22.07.2009 - Saudi Arabia - Banking on expansion
From Globalarabnetwork.com: Having been left largely unaffected by the international credit crisis that proved so damaging for financial systems in the West, Saudi Arabian banks have maintained their stability and will now profit from the trickle-down effect of the large government-driven infrastructural development projects. The downturn has certainly had an impact on the economy though - the government predicts growth will be less than 1% in 2009 - but overall the Kingdom has fared better than other economies in the region. The banks in particular have shown resilience........Full Article: Source