Rising Oil Prices a Boon for Saudi Economy
A driver holds a fuel nozzle at a gas station. (Photographer: David Paul Morris/Bloomberg)
Rising oil prices may be a deepening concern for most of the world, but it’s been a boon for Saudi Arabia’s economy and stock market.
The International Monetary Fund raised its estimate for the country’s economic growth by nearly three percentage points to 7.6%. The benchmark Tadawul All Share Index is the sixth best-performing gauge globally in 2022 and analysts say gains may not be over yet.