Saudi Arabia will show a great deal of resilience in the context of the euro zone debt crisis and Arab Spring, according to Jamal Al-Kishi, CEO, Deutsche Securities Saudi Arabia. The European crisis may impact the Gulf in the significant retrenchment of European banks from business outside their home countries as they seek to repair their strained balance sheets and accommodate national governments' demands, Al-Kishi said in an exclusive interview with Khalil Hanware of Arab News. "The impact of this (European crisis) on the Saudi economy is very minimal given Saudi Arabia›s negligible dependence on foreign bank financing. However, the impact is significant on other countries in the Gulf where foreign lenders are major contributors to project and corporate finance transactions," he added.
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