Tuesday, 23 January 2018 11:16 GMT

Banks Compete For Finance of Deals in Saudi Arabia Worth SR271bn

(MENAFN - Qatar News Agency) A group of local and global banking and financial institutions have engaged in a fierce competition to win the funding of energy and mining projects worth SR271 billion expected to be awarded in 2014, local media said quoting experts. Power and energy projects are worth SR140 billion while mining projects will cost SR131 billion amid government's sincere support to the exploitation of mining resources meant to boost economic and industrial development in the Kingdom, Al-Riyadh daily said quoting the experts This fierce competition comes on the back of liquidity abundance and low loans-to-deposits (LTDs) ratio, which led the banking and financial institutions to lower profit margins seeking to gain the biggest portion of funding deals, the experts said However, this trend may not continue for long amid estimations that the ratio of LTD grew by 7 basis points (bp) in the third quarter of the current year, they said Foreign investors are eager to get investment opportunities in mineral resources in the Kingdom through foreign direct investment (FDI) system, which contains all privileges enjoyed by the national companies 

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