Saudi Arabia, one of the richest countries in the world, has announced a 15% value-added tax on all goods and services. It is also cutting down some benefits for state employees. Meanwhile, the kingdom has been on a shopping spree with its Public Investment Fund, dropping roughly $7.7 billion on stakes in Facebook, Boeing and Starbucks, among other companies.
Khashoggi’s death stirred widespread disgust and hurt the image of crown prince, previously admired in the West for pushing to end the kingdom’s oil dependence and easing social restrictions including by allowing women to drive.