The entire financial institution lending to the constructing and development sector in Saudi Arabia reached 102.38 billion Saudi riyals ($27 billion) within the first quarter of 2022, up 3.9 % from 98.50 billion riyals ($26 billion) for a similar interval in 2021, Saudi Central Financial institution (SAMA) stated in its Could bulletin.
Over the previous 5 years, tasks executed within the Kingdom’s development and associated sectors exceeded 20 trillion riyals ($5.33 billion), Hamad Al-Hammad, head of the Nationwide Contractors’ Committee on the Saudi Union of Chambers of Commerce of Business had advised native Arabic language media.
He added that the Kingdom’s development sector is recovering from stagnation which it suffered in the course of the Coronavirus pandemic, however the restoration course of wants time.
(Writing by Senthil Palanisamy; Enhancing by Anoop Menon)
