Company Insights Saudi National Bank Banking and Finance Saudi National Bank News 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 and 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 and 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 Banking and Finance 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 […] July 25, 2023 Banking and Finance SNB plan to take 40% Credit Suisse stake halted by regulator Saudi National Bank (SNB) wanted to increase its stake in Credit Suisse, Switzerland’s second-largest bank, to 40 percent from 9.88 percent, Zürich-based Blick daily reported. However, Swiss regulator Finma stopped the bank from making the move. Finma must approve a foreign investor taking a stake of more than 10 percent in a major Swiss bank, […] July 10, 2023 Analysis Banking and Finance Mid-cap stocks offer best dividend yields in Gulf Dividend-seeking Gulf investors are likely to find little value among the region’s blue-chip stocks and should instead target mid-cap companies with steady cash flows and low debt, experts suggest. When interest rates hovered near zero and average dividend yields on GCC stocks were around 4 percent, the difference with the risk-free rate – the return […] June 2, 2023 Banking and Finance Sohar International Bank and HSBC Oman to merge Sohar International Bank and HSBC Bank Oman have signed a binding merger agreement following talks that started in June 2022. All assets and liabilities of HSBC Bank Oman will be transferred to Sohar International upon the conclusion of the deal. The banks, which did not disclose the deal value, said that upon completion HSBC Oman […] May 31, 2023 Energy Aramco dividends outstrip rival blue-chips Saudi Aramco’s payouts of dividends surpass those of other leading global companies, and the world’s top oil producer provides sizeable returns for its shareholders in monetary terms. Aramco listed on Riyadh’s bourse in December 2019 following a $29.4 billion initial public offering that sold around 1.7 percent of the government-owned company’s stock. Since then, it […] May 31, 2023 Banking and Finance $500m Aldar green bond ‘four times oversubscribed’ Aldar Investment Properties – a subsidiary of Abu Dhabi’s biggest real estate developer Aldar Properties – has launched a $500 million 10-year green debut Islamic bond, it said in a stock market filing on Thursday. The issuance marks Aldar Properties’ first return to international capital markets since 2019, when it launched its debut 10-year sukuk, […] May 18, 2023 Posts navigation Previous 1 … 5 6 7 … 9 Next
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 and 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 and 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
Banking and Finance 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 […] July 25, 2023
Banking and Finance SNB plan to take 40% Credit Suisse stake halted by regulator Saudi National Bank (SNB) wanted to increase its stake in Credit Suisse, Switzerland’s second-largest bank, to 40 percent from 9.88 percent, Zürich-based Blick daily reported. However, Swiss regulator Finma stopped the bank from making the move. Finma must approve a foreign investor taking a stake of more than 10 percent in a major Swiss bank, […] July 10, 2023
Analysis Banking and Finance Mid-cap stocks offer best dividend yields in Gulf Dividend-seeking Gulf investors are likely to find little value among the region’s blue-chip stocks and should instead target mid-cap companies with steady cash flows and low debt, experts suggest. When interest rates hovered near zero and average dividend yields on GCC stocks were around 4 percent, the difference with the risk-free rate – the return […] June 2, 2023
Banking and Finance Sohar International Bank and HSBC Oman to merge Sohar International Bank and HSBC Bank Oman have signed a binding merger agreement following talks that started in June 2022. All assets and liabilities of HSBC Bank Oman will be transferred to Sohar International upon the conclusion of the deal. The banks, which did not disclose the deal value, said that upon completion HSBC Oman […] May 31, 2023
Energy Aramco dividends outstrip rival blue-chips Saudi Aramco’s payouts of dividends surpass those of other leading global companies, and the world’s top oil producer provides sizeable returns for its shareholders in monetary terms. Aramco listed on Riyadh’s bourse in December 2019 following a $29.4 billion initial public offering that sold around 1.7 percent of the government-owned company’s stock. Since then, it […] May 31, 2023
Banking and Finance $500m Aldar green bond ‘four times oversubscribed’ Aldar Investment Properties – a subsidiary of Abu Dhabi’s biggest real estate developer Aldar Properties – has launched a $500 million 10-year green debut Islamic bond, it said in a stock market filing on Thursday. The issuance marks Aldar Properties’ first return to international capital markets since 2019, when it launched its debut 10-year sukuk, […] May 18, 2023
