Bloomberg   Saudi Arabia plans to cut the public-sector wage bill as well as subsidies by 2020, scaling back the state largess that helped ensure political loyalty in the largest Arab economy. The reductions are a pillar of the National Transformation Program the Saudi cabinet approved on Monday. A major component of the Vision 2030 plan unveiled by Deputy Crown ...

  Bloomberg Saudi Arabia is scaling back renewable power targets as the world’s biggest oil exporter plans to use more natural gas, backing away from goals set when crude prices were triple their current level, according to Energy Minister Khalid Al-Falih. The kingdom aims to have power generation from renewable resources like the sun make up 10 percent of the ...

  Bloomberg Saudi Arabia is cracking down on banks that are lowballing interest rate submissions, people with knowledge of the matter said. The Saudi Arabia Monetary Agency has written to banks instructing them not to submit levels to the Saudi Interbank Offered Rate that are below what they’re actually willing to lend at, four people said, asking not to be ...