In a region abounding with new wealth and enticing investment opportunities, no market has greater scale and vaster projects than Saudi Arabia. The kingdom’s banks are pulsating with financial energy and the youthful Saudi population has a voracious appetite for financial services that will help them in making the best of their future. The market’s great potentials have not left international bank unimpressed and after Saudi Arabia in 2001 started relaxing stringent regulations for foreigners conducting business, 15 foreign banks have set up shop in the kingdom. The combined net profit of the 10 listed Saudi banks and the National Commercial Bank (NCB) reached $9.42 billion for 2006 – a yearly growth of 30.3%. The kingdom perches over 1% of the world’s wealth. Naturally, investment and commercial bankers are bursting with excitement at the prospects of the country’s underdeveloped banking industry. “Right now we’re at a crossroads; for the past
