Big Saudi banks are about to get even bigger.
The impact of COVID-19 and the 50% drop in oil prices since the pandemic struck will challenge all of the economies in the Middle East region. Travel restrictions and a simultaneous drop in domestic and external demand are hitting the region hard. There are bright spots, nonetheless, and reasons to expect this part of the world to remain resilient, with help from strong foreign exchange reserves in the big oil-producing countries.
Jean Riachi, founder and CEO of FFA Private Bank talks to Global Finance about the current state of the Lebanese banking industry.