Saudi lenders gear up for corporate growth.

Saudi lenders are shifting their focus from the retail market to corporate lending as the growth of the mortgage market slows down. The exposure of Saudi banks to the retail market is decreasing, with mortgage lending growth at 8% in the first nine months of 2023 compared to 19% in September 2022. Government-related entities are increasing their deposits in the banking system, and liquidity has been supported by these deposits, which grew by 23% in the 12 months to October 2023. While Saudi banks are expected to see financing growth of about 10% in 2024, they may need stronger access to international capital to sustain growth and finance projects related to Vision 2030. [Extracted from the article]

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