Finance

Abyan Capital, a trailblazing robo-advisory enterprise based in Saudi Arabia, has successfully completed a Series A financing round, amassing $18 million. The investment round saw significant contribution from STV, with additional backing from Wa’ed Ventures and RZM Investment.Established in 2022, Abyan Capital has been instrumental in transforming the financial advisory domain within Saudi Arabia by providing automated, accessible, and Shariah-compliant...

The financial technology landscape in Saudi Arabia is approaching a pivotal milestone, aiming to establish itself as a dominant financial hub in the region. A recent study by a renowned management consultancy firm highlights the country's rapid progress in the fintech sector, driven by key initiatives like Fintech Saudi.Initiated by the Saudi Central Bank and the Saudi Capital Markets Authority...

Saudi Arabian officials have made a plea to the International Monetary Fund (IMF) to concentrate on its primary responsibilities, highlighting the significance of supporting initiatives aimed at reconstructing safeguards and reassessing debt and lending policies.Speaking at the International Monetary and Financial Committee Plenary session during the Spring Meetings of the World Bank Group and IMF 2024, Saudi Central Bank governor...

Saudi Arabia's Finance Minister, Mohammed Aljadaan, recently joined forces with IMF Managing Director Kristalina Georgieva to deliberate on international monetary challenges and the proactive strategies discussed during the IMFC meetings. Aljadaan lauded the commendable work of his forerunner, Nadia Calvino, and emphasized the imperative for stronger global collaboration to fortify the world's economic frameworks and monetary systems. The Minister highlighted...

The Kingdom of Saudi Arabia's delegation recently wrapped up its active engagement in the prominent 2024 International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings in Washington, D.C., which took place from April 15 to April 20. The team was spearheaded by the esteemed Minister of Finance, Mohammed Al-Jadaan. On the first day, Al-Jadaan was a key participant...

The stock market in Saudi Arabia experienced a decline at the close of Tuesday's trading session, with notable dips occurring in several major sectors.As trading concluded, the Saudi stock benchmark index suffered a loss of 1.64%.Among the top performers was Red Sea Housing Services Company, which saw its shares jump 10.00% or 3.00 points, finishing at 33.00. Also making gains,...

Saudi Arabia's Finance Minister, Mohammed Al-Jadaan, is poised to lead the country's delegation at the crucial gatherings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D.C. this week. The agenda is set to focus on the dynamic landscape of global economic developments.Al-Jadaan will preside over the inaugural session of the International Monetary and Financial Committee...

Saudi Arabia's Finance Minister, Mohammed Aljadaan, is set to lead the Kingdom's delegation to the upcoming International Monetary Fund and World Bank Group Spring Meetings scheduled to take place in Washington D.C., USA, from April 15 to 20, 2024. The delegation's composition is a constellation of key financial figures, including Central Bank Governor Ayman Alsayari, and heads of various financial...

The foreign assets held by commercial banks in Saudi Arabia have experienced a remarkable 22 percent increase as of February, amassing a sum of SR347.63 billion ($92.7 billion). This growth, compared to the same timeframe last year, signifies a substantial escalation in the banks' international investments and holdings.Simultaneously, Saudi banks' foreign liabilities have also risen sharply by 38 percent, reaching...

February records reflected a substantial 10.26 percent year-on-year increase in Saudi banks' total deposits, hitting the SR2.54 trillion ($677 billion) mark, according to the latest official figures. An analysis of the data released by the Saudi Central Bank highlighted a significant 26 percent annual surge in time and savings deposits, which amounted to SR838.53 billion.Demand reserves experienced a 2.85 percent...

Riyad Bank is reportedly deliberating the possibility of offering public shares for its investment banking division, aiming to harness the robust investor enthusiasm within Saudi Arabia's buoyant equity market. The institution, which ranks as the third largest bank in the kingdom, has initiated a comprehensive evaluation and groundwork for a prospective initial public offering (IPO) of Riyad Capital, as disclosed...

The Zakat, Tax, and Customs Authority (ZATCA) has issued a reminder to all businesses that fall under the withholding tax (WHT) category in Saudi Arabia, emphasizing the importance of filing their tax statements for the month of March by the upcoming deadline of April 10th.Entities are advised to prioritize the submission of their tax statements via ZATCA's official online portal...

The asset management domain within Saudi Arabia has demonstrated a notable surge in activity revenues, reaching SR4.2 billion ($1.12 billion) in 2023, marking a significant 58.6 percent increase over the span of four years.Abdullah bin Ghannam, the deputy for listed companies and investment products at the Kingdom's Capital Market Authority (CMA), has shed light on the unprecedented expansion of this...

The Saudi Central Bank (SAMA) announced a remarkable surge in the adoption of electronic payments across the Kingdom, with e-transactions comprising 70% of all retail consumer transactions in 2023. This significant increase from the 62% recorded just a year earlier in 2022, represents a pivotal step in Saudi Arabia's transition towards a digital economy. Aligned with the objectives of the...

The Kingdom of Saudi Arabia has experienced a marked increase in the uptake of retail consumer electronic payments, achieving a significant 70 percent of total transactions in 2023, a substantial rise from the 62 percent recorded the previous year, according to the latest data. Information released by the Saudi Central Bank, known as SAMA, credits this leap to the heightened...

A study by the market research entity YouGov has revealed that a majority of individuals residing in Saudi Arabia, amounting to 54%, are actively seeking profitable investment avenues for their funds.The burgeoning fintech industry and the digital transformation of the banking system have opened up new prospects for Saudi consumers. These individuals are now more inclined to enhance their financial...

The Saudi Central Bank, known as SAMA, recently disclosed an impressive uptick in digital transactions within the retail sector. Astonishingly, electronic payments now make up a whopping 70% of all retail transactions as of 2023, marking a significant climb from the previous year's 62%.This remarkable growth is largely the result of a surge in usage of the nation's payment systems,...

The Middle East's financial landscape is witnessing a transformative shift towards green finance, playing a pivotal role in bolstering economic diversification and resilience, despite the region facing challenges such as oil output reductions and geopolitical unrest. A recent economic report has highlighted the robustness of the non-oil sectors in key Middle Eastern economies, projecting a strong performance for the non-oil...

The financial technology (fintech) landscape in Saudi Arabia has witnessed a remarkable influx of capital, surpassing $23 million in funding since March, which indicates a significant increase from the previous year's 51% investment share. In 2023 alone, the fintech sector in the Kingdom saw an impressive $704 million in investments, with the number of fintech firms skyrocketing from a mere...

The Saudi Ministry of Finance has introduced a pivotal initiative through the release of the Kingdom of Saudi Arabia Green Financing Framework. This move is set to propel the nation closer to sustainability and the ambitious goal of net zero emissions, employing the principles of the Circular Carbon Economy model. The framework is designed to exhibit to investors and participants...

The Tadawul All Share Index in Saudi Arabia experienced an uplift on a recent trading day, adding 22.44 points, which equates to a 0.18 percent increase, concluding the session at 12,607.98. The volume of transactions on the benchmark index reached SR7.35 billion (approximately $1.96 billion), with 155 stocks climbing and 62 declining.Correspondingly, the MSCI Tadawul Index witnessed a modest rise...

The Islamic Trade Finance Corporation (ITFC), an entity within the Islamic Development Bank group based in Saudi Arabia, has made a significant move by signing off on a substantial $1.4 billion financing arrangement. The beneficiary of this strategic financial support is the Bangladesh Petroleum Corporation. The objective behind this funding is to enhance the energy infrastructure of Bangladesh, which is...

In the financial sector of Saudi Arabia, a fledgling fintech company, Hakbah, is pioneering the digitization of gameya, a time-honored communal saving practice. Established in 2020 by entrepreneur Naif AbuSaida, Hakbah's aim is to cultivate saving habits amongst those with limited banking access, thereby broadening financial inclusion within the nation.With a background in banking and marketing communications, AbuSaida recognized the...

The Saudi Public Investment Fund (PIF) has experienced a meteoric rise in the global hierarchy of sovereign wealth entities, propelled by a staggering 55 percent augmentation in its assets under management.Currently, the PIF's portfolio is valued at an impressive $925 billion, as reported by the Sovereign Wealth Fund Institute based in the United States, a substantial leap from $595.6 billion...

The Saudi Export-Import Bank has reported a significant achievement in 2023, with the implementation of credit facilities amounting to SR16.5 billion ($4.39 billion), surpassing its annual goal by 33 percent. This accomplishment accounts for 5.2 percent of the total financial support for the Kingdom's non-oil international commerce.These figures are reflective of the bank's commitment to fostering trust in regional exports,...

In January 2024, the financial landscape of Saudi Arabia witnessed a significant uptick in residential mortgage loans, reaching a notable high of SR7.54 billion ($2 billion). This sum marks an 11-month record, as reported by the nation's central banking authority. The increase is substantial, with a 21 percent rise or an additional SR1.3 billion when compared to the lending activity...

S&P Global Ratings, a leading international rating agency, has reasserted its confidence in Saudi Arabia's financial health, maintaining the nation's sovereign credit ratings at 'A/A-1' with a Stable Outlook.The endorsement comes on the heels of Saudi Arabia's intensive efforts to reshape its economy and society. The Kingdom's ambitious reform initiatives have been instrumental in bolstering economic fortitude and are expected...

Saudi Arabian financial institutions are poised to potentially issue an unprecedented volume of bonds this year as a liquidity challenge intensifies, with the nation's grand economic reform plans under the spotlight.Analysts project that the demand for funds to fuel Vision 2030 – the ambitious blueprint to diversify the kingdom's oil-dependent economy – could see banks issuing bonds in excess of...

The Saudi Ministry of Finance, in collaboration with the National Debt Management Center, has recently concluded the second round of its government sukuk savings program, witnessing an impressive turnout. The initiative successfully secured commitments exceeding SAR 959 million from a participant base of 37,000 individuals. This round of savings bonds, which concluded on March 5, offered an attractive annual return...

The tax authorities in Saudi Arabia are calling on all taxpayers to capitalize on a fines and penalties waiver initiative before it comes to an end in July. The Zakat, Tax and Customs Authority (ZATCA) has announced a deadline of June 30, 2024, for the 'Cancellation of fines and exemption of financial penalties' program.This initiative encompasses waivers for several offences...