MUST-READS

• Saudi Smash 2024 set for big final weekend in Jeddah

  The top contenders in the Saudi Smash 2024 tournament are starting to emerge after day five saw Germany’s Patrick Franziska steal the show at King Abdullah Sports City with a sensational comeback against the more favored Fan Zhendong of China in the men’s singles.

• Robust IPO pipeline and market initiatives propel Saudi Exchange’s global appeal: CEO

  An array of robust and diverse initial public offerings are poised for the Saudi Exchange thanks to new initiatives aimed at attracting international investors, the bourse’s CEO has revealed. Addressing a panel discussion themed “Expanding Frontiers: Uncovering Investment Potential in Saudi Arabia and China” at the Capital Market Forum — CONNECT Hong Kong, Mohammed Al-Rumaih expressed confidence in the future trajectory of the Saudi Exchange. Advertisement

• Saudi Crown Prince, Zelenskiy Discuss Ukrainian-Russian Crisis

  Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Saudi Crown Prince and Prime Minister, received a telephone call on Wednesday from Ukrainian President Volodymyr Zelenskiy.

• Skyworth Auto signs $1.38 billion deal with Saudi Arabia’s KAG

  Skyworth Auto, the car-making arm of Chinese home appliance giant Skyworth, has signed a cooperation agreement with a Saudi company, as more Saudi money enters the Chinese car-making sector. Skyworth Auto has signed a 10-year strategic cooperation agreement with the Saudi royal-controlled KAG Group, with the first five years in the first phase of the partnership having a business plan of RMB 10 billion yuan ($1.38 billion), the company announced today.

• Saudi Arabia to boost private sector investments in manufacturing: deputy minister

  Saudi Arabia aims to bolster private sector investment in the manufacturing industry, capitalizing on the Kingdom’s swift growth, according to a top official. During his opening speech on the second day of the Riyadh International Industry Week 2024, Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah pointed out that partnership with non-government bodies is of great importance in achieving industrial development in the Kingdom.

• Saudi Arabia condemns attack on UNRWA headquarters in Jerusalem

  The Ministry of Foreign Affairs of Saudi Arabia has condemned the recent attack by Israeli settlers on the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) headquarters in occupied Jerusalem. The attack occurred under the watch of Israeli occupation police. In a statement released on Thursday, the ministry held the Israeli occupation accountable for the recurrent crimes against daefenseless civilians and workers in humanitarian and relief organizations. The statement emphasized the Kingdom's call for the international community to intensify efforts to stop all legal and humanitarian violations and to ensure that the Israeli occupation faces consequences for its continued offenses, which flout international laws and norms.

• Education minister: 3-semester system is under study

  Saudi Minister of Education Yousef Al-Benyan said that the three-semester system is under the ministry’s evaluation and study and the results of the study will be announced upon its completion. “This is a very important matter at the level of the minister and the ministry, as well as at the government level,” he said. 0 seconds of 0 secondsVolume 0% Loading ad Al-Benyan said this while replying to a question from Dr. Aisha Zakri, head of the Education and Scientific Research Committee, at the Shoura Council session, chaired by Speaker Sheikh Abdullah Al-Sheikh in Riyadh on Wednesday. “The Ministry of Education is working to evaluate the three-semester experience according to scientific and educational foundations in partnership with teachers, parents, and relevant authorities, and the ministry will announce the result of this study after its completion,” he said.

• Saudi Banks Profit from Rising Lending, Deposit Volumes

  Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).

• Saudi Banks Profit from Rising Lending, Deposit Volumes

  Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).

• Saudi Arabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs

  Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue. “We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.

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