Riyadh, February 18, 2025 – The credit extended by finance companies to non-individuals in Saudi Arabia has reached unprecedented heights, with the total amount standing at approximately SAR 20.858 billion by the close of the third quarter of 2024. This figure represents an annual growth rate of 8.4%, marking an increase of SAR 1.612 billion compared to the same period in 2023, when the total credit was recorded at SAR 19.246 billion.
According to the December 2024 monthly statistical bulletin released by the Saudi Central Bank (SAMA), the distribution of credit spans 11 diverse economic sectors, highlighting the broad reach of financial support across various industries. The data reveals a positive trend in credit allocation, with a quarterly growth rate of 2%. In total, credit levels grew by SAR 324 million from the second quarter of 2024, when the total credit amount stood at SAR 20.534 billion.
When broken down by the size of businesses, small enterprises received the largest share of credit, accounting for 38% of the total. This amounts to SAR 7.883 billion, underscoring the growing importance of small businesses in the Kingdom’s economy. Medium-sized enterprises were the second-largest recipients, receiving 33% of the total credit, or SAR 6.929 billion. Large companies represented 16% of the total credit distribution, equating to SAR 3.403 billion, while micro-enterprises made up 13%, totaling SAR 2.643 billion.
In terms of sector-specific credit allocation, the construction sector claimed the largest share, receiving a total of SAR 6.450 billion, or about 31% of the total credit extended. This substantial share highlights the ongoing investments in infrastructure and development projects across the Kingdom, a key element of the nation’s Vision 2030 initiative. The services sector followed closely, receiving SAR 4.548 billion, representing 22% of the total credit, reflecting the importance of the service industry in Saudi Arabia’s economic growth.
The trade sector ranked third, with SAR 3.110 billion, accounting for approximately 15% of the total credit allocation. Other economic sectors also attracted significant credit, with SAR 2.051 billion allocated to various activities, representing 10% of the total. The industrial sector, a critical component of Saudi Arabia’s diversification efforts, received SAR 1.978 billion, accounting for 9.5% of the total credit.
Further breakdowns of credit distribution show transportation and communications received SAR 1.616 billion, which represents 8% of the total, while the combined sectors of water, electricity, gas, and health services received SAR 634 million, equating to 3% of the total. Mining and quarrying, though a smaller sector in terms of financial support, attracted SAR 150 million, representing roughly 1% of the total credit.
The sectors with the lowest credit allocations were the agriculture and fishing sectors, receiving only SAR 124 million, followed by government and semi-government activities with SAR 117 million, and financing with SAR 80 million. These figures indicate the targeted nature of credit distribution, with a heavier emphasis on more capital-intensive sectors like construction, services, and trade.
This breakdown not only reflects the growing financial support available to diverse sectors of the Saudi economy but also illustrates the government's strategic focus on boosting economic activities aligned with the Kingdom's long-term goals. The credit growth across different sectors highlights the resilience of Saudi businesses, both large and small, and reinforces the country's evolving financial landscape.
As the Kingdom moves toward its Vision 2030 objectives, these developments demonstrate the ongoing strength and expansion of the financial ecosystem, driving growth across various economic activities. The rising levels of credit allocated to non-individuals signify a clear trend of increasing support for businesses, as well as a broader commitment to fostering economic diversification, infrastructure development, and private sector growth.