Saudi bank loans reach highest growth rate in 19 months, surpassing $761bn

Saudi Arabian banks are experiencing their highest loan growth rate in 19 months, with total loans exceeding $761 billion. This increase is largely driven by a surge in corporate activities, reflecting a broader trend of recovery and growth within the kingdom’s economy. The surge in loans is particularly notable in the corporate sector, as businesses continue to invest in expansion and development amid a thriving economic environment

Saudi bank loans reach highest growth rate in 19 months, surpassing 1bn

In September 2024, Saudi Arabia’s bank loans reached SR2.85 trillion ($760.84 billion), reflecting an annual growth rate of 12.16%, the highest in 19 months. Corporate lending accounted for the majority, with real estate activities leading the charge, growing by 28.63% to reach SR310.83 billion. Other sectors showing significant loan growth included wholesale/retail trade (13.07% of corporate loans) and manufacturing (11.78%). The rise in lending is aligned with the government’s Vision 2030, particularly focusing on urban expansion and economic diversification, with real estate and innovation-driven sectors attracting substantial investments