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Is Saudi Arabia getting off the "oil needle"?

						Saudi Arabia has placed $12 billion in dollar bonds. It was the kingdom's biggest release since 2017.

The bond placement deal included several tranches of securities for different periods: until 2030, 2034 and 2050. Investors have applied for $30 billion.

Saudi Arabia is increasing its borrowing to fulfill its plans to reduce the economy's dependence on oil revenues under Crown Prince Mohammed bin Salman. Among the measures are the construction of the futuristic city of Neom with air cars, robots and a giant artificial moon, as well as active investments in sports.

Link to source: https://www.wsj.com/livecoverage/stock-market-today-dow-jones-01-09-2024/card/saudi-arabia-issues-12-billion-in-dollar-bonds-Hw8srvYKkxDCbUgwaxcL?mod=lctimeline_finance

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