Total deposits with Saudi banks hit USD 245 billion as of June 2009
posted @ 12:00am, Thursday 15 October 2009.
Total deposits with Saudi banks has hit USD 245 billion at the end of June 2009, according to a report by BMG Financial Group, as a result of their efforts to attract more deposits and address higher demand for Islamic banking services, which provide low cost of funding and high profit margins. In addition, bank lending to the Kingdom's private sector rose for the first time in three months in February, albeit a mere 0.2 per cent, according to a report by an information partner of REIDIN.com, the world's first and leading global online information services provider. The information was published in REIDIN.com's product - REBIS, a one-stop shop information portal that provides a bigger picture of the real estate industry by covering the micro and macro environment that stimulate the sector dynamics. Amidst the positive projection for Saudi Arabia's banking and real estate sectors, there are a total of 684 projects currently under construction in the Kingdom, according to latest statistics from REBIS.
"The excellent state of the Saudi Arabian economy in this recessionary period is reflected by its stable banking sector, and we are optimistic that this will have significant impact on the Kingdom's real estate industry," said Ahmet Kayhan, CEO, REIDIN.com. "In anticipation of this, we have set our commitment towards helping Saudi-based investors by providing them with up-to-date market information, which will guide them in their decision-making – from which type of properties to invest in to the investments with the highest return possibility."
"Our product portfolio is the result of our commitment to delivering accurate and up-to-date industry information on the local and regional real estate markets to give players a precise overview of the current situation and help them make the right decision. To date, we have launched four products, which address specific needs of our customers. We are investing in the development of more products that will provide up to date information on other important sectors such as the banking industry, while implementing various new features in our existing products," concluded Kayhan.
In addition to REBIS' and INDEXFocus', REIDIN.com also offers RETAILFocus', a product that delivers an up-to-date database of malls, shopping centres, tenants, projects and retail real estate deals along with retail real estate news and research reports. Furthermore, the company also offers DUBAIFocus', 'the most detailed and up-to-date information source on real estate investment deals for the Dubai market based on a comprehensive database going back to 1973. It also incorporates time-saving functions such as heat maps, graphing facilities and customised chart and analysis tools.
About REIDIN.com REIDIN.com is the world's first online information company providing a range of intelligence products dedicated to meeting the unique requirements of real estate market professionals interested in emerging markets. REIDIN.com services are used by investors, fund managers, developers, consultants, researchers, valuation experts, construction and project managers, occupiers, as well as many others who are interested in monitoring and understanding the market trends and business challenges relevant to them in real estate markets.
REIDIN.com provides hard to find proprietary business news, analysis, research, data and intelligence with online tools and services that enable real estate professionals to enhance their understanding of emerging markets such as United Arab Emirates, China, India, Vietnam, Singapore, Malaysia, Russia, Saudi Arabia, Kuwait, Turkey, Poland, Bulgaria, Romania, Hungary, Brazil, Argentina and more.
Moreover, to cater to the specific demands of Dubai's booming property market, REIDIN.com has teamed up with the Dubai Land Department to establish DUBAIFocus, the first exclusive online information product tracking real estate deals and transactions in Dubai. DUBAIFocus – which has data from the year 1973 - provides daily information on all types of land, villa and flat deals (sales, mortgage, lease, grant, inheritance, etc.) in Dubai.
For more information, please contact: REIDIN.com - Head Office BBC Building-10, Office 142, PO Box 333929, Dubai Media City, Dubai, United Arab Emirates Tel +971-4-433 06 61 Fax +971-4-360 47 88 Email: nrizvi@reidin.com Website: http://www.reidin.com
CommuniGate Middle East PO Box 66861, Dubai, UAE Tel: +971 4 3988134 Fax: +971 4 3988137 Email: info@communigateme.com Website: www.communigateme.com
