The total volume of loans provided by commercial banks operating in the Gulf Cooperation Council during the year 2022 increased by 7.9% on an annual basis.
According to data issued by the Gulf Statistical Council, total loans to companies and individuals amounted to about $1.76 trillion over the past year, compared to $1.61 trillion in 2021.
Saudi banks topped GCC banks in terms of the value of loans granted, with $626 billion in 2022, compared to $549 billion in 2021, with a growth rate of 14.1%.
In second place, the UAE came with about $512 billion during the past year, compared to $489 billion in the previous year, up by 4.9%. Banks in Qatar came in at $345 billion, compared to $334 billion, with a growth rate of 3.3%.
The State of Kuwait ranked fourth in terms of value, with a volume of loans amounting to $171 billion in 2022, compared to $140 billion in 2021, with a growth rate of 7.3%.
Banks in Oman ranked fifth with $76 billion in 2022, up 4.9% from their 2021 level of $72 billion. Banks in Bahrain ranked last with $30 billion, compared to $29 billion in 2021, with a growth rate of 3.5%.
The share of loans granted by commercial banks operating in Saudi Arabia constituted about 35.6% of the total loans of GCC banks, followed by loans from UAE banks, then Qatar at about 19.6%, while the share of banks in other countries combined amounted to about 15.7%.
private sector loans
The percentage of loans directed to the private sector out of total loans amounted to about 94.6% in Saudi Arabia, 94.4% in Bahrain, and about 83.6% in the Sultanate of Oman.
The percentage in the UAE and Qatar was about 70.9% and 70.2%, respectively, and at the level of the Cooperation Council bloc, the percentage of loans directed to the private sector was about 81.6%.
