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  • Saudi Arabia banks embark on record bond binge for mega-projects

    Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

  • Alvarez & Marsal: Performance of Saudi Banks is Largely Robust, Positive

    The performance of the top 10 banks in Saudi Arabia is largely robust and positive, global professional services firm Alvarez & Marsal (A&M) has said. The firm has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. It said operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw Net Interest Margins (NIM) improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent.

  • Saudi Arabia Banks Embark on Record Bond Binge for Mega-Projects

    Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

  • Saudi in talks to add new banks to Aramco’s secondary share sale: Report

    Saudi Arabia is in talks to include top Wall Street banks for the proposed secondary share sale in oil giant Aramco, Bloomberg reported, citing informed sources.   The kingdom plans to hire JPMorgan Chase & Co. as one of the main underwriters to the offering, with Bank of America and Morgan Stanley contending for lead roles on the deal, which could raise as much as $20 billion, the report said.   The final list of advisers may change and more banks are expected to be added before the deal launches. No final decisions have been made on the sale's timing or the offering's size.

  • Saudi banks witness unprecedented savings growth, lending expansion

    Saudi citizens exhibited a remarkable surge in their savings habits in August, achieving the highest savings rate in over a decade, according to data released by the Kingdom’s central bank, also known as SAMA. Saudi Arabia’s money supply expanded by 10 percent compared to the same period the previous year, marking the most substantial annual growth since August 2014.

  • Saudi banks witness unprecedented savings growth, lending expansion

    Saudi citizens exhibited a remarkable surge in their savings habits in August, achieving the highest savings rate in over a decade, according to data released by the Kingdom’s central bank, also known as SAMA. Saudi Arabia’s money supply expanded by 10 percent compared to the same period the previous year, marking the most substantial annual growth since August 2014.

  • Saudi Arabia banks on Arab League summit to test foreign policy realignment

    Senior officials from across the Arab world have been trickling into the coastal city of Jeddah ahead of a much anticipated summit of Arab League leaders on Friday, which is expected to include Syrian President Bashar Al Assad. Over the past weeks and months, Saudi Arabia has become more active once again on the foreign stage as it prepares for its year-long Arab League presidency. The kingdom has in that period realigned many of its foreign policy agendas.

  • Saudi Arabia banks on Arab League summit to test foreign policy realignment

    Senior officials from across the Arab world have been trickling into the coastal city of Jeddah ahead of a much anticipated summit of Arab League leaders on Friday, which is expected to include Syrian President Bashar Al Assad. Over the past weeks and months, Saudi Arabia has become more active once again on the foreign stage as it prepares for its year-long Arab League presidency. The kingdom has in that period realigned many of its foreign policy agendas.

  • Saudi Islamic Banks’ Growth, Capital Remain Strong

    Saudi Islamic banks’ standalone credit profiles will remain strong in 2023, supported by high oil prices and robust non-oil real GDP growth. Strong credit growth will put some pressure on capital, funding and liquidity, with increasing recourse to market funding. However, SAMA is likely to inject further liquidity if necessary. We do not expect M&A involving Islamic banks in the near future.

  • Saudi tops Forbes list of region’s most valuable banks

    Saudi Arabia’s Al-Rajhi Bank and Saudi National Bank have been named the largest banks in the Middle East region with a market cap of $75 billion and $56.4 billion respectively, according to a new report by Forbes. Qatar National Bank Group garnered the third spot in this list with a market cap of $42.8 billion, followed by First Abu Dhabi Bank with a market value of $42.4 billion. Kuwait Finance House bagged the fifth spot on the list with an aggregate market value of $37.5 billion.