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A central banker to his finger tips, Jean-Pierre Roth said it through clenched teeth: “We are not giving UBS a present”. But, upon closer inspection, there exists significant contradiction between the words and the deed...

The announcement at the end of August that for the first time the authorities in Saudi Arabia would be letting non-resident foreign investors have access to the shares traded on the country's stock exchange – albeit only through the medium of “authorised persons” who will actually own the shares on behalf of the overseas investors – heralds a new era in investment opportunities in the Middle East...