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FinancialNews


  • 13-09-21

    Saudi banks decrease auto loans in 2Q of 2021

    (MENAFN) Saudi banks made less auto loans in the April-June period as the sector suffered with a need of supply as a result of a global lack of semiconductors.

    Banks in the Kingdom lent SR15.53 billion (USD4.14 billion) to consumers to purchase vehicles during the three months to the end of June.

    Data from the Saudi Central Bank (SAMA) stated that this decreased 0.5 percent in 2020 and 1.9 percent less than the preceding quarter.

    According to Umar Khan, general manager of sales at Kia Motors Saudi Arabia, the decrease was resulted by a semiconductor chip lack. “There is demand for about 5,000 cars over the next five months, but all we can get is 1,500.”

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