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Bank lending to Saudi private sector to hike in 2018 – SABB

Bank lending to Saudi private sector to hike in 2018 – SABB
Lending growth is forecast to be in the low single digits
SAB
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18.57% 41.50 6.50

Riyadh – Mubasher: Bank lending to Saudi Arabia's private sector is expected to grow this year, backed by a rise in oil prices and an increase in government expenses, Saudi British Bank's (SABB) managing director, David Dew, has said.

Lending growth is forecast to be in the low single digits, Reuters reported, citing Dew as saying.

Over the past two years, bank loans to the private sector in the oil-rich kingdom have tumbled as the slippage of international oil prices took its toll on Saudi economic growth and slashed demand for credit facilities.

SABB sees that there are attractive investment opportunities in the GCC nation's housing and financial sectors on the back of its privatisation plan, Dew added.

On a side note, the managing director indicated that discussions over the planned merger with Alawwal Bank are still ongoing.

In April 2017, Alawwal and SABB had nodded to begin merger talks, but no further progress has been announced yet in the potential deal.