Despite travel ban, tourism loans in Saudi Arabia peaked to $150.13mln

The volume of residential real estate financing deals made with individuals by banks, reaching 27,390 contracts during last September.

  
Saudi women walk with their luggages as they arrive at King Fahd International Airport in Dammam, Saudi Arabia, August 21, 2019.

Saudi women walk with their luggages as they arrive at King Fahd International Airport in Dammam, Saudi Arabia, August 21, 2019.

REUTERS/Hamad I Mohammed

RIYADH — The total volume of loans granted to tourism and travel sector during the third quarter of 2020 amounted to nearly SR563 million, the highest in several years, despite the travel ban caused by the outbreak of the coronavirus pandemic, according to a research conducted by Okaz/Saudi Gazette based on government reports.

The report showed that the total credit card loans also increased to record levels, reaching SR20.56 billion during the third quarter while compared to previous quarters.

There was also record increase in the volume of residential real estate financing deals made with individuals by banks, reaching 27,390 contracts during last September.

Most of the financing was related to the villa sector amounting to SR10.49 billion, while apartments came in second place with funds reaching SR1.86 billion and plots of land came in third place with a value of SR640 million.

The value of short-term personal loans that are to be repaid within one year or less rose to a record level, reaching SR126.03 billion by the end of the third quarter, while the value of medium-term personal loans of which repayment period ranged between one and three years reached SR69.86 billion.

The long-term personal loans, which are due for more than three years, amounted to SR176.94 billion and this was the highest among other loans, while the total value of personal loans reached SR372.82 billion.

 

© Copyright 2020 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services