VOL. XLV

No 30

29-July-2002

SAUDI ARABIA

SAMBA Revises 2002 Forecast ForSaudi Economy

The Saudi American Bank (SAMBA) says in its latest report, The Saudi Economy at Mid-Year 2002, thatthe improved outlook since the beginning of the year has prompted it to reviseupwards its 2002 economic forecast. At the end of 2001 oil prices weredeclining sharply as the US was sinking deeper into recession, the Saudi Governmentannounced a much larger than expected budget deficit and the countrys stockmarket...