Total deposits with Saudi banks hit USD 245 billion as of June 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