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The Q2 budget deficit, down sharply from Q1's SR125.7bn, but only 1% below the same quarter last year, in three months when oil revenue climbed 22%. Spending rose to meet it. The shortfall held. Every riyal of the SR160bn half-year gap was borrowed, none from reserves, which grew 8.06% to $494.55bn.

Total Saudi bank credit as of May, a record, up 16.2% in a year. Every giga-project render you've seen is, underneath, this number at work. The balance sheet is funding the build. (Arab News)