Investments to Boost Saudi Growth

RIYADH, 16 March 2004 — Al-Rajhi Banking for Investment Corporation (ARABIC) expects the Saudi economy to grow in 2004 supported by foreign investments. The indications are encouraging with foreign investment increasing in areas related to energy, water projects and communication sectors. In the monthly periodical issued by the company’s economy department, it was stated that the average lifestyle standard stabilized during January meaning no inflation. However, inflation is expected to rise 0.2 percent over the next year despite increased pressure from external sources related to possible increases in non-oil products imported from EU countries and Japan.