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ENERGY AND UTILITIESincrease the utilization rates of Saudi energy firms. However, we remain concerned on thetimely completion of the power projects mainly due to shortage of skilled staff and high demandof power projects elsewhere in the GCC. For instance, Marafiq’s Jubail IWPP project (largest inthe Middle East) has been delayed, whereas the earlier completion target date was 2009.Nevertheless, increasing participation of the private sector, coupled with planned capacityexpansions and favorable demand outlook, could be viewed as catalysts for industry growthgoing forward.JUNE 2009SAUDI ARABIA FACTBOOK60
Agriculture and FoodFulfilling demand through importsKSA is one of the largest importers of agricultural and food products in the world. The Kingdomimports agricultural products from Ukraine, Syria, Brazil, India, the US, European Union (EU),and Australia. KSA imported over SR25.5bn of agriculture products in 2008, up sharply 40%YoY. The agriculture sector in KSA contributed 3% of the GDP and employed around 12% ofthe total workforce in 2007. The prime reason for dependence on imports is the paucity of freshwater and arable land.Demand for agricultural, food, and food-related products continues to remain high, led by thegrowing population, making KSA the leading market in the Middle East for agricultural products.The Saudi Government is planning various initiatives ranging from loan and subsidy policies toboost agriculture activity in the region, while paying special attention to technological upgrading.In the recent 2009 state budget, the agriculture and water sectors were allocated SR35.4bn,which was the third largest amount of the total budget. Major portions of this amount areexpected to be spent on improving agricultural productivity, irrigation, silos, mills, desalination,roads, drainage, and provision of other incentives to farmers. Several water conservationprojects have also been flagged off.These Government initiatives and support have spurred private sector interest in the sector withinvestments expected to reach SR181bn in 2009, after sharply surging in 2008. A total of about23% of this investment is mainly focused on agriculture related projects alone.As a result of the limited arableland and depleting fossil watersources, KSA is expected toincrease its dependence onfood importsAlthough, of the total land area of 2,149,690 sq km in KSA, only a very small portion is arable,thousands of hectares of desert have now been transformed into arable land using moderntechnology and equipment. However, of the total water required for agriculture, majority issourced from non-renewable aquifers. The Saudi Arabian Ministry of Agriculture (MOA)announced 12.5% per annum cut in wheat production from the spring of 2009 until the spring of2016, because of depleting fossil water within KSA. As a result, from 2009–2016, the Kingdomis expected to fulfill its wheat requirements by importing a similar percentage of wheat from theinternational market every year.Moreover, the US Department of Agriculture Foreign Agricultural Service expects the demandfor rice to increase in 2009 due to a rise in population and higher number of pilgrims visitingMecca. The Kingdom, the largest importer of rice from India, faced supply pressures in 2008,due to the ban on non-basmati rice exports from India. Furthermore, the Saudi Governmentimplemented a new rice subsidy program on 5 Jan 08, under which, it subsidized rice imports atthe rate of USD266.67 per metric ton and this is expected to help lower retail prices of highquality rice by up to 20% in KSA.Population growth, higherconsumer spending changes inlife style and eating habits arekey growth driversThe growing population base of Saudi Arabia and higher consumer spending are expected todrive demand for food. With increased focus on urbanization and industrialization and thegrowing influence of western lifestyles in KSA, the eating and living habits of the people havechanged dramatically. As a result, the number of supermarkets and fast food chains areexpected to rise in major urban areas of KSA. In the past ten years, majority of the US quickservicerestaurant franchises such as McDonald’s, Pizza Hut, Subway and KFC, as well asWestern-style supermarkets have entered the Kingdom. Local players in the fast food businessJUNE 2009SAUDI ARABIA FACTBOOK61
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NCB Capital Research DepartmentJune
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KSA ECONOMY AND NATION 5Outlook and
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KSA: Economy and NationSearching gr
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OUTLOOK AND DIRECTIONat a CAGR of 5
Page 9 and 10: OUTLOOK AND DIRECTIONpropel growth
Page 11 and 12: OUTLOOK AND DIRECTIONThe dramatic c
Page 13 and 14: OUTLOOK AND DIRECTIONExhibit 7: Sov
Page 15 and 16: OUTLOOK AND DIRECTIONStrong hydroca
Page 17: OUTLOOK AND DIRECTIONExhibit 13: KS
Page 20 and 21: OUTLOOK AND DIRECTIONappropriate po
Page 22 and 23: OUTLOOK AND DIRECTIONInternational
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Page 26 and 27: History and overviewThe leading GCC
Page 28 and 29: HISTORY AND OVERVIEWExhibit 25: Bre
Page 30 and 31: HISTORY AND OVERVIEWExhibit 29: Con
Page 32 and 33: HISTORY AND OVERVIEWMarket regulati
Page 34 and 35: HISTORY AND OVERVIEWeconomic condit
Page 36 and 37: HISTORY AND OVERVIEWExhibit 38: Vol
Page 40 and 41: Banking and FinancialsLeveraging th
Page 42 and 43: BANKING AND FINANCIALSExhibit 43: R
Page 44 and 45: BANKING AND FINANCIALSExhibit 50: A
Page 46 and 47: PetrochemicalsCost advantage fuelli
Page 48 and 49: PETROCHEMICALSExhibit 55: Compariso
Page 50 and 51: CEMENTExhibit 60: Sector details% w
Page 52 and 53: RetailBetting on increasing consume
Page 54 and 55: RETAILExhibit 69: Revenue of compan
Page 56 and 57: Energy and UtilitiesPrivatizing is
Page 58 and 59: ENERGY AND UTILITIES(PIF) and SECO.
Page 62 and 63: AGRICULTURE AND FOODare Herfy, Al-B
Page 64 and 65: AGRICULTURE AND FOODExhibit 91: Ave
Page 66 and 67: TELECOM AND ITline penetration stan
Page 68 and 69: TELECOM AND ITZain started trading
Page 70 and 71: INSURANCEExhibit 103: Country wise
Page 72 and 73: INSURANCE(YoY), despite growth in r
Page 74 and 75: Multi-investmentLight at the end of
Page 76 and 77: MULTI-INVESTMENTExhibit 114: Revenu
Page 78 and 79: Industrial InvestmentFacing the imp
Page 80 and 81: INDUSTRIAL INVESTMENTExhibit 122: R
Page 82 and 83: Building and ConstructionHealthy pi
Page 84 and 85: BUILDING AND CONTRUCTIONThe buildin
Page 86 and 87: BUILDING AND CONTRUCTIONSaudi Aramc
Page 88 and 89: REAL ESTATE AND DEVELOPMENTExhibit
Page 90 and 91: REAL ESTATE AND DEVELOPMENTsection
Page 92 and 93: REAL ESTATE AND DEVELOPMENTExhibit
Page 94 and 95: TRANSPORTATIONRoad transportRoad tr
Page 96 and 97: TRANSPORTATIONNational Shipping Com
Page 98 and 99: TRANSPORTATIONfears, and plunging f
Page 100 and 101: MEDIA AND PUBLISHINGExhibit 159: Re
Page 102 and 103: MEDIA AND PUBLISHINGExhibit 166: Av
Page 104 and 105: HOTEL AND TOURISMSeparately, leisur
Page 106 and 107: HOTEL AND TOURISMIn 2008, the secto
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THIS PAGE IS INTENTIONALLY LEFT BLA
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BANKS AND FINANCIAL SERVICESAl Rajh
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BANKS AND FINANCIAL SERVICESBanque
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BANKS AND FINANCIAL SERVICESAlinma
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BANKS AND FINANCIAL SERVICESSABBAls
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BANKS AND FINANCIAL SERVICESBank Al
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BANKS AND FINANCIAL SERVICESBank Al
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PETROCHEMICAL INDUSTRIESSaudi Basic
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PETROCHEMICAL INDUSTRIESSaudi Kayan
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PETROCHEMICAL INDUSTRIESSaudi Indus
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PETROCHEMICAL INDUSTRIESRabigh Refi
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PETROCHEMICAL INDUSTRIESYanbu Natio
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PETROCHEMICAL INDUSTRIESNama Chemic
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PETROCHEMICAL INDUSTRIESMethanol Ch
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CEMENTSaudi CementAlso known asSCCP
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CEMENTSouthern CementAlso known asS
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CEMENTYanbu CementAlso known asYCCP
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PriceSR46.5Pricing / Valuation as o
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RETAILJarir Marketing CoAlso known
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RETAILAldrees PetroleumAlso known a
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RETAILAhmed H. Fitaihi CoAlsoknown
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RETAILNational AgricultureAlsoknown
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ENERGY AND UTILITIESSaudi ElectricA
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AGRICULTURE & FOOD INDUSTRIESSavola
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AGRICULTURE & FOOD INDUSTRIESNation
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AGRICULTURE & FOOD INDUSTRIESQassim
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AGRICULTURE & FOOD INDUSTRIESSaudi
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AGRICULTURE & FOOD INDUSTRIESFood P
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AGRICULTURE & FOOD INDUSTRIESHalwan
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AGRICULTURE & FOOD INDUSTRIESTabuk
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TELECOMMUNICATIONSaudi TelecomAlso
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TELECOMMUNICATIONZain KSAAlso known
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INSURANCETawuniyaAlso known asTawun
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INSURANCESABB TakafulAlso known asS
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INSURANCEAl Sagr CompanyAlso Known
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INSURANCEBupa Arabia for Coop InsPr
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INSURANCESaudi IAIC Co-op.Also know
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INSURANCESanad InsuranceAlso known
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INSURANCESaudi Fransi Coop.Also kno
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INSURANCESaudi Indian Co.Also known
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INSURANCESaudi Arabian Co-opAlsokno
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INSURANCEAllied Co-operativeAlso kn
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MULTI-INVESTMENTKingdom Holding CoA
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MULTI-INVESTMENTAl-Baha InvestmentA
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INDUSTRIAL INVESTMENTAlsoSaudi Arab
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INDUSTRIAL INVESTMENTSaudi Pharma.A
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INDUSTRIAL INVESTMENTSaudi Paper Mn
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INDUSTRIAL INVESTMENTAstra Indl Gro
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INDUSTRIAL INVESTMENTAlsoSaudi Indl
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INDUSTRIAL INVESTMENTAlso known asF
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BUILDING & CONSTRUCTIONSA Amiantit
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BUILDING & CONSTRUCTIONAl-Babtain P
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BUILDING & CONSTRUCTIONSaudi Cerami
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BUILDING & CONSTRUCTIONArabian Pipe
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BUILDING & CONSTRUCTIONME Specializ
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BUILDING & CONSTRUCTIONSaudi Indust
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REAL ESTATE DEVELOPMENTDar Al Arkan
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REAL ESTATE DEVELOPMENTMakkah Const
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REAL ESTATE DEVELOPMENTTaiba Holdin
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REAL ESTATE DEVELOPMENTSaudi Real E
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TRANSPORTNational ShippingAlso know
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TRANSPORTUnited InternationalAlso k
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MEDIA AND PUBLISHINGSaudi ResearchA
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MEDIA AND PUBLISHINGTihamaAlso know
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PricePricing / Valuation as on May
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