RIYADH: In the third quarter of 2024, Saudi Arabia’s state funds increased their domestic money market investments to SR41.38 billion ($11.03 billion), an 82.4 percent year-over-year rise, according to official figures. The overall value of assets owned by these entities increased to SR160.1 billion in the three months ending in September, according to data from the Saudi Central Bank, or SAMA. This is a 36.7 percent increase over the same period last year.
During this time, the number of subscribers increased by 50.65 percent to 1.57 million, while the number of operational funds increased by 9.54 percent to 310. With a growth rate of 41.8 percent, domestic holdings accounted for 84 percent of the whole portfolio, or SR134.43 billion. Additional assets comprised 7.24 percent in bonds and sukuk, worth SR11.58 billion, and 25.83 percent in shares, worth SR41.24 billion.
According to SAMA, real estate investments, which make up 17.24% of the portfolio and have a value of SR27.6 billion, are likewise regarded as domestic. The overall amount of international allocations, which included foreign shares, bonds, money market instruments, and other assets, was SR25.66 billion, representing an annual increase of 16 percent. Loan growth in the banking industry has significantly outpaced deposit growth as Saudi Arabia’s economy continues to thrive under the Vision 2030 project.
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