Saudi banks to finance women in buying cars after ban lifted

DAMMAM: The decision to allow women to drive will result in increased car sales requiring bank loans, and it is expected that banks will see a growing demand for this kind of loan; therefore, Saudi banks are getting ready to offer services to these women, a bank source said.

Talat Hafiz, secretary-general of the media and banking awareness committee of the Saudi banks, said that banks are ready to finance women wanting to buy cars directly and indirectly through payments to car dealerships, pointing out that this decision will have beneficial economic impacts such as facilitating the work of women and expanding their economic roles.

He pointed out “one of the main problems impeding women’s work is transportation. The money women spend on taxis is considered a big waste. Therefore, families will be able to save a lot now.”

“Car sales in the Kingdom reach 600,000 thousand annually. However, this number will increase by 50 percent in the coming period, which will have many positive impacts on the country’s economy, including the GDP,” he added.

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