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Saudi Economy is Picking Up Slower than Expected

Saudi Arabia : 05 May 2010

The Tadawaul bourse has just released figures relating to the performance of more than 100 companies on the Saudi Arabian Stock Exchange for the years first quarter and while companies did largely perform better than 2009 overall the figures were lack luster and below what had been hoped for.

On average the figures were said to be about 30% higher than those recorded for the last quarter of 2009. Total earning had increased but this was largely expected because of the very poor figures recorded for the closing quarter of 2009. However despite the fact that the overall analysis is less than what had been hoped for it has been agreed that the economy is picking up albeit rather less rapidly than predicted.

When the economy was analyzed into different sectors the petrochemicals sector was the most successful performer for the period and this can be largely attributed to higher prices and increased sales figures. Therefore this sector has been the first to recover from the global downturn.

The banks were down and although their figures were higher than those seen in the last quarter of 2009 this was not seen as very encouraging considering that profits were down significantly for the last quarter of 2009 because of provisions made to cover future bad debts.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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