Saudi-based Middle East Specialised Cables Company has announced that it has signed an addendum to a credit facilities agreement with Al Inmaa Bank, thus increasing the total facility to SAR250 million ($66.7 million) from SAR150 million ($40 million). The amended facility will run until August 31, 2028.
The gravity of the situation in the Middle East has moved from high to severe and consequently, the potential for events to weaken credit quality across sectors has increased, says an S&P Global Ratings report.
Saudi banks’ exposure to Vision 2030 giga projects remains modest but is likely to rise as some projects become operational, Fitch Ratings says.
It will be another year of robust economic growth in the Middle East in 2026 despite lower oil prices, according to top ratings agency Fitch. The median growth among the Gulf countries as well as Egypt, Iraq, Israel and Jordan will be at 4%, up from 3.4% last year.
Saudi banks’ credit profiles remain solid, with financial metrics displaying lower sensitivity to economic downturns than most GCC peers, underpinned by still-high government spending, ongoing economic diversification, said Fitch Ratings in a new report.
