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17-05-21
Strong housing demand to support Saudi credit growth
(MENAFN)According to S&P, strong housing demand and the government’s commitment to convene Vision 2030 targets is estimated to support Saudi credit enlargement in the coming two years.
The credit ratings agency estimates mortgage portfolios in the banking sector to enlarge by about 30 percent yearly in the next two years as a total amount of expansion is estimated to reach 10 percent in 2021-2022.
According to S&P report “Our assessment of economic risk reflects our view that the Saudi Arabian economy recently started to rebound, with global economic conditions and oil markets improving and the global economy emerging from the pandemic,” adding that “We expect government efforts to meet Vision 2030 targets and strong demand for housing from Saudi nationals will support solid mortgage and retail loan growth.”
It further stated that it estimates credit costs to be increased as the government phases out pandemic-related support packages, saying that the Kingdom’s central bank has consistently supported banks to set strong loan loss provisions.
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