Finance

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...

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...