Saudi Arabia Macroeconomic Developments
- Saudi bank loans granted to public and private sectors grew 14 percent in May to SAR2.264 trillion ($604 billion), according to Saudi Central Bank (SAMA) data. The vast majority of commercial bank lending went to the private sector as it grew 14 percent YoY during the same period.
- Residential real estate financing provided for individuals by banks in Saudi Arabia declined 1 percent YoY in May to SAR8.81 billion ($2.35 billion). Compared to April, residential real estate financing fell nearly SAR409 million ($109.1 million). Villa mortgages accounted for 77 percent of the total while apartments were 18 percent of the total.
- The value of Saudi Arabia’s reserve assets was unchanged in May, standing at SAR1.69 trillion ($451.7 billion). The composition of reserve assets did change slightly with the Kingdom lowering its holdings of foreign securities by 1.2 percent, raising foreign currency holdings by 2.6 percent, and its IMF reserve position by 0.4 percent.