IslamicFinance.de

Al Rajhi Bank aims to boost mortgage lending as more affordable housing comes on the market. CEO Steve Bertamini said the bank's mortgage book grew 27% year-on-year in 2018 and it is looking for double digit growth for the next two to three years. Al Rajhi, which has traditionally focused on consumer banking, has been expanding its exposure to the private sector. It also sees opportunities in project finance as public-private partnership contracts for water and renewable energy start to be awarded. Saudi Arabia's economy grew in the fourth quarter of last year at its fastest rate since early 2016 due to an expanding oil sector. Fourth-quarter gross domestic product grew by 3.59% from a year earlier.