Samba has issued an economic report that analyzes Saudi Arabia’s 1H 06 performance and projects yet another record year wherein oil export earnings will total USD 203 bn, surging 25% y-o-y. Subsequently, of the USD 17bn generated every month, nearly USD 7 bn are allocated to foreign asset holdings in the central bank.
Samba believes Saudi Arabia is the early stage of a boom cycle and anticipates a 20% nominal growth for 2006, as oil is estimated to average USD 68 this year.
