OSLO: Norway’s sovereign wealth fund, the largest in the world, on Tuesday reached the value of $1 trillion dollars for the first time, the Norwegian central bank, which manages the fund, said. This amount equals nearly $189,000 (157,000 euros) for each of the 5.3 million people living in Norway. Established in the 1990s to manage the Norwegian state’s oil revenues, the fund set the record thanks to the appreciation of the world’s major currencies against the dollar and a good stock market health. The fund mainly…
RIYADH: Saudi Arabia is working to pay billions of dollars owed to private firms after oil revenues collapsed, the kingdom's new finance minister said on Thursday.
RIYADH: Saudi Arabia plans to raise up to $17.5 billion from its first international bond issue, Bloomberg News reported on Wednesday, as analysts expect strong buyer interest. It would make the Saudi issue the largest ever from an emerging-market nation, said Bloomberg News, which cited two people with knowledge of the offer. The figure exceeds the $15 billion which an analyst had previously told AFP could be the value of the issue. Saudi Arabia, the world's largest oil exporter, projected a budget deficit of $87 billion…