In Saudi Arabia, politics has rarely figured into the calculus. AFP / GIUSEPPE CACACE
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For a moment, Wall Street seemed to be inching away from Saudi Arabia.A month after the murder of government critic Jamal Khashoggi in the Saudi consulate in Istanbul, bankers say the rewards of doing business with the kingdom far outweigh the risks.Even at the peak of the Khashoggi crisis, the yield on 10-year Saudi debt rose about 50 basis points; it's now at about 4.44 percent, compared to an average this year of about 4.2 percent.Three bankers who currently do business with the Saudis and who attended the forum last month said that exiting the country's market was out of the question.With the IPO now shelved, Saudi Aramco is preparing to acquire a 70 percent stake in Saudi Basic Industries Corp. for about $70 billion.Bankers stress that the economic fundamentals for Saudi Arabia have not changed. And they're optimistic it will be back to business as usual by the time fundraising for the Aramco-SABIC deal starts next year.
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