The Banking Executive Magazine - August 2023 Issue

Saudi Bank Credits to Economic Sector SAUDI BANK CREDIT TO ECONOMIC SECTORS RISE 10% TO $659 BLN BY JUNE-END Total bank credit issued to various economic sectors in Saudi Arabia rose 10.3% year-on-year to SAR 2.47 trillion ($658.68 billion) by the end of June 2023, according to the latest update from Saudi Central Bank (SAMA). Lending to the mining and quarrying sector hit SAR 39.81 billion, growing 15.6% YoY. The kingdom has issued more than 2,300 permits for new mines since implementing a landmark law to at- tract capital into its massive mining industry estimated at $1.33 trillion. On the other hand, the manufactur- ing sector saw loans falling 1.9% YoY to SAR 173.19 billion. Lending to the construction sector in- creased to SAR 121.94 billion by the end of June 2023, up 14.5% YoY, ac- cording to the central bank's data. the BANKING EXECUTIVE 40 ISSUE 176 AUGUST 2023