Saudi Arabia’s domestic credit market to grow 10% this year and next

Saudi Arabia’s domestic credit market to grow 10% this year and next

Credit market in Saudi Arabia is expected to grow in double digits this year and next, driven by an uptick in demand for home financing and retail loans, as the Arab world's biggest economy presses ahead with its diversification strategy.

The overall domestic credit market growth is expected to remain stable at 10 per cent in 2021 and 2020, S&P Global ratings said in a research note.

The rating agency has also revised estimates for domestic private sector credit growth for this year and next. Credit growth is now expected to consistently exceed 80 per cent of the kingdom's gross domestic product in 2021