Company Insights Riyad Bank Banking and Finance Riyad Bank News 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 Economy Saudi GDP grows 8.8% in Q3 2022 on higher oil activities Saudi Arabia’s real gross domestic product (GDP) grew by 8.8 percent year-on-year in the third quarter of 2022, on higher oil activities, according to a report released by the Saudi General Authority for Statistics (GASTAT). Real GDP grew 2.1 percent quarter-on-quarter. Oil activities rose 14.2 percent year-on-year and 4.5 percent quarter-on-quarter in the third quarter […] December 12, 2022 Analysis Manufacturing Saudi non-oil export orders rise at fastest pace for a year New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday. This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October. A reading above 50.0 shows […] November 2, 2022 Banking and Finance 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 […] October 31, 2022 Analysis Banking and Finance Mena investment banking fees surge past $1bn for year so far JP Morgan and HSBC remain the top fee-earning investment banks in the Middle East and North Africa, a new report has found, although a further slowdown in mergers and acquisitions could help regional banks boost their share. Total investment banking fees in the Mena amounted to $1.05 billion in the first nine months of 2022, […] October 24, 2022 Banking and Finance PIF-backed real estate refinance firm to acquire $133m portfolio Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire SAR500 million ($133.13 million) worth of real estate financing portfolio. The agreement is the second largest mortgage refinancing deal in the kingdom, the company said in a statement. Fabrice Susini, CEO of SRC, […] August 19, 2022 Banking and Finance 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 […] August 8, 2022 Posts navigation Previous 1 … 6 7 8 Next
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
Economy Saudi GDP grows 8.8% in Q3 2022 on higher oil activities Saudi Arabia’s real gross domestic product (GDP) grew by 8.8 percent year-on-year in the third quarter of 2022, on higher oil activities, according to a report released by the Saudi General Authority for Statistics (GASTAT). Real GDP grew 2.1 percent quarter-on-quarter. Oil activities rose 14.2 percent year-on-year and 4.5 percent quarter-on-quarter in the third quarter […] December 12, 2022
Analysis Manufacturing Saudi non-oil export orders rise at fastest pace for a year New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday. This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October. A reading above 50.0 shows […] November 2, 2022
Banking and Finance 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 […] October 31, 2022
Analysis Banking and Finance Mena investment banking fees surge past $1bn for year so far JP Morgan and HSBC remain the top fee-earning investment banks in the Middle East and North Africa, a new report has found, although a further slowdown in mergers and acquisitions could help regional banks boost their share. Total investment banking fees in the Mena amounted to $1.05 billion in the first nine months of 2022, […] October 24, 2022
Banking and Finance PIF-backed real estate refinance firm to acquire $133m portfolio Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire SAR500 million ($133.13 million) worth of real estate financing portfolio. The agreement is the second largest mortgage refinancing deal in the kingdom, the company said in a statement. Fabrice Susini, CEO of SRC, […] August 19, 2022
Banking and Finance 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 […] August 8, 2022
