Cars drive past the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 30, 2018. REUTERS/Faisal Al Nasser
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Saudi Arabia's economy contracted 0.7 percent last year as the kingdom cut oil output and the private sector struggled with lower crude prices and rapid economic policy shifts meant to diversify and open up the oil-reliant economy.Saudi Arabia raised $11 billion last week in the biggest dollar bond sale by an emerging market nation this year. Moody's last changed its rating for Saudi Arabia in 2016, downgrading the kingdom from Aa3 to A1 as it struggled with a slump in oil prices.
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