3 Recent Events That Will Rock Middle East Economies
The Kingdom of Saudi Arabia and Libya are home to massive pools of cash derived from oil wealth. Both of these countries have sovereign wealth funds and other large public funds. Saudi State TV has reported Saudi King Abdullah bin Abdulaziz has passed away at the age of 91. Prince Salman, King Abdullah’s 79-year-old half-brother, has recently taken on the king’s responsibilities. King Abdullah bin Abdulaziz assumed the throne in 2006, as the Kingdom’s sixth king. Prince Muqrin was named as Crown Prince.
The ongoing civil war in Libya has created a number of factions vying for power and control. A faction of fighters loyal to general Khalifa Hifter has seized the Benghazi branch of Libya’s Central Bank. The central bank facility houses a reported US$ 100 billion in cash and gold according to the New York Times. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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