Company Insights Riyad Bank Banking & Finance Riyad Bank News 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 Manufacturing Demand fuels price rises in Saudi Arabia’s non-oil sector A surge in demand towards the end of the year saw non-oil companies in Saudi Arabia increase prices for the second month in a row in December. Manufacturing was the standout industry. “A number of firms signalled that increased demand momentum gave them greater confidence to pass on higher input costs to customers,” according to […] January 3, 2024 Banking & Finance Saudi’s top 10 banks post 3.8% rise in profits Saudi Arabia’s 10 largest listed banks saw net income rise 3.8 percent to SAR18 billion ($4.8 billion) in the third quarter of 2023, driven by higher loan growth and interest income. In light of the Saudi Arabian Interbank Offered Rate (Saibor) increasing by 13 basis points in the third quarter, aggregate total interest income increased by […] November 27, 2023 Finance PIF’s Saudi Real Estate issues $933m sukuk Sukuk worth SAR3.5 billion ($933.17 million) to expand funding in Saudi Arabia’s real estate sector has been issued by the Saudi Real Estate Refinance Company. The offering from the company, which is wholly owned by the kingdom’s Public Investment Fund, makes up the final two tranches under its SAR20 billion government-guaranteed sukuk programme. The issuance […] November 23, 2023 Finance Saudi employment hits 9-year high as businesses thrive Strong businesses in the Saudi Arabian non-oil economy led to an increase in employment during October, which reached a nine-year high, Riyad Bank said in its latest PMI report. Business activity continued to grow for the fourth quarter due to higher client orders and strengthening economic conditions. A steep uplift was seen in hiring activity […] November 5, 2023 Posts navigation Previous 1 … 3 4 5 … 7 Next
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
Manufacturing Demand fuels price rises in Saudi Arabia’s non-oil sector A surge in demand towards the end of the year saw non-oil companies in Saudi Arabia increase prices for the second month in a row in December. Manufacturing was the standout industry. “A number of firms signalled that increased demand momentum gave them greater confidence to pass on higher input costs to customers,” according to […] January 3, 2024
Banking & Finance Saudi’s top 10 banks post 3.8% rise in profits Saudi Arabia’s 10 largest listed banks saw net income rise 3.8 percent to SAR18 billion ($4.8 billion) in the third quarter of 2023, driven by higher loan growth and interest income. In light of the Saudi Arabian Interbank Offered Rate (Saibor) increasing by 13 basis points in the third quarter, aggregate total interest income increased by […] November 27, 2023
Finance PIF’s Saudi Real Estate issues $933m sukuk Sukuk worth SAR3.5 billion ($933.17 million) to expand funding in Saudi Arabia’s real estate sector has been issued by the Saudi Real Estate Refinance Company. The offering from the company, which is wholly owned by the kingdom’s Public Investment Fund, makes up the final two tranches under its SAR20 billion government-guaranteed sukuk programme. The issuance […] November 23, 2023
Finance Saudi employment hits 9-year high as businesses thrive Strong businesses in the Saudi Arabian non-oil economy led to an increase in employment during October, which reached a nine-year high, Riyad Bank said in its latest PMI report. Business activity continued to grow for the fourth quarter due to higher client orders and strengthening economic conditions. A steep uplift was seen in hiring activity […] November 5, 2023
