Saudi Finance and Property Refinancing Sectors Soar

Report Unveils Significant Growth in Saudi Financial Markets

Riyadh — In a recent overview released by the Saudi Central Bank (SAMA), the finance and real estate refinance companies within the Kingdom have shown impressive growth figures for the year 2023. This comprehensive report details the sector’s financial metrics and notable developments over the past year.

According to the report, the finance companies sector experienced an uplift, with its paid-up share capital increasing by 6%, reaching SR15.5 billion. Furthermore, the sector’s total assets expanded by 13% to SR64.2 billion, and the finance portfolio witnessed a 12% increase, amounting to SR84.7 billion. These figures are a testament to the sector’s robust financial health, with net income reported at SR1.7 billion.

The realm of real estate refinancing also saw remarkable growth, with total assets surging by 48% to SR31 billion. This surge underscores the sector’s growing significance within the Kingdom’s economic framework.

When dissecting the loan portfolio, the report indicates that the retail sector commands the majority with a 77% share, trailed by the micro, small and medium-sized enterprise (MSME) sector at 20%, and the corporate sector at a modest 3%. This distribution signifies the sector’s dedication to fostering a varied client base.

The report further sheds light on employment statistics, revealing that the finance companies now employ over six thousand individuals. Notably, Saudis represent 86% of this workforce, showcasing the industry’s alignment with national employment goals.

Overall, the report highlights vigorous growth in these sectors alongside the burgeoning participation of Saudi nationals in the workforce, which mirrors the positive outcomes of the Kingdom’s economic reforms and strategic initiatives.

Exit mobile version