The past year has been a positive one for the Kingdom’s banking sector. With asset growth and profitability continuing the upward trend that has buoyed the industry over recent years, the shifts brought about by the 2008-09 global financial crisis are beginning to pay dividends in the form of increasingly diverse revenue streams and a wider...
In overhauling their technological infrastructure and rolling out new tech-based services to their customers, Saudi Arabia’s banks have a strong platform to expand their operations. As participants in one of the most venerable financial sectors in the region, the country is served by a well-established technological framework that continues to...
In recent years Saudi Arabia’s banking sector has shown itself to be particularly adept at building retail loan books. Consumer lending in the Kingdom has followed a healthy upward trend since 2009, with research by local investment firm Aljazira Finance showing that the contribution of retail loans to aggregate sector lending rose from 22% in...
With public expenditure rising and a general improvement in international economic conditions in recent years, growth estimates across the region for the six GCC member states are expected to be in the 4-5% range, with the non-oil-and-gas economy also taking the lead, once again outstripping hydrocarbons in terms of the rate of expansion.
With every GCC member state investing in transport, the region is currently undergoing something of a road and rail boom. In the first three quarters of 2013, about $30bn in railway construction contracts were awarded across the GCC, while some estimates suggest as much as $200bn could be spent on regional rail development initiatives over the...
Home to an estimated 15.9% of the world’s proven oil reserves and the single largest economy in the Middle East and North Africa, Saudi Arabia is a key player in the region and around the world. Since it was officially founded in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development...
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