Finance

In a notable financial trend, Saudi Arabia has augmented its stake in U.S. treasuries, marking a continuous rise for the fifth month. The increase witnessed in December was a significant 2.96%, propelling the investment to $131.9 billion from the preceding month's $128.1 billion.Recently published figures from the US Treasury Department reveal that the kingdom secured the 16th position in the...

Riyadh's financial landscape is poised for expansion with the addition of three new entities to its derivatives exchange. The announcement, made at the Saudi Capital Market Forum's third installment, signals a significant development for the stock market.Brokerage services are expected to commence later in the year by the trio of firms, Al-Rahji Capital, Alkhabeer Capital, and Aljazira Capital, as per...

The Saudi stock market is poised to expand its derivatives segment with the introduction of three new members, as unveiled during the Saudi Capital Market Forum's third iteration. Al-Rahji Capital, Alkhabeer Capital, and Aljazira Capital are set to commence brokerage services within the year, as per recent announcements.At the same forum, the Saudi National Bank reported the successful deployment of...

The financial sector in Saudi Arabia is poised for growth as the Saudi stock market prepares to welcome three new entities into its derivatives segment. The announcement came during the third iteration of the Saudi Capital Market Forum, marking a significant development in the local financial landscape.Brokerage services will soon be expanded with the addition of Al-Rahji Capital, Alkhabeer Capital,...

The Saudi Capital Market Forum's third edition has commenced in Riyadh with the theme 'Powering Growth'. The event, orchestrated by the Saudi Tadawul Group, began its proceedings today with the support of the Minister of Finance and Chairman of the Financial Sector Development Program, Mohammed bin Abdullah Al-Jadaan. In a session titled 'The Greatest Success Story of the 21st Century',...

The CEO of ANB Capital has underscored the importance of reinvesting funds garnered from initial public offerings (IPOs) into growth and development opportunities within Saudi Arabia. This strategic reinvestment is seen as a catalyst for propelling the national economy forward and supporting the Kingdom's broader aspirations.In a panel discussion at the Saudi Capital Market Forum, Khalid Al-Ghamdi emphasized that IPO...

Executives from Saudi Aramco have indicated the company's readiness to issue extended-term bonds, potentially with maturities of up to 50 years, eyeing a 2024 launch when market conditions are favorable. Ziad Al-Murshed, who oversees new business development at the oil giant, highlighted the company's preference for long-term strategies during the third Saudi Capital Market Forum.Al-Murshed emphasized the goal of smoothing...

Credit card borrowing in Saudi Arabia witnessed a significant uptick, reaching SAR 27 billion ($7.2 billion) in 2023, which translates to a 17 percent increase over the previous year, as revealed by the Saudi Central Bank's data. An examination of the central bank's information, commonly referred to as SAMA, points to several factors fueling this growth: the accessibility of credit...

Quara Finance Company recently celebrated a significant milestone with the completion of its initial public offering (IPO), offering 2.65 million shares on the Nomu-Parallel Market, a part of the Saudi Exchange (Tadawul). The offering attracted considerable interest, with shares priced at SAR 15 each for qualified investors.The enthusiasm for Quara Finance's shares was evident as the offering's coverage rate soared...

A recent study on the "Saudi Arabia Embedded Finance Business and Investment Market" presents a detailed analysis of the sector's size, growth trends, and market dynamics. This research offers a comprehensive overview of the industry, highlighting patterns of growth, demand shifts, and the forecasted future of embedded finance in the region. The report also scrutinizes the competitive environment, profiling leading...

The Islamic Development Bank Institute (IsDB) has recently concluded a specialized training program tailored for financial experts and bankers from Uzbekistan. This intensive three-day workshop was centered on the theme, "Creating Value and Realizing Business Opportunities in Islamic Finance" and took place at the IsDB's headquarters in Jeddah, from February 11 to 13.A group of 16 professionals participated in the...

The Tadawul All Share Index in Saudi Arabia maintained its ascending momentum for a third successive day, experiencing a sizable leap of 108.68 points, a 0.88 percent increase, to conclude at 12,404.59.During this upward trend, the primary index saw a trading volume that reached a hefty SR11.50 billion ($3.07 billion), with 129 listed stocks on the upswing and 85 experiencing...

In a significant move to strengthen its energy sector, the Republic of Djibouti has entered into a financial agreement valued at $90 million with the International Islamic Trade Finance Corporation (ITFC), which operates under the Islamic Development Bank Group (IsDB). This agreement was solidified through the signing by Eng. Hani Salem Sonbol, CEO of ITFC, and Djibouti's Minister of Economy,...

The Saudi Industrial Development Fund (SIDF) is celebrating a significant milestone, having disbursed a staggering SR180 billion (approximately $48 billion) in industrial financing since its inception 50 years ago. The anniversary was marked by a special event on Monday, February 12, which included an exhibition showcasing the fund's historical journey, its profound influence on Saudi Arabia's national economy, and its...

The financial landscape in Riyadh showcased a positive trajectory at the start of 2024, with the Saudi Stock Index (TASI) finishing January on a strong note. The index settled at 11,796.63 points as trading concluded, bolstered by a total trading value of approximately SAR 195.94 billion, realized through 11.87 million separate transactions.This information was revealed in a monthly statistical report...

Leaders in finance from across the Middle East and North Africa (MENA) gathered at the Saudi Central Bank (SAMA) in Riyadh for a pivotal meeting hosted by the Financial Stability Board's (FSB) Regional Consultative Group for MENA (RCG MENA). The session, which took place on Tuesday, was led by SAMA Governor Ayman Al-Sayari and his counterpart from the Central Bank...

In a strategic move to bolster its real estate ventures, Jabal Omar Development Company has successfully arranged a financing agreement with Al Rajhi Bank, valued at SAR 1.90 billion. This significant financial deal was formalized on January 25, showcasing a robust partnership between the two entities. This substantial loan will be backed by collateral involving specific real estate assets from...

The sovereign wealth fund of Saudi Arabia, known as the Public Investment Fund (PIF), initiated a bond offering to the tune of $5 billion earlier this week, as detailed by a report from IFR, a specialist in capital markets news. Boasting a portfolio management of approximately $718 billion as of the end of September, the PIF is part of a...

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...