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SABB appoints Majed Najm General Manager of Personal Financial Services

October 2010

SABB announced the detailed global and Saudi specific results of the Trade Confidence Index (TCI). The recently published Index, an impartial study sponsored by HSBC, SABB’s global partner, is the broadest international survey of small and mid-market businesses engaged in cross- border trade. The results are framed by respondents comprising of 5,124 exporters, importers and traders in 17 markets including Saudi Arabia with data that was compiled between July and September 2010.

Based on responses gathered by the survey, Greater China will remain top trade partner for many countries around the world including KSA. Overall, despite continued mixed indicators world wide, global trade confidence remains positive on the HSBC Trade Confidence Index unchanged at 116.

The results used to calculate an index range from 0 to 200, with 200 representing the highest confidence level, 0 represents the lowest and 100, neutral. Accordingly, businesses in India (140), UAE (125), Mexico (124) and Indonesia (124) are the most bullish about trade prospects in the next six months; followed by Vietnam (122), Brazil (122), Saudi Arabia (118 up from 114 in 1H10 ), Malaysia (114) and China (111). Comparatively, the mature markets of Canada, Australia, UK, US, Germany, France and Hong Kong all figured within the positive range, albeit lower on the scale, demonstrating improving confidence.

Increasing trade between emerging markets in the next six months was identified by respondents as driving trade confidence. Key nominations include China, India, Brazil, United Arab, Kingdom of Saudi Arabia and Malaysia.

Adel Al Nasser, Deputy managing Director of SABB said: “The positive sentiments that we see across all markets are all significant indicators that trade remains one of the main drivers of economic growth globally and for Saudi Arabia. We are delighted the TCI is reflecting growing trade confidence within the country and with Kingdom’s trade partners in the world mainly in Asia and the Southern Hemisphere”.