also made many important decisions aimed at attracting foreign investments and continued opening of the markets which will be reflected on the competitiveness of the national economy. all these positive developments are an incentive for investment in the kingdom in general and in the housing sector in particular. dear brothers, this conference is held at a time when the kingdom has achieved outstanding development results in all sectors of the economy. in 2006, the real gdp ( at current prices ) grew by 12. 4 percent and by 4. 2 percent ( at constant prices ). it is expected that strong growth rates will be maintained in the medium term. this will contribute to increasing the production capacity of the national economy and have a positive impact on all its sectors. international credit rating agencies have raised the credit rating of the kingdom to advanced grades, and commended the efficiency and soundness of the national economy and the economic reform programs. this climate has made domestic and international investors more interested to participate in and benefit from the various investment opportunities in the saudi economy. the banking system in the kingdom has exercised a vital role in boosting the national economy. it has made great progress, using the latest technologies and various banking products, under a supervisory system keen to meet domestic requirements and legislation as well as international standards. the contribution of the banking sector to housing finance is expected to increase as soon as the real estate mortgage law is enacted. it is worth mentioning that the size of real estate finance provided by commercial banks reached rls 13. 4 billion at the end of the second quarter of 2006. sama has permitted a number of banks to offer products for real estate financing. banks are constantly working to develop innovative products to meet the needs of the housing market. dear brothers, a review of the topics addressed on the first day of this conference by the distinguished speakers shows that they touched upon important issues and gave a future vision of housing in the kingdom, and how to benefit from the experiences of different countries in this area. today will be an extension of those topics that are directly related to housing finance. in general, i find that the conference broadly covers all aspects of housing finance in the kingdom. in conclusion, i thank the audience and the organizers of this conference, and wish you all success in your deliberations.

average increase in domestic consumption of 7. 3 percent over the past five years, which is high by any measure and not commensurate with the rate of growth in population and gdp. there is no doubt that the increase in domestic consumption of oil, in addition to being a drainage of resources that god has bestowed upon us, it limits the quantities available for export in the future. thus, it is necessary to consider the reasons of the increase in domestic consumption of oil and gas to rationalize their consumption. custodian of the two holy mosques : as we are on the threshold of a new gracious budget, i pray for the almighty allah to preserve you as the leader of the march of this blessed and generous country. may almighty allah lead your steps to success. bis central bankers ’ speeches