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The Israeli occupation targets Deir Keefa in South Lebanon with 2 surface-to-surface missiles
Philippe Lazzarini: The famine in Gaza is a direct result of banning food and other basic supplies for months including from UNRWA .
Philippe Lazzarini: The spread of famine can still be controlled by a ceasefire and allowing humanitarian organizations to do their work and reach starving people with aid.
The United Nations on the Israeli-induced famine in Gaza: The starvation of civilians for military objectives is a war crime.
UNRWA Commissioner-General Philippe Lazzarini: famine is now confirmed in Gaza city. This is starvation by design and manmade by the Government of Israel.
More than 30 people have been martyred in Gaza since Friday dawn in Israeli bombardment targeting refugee camps throughout the blockaded strip.
Al Mayadeen correspondent: The Israeli occupation forces are carrying out demolitions of residential buildings in Gaza's al-Tuffah neighborhood amid intensifying airstrikes.
Israeli media: A man is critically wounded from a shooting near Malachi Hashalom between Ramallah and Nablus, and ambulance crews are on their way to the scene.
Al Mayadeen correspondent: One person was martyred in an Israeli airstrike that targeted a motorcycle in southern Lebanon's Deir Saryan.
Al Mayadeen's correspondent to Southern Lebanon: An Israeli drone strike on a motorcycle in the town of Deir Saryan left one civilian injured

Saudi Arabia plans further borrowing spree to pay for projects

  • By Al Mayadeen English
  • Source: Bloomberg
  • 7 Jan 2025 19:40
3 Min Read

Bloomberg data indicate that the kingdom sold $17 billion in overseas bonds in 2024, placing it second only to Romania among developing markets.

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  • Saudi Arabia plans further borrowing spree to pay for projects
    Attendees arrive for the yearly Future Investment Initiative (FII) conference in the Saudi capital Riyadh, on October 24, 2023. (AFP)

Saudi Arabia indicated it plans to continue a similar borrowing pace in 2025 to support its massive oil-diversification initiatives, Bloomberg reported. The kingdom was one of the top bond issuers in emerging markets last year, and its financial needs are slated to be 139 billion riyals ($37 billion), according to the National Debt Management Center.

The NDMC stated that a little over 100 billion riyals will be utilized to fund the budget shortfall, with the remainder going toward repaying maturing debt.

In addition to issuing bonds, the Saudi government is also expected to secure loans. Last Monday, it announced a $2.5 billion, three-year revolving credit arrangement with three banks: Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic Bank, according to Bloomberg data.

Bloomberg data indicate that the kingdom sold $17 billion in overseas bonds in 2024, placing it second only to Romania among developing markets. All of Saudi Arabia's bonds were denominated in dollars, but this year it has stated that it may consider other currencies to diversify its funding base.

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US drops 'Israel' normalization demand in Saudi nuclear talks: Reuters

Last year, Saudi Arabia's total bond funding, including agreements done by state-controlled organizations, such as the sovereign wealth fund, totaled around $50 billion.

Under Crown Prince Mohammed bin Salman's Vision 2030 goal to overhaul the world's largest crude oil exporter, the government is investing hundreds of billions of dollars in everything from new towns to sports and semiconductors.

Brent crude is selling at roughly $76 per barrel, less than Saudi Arabia's necessary level of more than $90 per barrel to balance its budget by 2025, according to the International Monetary Fund. Still, state producer Aramco raised oil prices for Asian importers next month, indicating that demand in its primary market is increasing.

The government anticipates a budget deficit of around 2.8% of GDP this year.

Despite its high expenditure demands, the Saudi government has a robust balance sheet and ample flexibility to incur further debt to fund its initiatives, according to Goldman Sachs Group Inc. In November, Moody's Investors Service raised the country's credit rating from A1 to Aa3, on pace with France and the United Kingdom, citing a strong outlook for the non-oil economy.

  • Mohammed Bin Salman
  • Brent crude oil
  • Aramco
  • Saudi Arabia
  • Riyadh
  • Jeddah

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