Saudi Gazette report

RIYADH — The bank credit granted to both the public and private sectors in Saudi Arabia has reached historically record-high levels by the end of August 2024, amounting to over SR2.8 trillion (SR2,824,780 million).

According to the statistical bulletin of the Saudi Central Bank (SAMA), these figures constitute an annual growth rate estimated at 12.1percent , an increase of about SR305.023 billion compared to SR2,519,756 million (over SR2.5 trillion) by the end of August last year.

Monthly, bank credit saw an increase of about 1.2 percent or SR33.478 billion compared to last July, when it reached SR2,791,301 million (over SR2.79 trillion). Since the beginning of the year, bank credit has seen growth surpassing SR203 billion, jumping from SR2,621,726 million (over SR2.6 trillion) at the end of January.

The credit granted to both the public and private sectors was distributed over 17 diverse economic activities, becoming a supportive and reinforcing factor in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030.

Long-term bank credit (for over 3 years) accounted for 47 percent of the total credit granted, amounting to about SR1,324,161 million (over SR1.3 trillion) by the end of August. Such credit witnessed an annual growth rate of 8.7 percent compared to SR1,217,880 million (over SR1.2 trillion) for the same period of 2023, with an increase exceeding SR106 billion.

Meanwhile, short-term bank credit (less than a year) represented 38 percent of the total credit, amounting to about SR1,074,234 million (SR1.07 trillion), achieving an annual growth rate of 14 percent compared to SR943.119 billion for the same period of 2023, with an increase exceeding SR131.115 billion.

Medium-term bank credit (from 1 to 3 years) accounted for 15 percent of the total credit, amounting to about SR426.384 billion. This constitutes an annual growth rate of 19 percent or more than SR67 billion, compared to SR358.757 billion for the same period of 2023.