Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s point-of-sale (POS) transactions dipped to SAR11.6 billion ($3.1 billion) between Aug. 18 and 24, reflecting a 14.1 percent decrease from the previous week. Spending on clothing and footwear declined, recording the highest decrease at 35.7 percent, with total transactions reaching SAR599.4 million ($160 million).
- The PIF secured a SAR56.3 billion ($15 billion) revolving credit facility to support general corporate purposes. The credit facilities were obtained from a diverse global syndicate of 23 financial institutions spanning Europe, the U.S., the Middle East, and Asia.
- Saudi banks recorded a 21 percent annual surge in credit card loans in the second quarter of 2024, reaching SAR30.04 billion ($8.01 billion). According to SAMA, this is the highest quarterly figure reported, and the most substantial annual growth seen in a year.
