News Saudi Arabia: Saudi Arabia considering state-backed insurance program for ships
The plan would aim to provide cheaper cover for vessels transiting the Gulf or Red Sea as a way to keep trade flowing at a time of war.
News Saudi Arabia: Saudi Arabia Financial Cards and Payments Analysis Report 2024: Transactions Surge in Saudi Arabia as Government Pushes for Digital Payments - Forecast to 2029
Dublin, Dec. 30, 2024 (GLOBE NEWSWIRE) -- The "Financial Cards and Payments in Saudi Arabia" report has been added to ResearchAndMarkets.com's offering.The number of financial cards in circulation in Saudi Arabia is set to increase further in 2024, alongside growth in the number of transactions. The Financial Cards and Payments in Saudi Arabia report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards, pre-paid cards and store car
News Saudi Arabia: Saudi Arabia tightens scrutiny of financial transfers to UAE amid growing tensions
Saudi Arabia has tightened regulatory oversight of financial transfers to the United Arab Emirates, in a further sign of growing tensions between the two Gulf neighbours.
News Saudi Arabia: Mega-Projects, Investment Flows Draw Bank of Jordan to Saudi Arabia
Saudi Arabia’s appeal extends beyond rising foreign investment and expanding mega-projects to the banking sector, where institutions see the economic transformation driven by Vision 2030 as an opportunity to establish a long-term presence in one of the region’s fastest-growing markets. Bank of Jordan Group’s entry into the Kingdom reflects growing interest among regional financial institutions in tapping the country’s expanding investment cycle.
News Saudi Arabia: Saudi Arabia's updated AML rules offer greater clarity for firms on compliance obligations
Saudi Arabia's updated anti-money laundering (AML) implementing regulations provide much greater operational detail for firms on how AML controls are expected to work in practice, particularly in relation to customer onboarding, beneficial ownership verification, wire transfers, group-wide compliance programmes and digital payment services, experts have said.
News Saudi Arabia: ACWA Power’s Net Profit Reaches SAR927 Million in the First Half of 2024
Riyadh, August 04, 2024, SPA -- Saudi-listed ACWA Power, the world’s largest private water desalination company, today announced in a press release its consolidated financial results for the six months ending June 30, 2024. According to the release, the company’s net profit – attributable to equity holders of the parent – reached SAR927 million, growing by 36% or SAR243 million versus the comparable period in 2023. Operating income before impairment losses and other expenses reached SAR1,389 million in the same period, with an increase of SAR100 million. As part of its operating income, the company reported a SAR402 million development business and construction management services gain on partial divestment of its Bash and Dzhankeldy wind projects in Uzbekistan. During the first half of the year, the company has continued to add new projects to its portfolio, including the addition of a record 10.5GW of renewable power generation capacity. In May, the company signed a Power Purchase Agreement (PPA) with the National Electric Grid of Uzbekistan for up to 5GW Aral Wind with BESS project, which is Central Asia's largest wind farm and ACWA Power's 15th project in Uzbekistan. In June, three PPAs were signed for large-scale PV solar projects at an aggregate total investment cost of SAR12.3 billion in Saudi Arabia with a combined capacity of 5.5GW as the fourth round of the ACWA Power-Public Investment Fund (PIF) Strategic Framework Agreement. ACWA Power CEO Marco Arcelli stated: “Our financial results renew our confidence in pursuing our ambitious growth agenda and allow us to accelerate our mission of delivering low-cost and responsible water and power globally.” ACWA Power CFO Abdulhameed Al Muhaidib said: “Despite the operational challenges witnessed in few assets, the diversity of our asset base as well as our business model has allowed us to grow our operating and net profit in the first six months of this year.” According to the release, ACWA Power has successfully reached financial close on three major projects, the Taiba and Qassim Combined Cycle Gas Turbine (CCGT) projects in Saudi Arabia, and the Hassyan IWP project in the UAE, with a total investment of SAR18 billion for all three. -- SPA 12:19 Local Time 09:19 GMT 0006
News Saudi Arabia: Saudi Arabia's AI Revolution: Unleashing Risk Appetite And Financial Power
As the Saudi Public Investment Fund (PIF) marches towards an impressive $1 trillion by 2025, it solidifies its position as a major player in global investments, particularly in transformative tech. PIF, guided by Crown Prince Mohammed Bin Salman (MBS), is the 5th largest Sovereign Wealth Fund in the world, with $926 billion in assets (SWFI).
News Saudi Arabia: Saudi Arabian Desert’s First Ever Snowfall Shown in Photos
See more of our trusted coverage when you search. Prefer Newsweek on Google to see more of our trusted coverage when you search. Saudi Arabia's usually sun-baked deserts have been transformed into an ...
News Saudi Arabia: Saudi Endowment Investment Funds’ Assets Hit Record High of SAR1 Billion
Riyadh, November 18, 2024, SPA -- The net assets of licensed endowment (waqf) investment funds in Saudi Arabia have reached a new record exceeding SAR1 billion in 2024, substantially surpassing the SAR half-billion mark from the previous year. This achievement coincides with the introduction of five new funds, bringing the total number to 34 endowment funds, with assets increasing by 29.3% and recording an average asset size increase of 13.9%. The General Authority for Awqaf granted licenses for these five funds in 2024, aligning with the guidelines set forth by the authority, resulting in a total of 27 public and seven private endowment investment funds. Through its strategy, the authority aims to enhance the endowment sector’s sustainability by refining the licensing process for endowment investment products. It is committed to streamlining procedures that encourage individuals and endowment entities to broaden their activities across various sectors. Endowment funds are equipped with precise mechanisms to drive sustainable development by implementing best practices in this field. They engage in developmental projects that cater to societal needs and efficiently manage endowed resources to address social and developmental requirements. Furthermore, these funds offer programs designed to yield optimal developmental returns, fostering connectivity between endowment projects and initiatives undertaken by relevant authorities and charitable organizations. --SPA 20:55 Local Time 17:55 GMT 0054
News Saudi Arabia: Saudi Sovereign-Wealth Fund Struggles to Find Winning Investments
PIF’s performance adds to the country’s economic challenges, which were growing even before the war in Iran.
News Saudi Arabia: Saudi Arabia Seeks to Enhance Mining, Agricultural, and Financial Investments in Nigeria
Riyadh, January 16, 2025, SPA -- Leaders from Saudi Arabia’s private sector have agreed with senior Nigerian officials on a joint strategy to promote and attract Saudi investments in Nigeria, focusing on key sectors such as mining, agriculture, food products, banking services, and financial technologies. During a meeting today, President of the Federation of Saudi Chambers Hassan bin Moejeb Al-Huwaizi met with Minister of Solid Minerals of the Federal Republic of Nigeria Dele Alake and Minister of State Finance of the Federal Republic of Nigeria Doris Uzoka. The meeting was attended by Saudi investors. In his opening remarks, President Al-Huwaizi emphasized the importance of the Saudi-Nigerian Business Council in strengthening economic relations. He expressed Saudi Arabia’s interest in enhancing collaboration with Nigeria in the agriculture, livestock, and mining sectors. Minister of Solid Minerals Dele Alake encouraged Saudi investors to participate in Nigeria’s mining sector and engage in exploration activities. He highlighted the potential of utilizing 95% of the country’s untapped mining lands and a mineral wealth estimated at $700 billion. He assured investors of Nigeria’s commitment to safeguarding foreign investments and outlined incentives such as tax exemptions and duty-free imports and exports for machinery. Minister of State Finance Doris Uzoka underscored Nigeria’s favorable investment environment, noting that there are no restrictions on the transfer or exit of funds. She urged Saudi investors to explore opportunities in the agricultural sector, which has over 70% of arable land, as well as in the financial sector. She highlighted various incentives available to investors across these sectors. The trade exchange volume between Saudi Arabia and Nigeria reached SAR 2.7 billion. In Nigeria, the service sector contributes 44% to the GDP, followed by industry at 30.8% and agriculture at 23.7%, presenting promising opportunities for Saudi investors. --SPA 18:03 Local Time 15:03 GMT 0052
News Saudi Arabia: Business executives making 'contingency plans' for UAE-Saudi Arabia feud
Some law firms are selecting work that avoids antagonising the two rivals, while investors are navigating a new environment ...
News Saudi Arabia: Saudi lenders evolve beyond traditional lending as Vision 2030 advances
Oxford Business Group and BSF report assesses how evolving banking models support capital formation and long-term ...
News Saudi Arabia: Saudi Arabia Advances Lithium Plans, Looks Beyond Oil For Commodity Diversification
Saudi Arabia has unveiled a joint venture between the state oil company Aramco and the state mining company Ma'aden. The collaboration focuses on extracting lithium, a vital component in batteries for ...
News Saudi Arabia: Is Hormuz open? Trump's toll threat intensifies rush to bypass the Strait altogether
Gulf producers are increasingly relying on alternative routes to keep crude moving as shipping disruptions expose the risks of depending on the Strait of Hormuz.
News Saudi Arabia: The bigger Cryptocurrencies get, the worse they perform - BIS
Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said on Sunday in its latest warning about the rise of virtual currencies.
News Saudi Arabia: 'Shared ambitions': Canada, Saudi Arabia sign deals on defence, investment, and AI
For the first time in more than a quarter of a century, a Canadian prime minister has visited Saudi Arabia. In a series of statements released on Thursday, Mark Carney said he walked away with 13 new ...
News Saudi Arabia: Saudi Arabia begins implementation of non-Saudi real estate ownership regulation
RIYADH — The Saudi Real Estate General Authority announced on Thursday the official entry into force of the Regulation on Real Estate Ownership by Non-Saudis, marking the start of its implementation ...
