Finance

Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund (PIF), announced the issuance of a $5 billion bond on a recent Monday, as reported by a credible capital markets publication. The PIF boasts an impressive $718 billion in assets under management as of the end of September. This bond issuance is part of a broader trend this year,...

The Saudi Central Bank, known as SAMA, has expanded the realm of debt-based crowdfunding by authorizing Thara to join the market. This pivotal move increases the cadre of entities able to offer these financial services in the Kingdom to a total of nine. With the inclusion of Thara, the number of finance companies that have received the nod from SAMA...

Saudi Arabia's state-owned investment engine, the Public Investment Fund (PIF), has attracted significant investor attention, receiving orders surpassing $20 billion for its recent dollar-denominated bond offering. This substantial interest was reported by IFR, a specialized capital markets publication. As of September 30, the PIF managed approximately $718 billion in assets and is now part of a broader trend of emerging...

The Saudi Public Investment Fund (PIF) has unveiled preliminary pricing guidelines for its upcoming bond offering, which is to be denominated in US dollars and segmented into three tranches. For the tranche maturing in 2029, the fund is considering a pricing spread of 150 basis points above the benchmark US Treasuries for its five-year securities, which will include a par...

The Public Investment Fund (PIF) of Saudi Arabia has signaled its intention to issue a multi-tranche bond denominated in dollars, revealing preliminary pricing details for this financial maneuver. For the upcoming five-year bonds, the preliminary price guidance is set at approximately 150 basis points above the benchmark U.S. Treasuries. The ten-year bonds are marked at around 175 basis points over...

The Zakat, Tax and Customs Authority (ZATCA) has issued a reminder to businesses with an annual turnover exceeding SAR40 million from goods and services, to file their VAT returns for the preceding December. The deadline for submission is set for January 31, and companies are advised to act swiftly to avoid incurring fines. Commercial entities are encouraged to utilize the...

The Kingdom of Saudi Arabia has made it clear that there are no forthcoming plans to introduce personal income tax within the country. This confirmation came from the country's Finance Minister, who emphasized the Kingdom's dedication to its prevailing fiscal practices. Speaking at the prestigious 2024 World Economic Forum held in Davos, Finance Minister Mohammed Al Jadaan reassured that the...

The National Debt Management Center (NDMC) in Saudi Arabia has released its Annual Borrowing Plan Report for the year 2024, which outlines the nation's financial strategies for the forthcoming period. A key highlight of the NDMC's strategic financial planning is a SR36 billion ($9.6 billion) liability management transaction, which has helped increase the average time to maturity of debts and...

The Saudi Tadawul has released its year-end statistical report for 2023, indicating that the kingdom's primary stock market, the TASI, concluded the year on a high note. On December 31, 2023, the TASI reached a pinnacle of 11,967.39 points, marking a significant upturn of 14.21% or an increase of 1,488.93 points over the preceding year's close of 10,478.46 points. Trading...

The Saudi Stock Exchange is poised to enhance its financial offerings by listing government debt instruments valued at SR5.17 billion, equivalent to $1.37 billion. This move comes as the Ministry of Finance's application to list these instruments has received the green light. Comprising two separate tranches, the debt instruments include Issuance Number 10-01-2024, totaling SR2.82 billion, and Issuance Number 15-01-2024,...

Banque Saudi Fransi, based in Riyadh, has outlined initial price guidance for its upcoming five-year sukuk issuance, positioning it at approximately 135 basis points over U.S. Treasuries. This information comes from a document issued by one of the banks organizing the deal. The financial institution seeks to release benchmark-sized, dollar-denominated senior sukuk as part of its substantial $4 billion trust...

The National Debt Management Center (NDMC) of Saudi Arabia has recently completed its January 2024 Sukuk issuance under the local currency-denominated Saudi Arabian Government Sukuk Program. The issuance culminated in the allocation of SAR 8.825 billion (eight billion and eight hundred and twenty-five million Saudi Riyals), confirming the continuous development in the Kingdom's Islamic finance sector. The recently concluded Sukuk...

The operator of Saudi German Hospitals, Middle East Healthcare Company, has unveiled plans for a sukuk issuance through a public offering. These Islamic bonds will be offered in Saudi riyals, under the company's extensive SAR 1.5 billion ($400 million) debt scheme, which received the green light from Saudi Arabia's Capital Market Authority towards the end of the previous year. The...

The primary market index of the Saudi Stock Exchange concluded its trading session on an upbeat note, registering a rise of 62.08 points to settle at 12122.11 points. The value of trades executed during the session reached an impressive SAR 8.6 billion. During the trading day, a total of 311 million shares changed hands. Out of the plethora of companies...

The Consumer Price Index (CPI) in Saudi Arabia, a key indicator of inflation, registered a modest dip to 1.5% in December 2023, descending from the 1.7% marked in the preceding month of November. This subtle decline is seen as a testament to the resilience of the Saudi economy and the proactive economic policies implemented by the Kingdom to mitigate the...

In a significant economic upswing, the United Arab Emirates and Saudi Arabia were at the helm of substantial profitability in the Arab stock markets during the previous year. It was a record-breaking year for Arab stock exchanges, which saw collective gains totaling $493 billion (AED1.8 trillion), with the United Arab Emirates and Saudi Arabia contributing significantly to this achievement. By...

The Kingdom of Saudi Arabia has proudly positioned itself at the forefront of venture capital investment within the Middle East and North Africa (MENA) for the year 2023. This significant stride in economic progress aligns seamlessly with the nation’s ambitious Vision 2030 goals. A report highlighted by the Saudi Press Agency, leveraging data from the MENA-specific venture data platform MAGNiTT,...

In a significant financial development, the Saudi Arabian Embassy in Amman, in collaboration with Jordan's Ministry of Planning and International Cooperation, has announced the disbursement of the concluding portion of a multi-year financial assistance package to Jordan. This final installment amounts to $38.6 million. The disbursement is the last part of the fifth installment under the terms of a grant...

The Kingdom of Saudi Arabia has successfully concluded a substantial economic aid initiative for Jordan, amounting to $250 million, as reported by the Saudi Press Agency. This financial assistance, which was first agreed upon during the Makkah Summit in 2018, was designed to extend over a five-year period and aimed at reinforcing Jordan's economic stability. The concluding disbursement of the...

The investment activities of the Saudi Arabian Public Investment Fund (PIF) have seen a marked uptick, with the sovereign wealth fund deploying approximately $31.5 billion in various markets throughout 2023. This figure represents nearly one-fourth of the total $123.8 billion invested globally by sovereign wealth funds, as indicated by the Global SWF's initial report for the year. The PIF has...

In a significant boost for the business media sector, Tameed, a digital lending platform based in Saudi Arabia, has successfully concluded a Series A financing round, amassing $15 million. Spearheaded by Alromaih Investments, the funding will bolster Tameed's capacity to offer Shariah-compliant financing options specifically designed for small and medium-sized enterprises (SMEs) dealing with government purchase orders. The platform is...

The Saudi Central Bank (SAMA) is currently inviting public feedback on proposed updates to the “Key Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.” Stakeholders are encouraged to submit their perspectives and suggestions through the National Competitiveness Center's Public Consultation Platform. The proposed revisions are designed to ensure the principles remain in...

In a year of robust financial activities, Saudi Arabia's Public Investment Fund (PIF) emerged as a major player, accounting for roughly 25% of the nearly $124 billion spent by sovereign wealth funds globally in 2023, as per a recent report released at the onset of the year. The PIF's staggering expenditure of $31.5 billion last year is highlighted in a...

In a recent conference, the top brass of the Central Bank of Libya, including Governor Al-Siddiq Al-Kabir and Deputy Governor Marai Al-Barasi, engaged in detailed discussions on the progression of the Islamic finance sector. Their dialogue included the pivotal role that this sector plays in fostering sustainable economic development and promoting inclusive financial practices. The deliberations took place at the...

The Saudi Stock Exchange concluded the trading session with a positive note as its primary index climbed, marking an increase of 42.57 points to settle at a value of 11931.92 points. In terms of trading activity, the day saw a significant monetary volume, with transactions amounting to SAR7.1 billion. Moreover, the quantity of shares exchanged during the session reached 244...

It is important for investors to note that stock price information may not always be instantaneous. Typically, there could be a lag of up to 15 minutes in the data provided for stock prices. This slight delay is a common aspect of stock market reporting and can impact how investors respond to the market. Investing in the stock market, as...

The primary index of the Saudi Stock Exchange witnessed an uplift in its trading session, recording an increase of 16.72 points to conclude at a figure of 11889.35 points. Details from the trading floor indicated that the aggregate monetary volume of transactions reached SAR7.8 billion, complemented by the exchange of 280 million shares over the course of the day. Contrasting...

During a fluctuating session in Riyadh's financial markets, the main index of the Saudi Stock Exchange, also known as Tadawul, concluded on a positive note. The index rose by 59.54 points, finishing the day at 11872.63 points. Trading activities on the exchange were brisk, with the total value reaching SAR 7.5 billion. A substantial volume of shares changed hands, with...

On a pivotal day in December, Gulf International Bank – Saudi Arabia (GIB KSA) made a landmark entry into the capital market by raising SAR 1.5 billion. This inaugural transaction was part of a 10NC5 Tier 2 Sukuk issuance under the bank's newly established SAR 3 billion Tier 2 Sukuk program. The initiation of the bank's Sukuk program is a...

During a recent trading session in Riyadh, the Saudi Stock Exchange's main index experienced an uptick, closing at 11,690.65 points, which reflects a gain of 68.72 points. This positive movement underscores a dynamic day in the financial markets within the Kingdom. The session was characterized by a significant trading volume, with the total value reaching SAR 4.6 billion. Moreover, the...