Leading executives at the Future Investment Initiative conference in Riyadh noted that while the private-credit sector remains healthy, lending standards are showing early signs of loosening. They pointed to increasing leverage, thinner covenants, and aggressive pricing in loans to large corporations outside the traditional banking system. Though no immediate bubble is flagged, there is heightened vigilance over liquidity risk in less-regulated credit channels. The executives suggested fund managers tighten underwriting discipline and build buffers amid evolving market conditions.