Official data indicates that in the first quarter of 2024, credit facilities offered by Saudi finance businesses increased by 12 percent annually to a total of SR88.6 billion ($23.62 billion).
Personal finance made up the greatest portion, accounting for 28% of all facilities, or SR25.12 billion, according to data issued by the Saudi Central Bank, or SAMA.
Throughout this time, there has been a 23 percent rise.
In second place, with a meek 1 percent gain, was credit given for residential real estate, totaling SR22.91 billion. On the other hand, over this time, its percentage of all facilities fell from 29% to 26%.
Closely behind, auto finance facilities were SR22.73 billion, up 18% from the same period the previous year.
With an increase of 4 percent, commercial real estate finance made up 5% of the total, or SR4.44 billion.
With a 32 percent growth rate to SR1.36 billion, credit card finance recorded the highest growth rate despite having a smaller percentage share of 2 percent.
By the end of this quarter, total credit in Saudi Arabia will have reached SR2.67 trillion, with banks remaining the country’s main source of funding. Financing company facilities accounted for only 3% of this total.
Significant changes have been made to SAMA since 2022, one of which permits finance corporations to participate in a variety of fiscal operations, including loans for real estate.
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