Company Insights Saudi National Bank Banking & Finance Saudi National Bank News Banking & Finance Tarabut poised as Saudi plans open banking regulations Open banking platform Tarabut Gateway is gearing up for the launch of new regulations in Saudi Arabia as the kingdom expands its financial technology offerings. The system of open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Ayman al Sayari, governor of the Saudi […] September 14, 2023 Analysis Banking & Finance 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, […] September 13, 2023 Finance Acwa Power secures $545m for Saudi desalination project Saudi Arabian energy developer Acwa Power has secured funding of SAR2.045 billion ($545.3 million) for the Rawabi Water Desalination Company (Rabigh 4) independent water plant project in Saudi Arabia. The funding came from a consortium of local and global banks, including Standard Chartered Bank, Saudi National Bank, Riyadh Bank, The Saudi Investment Bank and Bank […] September 4, 2023 Analysis Banking & Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023 Finance Saudi Telecom raises $1.34bn to buy European towers Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 […] August 28, 2023 Finance Seera auto rental unit to float 30% on Tadawul Saudi Arabian travel company Seera Group Holding’s wholly-owned auto rental subsidiary plans to list 30 percent of its issued share capital on the Saudi Exchange (Tadawul). Car rental company Lumi expects to issue 16.5 million shares, with the listing taking place following regulatory approvals, the company said in its prospectus. Saudi Fransi Capital has been […] August 25, 2023 Energy Two Saudi solar projects secure $2.4bn funding A consortium led by Acwa Power has secured financial funding worth $2.37 billion for two solar projects, as Saudi Arabia looks to ramp up its renewable energy sector by the end of the decade. The Al Shuaibah 1 and Al Shuaibah 2 solar photovoltaic projects are expected to generate over 2.6 GW of clean electricity […] August 21, 2023 Exclusive Banking & Finance Dubai’s Tarabut points way for open banking in GCC The new chief financial officer of open banking platform Tarabut Gateway sees “exciting times ahead” as the company focuses on expansion in Saudi Arabia. It is also hoping to enter other Middle East markets. Open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Similar […] August 10, 2023 Finance PIF says assets hit $594bn despite $16bn loss in 2022 Saudi Arabia’s Public Investment Fund (PIF) said gross assets under management (AUM) exceeded SAR2.23 trillion ($594.43 billion) in 2022, rising 12.62 percent from the previous year. International investments made up 23 percent of its AUM, worth SAR512 billion, while 68 percent were local investments (SAR1.72 trillion), PIF said in its annual report for 2022. The […] August 7, 2023 Banking & Finance Saudi National Bank’s Q2 2023 profit up 9% to $1.3bn The net profit of Saudi National Bank (SNB) grew 9.3 percent year on year to SAR5 billion ($1.33 billion) in the second quarter of 2023 on rising operating income and a decline in bad loan provisions. Provisions for credit losses dropped 87 percent year on year in the second quarter to SAR76 million, as total […] July 26, 2023 Posts navigation Previous 1 … 4 5 6 … 8 Next
Banking & Finance Tarabut poised as Saudi plans open banking regulations Open banking platform Tarabut Gateway is gearing up for the launch of new regulations in Saudi Arabia as the kingdom expands its financial technology offerings. The system of open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Ayman al Sayari, governor of the Saudi […] September 14, 2023
Analysis Banking & Finance 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, […] September 13, 2023
Finance Acwa Power secures $545m for Saudi desalination project Saudi Arabian energy developer Acwa Power has secured funding of SAR2.045 billion ($545.3 million) for the Rawabi Water Desalination Company (Rabigh 4) independent water plant project in Saudi Arabia. The funding came from a consortium of local and global banks, including Standard Chartered Bank, Saudi National Bank, Riyadh Bank, The Saudi Investment Bank and Bank […] September 4, 2023
Analysis Banking & Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023
Finance Saudi Telecom raises $1.34bn to buy European towers Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 […] August 28, 2023
Finance Seera auto rental unit to float 30% on Tadawul Saudi Arabian travel company Seera Group Holding’s wholly-owned auto rental subsidiary plans to list 30 percent of its issued share capital on the Saudi Exchange (Tadawul). Car rental company Lumi expects to issue 16.5 million shares, with the listing taking place following regulatory approvals, the company said in its prospectus. Saudi Fransi Capital has been […] August 25, 2023
Energy Two Saudi solar projects secure $2.4bn funding A consortium led by Acwa Power has secured financial funding worth $2.37 billion for two solar projects, as Saudi Arabia looks to ramp up its renewable energy sector by the end of the decade. The Al Shuaibah 1 and Al Shuaibah 2 solar photovoltaic projects are expected to generate over 2.6 GW of clean electricity […] August 21, 2023
Exclusive Banking & Finance Dubai’s Tarabut points way for open banking in GCC The new chief financial officer of open banking platform Tarabut Gateway sees “exciting times ahead” as the company focuses on expansion in Saudi Arabia. It is also hoping to enter other Middle East markets. Open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Similar […] August 10, 2023
Finance PIF says assets hit $594bn despite $16bn loss in 2022 Saudi Arabia’s Public Investment Fund (PIF) said gross assets under management (AUM) exceeded SAR2.23 trillion ($594.43 billion) in 2022, rising 12.62 percent from the previous year. International investments made up 23 percent of its AUM, worth SAR512 billion, while 68 percent were local investments (SAR1.72 trillion), PIF said in its annual report for 2022. The […] August 7, 2023
Banking & Finance Saudi National Bank’s Q2 2023 profit up 9% to $1.3bn The net profit of Saudi National Bank (SNB) grew 9.3 percent year on year to SAR5 billion ($1.33 billion) in the second quarter of 2023 on rising operating income and a decline in bad loan provisions. Provisions for credit losses dropped 87 percent year on year in the second quarter to SAR76 million, as total […] July 26, 2023
