Saudi Arabia — the Gulf’s new hotspot

Proposing a move to Saudi Arabia may not be the easiest subject to discuss at the family dinner table. Leaving aside the grisly mass state executions — January 2 saw 47 dispatched in a single day — the desert kingdom appears far from ideal when it comes to the practicalities of family life.

Under the country’s laws, women are not allowed to drive, are barred from many public spaces, may not leave their homes without a male chaperone and, in public, must comply with a strict, legally enforced, dress code. In the capital, Riyadh, socialising and entertaining for western women and children are largely confined to compounds — purpose-built gated settlements typically off limits to Saudi residents.

But the thorny question of relocation may soon become more common at family conferences in the world’s leading cities. As lower oil prices play havoc with Saudi government finances, the country is reaching out to global capital markets for support. In the middle of April the kingdom raised $10bn from a consortium of global banks, paving the way for its first international debt issuance in 25 years. The country’s $408bn stock market has allowed direct investment by the world’s biggest investment groups since last June.

Source