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This document is a page from a Merrill Lynch financial research report dated June 30, 2016 (GEMs Paper #26). It analyzes the fiscal consolidation strategy in Saudi Arabia, specifically focusing on the rationalization of water and electricity subsidies, price hikes in energy, and the potential impact of VAT. It specifically highlights the impact of subsidies on the company Almarai, noting that government subsidies accounted for 15% of its 2015 net income. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a document production for a congressional investigation, though the content is purely economic analysis.