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Banking
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The banking industry in Saudi Arabia has witnessed solid growth, with assets increasing by more than 100 fold between 1970 and 1992. |
Commercial banking has undergone tremendous growth during the course of the country's development. Total assets of the banking system increased from less than 720 million dollars in 1971 to 73.3 billion dollars by 1992, while the number of branches grew from 65 to more than 1,100. The rapid expansion of deposits has allowed the banking system to take on a leading role in marshalling Saudi financial resources to fund the expanding activities of the private sector. Since 1990, some Saudi banks have as much as tripled their domestic loan portfolios. Outstanding loans amounted to 22.08 billion dollars in 1992
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