The purpose of this study is to use the fully modified ordinary least squares (FMOLS) method to examine the connection between financial development and economic growth in Saudi Arabia from 2013 to 2023. The growth of the credit market (bank loans to the private sector) and the stock market (the general stock market index) have been the manifestations of the evolution of financial markets. According to the findings, domestic bank credit to the private sector influences economic growth in the long run, but in the short run, it has little effect and even has a negative impact. In contrast, the stock market index has an unexpectedly small but positive impact in the short term, but a long-term beneficial effect that is barely noticeable. Lastly, there is good and substantial evidence that increasing industrial production will contribute to economic growth, both now and in the future.