Company Insights Riyad Bank Banking and Finance Riyad Bank News Economy Drop in new orders slows non-oil business growth Non-oil business activity in the UAE and Saudi Arabia dropped in July as growth of new orders slowed. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) for July hit 56.0, down from the high of 56.9 the previous month. Although it was well above the 50-point index mark, with anything below 50 indicating contraction, new […] August 3, 2023 Banking and Finance 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 […] July 25, 2023 Manufacturing Food sector dominates new factories approved in Saudi Saudi Arabia approved licences for 53 new factories with total investment capital of more than $5 billion in April. The majority of new licences came from the food products industry, according to the latest monthly figures from the Ministry of Industry and Mineral Resources, with nine new licenses approved. Other major sectors included non-metallic minerals […] July 6, 2023 Economy Surge in new orders prompts salary rises Companies across the Gulf’s biggest economies have enjoyed a surge in new orders both locally and from overseas, with some forced to raise salaries to meet demand. The Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) reported that new orders in the country rose at “accelerated, multi-year record rates”. Data showed that output in the […] July 5, 2023 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 and 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 Posts navigation Previous 1 … 5 6 7 8 Next
Economy Drop in new orders slows non-oil business growth Non-oil business activity in the UAE and Saudi Arabia dropped in July as growth of new orders slowed. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) for July hit 56.0, down from the high of 56.9 the previous month. Although it was well above the 50-point index mark, with anything below 50 indicating contraction, new […] August 3, 2023
Banking and Finance 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 […] July 25, 2023
Manufacturing Food sector dominates new factories approved in Saudi Saudi Arabia approved licences for 53 new factories with total investment capital of more than $5 billion in April. The majority of new licences came from the food products industry, according to the latest monthly figures from the Ministry of Industry and Mineral Resources, with nine new licenses approved. Other major sectors included non-metallic minerals […] July 6, 2023
Economy Surge in new orders prompts salary rises Companies across the Gulf’s biggest economies have enjoyed a surge in new orders both locally and from overseas, with some forced to raise salaries to meet demand. The Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) reported that new orders in the country rose at “accelerated, multi-year record rates”. Data showed that output in the […] July 5, 2023
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 and 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
