Saudi Bank Credit Reaches Record High Surpassing SAR 2.8 Trillion
The surge in credit, distributed across 17 economic sectors, is key to driving the Kingdom’s sustainable growth.
Bank credit in Saudi Arabia hit a new record by the end of August 2024, surpassing SAR 2.8 trillion, according to the Saudi Central Bank (SAMA). This reflects a 12.1% annual growth rate, with a rise of SAR 305 billion compared to the same period last year. Monthly growth was recorded at 1.2%, adding SAR 33.5 billion since July.
The surge in credit, distributed across 17 economic sectors, is key to driving the Kingdom’s sustainable growth and supporting Saudi Vision 2030. Long-term loans, exceeding three years, made up 47% of total credit, reaching SAR 1.32 trillion, an 8.7% rise from 2023. Short-term loans accounted for 38%, while medium-term loans, with the fastest growth rate of 19%, represented 15%.
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