In our latest news update, we're highlighting a significant growth in Saudi Arabia's finance sector.

According to data from the Kingdom's central bank, SAMA, the total assets of finance companies surged by 13% year-on-year, reaching an impressive SR64.2 billion ($17.12 billion) in 2023.

This growth is attributed to increased investment activities and favorable economic conditions, with the paid-up share capital for these firms also rising by 6% to SR15.5 billion.

The total financial portfolio of these institutions increased by 12% year-on-year to SR84.7 billion.

The overall net income of these companies in the Kingdom stood at SR1.7 billion last year.

Furthermore, the real estate refinancing sector experienced a remarkable 48% increase, with total assets reaching SR31 billion in 2023.

This promising growth indicates a robust and thriving finance sector in Saudi Arabia.

Title: "Saudi Arabia's Finance Sector: A Boost for Saudization and Retail Loans"

Summary:

In a recent report, the retail sector was found to dominate Saudi Arabia's loan portfolio, accounting for 77% of the total.

The micro, small, and medium enterprises sector followed closely at 20%, while the corporate sector accounted for just 3%.

Notably, the report also highlighted the progress of Saudization in the sector, with over 80% of employees in financial companies in the Kingdom being Saudis.

By the end of 2023, the number of Saudi employees in finance companies exceeded 6,000, representing 86% of the total workforce.

Furthermore, a separate report from the Kingdom’s Small and Medium Enterprises General Authority revealed that finance companies in Saudi Arabia provided loans amounting to $4.6 billion in the last three months of 2023, marking a significant year-on-year increase of 9.3%.

This growth in the finance sector, particularly in retail loans, is a positive sign for the Kingdom's economy.

Title: "Saudi Arabia's Booming Banking Sector: A 21.1% Increase in Credit Facilities"

Summary:

In a significant development, banks in Saudi Arabia have shown a remarkable growth in the final quarter of 2023, providing credit facilities worth $68.9 billion.

This represents a substantial 21.1% rise compared to the same period last year.

The Central Bank's May monthly statistical bulletin further reveals that the total loans in the Saudi banking sector reached SR2.68 trillion in April, marking an 11% increase compared to the same month in the previous year.

Interestingly, personal loans account for 47% of the total lending, while corporate loans make up the remaining 53%.

This growth indicates a robust and expanding economy in Saudi Arabia.