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Abdullah, Crown Prince, HRH 19, 48, Central Department of Statistics 30 71,236,316,379 Central Planning Organization 18 agriculture 29 China 228, 253, 259 Al Bilad Bank 142 Citibank 114, 122, 140 AlJazira Bank 119, 136 consumer lending 134 Al Rajhi Banking and Investment consumer loans 3, 135 Corporation 119, 124, 125, 127, cooperative insurance 3, 142 136, 148, 167 crowding out 2, 69, 70 allocative efficiency 19 Arab National Bank 121,136 DarAl Mall Group 148 Arab stock market 163 data aggregation 30 arbitrage 91 debt service 66 ATMs 111, 112, 117, 118 demographics 351, 352 Automated Clearing House 118 demographic structure 13 devaluation 93 Bahrain 378, 412 development Bahrain Monetary Agency 148, 437 options 16 Bahrainization 449 processes 13 Bankers Security Deposit Account 116 discount rate 84 Banking Control Law 81, 86, 113 diversification bi-lateral aid 270 economic 25, 217 boom years 19,53 exports 37 Brazil 225 options 17 budgetary mechanism 41 revenues 73 bureaucracy 15, 35 Dubai business cycles 25 International Financial Center 437 Internet City 437 cabinet reshuffle 454 Media City 437 Canada 225 capital adequacy 136 economic growth 58 capital diffiision 32 economic planning 2 capital inflows 80 education 9, 388 capital investment 47 budget allocation 31 capital market 10, 89 literacy 22 Capital Market Law 152, 154, 158 globalization 389 capital surplus 44 output 9 capital-intensive projects 45, 50 infi-astructure 387 cartel 221 Eighth Development Plan 37 Cash Reserve Ratios 87 490 The Saudi Arabian Economy

Electronic Share Information System gas 118 employment generation 234 employment projects 233 duality of wage market 381 Saudi reserves 232 female participation 8 sector 5, 231 generation 464 GCC 10, 156, 417 professional structure 380 banking sector 435-438 Saudization 8 capital markets 438-442 engines of growth 37 country settings 418, 419 EttihadEtisalatWO 152, 179 crude oil exports 425 exchange rates labor market 446-448 fixed 92 economic diversification 424-426 floating 92 economic indicators 422, 423 expatriate labor 11, 356, 363, 364 establishment 417 expenditure evolutionary phases 419, 420 capital 55 financial sectors 432, 433 current 55, 64 gas reserves 425 government 19, 96 GDP 426 export competitiveness 247 hydrocarbon projects 431 export performance 265 Islamic banking 437 export promotion program model 274 labour market 382 exports 247 expatriate workers 448-450 EU 318 manufacturing 428 oil reserves 424 regulatory sectors 433-435 Fahd, King 84 share trading 156 FDI 313,340 trade pattern 442-444 inflow 334 GDP 26, 66 League of Arab States 341 Saudi 22 volatility of capital flows 342 per capita 31 Financial Action Task Force 104 composition 27 financial deepening 98 GFCF 46 financial disintermediation 323 GNP25 financial globalization 322 government contracts 210 financial instruments 80 government expenditure 19,48 financial markets 109 GOSI 121 financial modernization 323 Greater Arab Free Trade Area 276 financial system 79 gross investment 34 fiscal policy instruments 56 Gulf War 88,96,225 Floating Rate Notes 89, 92 foreign banks 107 Hajj 97, 374 foreign investment 53 Hallal 175 Foreign Investment Law 345 human capital 388 foreign labour 26 Human Resources Development Fund 359, foreign offset partners 293 360 franchising 193 hydrocarbon sector 4

Ijara 176 Index 491

ILO 16 Maa'den 5,240,241,330 IMF 42, 44, 268 MajlisAlShoura 76,212,368 imports 247 Malaysia 388 income flows 31 Manpower Council 76, 212, 366 income multiplier 71 manufacturing 29 income velocity 101 merchandise trade 249 indebtedness 66 Mexico 225 individual proprietorships 195 mining cooperation 243 industrialization 16, 17 Mining Law 5 inflation 31, 100 Ministers of insurance sectors 110 Commerce 19 International Labor Organization 385 Finance 19 International Oil Companies 234 Industry 19 international trade 102 Labor 19, 356 Internet 19 Petroleum 19 investment income 63 Planning and Economy 19 IPOs 6, 115 Ministry of Iqamas 352 Commerce & Industry 179 Islamic banking 106, 437, 438 Finance 52,58,59,68,71,80 Islamic Development Bank 148, 268 Labor 212 Islamic finance Petroleum 52, 241 growth 148 Planning 18 leasing bonds 148 model of economic flows 26 Islamic values 19 monetary policy instruments 86 monetary system 83 money creation process 95 joint venture banks 129 money exchanges 113, 141 judicial system 187 money supply 94 Jubail 18,235,345 Murabaha 148, 176 mutual funds 172 Kafalaa 384 Kafeel 352 national reserves 103 KFUPM 466 NCB 113, 121, 122, 125, 174, 175 knowledge based economies 388 NCCI 142 Korea 388 net investment 34 Kuwait 378, 384 Nigeria 53 Nominal Effective Exchange Rate 94 non-oil exports 257 labor market 351 non-oil GDP 227 labor migration 447 non-oil revenue 63, 54 labor participation rates 366 non-oil sector 47 Lebanon 253 legal structure 188 OBU 437 life expectancy 22 offset liquidity preferences 99 direct 280 literacy 22 employment objectives 289 loans-to-deposit ratio 86 foreign investment participation 289 implementation 285 492 The Saudi Arabian Economy offset planning indirect 280, 281 quantitative target 18 motives for investment 294 strategic choices 15 non-offset program comparison 296- population 1,351,352 301 high growth rates 71,354 offset vs. non-offset technology Saudization 355 packaging 308, 309 unemployment 355 program evaluation 290,291 young 54,352 projects 286,287 potential GDP 64 project benefits 291-293 pricing premium 229 field of investment 280 private sector 14 operating mechanism 284 engine of growth 1 program 6, 280 private sector exporting companies 271 oil privatization 5, 76, 313, 314, 326 companies 34 consequences 335, 336 crude oil export 259, 260 pattern 327 GDP contribution 226, 227 OECD and Saudi Arabia 327 GFCF231 revenues (MENA) 328 non-OPEC producers 223-225 routes 329 prices 24, 53 scales 329 pricing premium 229 Public Investment Fund 114, 115, 121, 122 producers 73 public sector 47 production 44 Qatar 422 revenue volatility model 49 revenues 22, 44 Ramadan 97 trading and efficiency 260, 261 R&D 240 world reserves 221, 222 Real Effective Exchange Rate 94 Okun 's Law 9, 374 Real Estate Development Fund 114 Oman 384 reforms Omanization 449 economic 11 OPEC 218 rentier economy 14,15 cartel, 220, 221 remittances 17, 27 oil output 72 reserve requirements 84 price band 17,73,225 reserves 43 quotas 225 resource abundance 45 open market operations 85, 89 revenue operations and maintenance 63 enhancement 74 Organization of Islamic Conference sources 75 148 measures 75 diversification 73 per capita income 22 windfall gains 45 petrochemicals 29 Reverse Repo Rate 90 diversification 235 Reverse-Repo 89, 177 generating secondary industry 236 Riba U2 planning Riyad Bank 113, 121, 167 history 17, 18 Russia 225, 229 indicative 18 qualitative target 18 SABIC 5, 167 Index 493

Saudi SABIC capital market developments 153, 154 R&D 240 capital market operations 154 joint ventures 240 capital market performance 162 production and exports 240 credit rating 69 share of world markets 238 current account 268 subsidized feed stock 239 devaluation risk 93 SAGIA 197,318,345 domestic money creation 95 Sahara IPO 141, 151 financial deepening 98, 99 SAMA 3, 79 education asset allocation 103 budget allocation 407 bank supervision 112 budget expenditure 402, 403 Banking Control Law 86, 113 challenges 392 deposit ratios 85 compensation 398 direct controls 85 curriculum development 413 exchange rate policy 90 demographics 395 financial instrument 80 educational structure 392 foreign assets 68 forces for change 411 foreign currency accounts 96 higher education output 402 foreign exchange swaps 88 planned students 404 function 81 population and educational status 396 future challenges 105 potential benefits 393 Government Development Bonds 90 private school market 408 governor 42, 81 private sector universities 407 independence 80 restructuring 405 inflation control policies 99 women education 401,406 monetary instruments 86 export Official Repurchase Rates 89 champions 263-265 regulatory checklist 137 competitiveness 247 responsibilities 82 program 271, 275 Saudization of banks 85, 87, 107 sector 255, 256 Statutory Liquidity Ratios 88 family businesses 200,201,202 Treasury bills 90 FDI SAMBA 122, 124, 125, 167, 177 net flows 336,337 Saudi positive and negative factors 343, bond market 89 344 budget 42 financial markets 110 breakdown 57 foreign aid 268, 269, 270, 271 deficits 43 Foreign Investment Law 345 cyclical 64, 65, 66 globalization structural 64, 65, 66 impact on Saudi industries 321 outturn 62 government - business relations 207- allocation 61 212 revenues 52 government debt 66-68 expenditure 52 government private sector model of overruns 58 cooperation 214 business cycles 23, 24 government wage bill 378 import 249-251 494 The Saudi Arabian Economy

Saudi Saudi British Bank 122 import bill 93 Saudi Cairo Bank 115 income velocity of money 101 Saudi Chambers of Commerce and Industry indices of international trade 102 197, 198 interest rates 91 Saudi Credit Bureau 140 investment income 57 Saudi commercial banks investor behavior 170, 171 capital adequacy 136 Islamic mutual funds 175, 176 comparison with joint venture banks labor 129, 130 evolution of total jobs 357 comparison with selected countries 125 expatriate labor 363-365 consumer lending 135 female participation 367,368 current accounts 126 labor model 375, 376 distribution of bank income 120 manpower demand and supply evolution of ATMs 117 357 evolution of branches 117 model for new labor entrants 369 Islamic banking 106 participation by gender and ladies branches 127 education 368 lending policies 133 private sector Saudization issues market segmentation 127 361 perception of key-strengths 128 Saudization program 358 performance of Saudi banks 123,124,131 work ethics 360 reserve position 87 legal and commercial systems 187 Saudization 87 market capitalization 163, 180, 181 Saudization of bank personnel 105 national disposable income 30 Saudization of foreign banks 114 oil policy 222, 223 status of licences 111 oil recovery costs 225 technological development 119 origin of import 252-254 Saudi Electricity Company 167, 169 petroleum sector, 218-220 Saudi European Petrochemical Company primary market 177 237 private sector challenges 213 Saudi Fund for Development 268 privatization efforts by sectors, 331- Saudi GDP 30 333 Saudi Hollandi Bank 122, 136 privatization objectives 330, 331 Saudi Industrial Development Fund 114 real estate markets 127 Saudi insurance retail import price index 103 comparison with world markets 143 secondary market 178 employment 132 shareholders reduction 157 insurance indicators 146 trade agencies 193 liquidity assets 147 trade and balance of payment 268- market perception 144 270 premium comparison 143 universities 60 WTO entry 147 Saudi Arabian Agricultural Bank 114 Saudi interest rates 91 Saudi Arabian Securities and Exchange Saudi Investment Bank 136,152 Commission 158 Saudi mining Saudi Aramco 62, 230, 232 privatization program 241 Saudi banking system 109 legal framework 241 Saudi Credit Bank 114 mining law 242 Index 495

Saudi mining unemployment model for mining cooperation 242, natural rate 374 243, 244 and potential GDP losses 375 Saudi monetary policy 91 UNESCO 405 Saudi mutual fiinds 156 United Saudi Commercial Bank 116 Saudi Payment Network 118 USA 228, 253, 254 Saudi Riyal Interbank Express System 118 Venezuela 53 Saudi Telecom Company 68, 164 Saudi-China trade 253 Wakeels 189 Saudization 1, 5, 83, 353, 352, 356 welfare state 14 issues 362 work ethics 360 process 27 World Bank 45, 268 Securities Depository Centre 158 WTO 63, 76 Singapore 46, 388 banking 107 shareholder concentration 120 bilateral trade agreements 276 Sharia'h 186-188,368 challenges 1 SMEs 4, 140, 141, 142, 195, 197, 198 entry 1, 41, 58, 187,313 SME's growth model 199,200 globalization 316,317 Souk Al-Manakh 154 Standard & Poor 69, 109 Yanbu 18,235 subsidies 2, 25, 30 Supreme Economic Council 7, 330, 331 Zakat 57, 63, 75, 76, 345

Tadawul 155 Tadawul All Share Index 156 Takaful Ta'awni 146 TASI Index 169 taxation 47 technology packaging 6, 305 technology transfer 6, 194, 304, 305 components of technology transfer 306 trade surpluses 6 trade agencies 193 Trade Performance Index 260, 261 Trade Ratios 249 transfer payments 30 transparency 210

UAE 384, 412, 422, 423, 426 UmmAlQura 42, 186 unemployment 8, 352 cost 374 disguised 378 male 370-372