The Saudi Market Performance - 1Q2011
The Saudi market had volatile trading pattern during the first quarter of the year 2011, as it was negatively affected by the geopolitical tension that spread across the Middle East. However, several measures adopted by the Saudi government helped boost investors’ sentiments, and smoothed out the index’s performance. The major positive trigger came in the last month of 1Q2011, after King Abdullah ordered unprecedented economic benefits worth around $93 billion. Among other things, the king ordered the pumping of SAR250 billion ($66.7 billion) for the construction of 500,000 housing units. Prior to that, in late February, the king ordered social benefits worth an estimated $36 billion, mostly aimed at youth, civil servants and the unemployed.