OBG report maps out 2010 Saudi growth
Banking sector is put under the microscope in OBG’s new report
The transformation taking place across the Kingdom’s economy, propelled by new technology and an increase in downstream industries, is mapped out in a wide-ranging report released in Riyadh by the Oxford Business Group (OBG).
The Report Saudi Arabia 2010 provides an in-depth coverage of the government’s move to channel funds into key projects, with health, education and electricity segments earmarked for major investment, among others.
Congratulating the OBG for publishing an informative report about the Kingdom, Secretary-General of the Saudi Council of Chambers of Commerce and Industry Fahd Al-Sultan said the report portrayed the real picture of Saudi Arabia and provides readers an insight into the Kingdom’s shift from a traditional to a knowledge-based economy.
“The recent budget indicates the Kingdom’s interest on development and investment programs for sustainable economic growth in the country,” he said, pointing out that careful economic planning enabled the Kingdom to perform well despite the global economic crisis. “The Kingdom’s economy remains strong and solid and it will continue to offer multifarious business opportunities and investments in several sectors in the Kingdom,” Al-Sultan noted.
The Kingdom’s banking sector is put under the microscope in OBG’s new report, with incisive coverage of the key role played by the Saudi Arabian Monetary Agency in reducing interest rates and injecting liquidity into the system.
The report’s banking chapter also provides an in-depth analysis into the Kingdom’s much-anticipated mortgage law, which is expected to bring about significant and positive change to housing finance.
With hydrocarbons continuing to dominate the Kingdom’s economy, the publication maps out the steps that the country is taking to boost exploration.
It charts the investment that is being channeled into increasing capacity in both oil and gas, while gauging the progress the Kingdom is making in expanding downstream activities such as refining and petrochemicals.
Oliver Cornock, regional director of OBG, said that the progress the Kingdom had made in propelling its economic development forward was undoubtedly generating interest among international investors.
“Saudi Arabia’s private sector is strengthening its foothold in the Kingdom’s economic expansion, with a growing number of firms setting up shop across the country’s industrial cities,” he said.
OBG’s Country Director Neslihan Aydagul pointed out that the report has highlighted the steps taken by the Kingdom to equip its younger generation with the education and skills needed to embrace economic change.