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Loan Growth rate of 8% predicted for Saudi Banks in 2010

Saudi Arabia : 11 March 2010

The HSBC have predicted a loan growth rate of 8% for Saudi Arabian Banks by the end of this year. They have also forecasted that it is two of Saudi’s leading Financial Institutions i.e. the Samba Financial Group and the country’s Riyad Bank that will warrant the most compelling Investment opportunities in the coming year.

It is the country’s Omani Banks that appear to be performing the strongest this is largely due to their shrewdly successful investment in the right corporate sectors and other projects that will reap good returns including the countries roads and general infrastructure as well as many power project industries.

The latest HSBC findings also indicate that it is the Middle Eastern, Saudi Arabian, Egyptian and North African Banks that will fare the best during this financial year. They are suggesting that these Banking Sectors are very well financed and have kept good concise, control over their credit policies.

Kuwait however appears to be performing the worst during the first quarter of this year and the HSBC said their future performance success looks very limited at present. They have sustained heavier loan losses than other Middle Eastern countries and this is set to continue for the rest of this financial year with no change predicted in the foreseeable future. Of all of Kuwait’s financial Institutions the only one that now appears to have adequate assets is the NBK Bank.

The Egyptian Banking sector looks set to start recovering from June 2010 this will be fuelled mostly by foreign currency lending.  The HSBC have also suggested that anyone considering investing in Abu Dhabi Financial sector should choose the National bank of Abu Dhabi as many of the other Bank’s are still struggling because of the country’s current development plans.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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