The Saudi Samba Financial Group, the third largest bank in the kingdom in terms of assets, has expressed expectations that Saudi banks will record assets growth in the dozen by the early 2020s, with the support of plans The government aims to diversify the country's oil-dependent economy.

In an interview with Reuters, the group's CEO, Rania Nashar, stated that the Saudi government announced a number of projects capable of transforming the entertainment, tourism, housing, and small and medium-sized projects, All of these initiatives will add several billion dollars to Samba and the banking sector.

Regarding mergers in the Saudi banking sector, Nashar said that Samba is not seriously considering any proposals to merge with other banks, and she does not expect Nashar to have any significant impact on Samba's growth. As a result of recent mergers, including the National Commercial Bank merging with Riyad Bank and the Saudi British Bank with the First Bank.

Riyadh plans to increase public spending to its highest level ever at 1.11 trillion riyals ($ 295 billion) this year, from 1.03 trillion in 2018, in an effort to stimulate Economic growth affected by relatively low oil prices.

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