Shedding light on the global economic crisis, a Saudi academician said that the Saudi banks will not be affected by the problems facing the American, European and Asian banks. He noted, in a statement to SPA, that the loans extended by the Saudi banks are extended to companies which are linked with governmental contracts and governmental employees, adding that these loans will surely be repaid. Dr Mohammed bin Ibrahim al-Suheibani, the acting dean of faculty of economy and administrative sciences at Riyadh-based Imam Mohammed bin Saud Islamic University, said no economic justifications exist for the impact of the financial crisis. He pointed out that the measures taken by the state and the statements spelled out by the concerned officials will weaken any psychological impact for the global financial crisis on the national economy. Meanwhile, Dr al-Suheibani said the global economic crisis might have a positive impact on the Saudi economy due to the decline of the prices of the commodities caused by the international economic stagnancy, adding that stability of prices is one of the major goals of the Saudi economic policy'. He expected that the Saudi economy will continue to grow, and this growth may positively contribute to realization of several goals including balance in regional development, improvement of the payments balance at the long term as well as making job opportunities available. On the foreign investment in the Kingdom, he said the economic cities in the Kingdom will attract new investments and will contribute to the diversification of the base of the national economy.
