抖阴短视频

DUBAI: 抖阴短视频鈥檚 economic transformation will be 鈥渦nstoppable鈥� and there has already been a positive shift in the Kingdom鈥檚 business culture, according to a top executive of American financial giant Bank of America Merrill Lynch.
Hootan Yazhari, managing director of the bank鈥檚 Dubai-based research department, said there are key moves being made to boost accountability in Kingdom.
鈥淥n the ground, you can see the change. It鈥檚 palpable. There is a change in attitude and culture toward accountability. The process of change in the Kingdom is like turning an oil tanker round 鈥� when it happens it will be unstoppable.鈥�
Yazhari was speaking as the bank unveiled its latest report into 抖阴短视频鈥檚 investment outlook, finances and economy, completed just after the launch of the anti-corruption drive by the government. The bank said the campaign against corruption in the country 鈥渕ay dampen near-term sentiment but is likely to provide further impetus to ensuring success of reforms and stable energy policy.鈥�
The anti-corruption drive was a key issue for the progress of the government鈥檚 National Transformation Program (NTP) 2020 to privatize large parts of the Kingdom鈥檚 corporate structure, Yazhari said. 鈥淭he uncertainty relates to the scope of the investigations under way now. Our understanding is that it is limited to individuals, and does not include corporates.
鈥淒epending on how this plays out, we see 抖阴短视频 as an exciting opportunity. Next year could see twin indexation events 鈥� with 抖阴短视频 admitted to the FTSE and the MSCI 鈥� and then it will be a market that investors have to be involved in,鈥� he added.
The bank said that a delay in implementing the NTP goals 鈥渨ould allow more time for ministries to meet their targets.鈥� The bank said that the ultimate value of the non-oil privatization program 鈥� put at $200 billion by the Saudi economy ministry 鈥� would depend on a detailed analysis of financial performance of the assets to be sold, adding that there could be 鈥渟izeable budgetary savings from a successful privatization program.鈥�
Jean-Michel Saliba, chief economist and strategist for the Middle East and North Africa, said the upcoming Saudi budget could see the government 鈥渓oosen the purse strings鈥� further after a period of comparative fiscal austerity.
鈥淗igher oil prices support government efforts to lengthen the timeline for fiscal consolidation. Still, they may breed complacency and have brought uncertainty on the pace of reforms going forward,鈥� he said.
Saliba said that the recent suggestion from the Saudi Ministry of Finance that the target date of 2020 to reach fiscal balance could be pushed back to 2023 鈥渋s in line with our view that the government wants to achieve an uneasy balance between austerity and activity, and try to support growth.鈥�
鈥淎ccelerated fiscal reform could put the economy in recession for the next couple of years,鈥� Yazhari said.
The bank said there had been 鈥渕ixed progress鈥� on the program to achieve fiscal balance so far, with 鈥渃ascading delays鈥� to reforms like the scrapping of fuel and energy subsidies, originally scheduled for this year, due to a 鈥渨eak economy and the seasonal summer energy consumption peak.鈥�
Saliba added that with oil at current levels 鈥� Brent stood at $61.70 a barrel yesterday 鈥� the government would have much more room with the budget. The bank鈥檚 calculations and forecasts were made on the assumption of $50 per barrel, and it said it was unlikely that Brent would average more than $65 per barrel until 2020, but could peak cyclically at $75. On Saudi Aramco, officially due to be privatized by the end of next year in an initial public offering (IPO) that could be worth as much as $100 billion, the bank said that an international sale 鈥� either through IPO or private placement 鈥� would be necessary to secure inflows of foreign exchange reserves.
The Tadawul stock market in Riyadh has said it could stage the whole IPO domestically.
Regarding a venue for the IPO, Bank of America said that the Justice Against Sponsors of Terrorism Act (JASTA), considered an obstacle by many analysts to a listing on the New York Stock Exchange, 鈥渋n its current form may not bear material influence on decision-making.鈥�