Even Saudi's giant economy will suffer a sharp slowdown next year but the prognosis is good and a return to growth is expected by 2010. The news that Riyadh is prepared to run a budget deficit in 2009 in order to deliver its strategically important infrastructure investment programme has gone a long way towards calming the fears of many in the region following the recent falls in oil prices.
Business and political leaders across the region are pinning their hopes on the massive Saudi economy being able to carry the Middle East through a difficult 2009.
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SAMA (the Saudi Central Bank) has a reported US$444 billion in foreign assets, Citadel seems to be operating on firm ground i.e they will get all the help they need to make their Saudi projects - all ten of them - a success.
CGG Price at posting:
10.5¢ Sentiment: LT Buy Disclosure: Held
