GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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GFH 0.46 3,578,848
QNBK 135.9 109,396
SABIC 98.06 2,513,945
DSI 0.39 45,711,538
AMLAK 1.09 12,534,009
AIRARABIA 1.12 4,055,524
EEC 18.03 354,774

RC Monthly Economic Report

Source: Riyad Bank

Saudi Economic Outlook

Economic activity continues to stabilize; while outlook for growth in the medium term remains mixed, in line with the global economy

Latest economic and financial indicators show some improvement in Saudi economic conditions, although, the near-term economic growth outlook continue to remain mixed. One of the two coincident indicators (total ATM and POS transactions) has improved compared to the previous month (shown in green). Two of the leading indicators (e.g., oil price and new letters of credit) have worsened recently (shown in red) compared to the previous month, two (monetary base and the Tadawul index) have improved (shown in green), while one has remained flat (shown in black), suggesting mixed outlook for the coming months. The lagging indicators are mostly in the red, thus continuing to suggest economic sluggishness for the months ahead. As we mentioned before, global trends usually affect the region with a lag, so the huge wave of the global recession that peaked in March continues to pass over our shores. However, we continue to be optimistic for the longer term, as momentum is changing to flat or even up for most of the indicators. We expect the Saudi economy to remain flat in the months ahead, before showing appreciable growth, perhaps in the 1st first half of 2010.

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