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ATM & BranchesSABB – HSBC Emerging Markets Index Reports Favourable Business Conditions in Saudi Arabia
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October 2010
SABB has launched SABB-HSBC Emerging Markets Index (EMI) in Saudi Arabia and released the findings of new economic studies, which will greatly benefit economic understanding of the Kingdom, and the wider Middle East region.
The special event held in Riyadh Saturday evening saw a large gathering of businessmen, bankers, SABB's corporate customers and representatives from government, commercial and financial sectors to hear a keynote from HSBC’s Regional Chief Economist, Simon Williams. Williams noted that the headline results show that business conditions in Saudi Arabia remained favourable in September, rounding off a strong third quarter.
“We are delighted to launch SABB/ HSBC Emerging Markets Index in Saudi Arabia, one of the most robust economies in the Middle East,” commented Adel Nasser, Deputy CEO, SABB, from the launch event. “As the world continues to pay closer attention to the economic contribution of the emerging markets, I am pleased that we can today unveil EMI data which clearly demonstrates positive economic growth in the Kingdom over the past twelve months.”
The quarterly Index report is based on data gathered from the strongly correlating Purchasing Managers' Indexed (PMI), which looks at sixteen emerging markets around the world. EMI shows that business conditions remain favourable in Saudi Arabia, signalling a sharp rate of expansion.
The EMI provides a unique global overview of the key macro economic, social and political trends and themes that are influencing the development of the world’s emerging markets. The most recent report, released in Riyadh yesterday, showed that the emerging market economic recovery continued in Q3, but also indicated that growth slowed for the second successive quarter.
These reports are used worldwide by decision makers and analysts who follow economic trends, as well as by governments and central banks that use them to inform interest and inflation rates.
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.