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Loan amount in Saudi rises to SR312bn in 2007
- Saudi Arabia: Sunday, March 23 - 2008 at 07:59
A new report has found that a total of 5.2 million people took bank loans or financed purchases in Saudi Arabia last year, of which 4.8 million were Saudis and 461,000 expatriates, reported Khaleej Times. An employee can now get a loan just on the strength of his monthly salary serving as the only collateral, said Nabeel Al Mubarak, a financial analyst and author of the report. As such, employees are tempted to take loans because the terms for loans are much simpler compared to a few years ago. The loan amount in Saudi Arabia last year rose to SR312 billion.
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Jeff Florian, Senior ReporterSunday, March 23 - 2008 at 07:59 UAE local time (GMT+4)
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