Loans to the construction industry fuelled a boom in corporate lending in Saudi Arabia during the second quarter of 2012, according to Arab News. Citing a report from the Saudi Arabian Monetary Agency, it said bank loans to construction firms grew by 29% during the quarter to $18.6bn. Overall loans to the country's private sector increased by 4% to $248.9bn.
The agency also reported a major growth in consumer loans, fuelled by a 50% increase in mortgages – up to $12.75bn during the quarter.
The amount of deposits lodged with banks also grew by 1% to $182.9m.
Construction Week Online