Saudi banks stay resilient amid pandemic
RIYADH, December 15, 2020 Saudi Arabian banks’ mortgage finance continuing to record significant growth for the first time, says the KPMG Q3 2020 Saudi banking sector analysis report. The banking sector experiences a range of regulatory changes, including the value-added tax (VAT) reforms and the institutionalisation of the real estate transaction tax (RETT). KPMG recorded these observations in its latest the “Banking Pulse”, a series of quarterly reports, highlighting the latest developments in the Kingdom s banking sector following the disclosure of third-quarter 2020 financials by listed banks. “The lending space in the Saudi banking sector has been rife with continued growth in mortgage financing throughout the Covid-19 environment. It is an endorsement of the housing demand in the country and testament of government support measures,” commented Khalil Ibrahim Al Sedais, Office Managing Partner – R