Complex Made Simple

Saudi government-run funds extend SAR27bn in loans since year’s start

SAR73.7bn expected to be disbursed during this year with SAR27bn already extended

The total value of financing and loans extended by Saudi government-run development funds and public lending programmes since the beginning of the current year amounted to SAR27 billion.

Since their introduction and establishment, these funds and programmes provided a total of SAR614bn, according to official figures published by Al-Eqtisadiah.

It is expected that SAR73.7bn will be disbursed in the current year. Three government-run funds have already announced that they extended SAR27bn, which is 37 per cent of the loans that the country’s five main funds are expected to provide this year.

These funds include the Industrial Development Fund, the Real Estate Development Fund, the Agricultural Development Fund, the Public Investment Fund and the Saudi Credit and Savings Bank.

Government funding programmes include the Saudi Export Programme, the local loans programme, as well as the subsidies programme.

Out of the SAR27bn extended so far this year, the Real Estate Development Fund accounted for SAR15.3bn and the Industrial Development Fund accounted for SAR4.2bn, while loans extended by the Public Investment Fund and the Saudi Credit and Savings Bank totalled SAR7.3bn, the data shows.

(SAR1 = AED0.98, at the time of publishing