With crude selling at $50-$60 a barrel, the world’s biggest oil exporter is awash with cash, creating unprecedented opportunities across a range of sectors. And with King Abdullah committing his government to the reform of top-heavy state structures, deep changes are under way in the Saudi economy. In this dynamic environment, banks can expect to play a bigger role in financing projects.
Project financiers see the growth of petrochemicals and other business, and with it the emergence of a new generation of local investors, as a major boost to business. New players are coming in, including a couple of heavily capitalised, new Gulf-based banks that are expected to be focused on winning this business once they are fully established.
