Company Insights Saudi Awwal Bank Banking & Finance Saudi Awwal Bank Overview Saudi Awwal Bank (SAB) is a Riyadh-based Saudi joint stock company in which global banking group HSBC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, Saudi Arab British Bank (SABB) was created in 1978 to manage HSBC branches and assets in the country. In May 2018, prompted by recent changes to Saudi Arabia’s Vision 2030 economic reforms, SABB announced its intention to acquire Alawwal Bank in the Saudi banking sector’s first merger in 20 years. The official legal merger of Saudi British Bank and Alawwal Bank was completed in June 2019, making the two banks one legal entity. The bank adopted its current name following the completion of the merger. Saudi Awwal Bank is one of the five largest Saudi banks by deposits and has over 80 branches across Saudi Arabia and one branch in London. It offers services in investment banking, commercial banking, private banking and Islamic banking. Subsidiaries include HSBC Saudi Arabia, SAB Islamic Financial Solutions, SAB Insurance Agency Limited, SAB Insurance Services Limited, SAB Securities Limited and SAB Takaful. Saudi Awwal Bank News Construction Banks vying to fund Roshn’s Saudi expansion Interest in PIF-backed Roshn Turning away lenders Plan is backed by consortium Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, ... Register now: It’s easy and free This content is available for registered members only. Register for your free […] November 14, 2024 Aviation Startup airline Riyadh Air secures $1.3bn credit facility Riyadh Air, the Saudi airline that is due to start operations next year, signed a SAR5 billion ($1.3 billion) credit facility with a syndicate of banks on Wednesday, as it announced an order for 60 more aircraft. The kingdom’s second flag carrier, owned by the PIF sovereign wealth fund, has closed an inaugural Islamic revolving […] October 31, 2024 Analysis Banking & Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024 Construction PIF-backed Roshn raises $2.4bn for expansion Saudi Arabian giga-project developer Roshn has secured a new SAR9 billion ($2.4 billion) credit facility from a consortium of locally-listed banks. The loan will support the developer’s expansion and growth plans over the next five years, state-run Saudi Press Agency reported. “We intend to use these funds to further advance our ambitious strategy in the […] October 2, 2024 Markets Emaar EC’s new strategy to steer financial recovery Emaar the Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, has initiated a SAR8.7 billion ($2.3 billion) turnaround plan a month after its first-half 2024 losses showed an almost five-fold increase from 2023. A capital optimisation plan will allow the Saudi-listed company to restructure its SAR3.8 billion in bank facilities. […] September 9, 2024 Markets Arabian Mills to float 30% of its stake on Saudi bourse Arabian Mills for Food Products Company (Arabian Mills) will sell 15.4 million shares, or 30 percent of its share capital, on the Saudi stock exchange. The sale comprises existing shares by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al-Rajhi International Company, and National Agricultural Development Company (NADEC). […] August 22, 2024 Oil & Gas $3bn new funding to propel PIF-backed Ades expansion Saudi oil and gas driller Ades Holding has secured an additional $3 billion from local and regional banks to support potential acquisitions and organic growth. The Public Investment Fund (PIF)-backed company has upsized its existing syndicate facility through a standby term tranche of $2.7 billion and a revolving credit facility tranche of $300 million. The standby […] July 15, 2024 Banking & Finance Saudi banks’ profits fall as interest margins are squeezed Combined profits in April at Saudi Arabia’s banks fell 3.3 percent compared with March, to SAR6.7 billion ($1.9 billion), the lowest monthly total since last November’s SAR6.1 billion, central bank data shows. Nevertheless, banks total profits for January to April was SAR27.4 billion, up from SAR24.8 billion for the same period in 2023, a report […] May 30, 2024 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 Posts navigation 1 2 3 Next
Construction Banks vying to fund Roshn’s Saudi expansion Interest in PIF-backed Roshn Turning away lenders Plan is backed by consortium Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, ... Register now: It’s easy and free This content is available for registered members only. Register for your free […] November 14, 2024
Aviation Startup airline Riyadh Air secures $1.3bn credit facility Riyadh Air, the Saudi airline that is due to start operations next year, signed a SAR5 billion ($1.3 billion) credit facility with a syndicate of banks on Wednesday, as it announced an order for 60 more aircraft. The kingdom’s second flag carrier, owned by the PIF sovereign wealth fund, has closed an inaugural Islamic revolving […] October 31, 2024
Analysis Banking & Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024
Construction PIF-backed Roshn raises $2.4bn for expansion Saudi Arabian giga-project developer Roshn has secured a new SAR9 billion ($2.4 billion) credit facility from a consortium of locally-listed banks. The loan will support the developer’s expansion and growth plans over the next five years, state-run Saudi Press Agency reported. “We intend to use these funds to further advance our ambitious strategy in the […] October 2, 2024
Markets Emaar EC’s new strategy to steer financial recovery Emaar the Economic City (Emaar EC), the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, has initiated a SAR8.7 billion ($2.3 billion) turnaround plan a month after its first-half 2024 losses showed an almost five-fold increase from 2023. A capital optimisation plan will allow the Saudi-listed company to restructure its SAR3.8 billion in bank facilities. […] September 9, 2024
Markets Arabian Mills to float 30% of its stake on Saudi bourse Arabian Mills for Food Products Company (Arabian Mills) will sell 15.4 million shares, or 30 percent of its share capital, on the Saudi stock exchange. The sale comprises existing shares by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al-Rajhi International Company, and National Agricultural Development Company (NADEC). […] August 22, 2024
Oil & Gas $3bn new funding to propel PIF-backed Ades expansion Saudi oil and gas driller Ades Holding has secured an additional $3 billion from local and regional banks to support potential acquisitions and organic growth. The Public Investment Fund (PIF)-backed company has upsized its existing syndicate facility through a standby term tranche of $2.7 billion and a revolving credit facility tranche of $300 million. The standby […] July 15, 2024
Banking & Finance Saudi banks’ profits fall as interest margins are squeezed Combined profits in April at Saudi Arabia’s banks fell 3.3 percent compared with March, to SAR6.7 billion ($1.9 billion), the lowest monthly total since last November’s SAR6.1 billion, central bank data shows. Nevertheless, banks total profits for January to April was SAR27.4 billion, up from SAR24.8 billion for the same period in 2023, a report […] May 30, 2024
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
