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 attract capital into its massive mining industry estimated at $1.33 trillion.

On the other hand, the manufacturing sector saw loans falling 1.9% YoY to SAR 173.19 billion.

Lending to the construction sector increased to SAR 121.94 billion by the end of June 2023, up 14.5% YoY, according to the central bank's data.

(Editing by Seban Scaria