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Saudi Arabia Banking Sector: Biggest Beneficiary of the Economic Boom

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Saudi Arabia Banking Sector: Biggest Beneficiary of the Economic Boom
Global Research

Sector

Saudi Arabia

Saudi Arabia Banking Sector
Biggest beneficiary of the economic boom...
September 2006

Global Investment House KSCC
Sector Research Souk Al-Safat Bldg., 2nd Floor P Box 28807 Safat .O. 13149 Kuwait Tel: (965) 240 0551 Fax: (965) 240 0661 Email: research@global.com.kw http://www.globalinv.net Global Investment House stock market indices can be accessed from the Bloomberg page GLOH and from Reuters Page GLOB

Omar M. El-Quqa, CFA
Executive Vice President omar@global.com.kw Phone No:(965) 2400551 Ext.104

Shailesh Dash, CFA
Head of Research shaileshdash@global.com.kw Phone No:(965) 2400551 Ext.196

Faisal Hasan, CFA
Senior Financial Analyst fhasan@global.com.kw Phone No:(965) 2400551 Ext.304

Chandresh Bhatt
Senior Financial Analyst cbhatt@global.com.kw Phone No:(965) 2400551 Ext 270

Amit Tripathy
Senior Financial Analyst amitt@global.com.kw Phone No:(965) 2400551 Ext.269

Mihir J. Marfatia
Financial Analyst mihir@global.com.kw Phone No:(965) 2400551 Ext.421

Table of Contents

Investment Summary ................................................................................... Saudi Economy ............................................................................................. Saudi Banking Sector .................................................................................. Peer Group Comparison ............................................................................. Saudi Banking Sector Outlook .................................................................. Valuation & Recommendation ..................................................................

1 3 6 15 23 25

Player Profiles Al Rajhi Bank ............................................................................................ Arab National Bank ................................................................................... Banque Saudi Fransi
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