Riyadh: 27/12/2008

Last Monday Watan investment conducted a seminar “The Aftermath of the Financial Crisis: the Challenges & Opportunities” at the Riyadh Marriott Hotel. The speakers were a collective of international and local economist and financial market specialists. Mr. Uto Baader, Chairman of Baader Bank AG, gave a presentation on the European perspective of the Financial Crisis and the challenges and opportunities it has created. Mr. Baader highlighted the effects of the financial crisis on the German economy, as it is currently in recession because of it. As for the effect of the financial crisis on the real-estate markets in Europe and the GCC, Mr. John Kennedy, Chairman of Kenmore Real-estate Group, gave a presentation titled “The Financial Crisis – The effects, challenges and opportunities in the real estate market in the UK, Western Europe and the GCC”. In addition, Mr. Paul Ormerod, Director of Volterra Consulting & Economist, presented his theories on “How Resilient are the Western Economies?”. He pointed out during his presentation that he does not see a recovery of world economies and financial markets before 2010.

In regards to the Impact of the Financial Crisis on the Oil Markets Dr. Majid Abdullah Al-Moneef, the energy economy expert provided a presentation giving an analysis of the current situation and how it links to the performance of energy markets especially in relation to the oil market. Dr. Ihsan Bu-Hulaiga, Chairman of Watan Investment & Securities and well known economist, rounded up the day by giving his views from a Saudi & GCC Perspective on the Aftermath of Financial Crisis. He clarified that the strength of the Saudi economy and stringent financial regulations has limited the effects of the financial crisis on the Saudi economy. He went on to clarify that because world economies are so interlinked it is impossible for any economy not to feel some of the effect of the financial crisis, even if limited. Dr. Bu-Hulaiga went on in his presentation to describe how the financial crisis has resulted in a real challenge for the GCC economies and it has also created some opportunities such as the ability to attract foreign investment. These opportunities will not materialize unless measured actions are taken, otherwise the crisis will limit economic growth.

Mr. Hani N. Al-Saigh, Senior Manager – Corporate Communications at Watan Investment, stated “the seminar received a great deal of attention from specialist and stakeholders as it brought together a collective of businessmen, investment professionals, international and local economist from Saudi Arabia, Germany and the UK. Conducting these types of events stems from the view that Watan Investment must play an active role in society by educating the public towards current events through bringing together international and local experts to debate the issue at hand”.