Finance

The financial landscape in Saudi Arabia has experienced significant growth, with finance companies reporting a 13 percent increase in total assets, reaching SR64.2 billion ($17.12 billion) in 2023. This upswing was unveiled by the latest figures from the nation's central bank.These firms have not only seen their assets grow; their paid-up share capital also climbed by 6 percent from the...

Riyadh — In a recent overview released by the Saudi Central Bank (SAMA), the finance and real estate refinance companies within the Kingdom have shown impressive growth figures for the year 2023. This comprehensive report details the sector's financial metrics and notable developments over the past year.According to the report, the finance companies sector experienced an uplift, with its paid-up...

The hegemony of the US dollar is seemingly waning as key global oil traders, including Russia and Saudi Arabia, are considering the Chinese yuan as a potential currency for oil transactions. This emerging trend prompts investors to reconsider their future financial plans, as highlighted by the CEO and founder of a premier financial advisory and asset management firm.The leader of...

Market Momentum Surges in Saudi ArabiaThe stock market in Saudi Arabia experienced a sharp increase, marking a 2.6% rise – its most significant upswing in almost a year, propelled by robust growth across a spectrum of sectors.Unpacking the Market RallyThis market uptrend in Saudi Arabia signals a growing assurance in diverse industry sectors. Leading the charge, Al Rajhi Bank, renowned...

Following a secondary share offering anticipated to amass roughly $11.2 billion, shares of Saudi Aramco experienced a 1.06 percent increase on June 9, concluding the day at SR28.60 ($7.63) after an initial opening at SR27.95. This development occurred on the inaugural trading day subsequent to the new issue of shares. The secondary share sale was finalized at SR27.25 per share,...

LONDON — Saudi Arabia is on the brink of amassing upwards of $11.2 billion by offloading Aramco shares to finance the kingdom's expenditure initiatives. This influx of capital comes despite the state-owned oil behemoth setting the stock price at the lower spectrum of the anticipated range, as announced by the company on Friday.The share pricing was the outcome of an...

The Kingdom of Saudi Arabia is set to bolster its economic plans by garnering in excess of $11.2 billion through the sale of additional shares in its oil colossus, Aramco. Announced on a recent Friday, this move is aimed at injecting capital into the country's expansive spending initiatives.Offered at $7.27 per share, the pricing aligns with the anticipated range's lower...

Saudi Aramco, the titan of the oil industry, has announced the closing price for its secondary share sale at 27.25 Saudi riyals per share, which is on the modest side of the anticipated range, enabling the company to accumulate $11.2 billion in capital.The share offering, which encompasses over 1.54 billion shares or roughly 0.64% of Aramco's total issued shares, was...

In a significant move within the business media sector, Saudi Arabia is on track to accumulate in excess of $11.2 billion through the secondary offering of shares in the state-owned petroleum titan, Aramco. The shares have been priced at the lower spectrum, at 27.25 riyals ($7.27) per share, according to sources acquainted with the situation. At present, Aramco has withheld...

The Capital Market Authority (CMA) has reached out to stakeholders involved in the capital market to review and comment on the proposed changes to the Implementing Regulation of the Companies Law for Listed Joint Stock Companies (the Draft). Interested parties are invited to participate in a public consultation period that lasts for 30 days, concluding on July 6, 2024.The initiative...

The Saudi Arabian sukuk and debt capital market has seen a substantial increase in size since 2019, now exceeding SR30 billion ($7.9 billion), as per the Capital Market Authority of the Kingdom. The market's annual growth rate has been recorded at 7.9 percent, with an even higher rate of 9.6 percent for unlisted issuances. From SR72 billion in 2019, the...

On a significant development in the digital currency realm, Saudi Arabia has embarked on a groundbreaking venture by aligning with a predominantly China-led central bank digital currency (CBDC) endeavor that aims to transform the way oil trades are conducted, potentially diminishing the reliance on U.S. dollars.The Bank for International Settlements (BIS) recently heralded Saudi Arabia's central bank as a complete...

The Saudi Central Bank (SAMA) has recently announced its active participation in the mBridge project, an initiative steered by the Bank for International Settlements (BIS), which is poised to revolutionize the infrastructure of cross-border payments. This collaboration involves various international financial organizations and central banks working together to enhance global payment systems.At the core of this initiative is the Minimum...

In a strategic move that could yield approximately $10 billion, Saudi Arabia is poised to conduct a substantial share sale of its state-owned oil colossus, Aramco. Anticipated to occur by June, this event is expected to be one of the largest stock transactions in the Middle East in recent memory.The process will see a fully marketed offering taking place on...

The Saudi Central Bank (SAMA) has made a public announcement inviting comments on the newly drafted 'Internal Audit Principles' and 'Compliance Principles' intended for Finance Companies. This initiative is part of the bank's effort to involve stakeholders and the broader public in the regulatory process through the Public Consultation Platform known as 'Istitlaa'.The bank has shaped these principles with the...

The Saudi Central Bank, also known as SAMA, has released a statement announcing its search for public input on two draft documents aimed at enhancing the finance sector's regulatory standards. The drafts in question, titled 'Internal Audit Principles' and 'Compliance Principles', are being made available on the 'Istitlaa' Public Consultation Platform for review by interested parties.These proposed principles have been...

Fitch Ratings has elevated the credit status of Saudi Electricity Co. by upgrading its issuer default ratings to 'A+' from 'A', highlighting the strong support from the Saudi government.Simultaneously, the company's national long-term rating has been advanced to 'AAA', up from 'AA', paired with a stable outlook. This upgrade is attributed to the organization's robust standing within the electricity sector...

The financial sector in Saudi Arabia has undergone a significant transformation with the adoption of open banking, revolutionizing the way banks and fintech companies interact and operate within the region.Abdulla Al-Moayed, the CEO of a leading fintech company, has lauded the Saudi Central Bank (SAMA) for its pivotal role in introducing a progressive regulatory framework that has reshaped the financial...

The embrace of open banking by Saudi Arabia has significantly reshaped the financial sector landscape in the region, according to a prominent fintech CEO.In recent discussions, Abdulla Al-Moayed, the CEO of Tarabut, commended the Saudi central bank for its pivotal role in fostering inclusive financial regulations. In May 2022, the Saudi Arabian Monetary Authority (SAMA) initiated its open banking program,...

Saudi Arabia's finance chief, Mohammed Al-Jadaan, engaged in a high-level discussion with his French counterpart, Bruno Le Maire, on the sidelines of the Group of Seven (G7) summit in Italy. The focus of their conversation was the prevailing global economic climate along with other matters of mutual interest.Simultaneously, in Riyadh, Abdulmuhsen Al-Khalaf, the Vice Minister of Finance for Saudi Arabia,...

The Saudi Tadawul All Share Index witnessed a downturn at the start of the week, with a 0.60 percent drop, concluding the day at 12,125.36 points. The trading volume for the benchmark index reached SR6 billion, with 68 stocks experiencing gains as opposed to 155 that saw declines.In a similar vein, the Kingdom's secondary market, Nomu, also experienced a marginal...

The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued an important reminder for businesses whose annual turnover of goods and services exceeds SAR 40 million. These companies are obligated to file their Value-Added Tax (VAT) statements for the month of April by the fast-approaching deadline of May 31st.Establishments are encouraged to act swiftly and submit their tax statements to...

Saudi Awwal Bank has secured the prestigious 'Best Bank Award 2024 in Saudi Arabia' from Global Finance for an impressive fifth consecutive year. The accolade is a nod to the bank's commitment to innovative services and its dedication to elevating customer banking experiences.A panel of esteemed financial specialists, taking into account factors such as growth in assets, profitability, customer service...

In a landmark move set to fortify financial ties, Japan and Saudi Arabia are on the verge of finalizing an agreement to list an exchange-traded fund (ETF) that will track Saudi stocks on the Tokyo exchange. This pioneering ETF is anticipated to make its debut concurrent with the state visit of Saudi Arabia's Crown Prince Mohammed bin Salman to Japan.The...

Saudi Awwal Bank's First Quarter of 2024 Exhibits Notable GainsRevenue: SAR 3.45 billion (a 15% increase from Q1 2023).Net income: SAR 2.04 billion (a 16% rise from Q1 2023).Profit margin: Stands at 59%, consistent with Q1 2023.EPS: SAR 0.96, an improvement from SAR 0.86 in Q1 2023.All data represented in the chart pertains to the trailing 12-month period.Financial Performance Surpasses...

In a move to bolster financial collaboration, Hong Kong and Saudi Arabia are advancing plans to create investment products that enable capital flow between their respective markets. This initiative was highlighted at the Saudi Tadawul Group's inaugural Capital Markets Forum held in Hong Kong.A key development is the introduction of an exchange-traded fund (ETF) that mirrors the Hong Kong benchmark...

The Saudi Electricity Company (SEC) has achieved a financial milestone by securing a substantial Islamic credit facility amounting to $1 billion from the Saudi National Bank, which is recognized as the largest bank in terms of assets within the Kingdom. This financial arrangement, structured as a bilateral Murabaha loan and finalized on May 7, 2024, is set to bolster the...

Saudi Arabian banks have observed a significant rise in lending, with total loans reaching SR2.67 trillion (approximately $711.5 billion) in March, reflecting an 11 percent year-on-year growth, based on the latest figures from the nation's central bank.Analysis of the data disclosed by the Saudi Central Bank (SAMA) indicates that 35 percent of the loan expansion was driven by personal borrowing,...

Saudi Arabian equity markets concluded the trading session lower on Tuesday, with significant declines in various sectors dragging down the shares.By the session's end in Saudi Arabia, the benchmark index had retreated by 0.12%.Leading the session's gainers on the index were Batic Investments and Logistics Co, which ascended by 6.36% or 0.21 points, concluding the trade at 3.51. In tandem,...

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...