Middle East Economic Survey


No 32


Saudi Banks Reap The Rewards Of Surging Economy In 2003

Saudi Arabias banks enjoyed a year of strong results in 2003 on the back of a surging, oil revenue-fueled economy, with sector-wide profits climbing by 16.5% to hit SR12.4bn ($3.3bn). The kingdom saw oil revenues climb to 20-year highs of $85bn on the back of an average oil price of around $27/B and average production of 8.7mn b/d (MEES, 24 November 2003), bringing the government a...