Arab Bank’s profit for first 9 months up nearly 50% on higher interest, loans
Arab Bank Group’s profits have jumped by nearly 50% on the back of higher interest and commission income, as well as loans and deposits. The bank’s net income after tax reached $405.8 million for the first nine months of the year, up by 49% from the $271.7 million recorded in the same period last year. […]
Mortgage lending in Saudi Arabia softens further after rate hikes
Mortgage lending in Saudi Arabia, a key component of the kingdom’s total bank credit to the private sector, softened further in September as higher interest rates caused demand to stutter. Residential mortgage loans provided by Saudi Arabia’s commercial banks fell to 9.9 billion royals ($2.64 billion) from SAR12.7 billion in August, new data issued by […]
Saudi Q3 GDP grows 8.6% y/y – flash estimates
Saudi Arabia’s gross domestic product expanded by 8.6% in the third quarter compared with the same period in 2021, according to initial government estimates on Monday, as the world’s top oil exporter benefits from higher energy prices. Growth was largely driven by a 14.5% increase in oil activities, the General Authority for Statistics […]
Arab Bank Group profits up 49% to $405.8mln
Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting a net income after tax of $405.8 million as compared to $271.7 million for the same period last year, an increase of 49%. The group’s core banking activities kept up the momentum in most areas of operations […]
ANB records $608mln profits in 9M-22 initial financials
Arab National Bank (ANB) posted a 32.56% year-on-year (YoY) hike in net profit to SAR 2.28 billion during the first nine months (9M) of 2022, versus SAR 1.72 billion. The earnings per share (EPS) settled at SAR 1.52 in the January-September 2022 period, higher than SAR 1.15 during the same period a year […]
Saudi PIF establishes Regional Voluntary Carbon Market Company with Saudi Tadawul Group
Saudi Arabia’s Public Investment Fund on Monday announced the establishment of the Regional Voluntary Carbon Market Company with Saudi Tadawul Group Holding Company. The kingdom’s sovereign wealth fund in a statement said it will hold 80% stake of the company while Tadawul Group will hold the other 20%. The Riyadh-headquartered company will help facilitate a […]
Saudi wealth fund makes offer for 51% of Saudi Telecom towers unit
Saudi Telecom Company (STC) said on Monday the kingdom’s sovereign wealth fund had made a non-binding offer to buy 51% of its towers business, valuing the latter at almost $6 billion. The offer from the sovereign Public Investment Fund (PIF), which owns 64% of STC, is subject to a final agreement and approvals, […]
Saudi Arabia’s PIF offers to acquire stake in over $5bln stc unit
Saudi Telecom Company (stc) has received a non-binding offer from the Public Investment Fund (PIF) to acquire 51% of the shares of Telecommunications Towers Company (Tawal), whilst stc will maintain 49% of Tawal’s shares. Tawal was valued at SAR 21.94 billion ($5.85 billion), 100% enterprise value on a cash free and debt free […]
Parsons wins $145mln Saudi project management work
Global infrastructure engineering company Parsons said it has secured a $145-million contract from Saudi housing minstry to establish and operate an enterprise project management organisation (EPMO). The five-year contract will see the US group establish and operate an EPMO in an integrated fashion with the Ministry. The scope of work includes setting up, staffing and […]
Bank Aljazira’s profits hit $230.66mln in 9M-22 interim results
Bank Aljazira generated SAR 865.30 million in net profit during the first nine months (9M) of 2022, an annual jump of 11.32% from SAR 777.30 million. The earnings per share (EPS) increased to SAR 1.01 in 9M-22, versus SAR 0.92 during the same period a year earlier, according to the initial financial results. […]