| 12 Jan 2009 |
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NCB, D&B to launch BOI in Saudi Arabia
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RIYADH: The National Commercial Bank (NCB)National Commercial Bank (NCB)
is set to launch a Business Optimism Index (BOI) in Saudi Arabia, in cooperation with Dun & Bradstreet South Asia Middle East Ltd. (D&B)Dun & Bradstreet South Asia Middle East Ltd. (D&B), a financial data and business information provider. and D&BD&B index is a measure of business confidence in the economy. Released quarterly, it is based on a business sentiment survey that is designed to capture business expectations and is one of the most effective ways to track how the business community perceives the business environment, and where they think it is moving. "At NCBNCB we recognize the importance of business research. Our partnership with D&BD&B to launch a BOI for the Kingdom is an important step aiming to provide policy makers with an indicator to measure the business and investment climate," NCBNCB's Senior Vice President and Chief Economist Said Al-Shaikh said at the agreement signing ceremony. "The Optimism Index will be a key reference for businesses as they anticipate developments and facilitate short- and long-term decision-making and business planning," he added.
Confident in the proven success of BOI, which is a leading indicator of business activity and widely accepted in international and regional markets, he said NCBNCB's introduction of this index in the Kingdom will surly add significant value to the business community.
"Developing and maintaining investor interest is influenced to a large degree by the availability of up-to-date economic information. The NCBNCB
and D&BD&B index has been designed to serve this requirement by capturing the sentiment of the business community about Saudi Arabia's business environment and making it available on a quarterly basis," Rajesh Mirchandani, CEO of D&BD&B South Asia Middle East Ltd., added."Dun & BradstreetDun & Bradstreet is a firm believer in the power of partnerships, and we are pleased to have the NCBNCB on board for this initiative," he added. "As the most established bank in the Kingdom, the NCBNCB is an integral part of Saudi Arabia's economy. Today, in light of the current global economic situation the need for information on the Saudi economy is becoming even more imperative and we know that NCBNCB's involvement in the BOI will contribute to the development of a strong and reliable business indicator for the Saudi economy."
Through tracking business parameters including profits, selling prices, new orders, inventories, and employee count, the BOIs are commonly used to assist in analyzing major trends and issues concerning the business community. Over time, the NCBNCB
and D&BD&B index develops into a leading indicator of business activity, and thus assists the business and investment community and also policy makers in gauging short-term economic outlook and strategic planning. As the latest addition to D&BD&B's global series of BOIs, the BOI on Saudi Arabia will be issued on a quarterly basis and will be one of the most effective ways to keep track of where businesses think the Saudi economy is moving. The index on Saudi Arabia will be released in the middle of the month and will provide an outlook for Q1, 2009.
© Arab News 2009
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