Moody’s expects credit to the Saudi private sector to grow 10% in 2022

Moody’s said the outlook for the Saudi banking sector is stable due to improving operating conditions, increasing profitability and accelerating credit growth as oil prices rise.

Moody’s expects the non-oil sector to continue to recover throughout the year in course, supported by the increase in oil prices and production.

Moody’s expects credit granted to the private sector to grow by 10% in 2022, provided that business demand for credit will be supported by projects from the Public Investment Fund and government institutions.

Moody’s added that reliance on foreign and market funding will increase as loan growth outstrips deposit growth over the next eighteen months.

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