Weekly Market Brief – 11/11/2022

Saudi Arabia Macroeconomic Developments

• Saudi bank loans granted to public and private sectors grew 15 percent YoY by the end of September to SAR2.4 trillion ($640 billion), compared to SAR2.1 trillion ($560 billion), according to the Saudi Central Bank (SAMA). Private sector lending also increased by 14 percent YoY to SAR2.3 trillion ($610 billion), while loans granted to public non-financial institutions grew 31 percent YoY to SAR120.2 billion ($32 billion).

 

• Saudi Arabia’s Ministry of Investment issued 1,163 new investment licenses to foreign companies in the third quarter of 2022, an increase of 9 percent YoY. The construction sector had the greatest number of licenses issued, which saw a 19 percent increase YoY. Wholesale and retail came in second with 233 licenses, followed by manufacturing industries with 186 licenses.

 

• The number of fintech companies active in Saudi Arabia rose dramatically by 79 percent as investments exceeded SAR1.5 billion ($400 million) for the year, according to the Fintech Saudi Annual report for 2021/2022.