Company Insights Riyad Bank Banking & Finance Riyad Bank News Aviation Saudi jet lessor AviLease secures $1.1bn to expand fleet Saudi Arabia’s Public Investment Fund arm for financing of aircraft has secured $1.1 billion in its inaugural funding round. Riyadh-based Aircraft Leasing Company (AviLease) will use the unsecured five-year facility for general corporate purposes, including growing its fleet. “We have successfully closed our debut $1.1 billion unsecured term financing facility, supported by a syndicate of banking […] June 8, 2023 Economy Gulf’s non-oil sector challenged by growing pains The pace of growth in non-oil business activity is creating challenges for business owners across the Gulf, including delivering new orders on time, increased labour shortages and higher non-staff costs. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) stood at 55.5 in May as surveyed firms continued to report a marked increase in […] June 5, 2023 Banking & Finance 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, […] May 3, 2023 Economy Saudi private sector activity makes up for exports dip New orders for non-oil private sector companies in Saudi Arabia rose at their fastest rate for over eight years in April. The latest data from the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) showed stronger domestic demand more than offset a slight drop in export sales, which fell last month for the first time […] May 3, 2023 Economy Sharp rise in export orders for Saudi non-oil firms Saudi non-oil companies recorded a sharp uplift in export orders from foreign companies in March, driven by improved market conditions and increased development spending, according to a new survey. Both output and new business rose markedly, supporting further growth in employment and purchases. Employment growth was also among the quickest seen in the past five […] April 4, 2023 Economy Saudi Arabia reports 5% increase in GDP Saudi Arabia’s GDP increased by 5.5 percent year-on-year in the fourth quarter of 2022, according to the latest figures from the kingdom’s General Authority for Statistics. Growth was fuelled by a 6.2 percent annual increase in non-oil business activity, while oil grew 6.1 percent and government activity 2.9 percent. UAE minister predicts 2.8% GDP trade […] March 12, 2023 Economy Saudi Arabia to offer ‘tax relief’ to firms relocating regional HQs Saudi Arabia is likely to offer tax relief to multinationals that choose to relocate their regional headquarters to the kingdom in 2023, according to Minister of Investment Khalid Al-Falih. These companies are aiming to secure “lucrative” government contracts. “It is business as usual for them in Saudi Arabia and outside Saudi Arabia,” The Financial Times […] March 6, 2023 Logistics Humans and robots to combine in $27m Saudi fulfilment centre Humans and robots are set to work together at a new SAR100 million ($26.65 million) fulfilment centre in Saudi Arabia. Logistics and supply chain solutions provider Starlinks has opened the 400,000 sq ft hybrid facility at Agility Logistics Parks in the city of Dammam. 11 ways robots are transforming the UAE Apple heads list of […] February 9, 2023 Construction Red Sea Global secures $288m funding for Jumeirah project Red Sea Global (RSG) has secured $288 million in funding as part of a joint venture with Almutlaq Real Estate Investment Co. (AREIC) to develop Jumeirah The Red Sea on the west coast of Saudi Arabia. Gulf International Bank Saudi Arabia (GIB) provided the green financing, the developer said in a statement. “Achieving commercial close […] January 25, 2023 Economy Job creation hits five-year high in Saudi non-oil sector Employment at non-oil companies in Saudi Arabia reached its strongest level for five years in December, as business activity and demand from overseas increased. The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), published on Tuesday, recorded a headline figure of 56.9 for December. Although this was down from 58.5 in November, companies said […] January 3, 2023 Posts navigation Previous 1 … 5 6 7 Next
Aviation Saudi jet lessor AviLease secures $1.1bn to expand fleet Saudi Arabia’s Public Investment Fund arm for financing of aircraft has secured $1.1 billion in its inaugural funding round. Riyadh-based Aircraft Leasing Company (AviLease) will use the unsecured five-year facility for general corporate purposes, including growing its fleet. “We have successfully closed our debut $1.1 billion unsecured term financing facility, supported by a syndicate of banking […] June 8, 2023
Economy Gulf’s non-oil sector challenged by growing pains The pace of growth in non-oil business activity is creating challenges for business owners across the Gulf, including delivering new orders on time, increased labour shortages and higher non-staff costs. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) stood at 55.5 in May as surveyed firms continued to report a marked increase in […] June 5, 2023
Banking & Finance 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, […] May 3, 2023
Economy Saudi private sector activity makes up for exports dip New orders for non-oil private sector companies in Saudi Arabia rose at their fastest rate for over eight years in April. The latest data from the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) showed stronger domestic demand more than offset a slight drop in export sales, which fell last month for the first time […] May 3, 2023
Economy Sharp rise in export orders for Saudi non-oil firms Saudi non-oil companies recorded a sharp uplift in export orders from foreign companies in March, driven by improved market conditions and increased development spending, according to a new survey. Both output and new business rose markedly, supporting further growth in employment and purchases. Employment growth was also among the quickest seen in the past five […] April 4, 2023
Economy Saudi Arabia reports 5% increase in GDP Saudi Arabia’s GDP increased by 5.5 percent year-on-year in the fourth quarter of 2022, according to the latest figures from the kingdom’s General Authority for Statistics. Growth was fuelled by a 6.2 percent annual increase in non-oil business activity, while oil grew 6.1 percent and government activity 2.9 percent. UAE minister predicts 2.8% GDP trade […] March 12, 2023
Economy Saudi Arabia to offer ‘tax relief’ to firms relocating regional HQs Saudi Arabia is likely to offer tax relief to multinationals that choose to relocate their regional headquarters to the kingdom in 2023, according to Minister of Investment Khalid Al-Falih. These companies are aiming to secure “lucrative” government contracts. “It is business as usual for them in Saudi Arabia and outside Saudi Arabia,” The Financial Times […] March 6, 2023
Logistics Humans and robots to combine in $27m Saudi fulfilment centre Humans and robots are set to work together at a new SAR100 million ($26.65 million) fulfilment centre in Saudi Arabia. Logistics and supply chain solutions provider Starlinks has opened the 400,000 sq ft hybrid facility at Agility Logistics Parks in the city of Dammam. 11 ways robots are transforming the UAE Apple heads list of […] February 9, 2023
Construction Red Sea Global secures $288m funding for Jumeirah project Red Sea Global (RSG) has secured $288 million in funding as part of a joint venture with Almutlaq Real Estate Investment Co. (AREIC) to develop Jumeirah The Red Sea on the west coast of Saudi Arabia. Gulf International Bank Saudi Arabia (GIB) provided the green financing, the developer said in a statement. “Achieving commercial close […] January 25, 2023
Economy Job creation hits five-year high in Saudi non-oil sector Employment at non-oil companies in Saudi Arabia reached its strongest level for five years in December, as business activity and demand from overseas increased. The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), published on Tuesday, recorded a headline figure of 56.9 for December. Although this was down from 58.5 in November, companies said […] January 3, 2023
