Company Insights Riyad Bank Banking and Finance Riyad Bank News Renewable Energy Acwa Power secures $3bn for Saudi renewable projects Saudi renewables major Acwa Power has secured funding of SAR11.4 billion ($3 billion) for two projects in the kingdom. The company signed a debt financing agreement worth SAR5.7 billion for the development and construction of a 1,800 megawatt (MW) combined cycle power plant in Madinah. It also signed a deal to obtain SAR5.7 billion in funding […] May 3, 2024 Video length: 07:03 VIDEO Giga-projects Neom secures $2.7bn as minister admits ‘adjustments’ Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […] April 29, 2024 Economy Inflation eases to 1.6% in Saudi Arabia Inflation in Saudi Arabia fell to 1.6 percent in March, from 1.8 percent in February, driven mainly by housing rents. The trend of lower price rises over the past year continued. The consumer price index hit a high of 2.8 percent year-on-year inflation in May 2023 but has been under 2 percent since September. The […] April 15, 2024 Finance Riyad Bank plans IPO of its investment arm Riyad Bank’s board is planning to list its investment arm, Riyad Capital, on the Saudi stock exchange, as the government tries to increase market offerings to raise the status of Saudi capital markets in global rankings. The bank said in a statement to the Saudi stock exchange on Thursday that it and its subsidiary […] April 4, 2024 Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024 Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024 Giga-projects Red Sea Global secures $522m for Four Seasons Resort Saudi giga-project developer Red Sea Global (RSG) has secured SAR2 billion ($522 million) from Riyad Bank for its latest tourism project in the Red Sea development. The financing will be used to develop Four Seasons Resort, part of a joint venture between RSG and Kingdom Holding Company, which was incorporated in December 2023. The Four […] February 12, 2024 Economy Red Sea attacks dent Mena business activity The attacks on shipping in the Red Sea are depressing economies across the Middle East and North Africa, as supply chain disruption takes its toll on business activity. The latest economic monthly bulletins for the UAE, Saudi Arabia and Egypt all show a drop in operating activity for January. Houthi rebels in Yemen have been […] February 5, 2024 Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024 Oil & Gas Costs blow for Saudi firms after Aramco price rises Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […] January 4, 2024 Posts navigation Previous 1 … 3 4 5 … 8 Next
Renewable Energy Acwa Power secures $3bn for Saudi renewable projects Saudi renewables major Acwa Power has secured funding of SAR11.4 billion ($3 billion) for two projects in the kingdom. The company signed a debt financing agreement worth SAR5.7 billion for the development and construction of a 1,800 megawatt (MW) combined cycle power plant in Madinah. It also signed a deal to obtain SAR5.7 billion in funding […] May 3, 2024
Video length: 07:03 VIDEO Giga-projects Neom secures $2.7bn as minister admits ‘adjustments’ Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […] April 29, 2024
Economy Inflation eases to 1.6% in Saudi Arabia Inflation in Saudi Arabia fell to 1.6 percent in March, from 1.8 percent in February, driven mainly by housing rents. The trend of lower price rises over the past year continued. The consumer price index hit a high of 2.8 percent year-on-year inflation in May 2023 but has been under 2 percent since September. The […] April 15, 2024
Finance Riyad Bank plans IPO of its investment arm Riyad Bank’s board is planning to list its investment arm, Riyad Capital, on the Saudi stock exchange, as the government tries to increase market offerings to raise the status of Saudi capital markets in global rankings. The bank said in a statement to the Saudi stock exchange on Thursday that it and its subsidiary […] April 4, 2024
Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Giga-projects Red Sea Global secures $522m for Four Seasons Resort Saudi giga-project developer Red Sea Global (RSG) has secured SAR2 billion ($522 million) from Riyad Bank for its latest tourism project in the Red Sea development. The financing will be used to develop Four Seasons Resort, part of a joint venture between RSG and Kingdom Holding Company, which was incorporated in December 2023. The Four […] February 12, 2024
Economy Red Sea attacks dent Mena business activity The attacks on shipping in the Red Sea are depressing economies across the Middle East and North Africa, as supply chain disruption takes its toll on business activity. The latest economic monthly bulletins for the UAE, Saudi Arabia and Egypt all show a drop in operating activity for January. Houthi rebels in Yemen have been […] February 5, 2024
Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024
Oil & Gas Costs blow for Saudi firms after Aramco price rises Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […] January 4, 2024
