VOL. XLV

No 34

26-August-2002

SAUDI ARABIA

Saudi Banks Enjoy Another Good Year in 2001

The year 2001 sawhealthy growth for Saudi banks theMiddle Easts largest and most profitable banking sector as firm oil prices and attractive interestrate spreads combined to continue the strong growth of 2000 (MEES, 28 May 2001). The kingdoms banksall managed to post double-digit growth in profits in 2001 with the notableexception of al-Rajhi Banking and Investment Corporation, Saudi Arabias only fully Islamic...