|01 December, 2019

Mortgage loans in Saudi Arabia up 21% in Q3: SAMA

The share of small and medium-sized enterprises in total finances grew by 6.2% YoY

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

Image used for illustrative purpose. The view of high rises in King Abdullah Financial District in Riyadh.

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Riyadh – Mubasher: Governor of the Saudi Arabian Monetary Authority (SAMA) Ahmad bin Abdulkarim Al Kholifey said that the Saudi banking sector has continued to achieve high growth rates.

Al Kholifey noted that real estate mortgages grew by 21% year-on-year (YoY) during the third quarter (Q3) of 2019.

Moreover, the Kingdom has maintained stable economic growth, with the gross domestic product (GDP) recording a 2.4% growth rate in 2018, after contracting by 0.7% in 2017.

The share of small and medium-sized enterprises in total finances grew by 6.2% YoY, according to a statement by SAMA.

Saudi Arabia recently became a full member of the Financial Action Task Force (FATF), in a recognition of the Kingdom’s efforts to combat money laundering and terrorism financing.

Source: Mubasher

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