Saudi- Kingdom biggest loan provider for industrial projects in GCC

(MENAFN-Arab News) Saudi Arabia topped the GCC countries in terms of the number and values of loans given to GCC citizens for the establishment of industrial projects in member countries, local media said quoting a recently-published report

The Saudi governmental financial institutions provided 92 loans worth $1.51 billion (SR5.66 billion), or 92.3 percent of the total values of loans in the GCC countries, the report said

The number of government-supported loans in the GCC countries stood at 133 valued $1.64 billion (SR6.15 billion) by the end of 2012, the Riyadh-based GCC secretariat general said

The UAE came second in rank to have the biggest loans provided to citizens at the value exceeding $61 million (SR228.7 million), followed by Qatar at $25 million, Oman $20 million, and Kuwait SR19 million, the report said

The GCC market has an outstanding gross domestic product (GDP) estimated at $1.6 trillion, foreign trade worth $1.4 trillion in 2012

This dominance gave it an international appeal to attract investments either from within the GCC or foreign countries, the report said.