Saudi Arabia’s bank loans surged to SR2.93 trillion ($782 billion) in November, marking a 13.33 percent year-on-year increase — the highest growth rate in 22 months. According to figures from the Saudi Central Bank, also known as SAMA, corporate loans were the main driver, surging 17.28 percent to SR1.58 trillion. This marks the highest annual growth for corporate loans among the lending activity data available in SAMA’s reporting since 2021. Real estate activities led the charge, representing 21 percent of corporate lending and growing by 32 percent to SR328 billion. Wholesale and retail trade accounted for 13 percent of corporate lending, reaching SR201.6 billion with an annual growth rate of 10.62 percent. The manufacturing sector, a key component of Vision 2030’s economic diversification goals, represented 12 percent share at SR182.44 billion. Electricity, gas, and water supplies contributed 11 percent to the total corporate share, growing significantly by nearly 27.74 percent to reach SR178.56 billion. Notably, professional, scientific, and technical activities, though holding a smaller 0.53 percent share of corporate credit, witnessed the most significant surge, with a 54.44 percent annual growth rate to SR8.38 billion. Education loans followed real estate with the third-highest growth rate, increasing by 29.93 percent to […]