Feb. 15--RIYADH -- Saudi citizens had the highest consumer loans among the GCC citizens at $77.8 billion (SR292 billion) by the end of Q3, 2013, or 43.4 percent of the total GCC consumer loans, local media said quoting GCC central bank data.
Kuwaitis were the second highest consumer loan receivers in the same period at $38.6 billion (SR145 billion), or 21.6 percent of total loans, followed by citizens of the UAE at $25 billion (SR94 billion), 13.9 percent, Qataris at $22.1 billion (SR83 billion), 12.3 percent, Omanis at $11 billion (SR41 billion), and Bahrainis at $4.7 billion (SR18 billion), or 2.6 percent of the total GCC loans, the media said.
According to the available data, the volume of personal loans of the GCC citizens stood at $304.7 billion (SR1.14 trillion) by the end of Q3, 2013), an increase of 12.9 percent compared to figures of Q3, 2012. In a two-year period, or Q4, 2011 to Q3, 2013, the personal loans in the GCC countries soared by 19.6 percent to $50 billion (SR187 billion), the report said.
On the other hand, the volume of loans destined for direct consumption stood at $179 billion (SR672 billion) by the end of Q3, or an increase of 17.2 percent compared to figures of Q3, 2012. Consumer loans represented 58.8 percent of overall personal loans given to the GCC citizens whereas real estate loans, which represented 41.2 percent of personal loans, grew by 7.2 percent to $126 billion (SR471 billion) by the end of Q3, the report said.
The UAE citizens had the highest value of real estate loans by the end of Q3, 2013 at $52.7 billion (SR198 billion), or 42 percent of total real estate loans, followed by Qataris at $28.3 billion (SR106 billion), or 22.5 percent, the Kuwaitis at $26.1 billion (SR98 billion), or 20.8 percent, the Saudis at $11.5 billion (SR43 billion), or 9.2 percent, the Omanis at $4.7 billion (SR18 billion), or 3.7 percent, and the Bahrainis at $2.3 billion (SR9 billion), or 1.8 percent of the overall GCC real estate loans, the report said.
(c)2014 the Arab News (Jeddah, Saudi Arabia)
Visit the Arab News (Jeddah, Saudi Arabia) at www.arabnews.com
Distributed by MCT Information Services