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Alinma Bank

Alinma Bank News

The Rawabi Energy deal is one of the largest private sector syndicated financings in Saudi Arabia

Saudi’s Rawabi Energy to use $1.9bn funding for expansion

Saudi Arabia’s Rawabi Energy has secured SAR7.175 billion ($1.9 billion) worth of syndicated financing in Saudi riyals and US dollars to support its expansion. The deal, which was 1.33 times oversubscribed, will accelerate its growth plans, underpinned by a full capital structure take-out and refinancing of existing debt, the company said in a statement. HSBC […]

Visa open banking

Visa makes first Mena open banking investment

Payments giant Visa has made its first investment into open banking in the Middle East and North Africa as the region seeks to develop its fintech sector. Open banking allows customers to share their financial data securely with a third-party provider to take advantage of new services and products. Tarabut Gateway, an open banking platform, […]

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion

Public Investment Fund reports 13% profit hike to $22.8bn

Saudi Arabia’s Public Investment Fund (PIF) reported profit of SAR 85.7 billion ($22.81 billion) in 2021, a year-on-year increase of 13 percent, according to the Saudi Gazette newspaper. The PIF’s revenue rose 27 percent year-on-year to SAR 228.2 billion and profit from associate companies hit SAR 8.6 billion, a 75 percent increase. Its other operating incomes […]

Saudi Arabia’s housing loans hit $170bn in Q2 2022

Mortgage loans to individuals and corporates by commercial banks in Saudi Arabia grew to SAR 638 billion ($170 billion) in Q2 2022, from SAR 211 billion in 2017, Arab News reported, citing Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail. The ambition is to make the kingdom top the world in the mortgage […]

Saudi’s cashless revolution well underway as investments soar

Saudi Arabia’s digital payments revolution is gathering pace with point-of-sale transactions surpassing ATM cash withdrawals for the first time in the second quarter of 2022. The kingdom’s transformation into a cashless economy resulted in point-of-sale (PoS) transactions rising 16.6 percent annually in Q2 to $36.7 billion, described by the Saudi Ministry of Investment (MISA) as […]