Saudi Bank Pegs Growth Hopes on Mortgages, Women Buying Cars - Bloomberg

Saudi Bank Pegs Growth Hopes on Mortgages, Women Buying Cars - Bloomberg:

"Saudi Arabia’s second-biggest bank is betting that government efforts to develop the entertainment industry, boost home-ownership and open up the role of women in the economy will fuel growth this year. The kingdom is undergoing an economic overhaul driven by Crown Prince Mohammed bin Salman that includes removing restrictions on cinemas, concerts and women driving and working. It also plans to subsidize home loans to expand the private-sector’s role in funding mortgages as part of the transformation plan to diversify the economy away from oil and reduce the population’s reliance on state spending. Al Rajhi Bank is also planning to expand its corporate-lending business on optimism that businesses will start borrowing again later this year, after loans to the private sector fell in 2017, Chief Executive Officer Steve Bertamini said in an interview. Rising demand for corporate and housing loans should help Al Rajhi outperform peers in 2018, he said."



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