RIYADH: Saudi Arabia’s bank loans increased to SR2.93 trillion ($782 billion) in November, a 13.33 percent year-on-year increase and the highest rate in 22 months. According to the Saudi Central Bank, generally known as SAMA, corporate loans were the primary driver, increasing 17.28 percent to SR1.58 trillion. This is the greatest yearly growth rate for corporate loans recorded in SAMA’s reporting since 2021.
Real estate operations led the charge, accounting for 21 percent of corporate credit and increasing by 32 percent to SR328 billion. Wholesale and retail commerce accounted for 13% of corporate credit, totalling SR201.6 billion, with an annual growth rate of 10.62%.
The manufacturing sector, which is a crucial component of Vision 2030’s economic diversification ambitions, accounted for 12% of the total, or SR182.44 billion. Electricity, gas and water supplies accounted for 11% of the overall corporate share, which increased by roughly 27.74% to SR178.56 billion. Notably, although accounting for only 0.53 percent of corporate credit, professional, scientific, and technical activities experienced the greatest increase, growing at a 54.44 percent annual pace to SR8.38 billion.
Education loans grew at the third-fastest rate, at 29.93 percent to SR8 billion, after real estate. Personal loans, which comprise various borrowing choices for people, climbed at a 9.05 percent annual rate to SR1.35 trillion. This development demonstrates the Kingdom’s sustained faith in consumer lending and its economic diversification efforts.
Also Read:
Blinken Expresses’Real Remorse’ Over Failing to End Sudan War
The Maiden Meeting of the Saudi-Thai Coordination Council is Held in Bangkok
