May 2004
Middle East;May2004, Issue 345, p55
This article presents information on recent developments in banking sector in the Middle East. The Saudi Electricity Co. (SEC) has signed a SR6bn loan arrangement with six local banks to finance capital investments, according to SEC's chief executive. Fitch Ratings Inc. has affirmed the ratings of Lebanon's Banque Audi and Banque Saradar following the recently announced merger between the two entities. Kuwait's Burgan Bank reported a 59% net profit growth for fiscal year 2003 with earnings reaching KD20.


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