Summary: Russian/Saudi agreement on oil price stability makes little difference. Project spending and domestic fuel price subsidies cut. Private sector opportunities.
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An indicator of the situation might just be that a prominent Saudi family business has just last week sacked 2000 people (what level of people was not reported) as it is owed SAR1 billion by the government. Also a public company known to me is facing such a serious business downturn that it is reported to be borrowing funds from its prime shareholders.