GCC consumer loans booming
The volume of personal loans granted to the GCC citizens exceeded SR1.33 trillion ($355.3 billion) by the end of Q1, 2013, or an increase of 2.7 percent over the figures of 2011, local media said quoting an expert.
Citizens of the UAE topped the list of GCC citizens on having the biggest portion of personal loans at SR530.6 billion by the end of Q1, followed by the Saudis at SR314.8 billion, the Kuwaitis at 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 told Al-Riyadh daily.
Saudi Arabia registered the biggest growth in personal loans (consumer and real estate) during Q1 compared to Q4, 2012, which increased by 4.9 percent, followed by Qatar at 4.8 percent, Oman 2.9 percent, Kuwait 2.4 percent, Bahrain 2.2 percent, and the UAE one percent), he said.
Regarding consumer loans, Qatar registered the biggest growth rate among the GCC countries at 9.7 percent, followed by Saudi Arabia at 5.5 percent, Kuwait four percent, Oman 2.9 percent, and Bahrain and the UAE 2.2 percent each), he said.
Meanwhile, the value of real estate loans for the GCC citizens stood at SR505.9 billion, or 38 percent of the overall personal loans, by the end of Q1. Real estate loans captured 52.5 percent of total personal loans in Qatar, followed by the UAE 48.7 percent, Kuwait 40.6 percent, Bahrain 30.1 percent, Oman 30 percent, and Saudi Arabia 12.2 percent.