| Saudi bank loans up by 11% in March to hit $712bn
Saudi banks’ loans totaled SR2.67 trillion ($711.5 billion) in March, marking an 11 percent increase as compared to the same month in 2023, according to the latest official data. |
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| Dubai Financial Services Authority sees 40% surge in new license registrations, CEO reveals
New license registrations through the Dubai Financial Services Authority increased by 40 percent in the first months of this year compared to the same period in 2023. |
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| Closing Bell: TASI edges down to close at 12,357 points
Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 14.51 points, or 0.12 percent, to close at 12,357.99. |
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| Kuwait oil price down 9 cents to $85.12 pb
The price of Kuwaiti oil went down by ninecents to USD 85.12 per barrel on Monday as opposed to USD 85.21 pb last Friday,said the Kuwait Petroleum Corporation (KPC), Tuesday. |
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| UAE aims to grow economy at 7% in 2024, minister says at Economy Middle East Summit 2024
The global challenges have tested the UAE’s resilience, but the aim is to grow the economy at 7 per cent in 2024, said Abdulla Bin Touq Al Marri, Minister of Economy. |
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| Qatar’s non-energy private sector records improvement in April
Qatar’s non-energy private sector witnesses improvement in business conditions in April as the Purchasing Managers’ Index hit 52, compared to 50.6 in March, according to the latest data. |
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| Saudi government assets to remain strong through 2030: S&P Global
The Saudi government’s assets are forecasted to remain strong amid steady economic diversification efforts aimed at reducing the Kingdom’s dependence on oil, stated a new report. |
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| SEC closes $3bn financing for 3.6GW capacity power stations
Saudi Arabia’s power generation is poised for a substantial boost following the successful closing of financing for two electricity projects, with a combined capacity of 3.6 gigawatts. |
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| Saudi private sector employment reaches 11.27m in April: official data
Saudi Arabia’s private sector has created more job opportunities, with the total number of employees reaching 11.27 million workers in April, official data showed. |
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| Closing Bell: TASI edges down to close at 12,372 points
Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 0.61 points, to close at 12,372.50. |
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| Saudi Arabia’s Ades secures $136.2m deals in Qatar, Egypt
Saudi Arabia’s Ades Holding Co. continues to expand its regional footprint as it seals two contracts worth SR511 million ($136.2 million), highlighting its growing influence in the oil and gas sector. |
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| Saudi Arabia posts budget deficit of $3.3bn in Q1 2024
Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said. |
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| Saudi Arabia’s non-oil sector maintains growth with steady PMI of 57 in April
Saudi Arabia’s non-oil private sector continued its growth momentum in April, driven by strong demand conditions across domestic markets, as indicated by an economic tracker. |
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| Saudi Arabia’s car imports surge to 160k over last 2 years: official figures
Saudi Arabia’s car imports in 2023 hit 93,199, utilizing all modes of transportation — land, sea, and air — reflecting nearly a 40 percent growth from the previous year. |
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| Saudi Rasan to offer 30% shares for IPO on Tadawul
Saudi-based fintech Rasan Information Technology Co. is set to offer 22.74 million shares for an initial public offering on the Kingdom’s main market. |
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| Closing bell: Saudi main index rises to close at 12,373
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.78 points, or 0.17 percent, to close at 12,373.11. |
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| Saudi bank loans increase by 11% in March to hit $712bn, fueled by real estate activities
Saudi banks’ loans totaled SR2.67 trillion ($711.5 billion) in March, marking an 11 percent increase as compared to the same month in 2023, according to the latest official data. |
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| Kuwait’s non-oil sector steadies in April, UAE maintains growth
Non-oil activities in Kuwait demonstrated steady growth in April, buoyed by effective advertising and competitive pricing, supporting the expansion in new orders, an economy tracker revealed. |
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| UAE’s Mubadala Capital plans $13.5bn investment in Brazil’s biofuel sector
Brazil’s biofuel market is set for substantial growth as UAE’s Mubadala Capital has committed to invest $13.5 billion over the next decade. |
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| Saudi financial robo-advisory firm Abyan Capital secures $18m in funding
Financial robo-advisory firm Abyan Capital has secured $18 million in funding in further evidence of the growing confidence in the Kingdom’s artificial intelligence sector. |
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| Islamic finance industry projected to grow in 2024-2025
The Islamic finance industry is projected to grow globally in 2024-2025 with total assets likely to witness single-digit growth driven by economic diversification efforts, a report said. |
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| Abu Dhabi’s ADQ lists debut $2.5bn bonds on London Stock Exchange
The smallest of three Abu Dhabi sovereign wealth funds ADQ has listed a dual tranche $2.5 billion bond on the London Stock Exchange, the fund said in a statement. |
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| GCC central banks hold interest rates steady for 6th time following Fed’s move
Gulf Cooperation Council central banks have held interest rates steady for the sixth time as the US Federal Reserve keeps its benchmark level between 5.25 percent and 5.50 percent. |
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| UAE banks’ aggregate capital, reserves exceed $136bn
UAE-based banks’ aggregate capital and reserves reached 501.5 billion dirhams ($136 billion) at the end of February, up 14.4 percent year-on-year, according to new data. |
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| Saudi Arabia open to financing up to 75% of certain industrial projects, says minister
Saudi Arabia is open to providing up to 75 percent of financing for certain industrial projects, a minister has revealed in a bid to incentivize foreign investment and private sector players. |
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| SAR sees 9% annual growth in cargo transported
The volume of minerals and goods transported by Saudi Arabia Railways reached 6.34 million tonnes during the first quarter of 2024, an annual increase of 9 percent. |
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| Saudi financial sector expands ambitions, eyes foreign investment surge: report
Saudi Arabia aims to enhance its stock exchange appeal to foreign investors, targeting 17 percent ownership of free float shares by 2024, a new report has revealed. |
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| Material sector dominates TASI trading in first quarter of 2024
The materials sector led trading on Saudi Arabia’s Tadawul All Share Index, accounting for approximately SR87 billion ($23.2 billion) or 15.11 percent of the market, according to TASI’s 2024 first-quarter report. |
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| Saudi startups raised $3.3bn in last 10 years, says report
Startups in Saudi Arabia saw massive growth during the last decade raking in $3.3 billion in venture capital funding, according to a report issued by MAGNiTT. |
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| Saudi authorities plan to boost assets under management to 29.4% of GDP in 2024
Saudi Arabia aims to enhance its stock exchange appeal to foreign investors, targeting 17 percent ownership of free float shares by 2024, a new report has revealed. |
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| ACWA Power signs $4.85bn power purchase agreement for a wind energy project in Uzbekistan
Saudi utility firm ACWA Power has signed a power purchase agreement with the National Electric Grid of Uzbekistan for the Aral 5-gigawatt wind power project worth SR18.2 billion ($4.85 billion). |
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| PIF’s tourism investment arm Asfar to develop the city of Hail as next destination, CEO reveals
Saudi Arabia’s northwestern city of Hail will be the fifth destination development of Saudi Tourism Investment Co., the firm’s CEO has revealed. |
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| Saudi Arabia’s Ma’aden completes 10% acquisition of Brazil’s Vale Base Metals
Saudi Arabian Mining Co., also known as Ma’aden, has announced that it has completed the 10 percent acquisition of Brazil’s Vale Base Metals. |
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| Saudi banks’ funding profile changing on rising mortgage demand: S&P Global
Saudi banks are expected to pursue alternative funding strategies to deal with the rapid expansion in lending, fueled by the demand for new mortgages, according to S&P Global. |
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| Saudi imports, exports increase despite regional tensions
Saudi Arabia’s imports and exports increased 5 percent in the first quarter of 2024 despite the tension in the region, according to a senior official. |
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| IsDB Group annual meetings conclude with 85 agreements worth over $8bn
As many as 85 agreements worth over $8 billion were signed across diverse sectors during the recently concluded annual meetings of the Islamic Development Bank Group. |
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| Saudi Arabia’s real GDP rises by 1.3% in first quarter: GASTAT
Saudi Arabia’s real gross domestic product saw a 1.3 percent rise in the first three months of this year compared to the previous quarter, official data showed. |
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| Saudi Arabia, UAE supplied 85% of Japan’s crude oil in March
Saudi Arabia and the UAE provided 85 percent of Japan’s total crude oil needs in March, according to the Agency of Natural Resources and Energy of the nation’s Ministry of Economy, Trade and Industry. |
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| Malaysia to witness $10bn investment from ACWA Power in renewable energy sector: prime minister
Saudi utility firm ACWA Power has expressed interest in investing $10 billion in Malaysia over the next 10 years to develop renewable energy projects. |
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| Cashless payments in Saudi Arabia to rise by 7.6% in 2024
Cashless payments in Saudi Arabia are expected to surge by 7.6 percent in 2024 to SR550 billion ($146.8 billion) as compared to SR511.5 billion the previous year, a report said. |
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| BlackRock, PIF launch multi-asset investment management platform in Riyadh
BlackRock Saudi Arabia and the Public Investment Fund signed a memorandum of understanding on Tuesday which entitles the former to establish a Riyadh-based multi-asset investment platform. |
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| Closing Bell: TASI closes in green; Saudi banks profits up
Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,369.46 points, witnessing an increase of 137.92 points, or 1.13 percent. |
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| Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh
The evolving global landscape presents new challenges and opportunities for central bank reserve managers, the governor of Saudi Arabia’s apex financial institution explained at a high-level meeting. |
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| Dubai Financial Market posts 171% rise in profit for first quarter
The Dubai Financial Market on Monday announced that it posted a net profit of Dh95.6 million before tax for the first quarter of 2024, a rise of 171 per cent as compared to the same period last year. |
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| Islamic finance industry projected to grow in 2024-2025
The Islamic finance industry is projected to grow globally in 2024-2025 with total assets likely to witness single-digit growth driven by economic diversification efforts, a report said. |
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| Qatar launches national strategy to boost renewable energy mix
The use of solar power and other renewable energy sources is set to boost with the launch of a comprehensive strategy by the Qatar General Electricity and Water Corp. |
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| Mawani announces first container shipment from Jubail Commercial Port to Riyadh Dry Port
Saudi sea and rail transport links are set to be enhanced with the commencement of the first container shipment from Jubail Commercial Port to Riyadh Dry Port. |
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| Closing Bell: Saudi benchmark index edged down to close at 12,381
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 102.46 points, or 0.82 percent, to close at 12,381.95. |
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| UAE: Will petrol prices rise for May due to Iran-Israel conflict?
The UAE will announce petrol prices for the month of May 2024 on Tuesday to align them with global rates. |
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| Al-Sager: Our profits underscore our successful strategic investments
Isam Al-Sager, the Vice Chairman and Group CEO of National Bank of Kuwait (NBK), said, “NBK continued recording solid performance and building on past year’s momentum as we advance in executing our diverse strategy and leveraging our flexible business model throughout the challenging macroeconomic landscape.” |