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  • Saudi Arabian auto rental firm Lumi hires banks for planned IPO -sources

    The kingdom's largest travel company Seera (1810.SE), which owns Lumi, won approval for the float from Saudi Arabia's Capital Market Authority (CMA) last week. Companies that secure approval from the CMA have six months to launch their public share sale.

  • Saudi Arabian auto rental firm Lumi hires banks for planned IPO – sources

    The kingdom's largest travel company Seera (1810.SE), which owns Lumi, won approval for the float from Saudi Arabia's Capital Market Authority (CMA) last week. Companies that secure approval from the CMA have six months to launch their public share sale. Riyadh-based Lumi Rental Company has appointed Saudi Fransi Capital as financial advisor and joint bookrunner on the transaction, said one of the sources, declining to be named as the matter is not public. EFG Hermes joins Saudi Fransi as joint bookrunner, the source said.

  • Saudi Arabia developer Umm Al Qura picks banks for IPO

    Umm Al Qura has picked Al Bilad Capital and GIB Capital to work on the IPO while Lazard is advising it, the people said, asking not to be identified as the information isn’t public. An IPO of the company could raise a few hundred million dollars, two of the people said.

  • ROSHN strikes $1.6bn finance deal with top 3 Saudi banks

    Saudi Arabia’s leading national real estate developer powered by the Public Investment Fund (PIF), ROSHN has signed a working capital facility agreement worth $1.6 billion (SR6 billion) with three leading banks in the kingdom.

  • Roshn seals $1.6bln project finance deal with top Saudi banks

    Roshn, a leading Saudi real estate developer powered by Public Investment Fund (PIF), has signed a working capital facility agreement worth SR6 billion ($1.6 billion) with three leading banks in the kingdom - SABB, Bank Albilad and Al Rajhi. With a total value of SR2 billion each, these new credit facilities will constitute a fundamental change in the real estate sector as well as a basis for diversifying financing, said the Saudi developer in a statement published on state-owned SPA. The move comes as part of Roshn's efforts to obtain external funding for its upcoming integrated community projects, it stated.

  • Pakistan banks on Saudi Arabia to avoid default

    In what appears to be an alternative to the International Monetary Fund (IMF), Pakistan Finance Minister Ishaq Dar expressed hope to receive a $3 billion second bailout from Saudi Arabia within days, vowing to raise money through sale of assets to beef up the critically-low foreign exchange reserves.

  • Saudi banks to start implementing Basel III reforms in January

    The reforms were issued by the BCBS in December 2017, which complements Basel III standards issued by the BCBS in 2010, with the aim of restoring creditability in the calculation of risk-weighted assets (RWA) by improving the sensitivity of the standardized approach (SA) used in calculating them, and reducing the reliance on the internal ratings-based approach (IRB).

  • Saudi Aramco Refiner Hires Banks for $1 Billion Share Sale

    Saudi Aramco Base Oil Co., a refining unit of the state-owned oil producer, named banks including Citigroup and HSBC Holdings Plc for its initial public offering on the Saudi stock exchange, which could raise about $1 billion. The company, also known as Luberef, is planning to sell 50 million shares, or a nearly 30% stake, according to a statement. The price at which all subscribers in the offering will purchase the shares will be determined after the book-building period.

  • Third-quarter profit of Saudi Arabia’s 10 largest banks rise 9.3% on interest income boost

    The aggregate net profit of Saudi Arabia's 10 largest banks increased by 9.3 per cent on quarterly basis in the third quarter of this year, driven by higher interest rates and lower impairment charges, according to professional services consultancy Alvarez & Marsal. The banks' cumulative net income for the three months to the end of September rose to 16.5 billion Saudi riyals ($4.4 billion), the consultancy said in its latest Saudi Arabia Banking Pulse report.

  • Saudi Arabia’s state fund hires banks for IPO of ADES, sources say

    Saudi Arabia's sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public. The Public Investment Fund (PIF) has selected JPMorgan (JPM.N), Goldman Sachs (GS.N), Saudi National Bank's investment banking arm (1180.SE) and Egypt-based EFG Hermes (HRHO.CA) as joint lead managers, the sources said.