Saudi construction loans jump 34% in 9 months
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Saudi construction loans jump 34% in 9 months

Saudi construction loans jump 34% in 9 months

According to data released by the Saudi Arabian Monetary Agency (Sama), bank loans dedicated to building and construction in the kingdom have surged 34% to SR72.5bn ($19bn) in the first nine months of this year, Bloomberg has reported. Saudi Arabia's housing stock is set to expand by 2.4 million units in the next 10 years, with annual demand rising to 264,000 units by 2020 from 195,000 in 2011, National Commercial Bank said on October 1. Banks may double real estate financing to meet demand, the country's biggest bank said.

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