Increasing participation of women and expatriates catalyse Saudi Arabia Consumer Finance Market: TechSci Research
Saudi Arabia Consumer Finance Market
Coupled with increasing participation of women and expatriates, rising population, increasing standard of living and surging demand for luxurious products to drive Saudi Arabia consumer finance market through 2022
According to a TechSci Research report, “Saudi Arabia Consumer Finance Market By Type, Competition Forecast & Opportunities, 2012-2022”, Saudi Arabia consumer finance market is projected to grow to $344 billion by 2022. The growth of consumer finance market in Saudi Arabia is propelled by factors such as increasing women participation in workforce (according to Ministry of Civil Services, number of Saudi female employees in government sector shot up from around 450 thousand in 2014 to 469 thousand in 2015), rising number of expatriates in the country, surging demand for housing and low interest rate scenario compliant with Islamic banking. In 2016, the growth in the consumer finance market has been witnessed in the country, owing to availability of beneficial and innovative finance products to consumers coupled with increasing focus of the country towards diversifying into non-oil economy.
Browse 4 market data Tables and 34 Figures spread through 89 Pages and an in-depth TOC on
"Saudi Arabia Consumer Finance Market"
Al Rajhi Banking & Investment Corporation, National Commercial Bank, Riyad Bank, Saudi British Bank, and Samba Financial Group are some of the leading players in the Saudi Arabia consumer finance market in 2016, which are expected to maintain their dominance during the forecast period, owing to rising demand for sharia-compliant Islamic consumer finance products. In 2016, the country’s Northern & Central region dominated the market, followed by Western, Eastern and Southern regions. According to SAMA, in 2015, Northern & Central region of Saudi Arabia had 623 commercial bank branches by the end of 2016. Increasing presence of financial entities is expected fulfill financial requirements of consumers, and this will further drive the consumer finance market in the region in the coming years.
Unsecured consumer finance accounts for the majority share in the country’s consumer finance market, the segment’s dominance is expected to continue during the forecast period. “Rising demand and availability of sharia-compliant Islamic consumer finance products in the country, growing population and increasing inflow of expatriates due to rising employment opportunities coupled with favorable government initiatives such as implementation of the 2.5% tax of unused/white land to revive the shortage of residential houses, are few of the major factors that are expected to steer the growth of consumer finance market in Saudi Arabia in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Consumer Finance Market By Type, Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth potential of consumer finance market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the Saudi Arabia consumer finance market.
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