GCC personal loans top $355bn in Q1
Jeddah, October 1, 2013
The volume of personal loans granted to GCC nationals surpassed SR1.33 trillion ($355 billion) in the first quarter of 2013, a report said.
UAE topped the list with personal loans at SR530.6 billion, followed by the Saudi Arabia at SR314.8 billion, according to the report in Arab News.
Kuwaitis were granted loans of SR235.5 billion, the Qataris at SR169.1 billion, the Omanis at SR58.3 billion and the Bahrainis at SR24.1 billion, economic expert Fadi Al-Ajaji was quoted as telling Al-Riyadh daily.
Saudi Arabia saw the biggest increase (4.9 per cent) in personal loans during the first quarter of 2013 compared to the fourth quarter of 2012, followed by Qatar (4.8 per cent), Oman (2.9 per cent, Kuwait (2.4 per cent), Bahrain (2.2 per cent) and the UAE ( 1per cent), Al-Ajaji said.
Qatar registered the biggest growth rate in consumer loans among the GCC countries at 9.7 per cent, followed by Saudi Arabia (5.5 per cent), Kuwait (4 per cent), Oman (2.9 per cent), and Bahrain and the UAE (2.2 percent each), he added.
The value of real estate loans for the GCC citizens stood at SR505.9 billion, or 38 per cent of the overall personal loans during the first quarter of the year.
Real estate loans amounted to 52.5 per cent of total personal loans in Qatar, followed by the UAE (48.7 per cent), Kuwait 40.6 (per cent), Bahrain (30.1 per cent), Oman (30 per cent), and Saudi Arabia (12.2 per cent), the report said.