{"id":30614,"date":"2020-12-19T12:13:33","date_gmt":"2020-12-19T09:13:33","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=30614"},"modified":"2020-12-19T12:13:33","modified_gmt":"2020-12-19T09:13:33","slug":"109-2-%d9%85%d9%84%d9%8a%d8%a7%d8%b1-%d8%b1%d9%8a%d8%a7%d9%84-%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d8%b9%d9%82%d8%a7%d8%b1%d9%8a-%d9%84%d9%84%d8%a3%d9%81%d8%b1%d8%a7%d8%af","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/30614\/","title":{"rendered":"109.2 billion riyals in consumer finance contracts over 10 months"},"content":{"rendered":"

A major surge pushes Saudi banks' assets to 1.7 trillion riyals in the third quarter<\/strong><\/h3>\n\n\n\n

Real Estate Financing<\/strong> \u2013 A report released by the Saudi Arabian Monetary Authority in early December revealed that the total amount paid out for contracts had doubled Housing finance<\/a> New retail financing contracts from the beginning of this year through last October, with the number of financing contracts reaching 234,400, worth over 109.2 billion riyals, an increase of 73% compared to the same period in 2019, which recorded 135,300 contracts, representing an 81% rise in financing compared to the same period last year, which recorded approximately 60.2 billion riyals.<\/p>\n\n\n\n

12.5 billion riyals <\/strong><\/strong>Real Estate Financing<\/strong> In October<\/h3>\n\n\n\n

The report noted that housing finance in October saw a 21% increase in the number of contracts compared to the same month in 2019, and a 35% increase in financing, marking the third-highest increase in terms of both the number of contracts and financing, with approximately 25,900 new financing contracts worth 12.5 billion riyals. The number of contracts subsidized through housing programs and the Real Estate Development Fund last October\u2014provided by banks and real estate financiers\u2014reached approximately 25,000, accounting for 96 percent of all contracts concluded, with a value of 11.9 billion riyals, representing 95% of the financing provided during the period.<\/p>\n\n\n\n

1.7 trillion riyals in assets for the third quarter<\/strong><\/h4>\n\n\n\n

In another context, Saudi banks have contributed to maintaining the financial soundness of the banking sector, as reflected in and required by the sector\u2019s financial soundness indicators across the board, whether those related to financial solvency or to the quality of assets.
Hafez noted that banks\u2019 liabilities to the private sector at the end of the third quarter of this year amounted to 1.7 trillion riyals, compared to 1.5 trillion riyals at the end of the same quarter last year, representing a growth rate of 13%.<\/p>\n\n\n\n

158 billion riyals in financing for small businesses<\/strong><\/h3>\n\n\n\n

Talaat Hafez, Secretary-General of Banking Awareness and spokesperson for Saudi banks, explained in press statements that the programs launched by the government during the pandemic did not stop there; but rather, the total financing granted by banks and finance companies to small, medium, and micro enterprises by the end of the third quarter of this year reached 158 billion riyals, accounting for 7.8% of the total facilities granted to the private sector.<\/p>\n\n\n\n

Talaat stated that the government has adopted 142 initiatives and programs worth more than 214 billion riyals to mitigate the impact of the novel coronavirus on the economy and the private sector, while the Saudi Central Bank (SAMA) launched a program worth 50 billion riyals to enable banks and finance companies to support small, medium, and micro enterprises.<\/p>\n\n\n\n

A Distinctive and Advanced Model for the Kingdom<\/h4>\n\n\n\n

The spokesperson for Saudi banks emphasized that the Kingdom has set a distinguished example in supporting economic activities and the private sector\u2014including individuals and investors\u2014amid the COVID-19 pandemic, with the aim of mitigating its negative effects on both the economy and development as well as the banking sector. He noted that the financial sector, in general and in its broad and comprehensive sense, is an integral part of the G20\u2019s financial agenda, which focuses on fiscal and monetary policy issues such as: the global economy, infrastructure, financial system oversight, financial inclusion, the international financial architecture, and international taxation.<\/p>\n\n\n\n

Real Estate Financing<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>A significant surge pushed Saudi banks\u2019 assets in the third quarter to 1.7 trillion riyals in mortgage financing\u2014a report released by the Saudi Arabian Monetary Authority in early December, revealed that the total number of new residential mortgage contracts issued to individuals had doubled from the beginning of this year through October, with the number of mortgage contracts reaching 234,400, valued at over \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":28846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"\u062a\u0645\u0648\u064a\u0644 \u0639\u0642\u0627\u0631\u064a - 109.2 \u0645\u0644\u064a\u0627\u0631 \u0631\u064a\u0627\u0644 \u0642\u064a\u0645\u0629 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u064a\u0629 \u0644\u0644\u0623\u0641\u0631\u0627\u062f 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