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). This represents an annual growth rate of 12.1 percent compared to the previous year. The credit has been distributed across 17 different economic activities, contributing to the goals of Saudi Vision 2030 and supporting comprehensive and sustainable economic growth.
Long-term bank credit (for over 3 years) accounted for 47 percent of the total credit granted, reaching about SR1.3 trillion by the end of August. This type of credit saw an annual growth rate of 8.7 percent, reflecting an increase of over SR106 billion compared to the previous year. Short-term bank credit (less than a year) represented 38 percent of the total credit, amounting to about SR1.07 trillion and achieving an annual growth rate of 14 percent. Medium-term bank credit (from 1 to 3 years) accounted for 15 percent of the total credit, amounting to about SR426.384 billion with an annual growth rate of 19 percent.
Monthly, bank credit saw an increase of about 1.2 percent or SR33.478 billion compared to the previous month. Since the beginning of the year, bank credit has seen growth surpassing SR203 billion, highlighting the continuous upward trend in credit expansion in Saudi Arabia. This growth in bank credit is seen as a positive indicator of the overall economic health of the country and its ability to attract investment and support various economic activities.
The credit granted to both the public and private sectors has been instrumental in supporting economic growth in Saudi Arabia, contributing to the diversification of the economy and the development of various sectors. This credit has been distributed across different economic activities, providing essential funding for projects and initiatives that are in line with the goals of Saudi Vision 2030. The increase in bank credit reflects confidence in the economy and its future prospects, attracting both domestic and foreign investment.
Overall, the bank credit granted in Saudi Arabia has reached historically high levels, reflecting strong economic growth and stability in the country. The distribution of credit across various economic activities indicates a diverse and robust economy that is well-positioned for future growth. With ongoing support from the banking sector, the goals of Saudi Vision 2030 are within reach, paving the way for a sustainable and prosperous future for the Kingdom.
