Saudi Arabia is grappling with rising borrowing costs as it embarks on massive spending plans
When rates rise, it becomes more expensive for them to repay those loans – meaning that the rapid rise in SAIBOR could potentially weigh on the country's spending drive.
bin Salman, who is Saudi Arabia's Crown Prince and prime minister, is leading Vision 2030, which will see it invest hundreds of billions of dollars in a bid to diversify its economy away from just oil.from scratch and has already embarked upon a sports spending spree, with the government-backed Public Investment Fund buying English Premier League soccer club Newcastle United and launching the PGA Tour rival LIV Golf.
Saudi Arabia has also slashed its oil output by around 10%, or 1 million barrels a day, in a bid to bring in more revenue from its crude exports by squeezing up prices.Sign up for notifications from Insider! Stay up to date with what you want to know.
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