Riyadh, Saudi Arabia–For the first time since 2007, the aggregate assets of Saudi banks have surpassed that of UAE peers, according to the Central Bank of UAE (CBUAE).
Saudi banks’ aggregate assets reached SAR 3.529.1 trillion ($938.82 billion) in June, against AED 3.449.2 trillion, based on the latest monthly data issued by the UAE’s Central Bank (CBUAE).
The Saudi Central Bank (SAMA) has recently announced July’s data, which showed that aggregate assets of Saudi banks saw a marginal decline month-on-month (MoM) to SAR 3.528 trillion.
Based on SAMA and CBUAE’s June data, the aggregate assets of Saudi banks exceeded those of UAE peers for the first time since 2007, taking into account the official exchange rate of AED 1 equals SAR 1.02.
The Saudi banks’ aggregate assets broke the SAR 3 trillion-mark for the first time at the end of February 2021, the SAR 2 trillion-mark in March 2014 and the SAR 1 trillion-mark in October 2007.
The private sector’s liabilities accounted for the largest share in Saudi banks’ assets with over 63 percent. The governmental and quasi-governmental liabilities represented nearly 17 percent.
Saudi banks’ assets in June made up almost 135 percent of real gross domestic product (GDP) of SAR 2.614.7 trillion – their highest level ever.
The assets of Saudi banks exceeded the Kingdom’s GDP for the first time in 2020.