Sachs: OPEC Deal Will Not Change Price of Oil Through 2017

Goldman Sachs announced that the deal agreed to by member of OPEC to cut its oil production might provide support of prices in the short term, but chances are it would not change the outlook on supply that much. Goldman said through a prepared statement to its investors that it would stick with the forecasts it has for WTI at a price of $43 per barrel for the end of 2016 and $53 per barrel for the end of 2017. Goldman Sachs analysts said that if the proposed cut was strictly enforced and succeeded in supporting prices, it would be self defeating... 
 

Iran and Saudis End Hopes for Oil Deal for OPEC

On Tuesday, Iran and Saudi Arabia ended any hopes that oil producers in OPEC would reach a deal that limits output this week in Algeria. Trusted sources within the oil producing cartel said the big differences between Tehran and the Kingdom were too wide to bridge. This meeting is just consultative, as everyone will be heard including the consumers and the secretariat of OPEC, said Khalid al-Falih the Energy Minister of Saudi Arabia. Bijan Zanganeh the Oil Minister of Iran said it was not the time to make decisions. He said that decision making... 
 

UAE Draws Large Numbers for Family Tourism

In the United Arab Emirates, spending on family tourism is expected to increase 4.4% during 2016, according to a new study by the Dubai Chamber of Commerce. At the same time, the expenditures for outbound family tourism of citizens in the Emirati will increase by 3.6% in 2016, said the same study. This study coincides with October’s third Global Islamic Economy Summit that will be held on October 11 and 12 in Dubai. The summit will cover family tourism as part of the spectrum of different subjects that fall under the Islamic economy tag. The UAE... 
 

Passenger Traffic Up Over 95% at Dubai World Central

Dubai World Central or DWC saw its passenger traffic increase by over 95% during the first six months of 2016, according to one report that Dubai Airports released. During the six months passenger traffic was 410,277 which represented an increase of 95.4% in comparison to the same period one year ago of 209.989. DWC’s passenger traffic is driven for the most part by flydubai airlines the operators of 35 flights weekly to five different destinations. In addition, the airline is planning to increase its flights each week out of DWC, according to... 
 

Billions of Dollars of Aid Have Been Squandered by Egypt

After Egypt’s President Abdel-Fattah al-Sisi welcomed hundreds of dignitaries from around the world to Sharm el-Sheikh the seaside resort, in 2015, he made a simple pitch to them. He said the upheaval following Arab Spring in Egypt had ended. He had ousted the Islamist president that was his predecessor and the country wanted their investments. He promised economic reforms and stability. His guests shortly thereafter rewarded the country with loans, new business and large sums of cash. It was what the head of the International Monetary Fund Christine... 
 

Coup Attempt in Turkey Costs Economy Over $100 Billion

The coup attempt in Turkey that was foiled last month that was seeking the ouster of the government of current President Recep Tayyip Erdogan cost the economy in Turkey over 300 billion lira or $100 billion, said the trade minister on Tuesday. Bulent Tufenkci the Commerce and Customs Minister was quoted as telling a reporter from a local newspaper that the heavy cost may even increase, but insisted that the economic fundamentals in Turkey remained strong. Helicopters, warplanes, bombs, weapons and buildings all added up to 300 billion lira. He added... 
 

U.S. Beef Allowed Back in Saudi Arabia Following Concern over Mad Cow

Authorities from Saudi Arabia re-opened their market to beef from the United States after a ban of four years that was placed over concerns about BSE or bovine spongiform encephalopathy known more commonly as mad cow disease. The kingdom will allow imports of U.S. beef as well as beef products that are from cattle that are 30 months old or younger, starting immediately, said a statement released by the USTR or U.S. Trade Representative. The statement said that Saudi Arabia would expand the access to include products from cattle that are less than... 
 

Six Flags to Build Theme Park in Saudi Arabia

Big investors from the U.S. are headed to Saudi Arabia due to the new Saudi Vision 2030 that is being marketed in the United States by the kingdom’s Deputy Crown Prince Muhammad Bin Salman, the minister of defense and second deputy premier. Investors will have the flexibility now to structure their business optimally to benefit from the market in Saudi, said the Saudi Arabian General Investment Authority. The SAGIA said that foreigners can seek 100% ownership or have their operation via a joint venture. Dow, the chemical giant based in the U.S.... 
 

UAE Popular Amongst Travelers During Ramadan

The Gulf Corporation Council countries will the most attractive destinations by 2023 for Muslim travelers. Oman, Qatar and the UAE will become the star attractions for Muslim travelers new research shows that was released Thursday by Crescent Rating and MasterCard. The growing trend to travel during the month long fasting period by Muslims will see the GCC region receive the most travelers within the next 6 years. With Ramadan to take place during cooler months starting in 2023, destinations across the Middle East like Oman, Qatar and the UAE will... 
 

Qatar Now Middle East Economy That is the Most Competitive

Qatar was recently named as the most competitive economy across the Middle East in a new IMD World Competitiveness Index. Qatar kept its spot on the world table at No. 13, which made it the highest nation in the Middle East in the rankings this year. It became No. 1 in the region after the United Arab Emirates dropped three spots to 15th from 12th. Other nations in the Middle East on the list include Israel at No. 21, Turkey at No. 38 and Jordan at No. 52. Qatar, which became rich as a country thanks to huge natural gas reserves, is currently in... 
 

Iran Sees Surge in Oil Exports Thanks to International Tankers Shipping Fuel

Over 25 supertankers that are Asian- or European-owned are shipping oil from Iran, showed data that an international news agency released. This has allowed Tehran to ratchet up its oil exports far faster than industry analysts expected after economic sanctions had been lifted against Tehran during January. Iran was struggling up through April in its attempt to find shipping partners that would ship its crude. However, following an agreement for temporary insurance over one third of the crude shipments made by Iran are being transported by foreign... 
 

Next OPEC Meeting Unlikely To Change Global Oil Output

The next meeting of the Organization of the Petroleum Exporting Countries is scheduled to begin on June 2. Few believe that the meeting will lead to an agreement to lower output to boost oil prices further. Saudi Arabia, OPEC’s largest producer and de facto leader, has already indicated that it will not risk its market share to prop up other OPEC members’ economies. Without Saudi participation, any proposal for output cuts is dead on arrival. Oil prices reached their lowest in a decade when prices hit $27 per barrel in January. Saudi Arabia... 
 

Freedom Of Information Act Reveals Saudi Arabia’s U.S. Treasuries

The Treasury Department recently released a breakdown of Saudi Arabia’s holdings of U.S. debt in response to a Freedom-of-Information Act request. As of March, the amount stood at $116.8 billion. This was down 6 percent from the record $123.6 billion recorded in January. The Treasury Department has announced that it will provide new information on specific countries to make its report on foreign ownership of U.S. debt more comprehensive and transparent. In 1974, the U.S. began releasing data on foreign ownership of Treasuries, providing a detailed... 
 

Boeing Sees Orders in Middle East at Over 3,000 Planes

Aircraft maker Boeing, based in the U.S. predicted that airlines across the Middle East would require 3,180 new planes during the next two decades as overall air traffic within the region continues its boom. The largest maker of planes in the world based on delivery numbers, said the demand for the new aircraft would be driven by a rapid expansion in fleets from the Gulf carriers, it said the airline industry was expected to be worth more than $730 billion in 20 years. A Boeing spokes person said that the growth of air traffic across the Middle... 
 

Qatar’s Surplus in Foreign Trade Cut in Half from Last Year

The foreign trade surplus for Qatar shrank by almost 52% to $3.3 billion during September from the same month one year ago due to low natural gas and oil prices. This came from preliminary data released by the government’s Ministry of Development Planning and Statistics. Exports of its petroleum gases and other hydrocarbons dropped 40% during September showed the data that was supplied by the government spokesperson. During September, the finance minister of Qatar Ali Sherif Al Emadi said the Gulf nation would not pull back its projects on economic... 
 

Economy Minister: UAE Open to Taxes

The United Arab Emirate is willing to impose taxes but a decision on that would first be evaluated thoroughly by the country’s government prior to any implementation, said the Minister of Economy this week. Any final decision on all issues included a process within the government. It will be discussed, evaluated on how it effects the nation’s competitiveness and other important things related to the decision making process, added the Minister. The Minister, Sultan Bin Saeed Al Mansouri said the country was member of the GCC and a common policy... 
 

UAE Amongst the Most Competitive World Economies

The United Arab Emirates has the possibilities to create hubs of excellence at the global level, as the country is heavily invested in infrastructure at the world-class level and can support its ambitious plans. The eighth Summit of the Global Agenda is a three-day event, which began this past Sunday and attracted over 1,000 of the leading experts in the world of many key industries and is chaired by the Minister of Economy of the UAE Sultan Bin Saeed Al Mansouri. According to the most recent Global Competitiveness Report by the World Economic Forum,... 
 

IMF: Middle East Can Sustain Low Oil Prices Less Than Five Years

The International Monetary Fund ‘s most recent assessment of the Middles East as well as North Africa economies will make for quite grim reading in a number of regions of the oil rich nations. The assessment to say the least is brutal showing a slowdown in growth and a destabilizing effect due to the low prices of oil. Though the dropping energy costs have been one positive thing for the consumer in many parts of the world, that boost for consumers is effectively taken from the pockets of the finance ministers across the Middle East. The governments... 
 

Moody’s Says Drop in Price of Oil Will Drive GCC Fiscal Reforms

Moody’s the ratings agency has revised its downward projections for the price of oil to $55 per barrel from $65 this year and $53 for 2016. The Gulf Corporation Council with six nations including Bahrain, Kuwait, Qatar, Oman, the United Arab Emirates and Saudi Arabia depend upon oil for close to 90% of the country’s revenues. The impact is expected to lower the revenue from hydrocarbon on public finances in the GCC which will spur on adjustments in policy for 2016, said an analysts with Moody’s. The UAE has taken the lead by liberalizing its... 
 

Doomsday Vault in Arctic Opened to Retrieve Syria Seeds

The vault has been opened prior to it being expected. Deep inside the side of an Arctic mountain is the Svalbard Global Seed Vault. This is referred to as the Doomsday Vault and the seed bank, operated by the government of Norway and containing a seed for almost every crop known in the world, is meant to be a backup for humanity in case a catastrophe were to take place to devastate crops. However, a natural disaster is not what caused scientists to dip into the vault for the first significant withdrawal. Instead, it was war, a man-made disaster... 
 

Real Estate Market Remains Sluggish in Dubai

Not enough buyers are purchasing real estate in Dubai currently according to a consulting firm. At the rate currently in the real estate market and without something taking place to turn things in a different direction, home prices across the emirate could continue dropping through all of next year, according to the consulting firm. The next growth cycle said the firm would then have to wait until the last two years prior to the 2020 Expo in Dubai. During the third quarter, prices of apartments dropped by 3% compared to their price during the second... 
 

Hardship and Despair as Wages Cut off in Iraq in IS Controlled Cities

The government of Iraq’s decision to choke the funding for the radical militant group Islamic State by cutting off pensions and wages in cities the radical group controls, has plunged people into great hardship and could help insurgents get a firmer grip on control, say residents and some officials. For 12 months after the fighter of the Islamic State swept through over a third of the country, Baghdad continued paying salaries and pensions of employees inside the IS caliphate. However, since this past July, all those payments were halted which... 
 

Lenovo Launches Smarpthone of 6.8 Inches for Middle East

In the Middle East, Chinese electronics maker Lenovo has launched a new Phab Plus a smartphone with a 6.8-inch screen that is amongst the largest in the industry. Lenovo said the device was marketed to a younger demographic, who use smartphones for media, playing games and reading articles, more than making telephone calls. According to Lenovo, 7% of the smartphone user’s time today is to make calls. That compared to 18% of the time spent watching videos, 13% for social media, 12% for playing games and 10% for getting the news. The thought is... 
 

Tunisia Attracts One Million Fewer Tourists Since Attacks

Foreign tourists visiting the Middle East country of Tunisia have dropped off by over one million from January through August of 2015 to only 4 million after the two attacks by Islamist militants, said the tourist minister this week. In June, a lone gunman killed 38 people at a Sousse hotel on Tunisia’s Mediterranean coast. That attack came three months after 21 foreign tourists were killed when gunmen attacked a national museum in Tunis the capital. The Islamic State militant group claimed responsibility for the two deadliest attacks in the history... 
 

Syrian Conflict Could Cause Problems with Cotton

Islamic State radical militants have been able to get their hands on some of the cotton production in Syria, which is worrying some of the manufacturers that clothes linked to IS could end up in stores or closets worldwide. After seizing grain and oil fields to fund their brutal run through Syria, IS jihadists took control of over 75% of the cotton production in the country, which was an important export prior to the war, said an expert in financing of extremist groups. Syrian cotton is a big issue at fashion houses located in Paris. One buyer for... 
 

French Hotel Chains Opening In Iran Bracing for Tourists

Accor the French leisure group is opening two new hotels in Iran, which is one of the first moves by operators internationally into what is expected to be a tourism boom in Iran following the deal made with Iran and six world powers on their controversial nuclear program. Two of the best known chains of Accor – Novotel and Ibis – are opening next month at the international airport in Tehran as Iran attempts to scramble to improve on infrastructure ahead of what a tour operator said would be an onslaught of tourists from other countries. The... 
 

Dubai Eyeing China for its High-End Incentive Market

Dubai is looking more and more to lure the lucrative incentive industry from China, as it nears its vision of attracting over 20 million annual visitors by 2002 to the emirate. Part of the plan, had the emirate hosting the International Dragon Awards 16th edition in August where it welcomed over 5,700 attendees. The event of four days had Chinese finance and insurance companies from more than 17 countries gather for networking, meetings, events, sightseeing and award ceremonies. Dubai won its bid to be the host of the event last year after an investigatory... 
 

Qatar Considering Venezuela Request for Oil Summit

Nicolas Maduro the President of Venezuela proposed holding an oil summit for the world’s largest oil producers to address the problem of plunging prices. Mohammed al-Sada the Energy Minister from Qatar said on Thursday that a formal proposal from Maduro to hold the summit to support the prices is now under consideration. The president of Venezuela proposed the meeting and now there are various countries studying that proposal. Sada told local reporters following a meeting for oil ministers from the Gulf that whether non-OPEC and OPEC producers... 
 

SodaStream Shutters Factory on West Bank

A battle over its future is being fought at SodaStream the company that make bubbly water. Facing calls for its international boycott, as well as dropping revenues and share prices, SodaStream is closing its operation in the occupied Palestinian territory in October and moving to a new, larger facility in the Negev desert in Israel. Leaders of the movement Boycott, Divestment and Sanction claim SodaStream’s withdrawal for the occupied West Bank just to the east of Jerusalem was a big victory for their cause. Although many Palestinians will soon... 
 

Saudi Arabia Is Largest Trading Partner with U.S. in the Middle East

SAGIA or the Saudi Arabia General Investment Authority announced that the U.S. is the largest Saudi Arabia trading partner and that the Kingdom is the largest market for exports from the U.S. in all of the Middle East. In a recently released report, SAGIA said the relations between Saudi and the U.S. were strong over a number of decades, especially the importance of maintaining regional security as well as sustainable development. It was also noted in the report that the Kingdom has an economy that is strong and characterized by its flexibility... 
 

Middle East Facing 25 Years of Water Shortages

Middle East water supplies will deteriorate over the next 25 years which will threaten national security, economic growth and force more people to move to cities that are already overcrowded, showed a new analysis just released. As the Middle East, home to more than 350 million people, starts recovering from a number of deadly heat waves the World Resources Institute claims that water shortages were the key factor in the civil war that started in Syria in 2011. The water shortages and drought in Syria likely was a contributing factor to unrest that... 
 

Troubled Jeweler Seeking More Time for Repayment of Debts

The gold and jewelry retailer based in Dubai that defaulted on its loans worth over 500 million Dhs or $136 million has requested that banks give it time to put a repayment plan together, said news reports on Thursday. Officials from Atlas Jewelry, which has over 50 branches across India and the Gulf, met with representatives from its creditors Wednesday, said banking sources. A spokesperson for Atlas said the company has assured the banks it would pay all its debts and will present up to three options to the banks who can select what is the best... 
 

Group in Lebanon Holds Sit-In Due to Trash Crisis

Protestors in Lebanon broke into the Ministry of Environment in Beirut on Tuesday to stage a sit-in outside the office of the minister and demanded his resignation over the trash crisis in the country that is getting out of hand. The group of approximately 30 people from the You Stink movement sat with legs crossed on the ministry floor, shouting slogans and clapping. The minister Mohammed Machnouk was in his office nearby. The protestors shouted for the minister to get out. Police attempted but failed to remove the protesters by using force. Angry... 
 

OPEC Arab Producers Bracing for Weakness in Oil For Remainder of 2015

Another price drop in oil during 2015 has forced Arab members of OPEC to slash their price expectations for the remainder of 2015. This shows they are prepared to withstand the less expensive crude price for longer in order to defend their market share and curb output of rivals. OPEC delegates, which included those from its core Gulf countries, see troubles in the economy of the top consumer of energy in the world China, over the short term, and the demand for crude will not have much impact on the supply, which will rise during the fourth quarter. However,... 
 

Iran Says Emergency Meeting of OPEC Might Stop Slide of Oil

Bijan Zanganeh the Minister of Oil in Iran said Sunday that holding an emergency meeting of OPEC might be an effective way in stabilizing the price of oil, reported Shana the news agency for the oil ministry in Iran. Algeria announced earlier in the month that OPEC or the Organization of Petroleum Exporting Countries could have an emergency meeting so they could discuss the fall in the prices of oil but other delegates in OPEC said there was no meeting planned. Zanganeh told a group of reporters in Iran’s capital of Tehran that Iran endorsed having... 
 

Bahrain Removing Meat Subsidies as Oil Prices Hit State Budget

Bahrain is removing its government subsidies on meat starting September 1, allowing the domestic prices to increase, BNA the state news agency reported as the kingdom’s government looked to save money as the low prices of oil started to pressure the budget. Like other Gulf states that export oil Bahrain has for a number of years subsidized certain goods and services like water, electricity, fuel and meat, keeping the prices of these very low in an effort to maintain social peace. Since the middle of 2014, the subsidies are increasingly more difficult... 
 

Motorists in Saudi Arabia and UAE Switch Cars Often

With higher incomes, status and the desire not to pay high maintenance costs drivers in the UAE sell cars prior to warranties expiring, say experts. Dubai motorists tend to driver cars that are newer than drivers in other parts of the world, according to new data released. With superior spending power, that combines with the desire to avoid high maintenance costs as well as newer cars being a status symbol lead UAE and Saudi motorists to change cars more often. How often is disputed. On survey from Carmudi.ae an online retailer showed that drivers... 
 

Economy in Sana’a Has Come Under Economic Siege

Since recapturing the city of Aden from the Houthi rebels in July, the coalition led by Saudi Arabia and Yemen forces that are anti-Houthi have used the port city in the south as their base to push northward and regain more prized territory. Troops and arms have filtered into this area over recent weeks in an attempt at permanently reversing the tide of the Houthi. However, another and perhaps less immediately apparent conflict, has been taking place in tandem with the different military campaigns. By blockading Yemen first, and now using exclusively... 
 

New Suez Canal Opened by Egypt

Egypt was shown international support this week as it inaugurated a large extension of its Suez Canal, which Egyptian President Abdel-Fattah al-Sisi is hoping will power his country’s economic turnaround. Egypt is the most populous country in the Arab world. The former chief of the military, who led a takeover of the presidency two years ago, but ran last year for president as a civilian, told a group at the inauguration attended by leaders from Russia, France, Africa and Arab nations that Egypt would defeat terrorism that had dogged the building... 
 

Cairo and Riyadh Sign Pact Boosting Economic and Military Ties

Saudi Arabia and Egypt signed a new pact late last week aimed at increasing ties both economically and in the military between the two Arab allies. Since the ouster in 2013 of Islamist Mohammad Morsi ties have warmed, with Saudi Arabia giving Egypt billions of dollars in aid and Cairo taking part in a bombing campaign led by the Saudis against Yemen Houthi rebels who are backed by Iran. A delegation from Saudi Arabia led by Mohammad bin Salman the Deputy Crown Prince visited Cairo last week and signed a new declaration while also attending a military... 
 

Drone Maker in Israel Looks to Grab Part of Cyber Security Market

Elbit Systems, Ltd, is a defense company in Israel known for manufacturing avionic systems and drones. The company recently had a makeover done with ping-pong tables, open areas, and couches and chairs thrown in to help them lure in today’s younger software engineers from elite units of intelligence in the Israeli Defense Forces, who the could work at the company in developing new products for cybersecurity. Elbit and other defense companies like it are learning it is important to add some startup culture in order to grab some of the more than... 
 

Tough Times Hit Millionaires in Saudi Arabia

Turmoil has taken over the Middle East, an international stock market that has had an unimpressive debut and falling oil prices have hit the wealth in Saudi Arabia for years to come, says a new report. Over the upcoming five years, more people in Saudi will become U.S. dollar millionaires. However, the rate of that increase will slow to just 12.4%, which is less than 50% of the steep rate of 25% seen from 2010 to 2015. What that means is that by 2002, close to 55,250 Saudis will be individuals with very high net worth, with more than $1 million... 
 
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