Middle East Economic Survey

VOL. LII

No 21

25-May-2009

SAUDI ARABIA

Saudi Banks Profitable In 2008 But Facing Challenges This Year, Says Fitch

All Saudi banks were profitable in 2008 despite a weakened performance in the second half of the year due to a more difficult international and domestic operating environment, resulting from lower oil prices and asset valuations. In its Saudi Banks Annual Review and Outlook report, Fitch Ratings says that 2009 will be a challenging year for the Saudi banking...