The finance and insurance firms operating in Saudi Arabia increased by 75 to 6,664 institutions by the end of 2017, compared to 6,589 a year earlier, annual data from the General Authority for Statistics (GASTAT) showed.
|
Finance & Insurance Sectors |
|||
|
Item |
2016 |
2017 |
Variation |
|
Number of entities |
6,589 |
6,664 |
+75 |
|
Number of Saudi employees (‘000) |
79.7 |
82.3 |
+2.6 |
|
Number of non-Saudi employees (‘000) |
31.3 |
31.4 |
+0.1 |
|
Total employees (‘000) |
110.9 |
113.7 |
+2.8 |
Total number of employees in the sector grew by 2,782 to 113,700 persons in 2017. Saudis accounted for 82,300 of total employees, an increase of 2,641 persons. Expatriates represented 31,400 employees, compared to 31,300 in 2016.
|
Finance & Insurance Sectors (2017) |
||||
|
Economic activity |
Number of entities |
Employees |
||
|
Saudis |
Non-Saudis |
Total |
||
|
Financial brokerage (Banks) |
3,025 |
61,927 |
14,771 |
76,698 |
|
Holding companies |
42 |
470 |
838 |
1,308 |
|
Financial lease |
266 |
464 |
2,068 |
2,532 |
|
Other loans providing activities |
1,424 |
4,844 |
1,958 |
6,802 |
|
Other financial services (excl. insurance) |
142 |
1,874 |
1,325 |
3,199 |
|
Insurance |
1,201 |
9,642 |
7,512 |
17,154 |
|
Reinsurance |
44 |
493 |
831 |
1,324 |
|
Financial markets management |
13 |
44 |
246 |
290 |
|
Brokerage activities related to securities contracts |
133 |
481 |
338 |
819 |
|
Other helping activities financial services |
263 |
1,347 |
1,004 |
2,351 |
|
Risk & damage assessment |
21 |
243 |
30 |
273 |
|
Insurance agency and brokerage |
37 |
165 |
125 |
290 |
|
Other insurance helping activities |
17 |
116 |
158 |
274 |
|
Cash management |
36 |
198 |
216 |
414 |
|
Total |
6,664 |
82,308 |
31,420 |
113,728 |
Financial brokerage firms made up for 45 percent, or 3,025 institutions in the sector, with 76,700 employees in the same period.
|
Finance & Insurance Sectors (2017) |
||||
|
Economic activity |
Number of entities |
Employees |
||
|
Saudis |
Non-Saudis |
Total |
||
|
Financial brokerage (Banks) |
3,025 |
61,927 |
14,771 |
76,698 |
|
Holding companies |
42 |
470 |
838 |
1,308 |
|
Financial lease |
266 |
464 |
2,068 |
2,532 |
|
Other loans providing activities |
1,424 |
4,844 |
1,958 |
6,802 |
|
Other financial services (excl. insurance) |
142 |
1,874 |
1,325 |
3,199 |
|
Insurance |
1,201 |
9,642 |
7,512 |
17,154 |
|
Reinsurance |
44 |
493 |
831 |
1,324 |
|
Financial markets management |
13 |
44 |
246 |
290 |
|
Brokerage activities related to securities contracts |
133 |
481 |
338 |
819 |
|
Other helping activities financial services |
263 |
1,347 |
1,004 |
2,351 |
|
Risk & damage assessment |
21 |
243 |
30 |
273 |
|
Insurance agency and brokerage |
37 |
165 |
125 |
290 |
|
Other insurance helping activities |
17 |
116 |
158 |
274 |
|
Cash management |
36 |
198 |
216 |
414 |
|
Total |
6,664 |
82,308 |
31,420 |
113,728 |
Operating expenses in the finance and insurance sector rose 7 percent year-on-year (YoY) to SAR 47.3 billion in 2017. Operating revenue jumped 10 percent YoY to SAR 162 billion.
|
Finance & Insurance Sectors (SAR bln) |
|||
|
Item |
2016 |
2017 |
Variation |
|
Employees compensations |
22.10 |
22.92 |
+4% |
|
OPEX |
44.12 |
47.31 |
+7% |
|
Operating revenue |
146.85 |
162.02 |
+10% |
Employees’ total compensation grew by 4 percent YoY to SAR 22.9 billion in the same period.
|
Finance & Insurance Sectors Details (2017) (SAR bln) |
|||
|
Economic activity |
Employees compensations |
OPEX |
Operating revenue |
|
Financial brokerage (Banks) |
17.35 |
33.28 |
126.57 |
|
Holding companies |
0.23 |
0.45 |
1.93 |
|
Financial lease |
0.46 |
0.86 |
3.01 |
|
Other loans providing activities |
0.96 |
1.85 |
6.42 |
|
Other financial services (excl. insurance) |
0.12 |
0.87 |
3.05 |
|
Insurance |
3.33 |
9.19 |
18.16 |
|
Reinsurance |
0.29 |
0.50 |
1.91 |
|
Financial markets management |
0.01 |
0.02 |
0.06 |
|
Brokerage activities related to securities contracts |
0.03 |
0.05 |
0.15 |
|
Other helping activities financial services |
0.10 |
0.17 |
0.55 |
|
Risk & damage assessment |
0.01 |
0.01 |
0.04 |
|
Insurance agency and brokerage |
0.01 |
0.02 |
0.06 |
|
Other insurance helping activities |
0.01 |
0.02 |
0.05 |
|
Cash management |
0.01 |
0.02 |
0.06 |
|
Total |
22.92 |
47.31 |
162.02 |
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