Banks in Saudi Arabia are borrowing internationally at their fastest ever pace, as they rebalance their books after years fuelling the kingdom’s rapidly growing economy.
The kingdom’s lenders collectively borrowed about $33bn in 2025, roughly three times the previous high of $10.5bn set the year before, according to Fitch Ratings.
“We thought 2024 was going to be a record year and that was going to be it,” said Redmond Ramsdale, head of Middle East banks ratings at Fitch. “And 2025 has obviously significantly exceeded that again.”
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