Finance Companies' Credit Hits Record SAR20.858 Billion in Q3 2024

The credit provided by finance companies to non-individuals has reached unprecedented levels, totaling around SAR20.858 billion by the end of the third quarter of 2024. This marks an annual growth rate of 8.4%, showing an increase of SAR1.612 billion compared to the same period in 2023 when the total was SAR19.246 billion.
 According to the monthly statistical bulletin for December released by the Saudi Central Bank (SAMA), the credit distribution spans 11 diverse economic activities. On a quarterly basis, credit levels grew by 2%, rising by about SAR324 million from SAR20.534 billion at the end of the second quarter of the same year.
 Small enterprises represented about 38% of the total provided credit, amounting to SAR7.883 billion. Medium enterprises followed with a 33% share, valued at SAR6.929 billion. Large companies represented 16% of the total credit, equating to SAR3.403 billion, while micro-enterprises represented 13%, totaling SAR2.643 billion.
 In terms of economic activities, the construction sector claimed the largest share of financing, receiving SAR6.450 billion or about 31% of the total. The services sector followed with SAR4.548 billion, representing 22% of the total credit. Trade ranked third with SAR3.110 billion, accounting for around 15%. Other activities garnered SAR2.051 billion, making up about 10% of the total, while the industrial sector received SAR1.978 billion, representing about 9.5%.
 Transportation and communications accounted for SAR1.616 billion, or 8% of the total. The water, electricity, gas, and health services sectors also received SAR634 million, representing about 3% of the total credit. Mining and quarrying attracted SAR150 million, accounting for roughly 1%.
 The lowest credit allocations were recorded in the agriculture and fishing sectors with SAR124 million, followed by government and semi-government activities at SAR117 million, and financing at SAR80 million.