Al Rajhi Bank to boost mortgage lending, says CEO

Saudi Arabia’s Al Rajhi Bank aims to boost mortgage lending as more affordable housing comes on the market, its chief executive told Reuters.

The bank's mortgage book grew 27 percent year-on-year in 2018 and it is looking for double digit growth for the next two to three years, Steve Bertamini said in an interview.

"One of the big issues first time home buyers faced was the lack of affordable housing," said Bertamini. "That’s now beginning to change."

Al Rajhi, which has traditionally focused on consumer banking, has been "cautiously expanding" its exposure to the private sector, he said, amid expectations that government employment may not rise much in future.

It also sees opportunities in project finance as public-private partnership contracts for water and renewable energy start to be awarded, Bertamini said.