Company Insights Saudi Central Bank Banking and Finance Saudi Central Bank News Analysis Banking and Finance Central banks go digital, bit by bit The turmoil in cryptocurrency markets this year has been a wake-up call to investors and regulators, prompting questions about how viable many digital currencies really are. According to CoinMarketCap, the total value of cryptocurrencies has slumped from almost $3 trillion in November 2021 to less than $1 trillion in September this year. But not all […] September 14, 2022 Economy Exports help Saudi non-oil sector hit 10-month high A sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high, boosting employment and sentiment for the year ahead. The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion). Oil […] September 5, 2022 Banking and Finance Saudi Arabia hires new head for digital currency programme Saudi Central Bank (SAMA) has appointed Mohsen Al-Zahrani to head its digital currency programme, Bloomberg reported. The kingdom had taken a conservative approach on virtual assets until now, given their speculative nature, the report quoted unnamed sources as saying. Neightbouring Gulf state, the United Arab Emirates, has taken the lead to become a global crypto […] September 5, 2022 Banking and Finance Saudi central bank’s assets hit highest level in five years Total assets of the Saudi Central Bank (SAMA) surpassed SAR2 trillion ($535 billion) in July 2022 for the first time since February 2017. The central bank’s assets rose by SAR19.5 billion during July to SAR2.01 trillion, registering a one percent month-on-month growth from SAR 1.99 trillion in June, according to data published by SAMA. Additionally, […] August 30, 2022 Economy Saudi GDP surges 11.8%, its fastest quarterly rise since 2011 Saudi Arabia’s gross domestic product is growing at the fastest rate for more than a decade, rising 11.8 percent in the second quarter, according to a flash estimate from the kingdom’s General Authority for Statistics. GASTAT said the year-on-year increase – the most rapid acceleration since the third quarter of 2011 – was driven by […] August 1, 2022 Exclusive Banking and Finance NEOM’s IPO plans welcomed by global wealth funds The Saudi Exchange inched upwards in trading today, following positive reaction to plans by the crown prince to list all companies linked to the sovereign wealth fund in the coming years, part of a wider strategy to turn Tadawul into one of the top stock markets in the world. Saudi crown prince Mohammed bin Salman […] July 26, 2022 Analysis Banking and Finance What’s behind Saudi Arabia’s dwindling treasure chest? Saudi Arabian reserves have dwindled by almost half in the last five years, with the government splashing out $70 billion on investment plans amid the coronavirus pandemic. In spite of the kingdom’s depleted treasure chest, analysts expressed confidence that the reserves are being redeployed wisely into funds and giga-projects, as oil prices and foreign direct […] July 26, 2022 Banking and Finance Saudi Arabian banks see profits up 17.6% in first quarter Saudi Arabia’s top banks saw profitability increase by 17.6 percent quarter-on-quarter in the first three months of the year, on the back of a buoyant energy market, interest rate hikes in line with the US, and an increase in consumer spending. “The first quarter saw broad-based profitability improvement across the banking industry,” Asad Ahmed, managing […] June 8, 2022 Saudi credit to SMEs up 11.5%, startup funding up 145% Credit provided by Saudi financial institutions to small businesses rose by 11.5 percent last year, while funding raised by startups in the kingdom is up 145 percent this year, as the Riyadh government continues to encourage the development of the country’s local business community. Credit awarded to Saudi micro, small and medium-sized enterprises reached 203.25 […] May 18, 2022 Banking and Finance Open all hours: inside the Gulf’s banking revolution The UAE’s first open banking platform is helping fintech and banks bring personalised services to customers, and is accelerating the regional growth of this progressive sector The Gulf has the potential to leapfrog other regions of the world, including Europe, with its adoption of open banking as bricks and mortar branches “slowly disappear”, according to […] May 17, 2022 Posts navigation Previous 1 … 7 8 9 Next
Analysis Banking and Finance Central banks go digital, bit by bit The turmoil in cryptocurrency markets this year has been a wake-up call to investors and regulators, prompting questions about how viable many digital currencies really are. According to CoinMarketCap, the total value of cryptocurrencies has slumped from almost $3 trillion in November 2021 to less than $1 trillion in September this year. But not all […] September 14, 2022
Economy Exports help Saudi non-oil sector hit 10-month high A sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high, boosting employment and sentiment for the year ahead. The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion). Oil […] September 5, 2022
Banking and Finance Saudi Arabia hires new head for digital currency programme Saudi Central Bank (SAMA) has appointed Mohsen Al-Zahrani to head its digital currency programme, Bloomberg reported. The kingdom had taken a conservative approach on virtual assets until now, given their speculative nature, the report quoted unnamed sources as saying. Neightbouring Gulf state, the United Arab Emirates, has taken the lead to become a global crypto […] September 5, 2022
Banking and Finance Saudi central bank’s assets hit highest level in five years Total assets of the Saudi Central Bank (SAMA) surpassed SAR2 trillion ($535 billion) in July 2022 for the first time since February 2017. The central bank’s assets rose by SAR19.5 billion during July to SAR2.01 trillion, registering a one percent month-on-month growth from SAR 1.99 trillion in June, according to data published by SAMA. Additionally, […] August 30, 2022
Economy Saudi GDP surges 11.8%, its fastest quarterly rise since 2011 Saudi Arabia’s gross domestic product is growing at the fastest rate for more than a decade, rising 11.8 percent in the second quarter, according to a flash estimate from the kingdom’s General Authority for Statistics. GASTAT said the year-on-year increase – the most rapid acceleration since the third quarter of 2011 – was driven by […] August 1, 2022
Exclusive Banking and Finance NEOM’s IPO plans welcomed by global wealth funds The Saudi Exchange inched upwards in trading today, following positive reaction to plans by the crown prince to list all companies linked to the sovereign wealth fund in the coming years, part of a wider strategy to turn Tadawul into one of the top stock markets in the world. Saudi crown prince Mohammed bin Salman […] July 26, 2022
Analysis Banking and Finance What’s behind Saudi Arabia’s dwindling treasure chest? Saudi Arabian reserves have dwindled by almost half in the last five years, with the government splashing out $70 billion on investment plans amid the coronavirus pandemic. In spite of the kingdom’s depleted treasure chest, analysts expressed confidence that the reserves are being redeployed wisely into funds and giga-projects, as oil prices and foreign direct […] July 26, 2022
Banking and Finance Saudi Arabian banks see profits up 17.6% in first quarter Saudi Arabia’s top banks saw profitability increase by 17.6 percent quarter-on-quarter in the first three months of the year, on the back of a buoyant energy market, interest rate hikes in line with the US, and an increase in consumer spending. “The first quarter saw broad-based profitability improvement across the banking industry,” Asad Ahmed, managing […] June 8, 2022
Saudi credit to SMEs up 11.5%, startup funding up 145% Credit provided by Saudi financial institutions to small businesses rose by 11.5 percent last year, while funding raised by startups in the kingdom is up 145 percent this year, as the Riyadh government continues to encourage the development of the country’s local business community. Credit awarded to Saudi micro, small and medium-sized enterprises reached 203.25 […] May 18, 2022
Banking and Finance Open all hours: inside the Gulf’s banking revolution The UAE’s first open banking platform is helping fintech and banks bring personalised services to customers, and is accelerating the regional growth of this progressive sector The Gulf has the potential to leapfrog other regions of the world, including Europe, with its adoption of open banking as bricks and mortar branches “slowly disappear”, according to […] May 17, 2022
