LuLu strengthens presence in Saudi Arabia
The hypermarket, which is also the 28th in the country, was officially inaugurated by Ibrahim Al- Khorayef, the governor of Qatif, in the presence of Yusuff Ali M A, chairman and MD of Lulu Group and other dignitaries in the Al Muntazah district of Dammam. “The Saudi government has taken brave measures to empower […]
Saudi Aramco’s Q3 net profit jumps 39%; free cash flow at record $45bln
Saudi Aramco posted a nearly 39% jump year-on-year (YoY) in Q3 net profit at $42.4 billion driven by higher oil prices and increased sales volumes. The oil giant said it plans to expand long-term production capabilities and develop low-carbon solutions. The profit easily topped the mean estimate of $40.57 billion, according to data compiled by […]
IDH to launch new diagnostic venture in Saudi Arabia with $19.7mln estimated investment cost
Integrated Diagnostics Holdings (IDH) has signed a Joint Venture (JV) agreement with Al Makhbaryoun Al Arab (Biolab) and Izhoor Holding Medical Company (Izhoor) to launch a new diagnostic venture in Saudi Arabia. IDH Group (IDH and its Jordanian subsidiary Biolab) will own 50% of the new JV and the remaining 50% will […]
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, […]