Companies that Finance and Refinance Real Estate are Growing, According to the Saudi Central Bank

Companies that Finance and Refinance Real Estate are Growing, According to the Saudi Central Bank

The Saudi Finance and Real Estate Refinance Companies Sector’s Annual Performance Report for 2023 was released by the Saudi Central Bank (SAMA). Significant financial and sector developments during the year were highlighted in the report.

The paid-up share capital of finance companies increased by 6% to SR15.5 billion, marking a significant expansion in the industry.

Furthermore, the entire financial portfolio increased by 12% to SR84.7 billion, while overall assets increased by 13% to SR64.2 billion. The finance company sector demonstrated a robust financial performance with a net income of SR1.7 billion.

The overall assets in the real estate refinancing sector increased significantly by 48% to reach SR31 billion. This considerable expansion is a reflection of the sector’s growing importance in the Kingdom’s economy.

The classification of the loan portfolio was also covered in detail in the study; the retail sector held the biggest part at 77%, followed by the MSME sector at 20% and the corporate sector at 3%. This distribution demonstrates how the industry is committed to helping a wide variety of borrowers.

The report also covered employment statistics. By the end of 2023, there were more than 6,000 workers in finance companies, with 86% of them being Saudi nationals. The industry’s dedication to the development of the domestic labor force is demonstrated by the high proportion of Saudi employees.

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