Finance

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...

The Saudi Arabian stock market witnessed a significant recovery on Tuesday, with the Tadawul All Share Index climbing 58.22 points to conclude at 12,613.94, bouncing back from the previous day's losses.Trading activities soared as the market's benchmark index reached a volume of SR8.38 billion ($2.23 billion), observing 124 stocks on the rise and 93 on the decline.The nation's secondary market,...

The Public Investment Fund (PIF) of Saudi Arabia has undergone a substantial increase in total assets, with a rise of $163.6 billion, culminating in a new total of $940.26 billion, as per the latest figures released by the Sovereign Wealth Fund Institute. This impressive uptick in asset value is largely due to Saudi Arabia endowing PIF with an 8% share...

The Public Investment Fund (PIF) of Saudi Arabia has achieved a significant position, ranking fifth among state-owned investment entities with a total asset value surpassing $940 billion. This achievement highlights the country's dedication to diversifying its economy and making strategic investment decisions, thereby establishing the PIF as a formidable entity in the international financial arena. As per the Sovereign Wealth...

The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has witnessed a remarkable increase in its net assets, now valued at $940.26 billion. This growth positions it as the fifth largest state-owned investment organization globally.An analysis from the US-based Sovereign Wealth Fund Institute reveals that PIF's assets have experienced a $163.6 billion increase. The institute anticipates that PIF will...

In the wake of a significant transfer of shares by the Saudi government, the kingdom's sovereign wealth fund is poised to reap approximately $5 billion in quarterly dividends from its investment in the state-owned oil behemoth, Aramco. This substantial income stream follows Aramco's announcement of an increased dividend payout to its shareholders.The Public Investment Fund (PIF), which is how the...

The prestigious Abu Dhabi Global Market was the venue for the recent 2nd Annual Financial Restructuring MENA Conference. This gathering of financial experts and industry leaders was centered around discussions on the region's changing financial environment and the increasing occurrence of corporate insolvencies.Opening the event, Hamad Sayeh Al Mazrouei, the Chief Executive Officer of the Registration Authority at Abu Dhabi...

Quara Finance, a distinguished Saudi entity specializing in Sharia-compliant financial offerings, recently celebrated its successful initiation on the Nomu -- Parallel Market, a component of the Saudi Exchange known as Tadawul. This event was highlighted in a recent announcement by the company.Nomu is an auxiliary stock market that allows for a more lenient approach to company listings compared to traditional...

According to insights from financial analysts at Morgan Stanley, Saudi Arabia's state-owned Public Investment Fund (PIF) is poised to escalate its borrowing efforts after successfully securing $7 billion through two bond issues earlier this year.The wealth fund, which oversees assets exceeding $700 billion, is participating in a wave of bond issuances by emerging-market nations, a movement that has reached unprecedented...

The Public Investment Fund (PIF) of Saudi Arabia has recently issued Islamic bonds, known as sukuk, with a total value of $2 billion. These bonds, with a 7-year term, are denominated in U.S. dollars.The issuance was priced at a competitive 85 basis points above U.S. Treasuries. This pricing came in narrower than the initial guidance, which was set at 115...

Saudi Arabia's Public Investment Fund (PIF) has recently fine-tuned the yield for its seven-year, dollar-denominated sukuk securities. The yield is now established at 85 basis points over US Treasuries, marking a decrease from the preliminary guidance of 115 basis points that was set earlier.This adjustment reflects the robust interest from investors, with the fund witnessing orders that soared past $17...

Saudi Arabia's state-owned investment engine has initiated the process of issuing senior 7-year Islamic bonds denominated in US dollars, as disclosed in a document from an organizing bank that came to the attention of financial news outlets on a recent Tuesday.The preliminary price indication for this bond issuance has been established at approximately 115 basis points above the benchmark U.S....

The Saudi Finance Minister, Mohammed bin Abdullah Al-Jadaan, has taken a significant step in bolstering the Kingdom's influence on the global economic stage by naming Dr. Ryadh bin Mohammed Al-Khuraif as his deputy for the International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF).This strategic appointment comes on the heels of the IMF's recent decision to entrust...