Banking & Finance

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Saudi Arabia’s bank deposits surge to record $237 billion in May

Time and savings deposits in Saudi Arabia's banking system grew 3 percent since the beginning of the year

Beyond payments: How Mastercard is fueling transformation and driving inclusion

Great strides have been made in advancing digital transformation and building a robust payment ecosystem across the region

Saudi Arabia’s corporate sukuk, debt capital market grows 7.9 percent annually since 2019

Market sees surge in liquidity with a traded value of SAR2.5 billion in 2023

Saudi Arabia’s PIF successfully prices inaugural $831 million sterling-denominated bonds

Offering includes a GBP300 million tranche with a 5-year coupon and a GBP350 million tranche with a 15-year coupon

Saudi banks’ deposits grow 5.9 percent in Q1 2024, outpacing 3.5 percent loan growth: Report

The report shows remarkable growth in operating income (+3.8 percent) mainly on the back of higher fee income

Saudi banks see 11 percent increase in loans in April, surpassing $715 billion driven by corporate activities

Personal loans constituted 47 percent of banks' total lending, while corporate loans made up the remaining 53 percent

Saudi Arabia’s E&P investments to reach $7 billion in 2025: Report

By 2025, the Kingdom is expected to account for 67 percent of the MENA region's total E&P expenditure

Saudi Arabia’s crude oil exports hit 9-month high, reaching 6.413 million bpd in March

Data also showed that Saudi refineries' crude throughput fell in March by 0.115 million bpd to 2.560 million bpd

Saudi Aramco to acquire 10 percent stake in China’s Hengli Petrochemical

Deal aligns with Aramco’s strategy to expand its presence in key high-value markets like China

Saudi Arabia’s crude oil production reaches seven-month high in February

This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month

Saudi Arabia’s drilling firm ADES secures $93.3 million contract to operate jack-up rig in Qatar

The contract includes a mandatory and optional extension period of up to 18 months

Saudi Aramco expands Fadhili Gas Plant with $7.7 billion in EPC contracts

This expansion initiative aims to enhance the plant's processing capacity from 2.5 to a potential 4 bscfd

WEF Special Meeting: Coordinated cooperation key to mitigating impact of epidemics, says Saudi health minister Al-Jalajel

Integrating health, justice and sustainability in decision-making promotes health sector's growth

Canadian firms eye investments in Saudi Arabia’s healthcare sector

Will strengthen bilateral cooperation in healthcare and medical services

Saudi Arabia boosts local drug production with 4 key agreements

Agreements mark significant step towards health and pharmaceutical security

New blood test promises early detection of Alzheimer’s disease

Testing blood for p-tau217 could provide accurate Alzheimer’s screening before symptoms manifest

Saudi Arabia introduces insurance for new domestic workers

Insurance will become part of the employer’s contract

Workplace wellness: 5 tips for a healthier office environment

Enhancing employee well-being improves organizational performance


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Saudi Arabia’s industrial production rises 1.1 percent in April on manufacturing surge: Report

Saudi Arabia sees 7.7 percent annual surge in manufacturing activity in April 2024

Saudi Arabia, major Dutch companies discuss enhancing industrial cooperation in multiple sectors

Discussion fall in line with Saudi Arabia's goals of enhancing its position in the industrial and mining sectors

Saudi Arabia’s Ministry of Industry issues 12 new mining licenses in March 2024

The licenses cover 10 building materials quarry licences, one mineral ores surplus licence, and one reconnaissance licence

$410 billion in investments propel Saudi Arabia’s mining sector growth

$2.5 trillion in mineral wealth support Saudi Arabia's diversification efforts

Saudi Arabia’s industrial production index up 1 percent in February

Index reveals 2.1 percent annual increase in manufacturing activity

Saudi MODON attracts investments worth $3.85 billion in 2023: Report

MODON received the "Most Attractive Destination for Investments Award" in 2023


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Saudi Arabia wins presidency of Arab Civil Aviation Organization executive council

Saudi Arabia supports the organization's 'No Country Left Behind' initiative with $1 million of funding

Saudi non-oil exports to China exceed $46.9 billion over past 5 years

This highlights the strong economic and trade relationship between Saudi Arabia and China

Saudia among top airlines globally for on-time arrival, departure

King Khalid International Airport ranked first globally with an on-time performance of 88.23 percent

Riyadh Air, China Eastern Airlines forge partnership to promote connectivity, digital innovation

MoU to promote digital transformation, knowledge sharing and technology development

Saudi Arabia authorizes India’s Akasa Air to operate regular flights to Kingdom

GACA boosts connectivity ahead of the summer season of 2024 with flights to Italy, Poland and India

King Abdul Aziz Port in Dammam maintains operational excellence, handles 292,612 containers in May 2024

Mawani's infrastructure improvements align with the National Transport and Logistics Strategy

Saudi Arabia’s capital market raises $8 billion from 70 sukuk, debt instrument listings in 2023: Report

Saudi Arabia saw record high net foreign investments, which rose 7.7 percent annually to $52.78 billion in 2023

Retail investors now hold 0.76 percent of Saudi Aramco shares

Domestic institutional investors now hold around 0.89 percent of the company's shares

Saudi Aramco’s $12 billion offering sees strong demand, value could rise to $13.1 billion

The banks on the Aramco offering will take institutional orders until Thursday and will set the price of the shares the following day

Saudi Arabia seeks to raise $12 billion from Aramco shares sale

The company has set the price range between SAR26.70 and SAR29.00 per share

Saudi Arabia gold prices fall, global rates decline as U.S. economy growth slows in Q1, inflation data awaited

U.S. economy grew 1.3 percent in Q1 of 2024, significantly slower than 3.4 percent in Q4 of 2023

Oil prices extend losses as U.S. product stockpiles grow, China activity slows

Brent oil futures expiring in July dropped 0.3 percent to $81.61 per barrel


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Saudi Arabia raises retirement age to 65 in new social insurance law

GOSI stated that the statutory retirement age for individuals affected by the amendments would range between 58 and 65 years

Visa’s ‘She’s Next’ returns to Saudi Arabia with inaugural ‘She’s Next in Gaming’ event

The Kingdom is home to around 23.5 million gamers, 48 percent of whom are women

Saudi Arabia gears up for 1st Esports World Cup in July with over $60 million prize pool

The Club Championship will award $20 million to the top 16 clubs depending on their overall performance

UAE, Saudi Arabia explore establishment of Saudi-Emirati Coordination Council to enhance procurement

Council to enhance achievements, protect interests, and create new opportunities for both nations

Saudi Arabia’s cinema revenue soars to over $986 million in just six years

Currently, Saudi Arabia has 66 movie theaters with approximately 618 screens and 63,373 seats

$13.32 million initiative restores 56 heritage buildings in Historic Jeddah

The project primarily targets showcasing the rich heritage of the Historic Jeddah District

Real Estate

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Residential Q1 sales transactions up by 77 percent year-over-year in Riyadh

Prime office rents in Riyadh rose 14.5 percent, while Grade A and B rents increased 11.8 percent and 10.3 percent

Saudi Arabia, China ink two key deals to boost Kingdom’s housing sector

Agreements to develop and raise the quality of residential projects across the Kingdom

Saudi Arabia’s developers poised for growth amid property shortage, government support: S&P

Report expects real estate to increase its contribution to the GDP from 6 percent to 10 percent by 2030

Saudi Arabia’s minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement

40 percent of Spain's investments in Saudi Arabia over the past 10 years has been in the real estate sector

Construction begins on Al-Urubah Park, Riyadh’s largest green space project

More than 600,000 trees and shrubs will be planted, covering 65 percent of the park area

Egyptian government signs $1 billion agreement with alliance for real estate development

Facilitating logistical supply for real estate-related projects in Saudi Arabia

stc’s revenues rise over 5 percent to $5.09 billion in Q1 2024

Group's net profit surged by 44.50 percent to SAR3.28 billion

LEAP 2024: Ericsson, Mobily boost digital transformation with AI-powered managed services

The two companies extended the managed services partnership for another three years

LEAP 2024: Ericsson and ACES partner to revolutionize indoor 5G connectivity in Saudi Arabia

The deal aims to create a neutral host ecosystem, allowing service providers to share infrastructure

stc Group records $19.28 billion in revenues for 2023

The Group reported $3.6 billion in net profits

Group CEO Hatem Dowidar on how e& is spearheading the world’s transformative tech space

Diversifying its business and creating robust pillars are key to its continuing success