The private credit bureau coverage in Saudi Arabia has shown significant growth from 44.3% in 2013 to 69.2% in 2023, illustrating a broadly rising trend in monitoring and reporting credit activity among the adult population. From 2024 onwards, the forecasted data suggests that this coverage is expected to continue growing, reaching 81.2% by 2028.
The year-on-year percentage variations highlight several key trends:
- Recent years have shown moderate but consistent growth with slight declines; for example, 2022 saw a 4.06% increase and 2023, a 3.75% increase.
- The overall Compound Annual Growth Rate (CAGR) over the last five years until 2023 is relatively stable at 1.83%, reflecting a steady improvement in credit bureau coverage.
- Looking ahead, the forecasted five-year CAGR from 2023 to 2028 stands at 2.52%, suggesting an anticipated continuous, although tapering, increase in coverage.
Future trends to watch for include advancements in digital financial services, regulatory changes impacting credit reporting, and enhanced integration of alternative credit scoring methods leveraging data analytics and AI technologies.