Despite travel ban, tourism loans peaked to SR563mn

Despite travel ban, tourism loans peaked to SR563mn

Okaz/Saudi GazetteRIYADH — The total volume of loans granted to tourism and travel sector during the third quarter of 2020 amounted to nearly SR563 million, the highest in several years, despite the travel ban caused by the outbreak of the coronavirus pandemic, according to a research conducted by Okaz/Saudi Gazette based on government reports.The report showed that the total credit card loans also increased to record levels, reaching SR20.56 billion during the third quarter while compared to previous quarters.There was also record increase in the volume of residential real estate financing deals made with individuals by banks, reaching 27,390 contracts during last September.Most of the financing was related to the villa sector amounting to SR10.49 billion, while apartments came in second place with funds reaching SR1.86 billion and plots of land came in third place with a value of SR640 million.The value of short-term personal loans that are to be repaid within one year or less rose to a record level, reaching SR126.03 billion