Saudi finance firms report 9% asset growth in H1: SAMA

Riyadh led the credit portfolio of financing companies, accounting for 39.8 percent by the end of first six months. Shutterstock
Short Url
Updated 10 October 2023
Follow

Saudi finance firms report 9% asset growth in H1: SAMA

RIYADH: Saudi finance companies’ total assets soared by 9 percent, reaching SR62.36 billion ($16.62 billion) in the first half of 2023, compared to the same period last year, the latest data issued by the Saudi Central Bank, also known as SAMA, showed. 

In its semi-annual performance report on the finance sector and real estate refinance, SAMA noted that the credit portfolio of such firms experienced a 11 percent year-on-year increase, reaching SR80.71 billion by the end of the first half. 

The publication also revealed that the majority of loans issued during this period were directed toward the retail sector, accounting for 76 percent of total loans. Micro, small, and medium-sized enterprises received 21 percent of the loans, while corporate sector financing made up 3 percent. 

The aggregate assets of financing firms reached SR62.4 billion by the close of the first half, marking a 13 percent annual increase. 

However, the report revealed that the combined net income of these firms declined by 36 percent year on year in the first half, reaching SR739 million. 

In terms of credit portfolio composition, residential real estate comprised 28 percent, amounting to SR22.9 billion, followed closely by consumer and vehicle financing at 27 percent and 25 percent, respectively. 
Riyadh led the credit portfolio of financing companies, accounting for 39.8 percent by the end of first six months, followed by Makkah at 24 percent and the Eastern Province at 19 percent. 
SAMA also reported a 86 percent Saudization rate in such firms operating in the Kingdom, with a total of 6,074 employees in the sector by the end of the first half. 

In September, SAMA’s monthly statistical bulletin revealed a 327 percent surge in Saudi Arabia’s balance of payments for tourism during the first half of 2023, amounting to SR40 billion compared to the same period in the previous year.  

The balance of payments for tourism also marked a 34 percent increase in the second quarter, reaching SR22.8 billion, with foreigners spending SR46.6 billion during the same period. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
Follow

New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.