Saudi Arabia's banks are set to report higher third-quarter profit after they extended loans to real estate and petrochemical projects, and helped arrange record Islamic bond sales. Net income at the 10 biggest banks in the world's top oil supplier probably advanced 12 per cent in the three months, Riyad Capital said in a report on September 29.
Arqaam Capital expects the nation's banks to post 8.7 per cent profit growth in the quarter, exceeding 5.4 per cent for lenders in Qatar, 1.3 per cent in the United Arab Emirates and a decline of 3.5 per cent in Kuwait. Borrowing costs surge Saudi interbank borrowing costs surged the most in the Gulf Cooperation Council (GCC) this year as property developers and petrochemical makers sought funds to take part in a government- led plan to build roads, airports and affordable housing.
Loans to private businesses grew the most in more than three years in August, while issuers including Saudi British Bank and food producer Almarai sold a record $8 billion of debt this year. "Increased demand for credit reflects the continuing economic expansion," Monica Malik, Dubai-based chief economist at EFG-Hermes Holding, said by email.
It is my opinion, however, that the company you are visiting makes a very big difference in how business is done and how you are treated during this time of the year in the Middle East.
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