Saudi Bank Credit Hits SAR 3 Trillion, Up 15% YoY by Jan 2025
Saudi Arabia's total bank credit to the public and private sectors hit a record high of SAR 3,005,946 million by the end of January 2025, as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for January 2025. This reflects a significant annual growth of 15%, with an increase of over SAR 348,219 million compared to the same period in 2024, when the figure stood at SAR 2,621,726 million.
Additionally, the total bank credit showed a monthly growth of 2% by the end of January 2025, rising by approximately SAR 50,395 million from December 2024, when it was recorded at SAR 2,955,550 million.
The credit extended to the public and private sectors was allocated across more than 17 diverse economic activities, playing a pivotal role in driving comprehensive and sustainable economic growth. This growth aligns with the objectives of Saudi Vision 2030, further solidifying the Kingdom's economic diversification efforts.
Related Topics :
Saudi Banks' Credit Card Loans Reach Record High of $8.07 Billion
Lebanese President Aoun to Make Historic Saudi Visit to Rebuild Bilateral Ties
Founding Day 2025: How Saudi Currency Developed over Time?
Saudi Arabia Fuels 2025 Growth with Economic Diversification: Report
Short link :
Post Views: 26 Related Stories
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
8 hours ago
- Argaam
POS transactions hit SAR 15.6B last week: SAMA
The point-of-sale (POS) transactions in Saudi Arabia reached nearly SAR 15.6 billion in the week ended May 31, compared to about SAR 11.7 billion a week earlier. The number of POS transactions reached about 238 million last week, compared to nearly 206 million in the previous week, according to data issued by the Saudi Central Bank (SAMA). POS transactions represent consumer expenditure through debit and credit cards at major shopping centers, retail outlets, pharmacies, and others. The data indicated that the value of sales via POS increases in the weeks that coincide with the disbursement of salaries to government employees (the 27th of each month), in addition to the weeks that coincide with school vacations and the weeks preceding Eid Al-Fitr and Eid Al-Adha. On the other hand, the value of sales decreases in the weeks preceding salary disbursement and those coinciding with the start of the back-to-school season. The moving average value of POS transactions stood at about SAR 13.17 billion in 2025. Adopting the four-week moving average, the value of POS transactions soared during 2024 compared to 2023 and 2022. The average value of sales ranged between SAR 11 billion and SAR 14 billion in 2024, compared to SAR 10 billion to SAR 13 billion in 2023 and SAR 9 billion to SAR 12 billion in 2022. For the week ended on May 31, consumer spending was focused on the food and beverage (F&B) at 14.2%, or SAR 2.21 billion, and restaurants & cafes at 13.1% or SAR 2.05 billion. Riyadh led in terms of POS transaction value, with approximately SAR 5.41 billion, representing 34.7% of the total. Jeddah followed with SAR 2.17 billion (13.9%). According to the latest data from the Saudi Central Bank (SAMA), e-payments in the retail (individuals) sector reached 79% of total payments carried out by individuals in the Kingdom during 2024. This achieved the target ratio in the Financial Sector Development Program, one of Vision 2030's programs, which aims to reach an e-payment ratio of 70% by 2025. Over the past few years, Saudi Arabia has witnessed remarkable progress and rapid growth in e-payment adoption, thanks to the myriad strategic efforts and initiatives launched by SAMA, in cooperation with the financial sector, to support the growth of the payments sector and stimulate the use of various e-payment methods in the Kingdom.
Arab News
11 hours ago
- Arab News
Lulu opens new stores near holy sites to enhance pilgrim experience
Saudi Arabia is hosting millions of pilgrims for this year's Hajj, which is taking place from June 4 to 9. The Kingdom continues to ensure an organized, safe, and spiritually fulfilling experience for all pilgrims. As part of efforts to enhance pilgrim services, Lulu Group has partnered with Kidanh Development Company, under the supervision of the Royal Commission for Makkah City and the Holy Sites, to open new retail stores near key pilgrimage locations, including Mina, Arafat, and Muzdalifah. These stores are already operational, providing easy access to essential items such as food, beverages, and personal care products. The agreement was signed by Muhammed Al-Mejmaj, executive manager at Kidanh, and Bashar Naseer Al-Besher, executive administration manager of Lulu Group. The project aligns with Saudi Vision 2030, which focuses on improving quality of life and expanding private sector involvement in national development. This partnership marks a significant step toward enhancing the overall Hajj experience through effective public-private collaboration. Kidanh's development strategy includes modernizing traditional market areas near the holy sites to better serve the needs of pilgrims through modern infrastructure and organized retail services. More than 122,000 Indian pilgrims, including over 16,000 from Kerala, are performing Hajj this year. The new Lulu outlets are designed to meet the needs of this diverse and growing pilgrim community by offering trusted products in strategically located stores. Retail outlets have already opened, and shopping is underway, making Lulu one of the first major retailers to begin operating in close proximity to the holy sites. This reinforces Lulu's commitment to service excellence and community support.
Saudi Gazette
a day ago
- Saudi Gazette
Saudi Arabia to host second WTO regional trade policy course in 2025
Saudi Gazette report RIYADH — The General Authority for Foreign Trade (GAFT) held a virtual meeting with the World Trade Organization (WTO) to discuss preparations for the second edition of the Regional Trade Policy Course (RTPC), scheduled to take place in the Kingdom in 2025. Deputy Governor for Shared Services Nasser Al-Dughaither, represented GAFT in the meeting. The meeting, included GAFT's Director General of Human Resources Hamoud Al-Malki and Director of Talent and Development Badr Al-Ajlan, focused on enhancing cooperation to organize the RTPC, improving the course's quality and outcomes, and developing specialized workshops for stakeholders involved in trade negotiations. These efforts aim to deepen participants' understanding of WTO agreements, rules, and procedures. Al-Dughaither emphasized that Saudi Arabia's three-year hosting of the RTPC reflects its global economic leadership, particularly in the Middle East, and aligns with national goals to empower regional trade policymakers and elevate their capacity to meet international trade standards. He expressed optimism about the upcoming edition, building on the success of the previous course, which featured robust scientific content and active participant engagement. The first edition of the RTPC was hosted in Saudi Arabia from October 13 to December 5, 2024, in partnership with King Saud University and the WTO. It saw participation from around 25 government officials representing nine countries, along with 12 Saudi government entities, covering over 24 training topics.
