the case for increased Fx flexibility and making space for
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similar to the localization and industrial strategies spearheaded
is the sixth largest exporter of aluminium and the first
extent and degree of innovation involved in offshoot industries at this
we have seen US$17.1bn in gross and net supply from
this could be a seminal event and mark the first time for the Saudi
timely and credible medium-term fiscal policy to
relative credit metrics and likely larger planned
and see oil prices of US$55-75/bbl over 2016-2020.
and we believe it intends to at least increase its
which is due to come online in 2016 and ramp up to 2.5 bcf/d by
develop local industrial capabilities and create jobs
we continue to prefer the consumer staples and the
BofA Merrill Lynch Global Research.*Market cap as % of MSCI EM represents and artificially constructed benchmark weight
ultimately driving earnings momentum and a market