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Saudi Awwal Bank

Saudi Awwal Bank News

Cenomi Said retail

Cenomi Centers gets $1.4bn to support growth plans

Cenomi Centers, Saudi Arabia’s largest shopping mall operator, has secured sustainability-linked financings worth SAR5.3 billion ($1.4 billion) from a consortium of regional banks. HSBC Saudi Arabia led the syndication, with participation from Saudi National Bank, Saudi Awwal Bank, Arab National Bank, Commercial Bank of Dubai, Mashreq Bank, and Qatar National Bank. The new facilities consist […]

The Avenues – Khobar will feature two shopping malls and hotels

The Avenues – Khobar to be built by Kuwait developer

Kuwaiti developer Shomoul Holding this week launched a retail and residential project in the eastern Saudi city of Khobar worth SAR7.2 billion ($1.92 billion), securing a SAR4.35 billion loan for the first stage of construction.  The government’s Tourism Development Fund, set up in 2020, provided the loan along with a consortium led by National Arab […]

Saudi banks remain well capitalised, said one analyst

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 […]

A trader monitors stocks at the Saudi stock market in Riyadh. Saudi banking stocks are slumping despite steady earnings

Investors snub Saudi’s lacklustre bank stocks

Saudi Arabia’s banking stocks have suffered a sustained slump despite lenders reporting steady earnings. Experts believe they are unlikely to rebound in the near term as investors target higher-growth industries instead. Banking is one of three heavyweight sectors on the kingdom’s bourse, along with energy and materials, the latter including petrochemical manufacturers. To Tuesday’s close, […]

Saudi businesses are looking for high-level experience in their board appointees

Saudi firms turn to experience for board hires

When Saudi food major Halwani Bros Company was looking for a new board member, it turned to Jameel Abdullah al-Molhem, who counts CEO of Saudi Telecom Company among a number of his former leadership positions in the kingdom. The appointment of al-Molhem as a non-executive member of the board last week is an example of […]

The Rawabi Energy deal is one of the largest private sector syndicated financings in Saudi Arabia

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 […]

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 […]

Care's Jeddah hospital deal is subject to approval by Saudi Arabia’s General Authority for Competition

Saudi Central Bank grants first licence to a foreign insurer

US healthcare giant Cigna is to become the first international insurer operating in Saudi Arabia as the kingdom seeks to increase foreign direct investment. Cigna has been granted a health insurer licence by the Saudi Central Bank (Sama), it revealed on Monday. Jason Sadler, president of international markets at Cigna, described the branch licence as […]

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 […]

Shrook Mansour Bin Sultan

Shrook Mansour Bin Sultan, head of government affairs for Saudi Arabia, 3M

Shrook Mansour Bin Sultan is the new head of government affairs in Saudi Arabia for US multinational conglomerate 3M, which operates in the fields of industry, worker safety, US healthcare and consumer goods. Her responsibilities include leading the company’s public policy initiatives, such as engagement opportunities with government entities to support the kingdom’s policymakers on […]