SAUDI ARABIA

Saudi Central Bank reports growth in financing and real estate refinancing companies

June 10, 2024

Saudi Gazette report

RIYADH
— The Saudi Central Bank (SAMA) published the Annual Performance Report of the Saudi Finance and Real Estate Refinance Companies Sector for 2023. The report highlighted significant sector developments and financials during the year.

The finance companies sector saw a notable increase, with the paid-up share capital rising by 6% to SR15.5 billion.

Additionally, total assets grew by 13% to SR64.2 billion, and the total finance portfolio rose by 12% to SR84.7 billion. The net income for the finance companies sector stood at SR1.7 billion, indicating a strong financial performance.

In the real estate refinancing sector, the total assets witnessed a substantial increase of 48%, reaching SR31 billion. This significant growth reflects the sector's expanding role in the Kingdom's economic landscape.

The report also detailed the loan portfolio classification, with the retail sector accounting for the largest share at 77%, followed by the MSME sector at 20%, and the corporate sector at 3%. This distribution highlights the sector's focus on supporting a diverse range of borrowers.

Employment figures were also addressed in the report. By the end of 2023, the number of employees in finance companies exceeded six thousand, with Saudis making up 86% of the total workforce. This high percentage of Saudi employees demonstrates the sector's commitment to national workforce development.

The report underscores the sector's robust growth and the increasing participation of Saudis in the workforce, reflecting the positive impact of ongoing economic reforms and strategic initiatives.


June 10, 2024
225 views
HIGHLIGHTS
SAUDI ARABIA
10 hours ago

NMC spokesman: Next year’s Hajj will be the last Hajj in summer season   

SAUDI ARABIA
14 hours ago

Crown Prince: Saudi Arabia harnessing all capabilities for the comfort of pilgrims

SAUDI ARABIA
16 hours ago

Saudi Crown Prince calls for immediate global action to stop Israeli aggression on Gaza