Finance

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...