Personal borrowings accounted for 35% of this growth, while the corporate sector received 65%.

The corporate sector saw significant growth in real estate financing, which surged by 27% to SR275.2 billion.

The real estate market in Saudi Arabia was estimated to be worth $69.51 billion in 2024, and is expected to reach $101.62 billion by 2029, growing at a CAGR of 8% between these years.

Real estate and construction projects in Saudi Arabia have led to an increase in demand for debt-financing from local banks.

According to SAMA data, new retail residential mortgage loans reached a 14-month high of SR7.63 billion in March, a 5% rise from the same month last year and a 10% increase from the previous month.

Home purchase loans accounted for the largest portion at 64%, totaling SR4.91 billion.

The most significant growth was in apartment loans, which surged by 28% to SR2.24 billion.

Land loans saw more modest growth of 4%, reaching SR474 million in new mortgages.

The text discusses two factors contributing to the growth in the Saudi Arabian economy.

The first is the increasing demand for residential properties from expatriates, with a preference for apartments over villas, particularly among individuals aged 35-55.

The second is the growth in lending for utility supplies, which saw an annual increase of 27% to reach SR147.42 billion in March.

This growth is driven by the key sectors of the Saudi Arabian power market, including the residential, commercial, industrial sectors, and others.

In 2023, the residential sector led the power consumption market.

Saudi Arabia, with its growing economy and population, is projected to reach 40.1 million people by 2030.

Due to limited water resources, the country is investing heavily in desalination facilities to meet rising water demands, aiming to produce 2.18 billion cubic meters per year.

The Ministry of Environment, Water, and Agriculture has allocated $80 billion for water projects, and the wastewater treatment services market is expanding.

In 2021, 133 wastewater treatment facilities were built, representing a 14.66% increase from the previous year.

The Saudi Arabian Monetary Authority (SAMA) reported significant growth in financing for various sectors.

The professional, scientific, and technical activities sector experienced a 54% increase, reaching SR6.4 billion, the highest annual growth rate.

Education loans also saw a 28% increase to SR6.27 billion.

Financing for administrative and support service activities rose by 20%, totaling SR34.22 billion.

Although the proportion of lending to scientific and education sectors is currently modest, the Saudi government recognizes their importance in the Kingdom's transformation agenda.

The government has implemented initiatives to foster innovation and scientific inquiry in these sectors.

The text suggests that initiatives in knowledge-based industries have contributed to an increase in financial support from institutions.

With the Kingdom's focus on prioritizing these sectors, further advancements and investments are expected, leading to amplified growth and progress towards developmental goals.