Amid Saudi Arabia's worst economic crisis in decades, the seemingly contradictory state policy to splurge billions on overseas assets is raising eyebrows.
– a move at odds with Saudi policy to steer away from oil dependence – as well as Facebook, which has triggered privacy concerns from a United States watchdog.
"However, it is more important to think about how Saudi citizens view their savings and collective national nest egg being spent on international equity markets at a time of a national economic crisis." "A football club, entertainment, mega projects. Throwing money at all this is absolutely unnecessary at a time of deep austerity," said one Saudi government worker, who also works part-time for a ride-hailing app to supplement his income.
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