April 20, 2025 - 17:25
RIYADH: Credit provided by finance companies in Saudi Arabia rose to SR96.26 billion ($25.67 billion) in 2024, marking a 13.6 percent increase compared to the previous year. This significant growth reflects the increasing demand for financing solutions among individuals and businesses in the region.
The rise in lending can be attributed to several factors, including a robust economic environment and government initiatives aimed at boosting access to credit. As the country continues to diversify its economy away from oil dependency, finance firms are stepping up to support various sectors, including real estate, retail, and small to medium-sized enterprises.
Analysts suggest that this upward trend in lending is expected to continue as more consumers and businesses seek financial assistance for expansion and development projects. The growth in the finance sector is seen as a positive indicator of the overall economic health of Saudi Arabia, promoting investment and consumer confidence in the market.
