Saudi Arabia in `Golden Era,' Credit Suisse Says
May 1 (Bloomberg) -- Credit Suisse Group recommended buying shares of Al Rajhi Bank, Saudi Arabia's biggest bank by market value, as well as Saudi Arabian Fertilizer Co. and said the country is in a ``golden era.''
The brokerage also initiated coverage on Riyad Bank and Almarai Co. with ``outperform'' ratings. Saudi Basic Industries Corp., the world's biggest chemicals maker by market value, received a ``neutral'' recommendation.
``Oil prices are at an all-time high; hundreds of billions of dollars of infrastructure investments are expected to drive growth,'' analysts including Mohamad Hawa wrote in a note. ``The government is continuing to diversify its hydrocarbon-based economy.''
This boom is in the opposite direction of the US economy:
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