Finance

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...

In a significant development for the Kingdom's ambitious economic blueprint, the National Debt Management Center (NDMC) disclosed the completion of a substantial €1 billion finance deal facilitated by the Italian Export Credit Agency (SACE). This arrangement was finalized on a Wednesday, marking a major milestone in the furtherance of trade and investment synergies between Saudi Arabia and Italy. The financing...

The National Debt Management Center (NDMC) has successfully completed the December 2023 issuance under the Saudi Arabian Government's SAR-denominated Sukuk Program. The initiative received a substantial sum of bids totaling SAR 14.125 billion, from which SAR 10.553 billion was allocated. The recent Sukuk issuance was allocated across two separate tranches. The first tranche amounts to SAR 2.579 billion and is...

Saudi fintech startup Jeel Pay has obtained a permit from the Saudi Central Bank (SAMA) to provide buy-now-pay-later (BNPL) solutions. This move increases the total number of companies authorized to offer BNPL activity in the Kingdom to seven, as part of SAMA's efforts to support post-paid companies. Jeel Pay is a fintech firm that has developed a solution to simplify...

Saudi Arabia's Tadawul All Share Index rose by 0.37 percent, gaining 41.54 points to close at 11,219.02. The benchmark index had a total trading turnover of SR4.13 billion ($1.10 billion), with 148 stocks advancing and 71 retreating. In contrast, the Kingdom's parallel market, Nomu, slipped by 1.55 percent, losing 391.54 points to close at 24,844.08. Among the listed stocks, 29...

Saudi Arabia has issued a final tax warning to businesses, urging them to pay their tax bills before the end of the year to avoid fines. The Zakat, Tax and Customs Authority (ZATCA) has introduced the "Cancellation of Fines and Exemption of Financial Penalties Initiative," which ends on December 31, 2023. Under this initiative, taxpayers will be exempted from fines...

CSOP Asset Management Limited (CSOP) has announced the listing of CSOP Saudi Arabia ETF, the first exchange traded product in Asia Pacific to track the Saudi Arabian equity market. The partnership with the Public Investment Fund (PIF) offers a unique opportunity for Asian foreign investment and access to Saudi Arabia's dynamic and diversified equity market. "The launch of the CSOP...

Saudi Arabia is planning significant reforms to its income tax laws through amendments to the 'Income Tax Law'. The country's Zakat, Tax and Customs Authority (ZATCA) has released draft laws seeking public input on changes that aim to overhaul the tax code in line with its Vision 2030 economic agenda. According to Jean Abboud, Partner and Head of KSA at...

As venture funding in the U.S. declines, some biotechnology startups are turning to investors from Saudi Arabia. Middle Eastern countries, including Saudi Arabia, are looking to boost their life-sciences industries by investing in innovative companies. Flashpoint Therapeutics, based in Chicago, recently secured seed financing led by Beta Lab, a new venture firm in Riyadh. In addition, biomedical startups like Insilico...