Banking & Insurance

Riyadh – Mubasher: Saudi Arabia’s National Debt Management Center (NDMC) has closed SAR 3.23 billion sukuk issuance. The sukuk issuance is divided into two tranches and a part of the government SAR-denominated sukuk programme, according to the …

Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) reduced its accumulated losses to 16.84% of the capital as of 31 March 2024, according to a bourse filing. ACIG suffered lower accumulated losses valued at SAR 49 million, mainly due to …

Riyadh – Mubasher: The shareholders of Arab National Bank (ANB) and Amlak International Finance Company greenlighted capital hike by granting bonus shares, according to bourse disclosures. ANB The Saudi lender will raise its capital by granting …

Riyadh – Mubasher: Riyad Capital has launched the 1957 Ventures fund, a closed-end investment fund backed by Riyad Bank to drive transformative growth in the Saudi fintech sector. The launch aligns with the objectives of Saudi Vision 2030 and the …

Riyadh – Mubasher: Software as a service (SaaS) provider Merit raised $12 million in its pre-Series B funding round led by Alistithmar Capital i-Cap, the esteemed investment arm of the Saudi Investment Bank (SAIB). The fundraising transaction was …

Riyadh – Mubasher: The Saudi National Bank (SNB) announced Saeed Mohammed Al Ghamdi as the board’s Chairman for the next three years. The lender also named Yazeed Abdulrahman Al Humied as the Vice Chairman, according to a bourse disclosure. The …

Riyadh – Mubasher: The board of Dr. Sulaiman Al Habib Medical Services Group agreed, on 18 May, to disburse cash dividends worth SAR 409.50 million for the first quarter (Q1) of 2024. The company will grant 350 million eligible shares a dividend …

Riyadh – Mubasher: The net profit after zakat, attributable to shareholders of Malath Cooperative Insurance Company (Malath Insurance) plummeted by 74.07% year-on-year (YoY) in net profit to SAR 11.44 million in the first quarter (Q1) of 2024 from …

Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) has signed SAR 1.62 billion banking facilities with Al Rajhi Bank The funding aims to enhance the company’s network infrastructure and cash flow to help improve its …

Riyadh – Mubasher: An affiliate company to Sahara International Petrochemical Company (Sipchem) has signed agreements to secure SAR 1.52 billion in financing from Banque Saudi Fransi and Al Rajhi Bank. With an eight-year maturity, the new loan …

Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) reported a 27.44% year-on-year (YoY) decline in net profit to SAR 26.26 million in the first quarter (Q1) of 2024 from SAR 36.19 million. Insurance revenues …

Riyadh – Mubasher: The net profit after Zakat attributable to shareholders of Aljazira Takaful Taawuni Company soared 79.41% year-on-year (YoY) to SAR 12.78 million in the first quarter (Q1) of 2024 from SAR 7.12 million. Insurance revenues leapt …

Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company achieved net profits after Zakat attributable to the shareholders amounting to SAR 9.98 million in the first quarter (Q1) of 2024. The registered net profits were higher by …

Riyadh – Mubasher: Walaa Cooperative Insurance Company logged a net profit after Zakat attributable to shareholders of SAR 39.86 million, up 64% year-on-year (YoY) from SAR 24.30 million. Insurance revenues grew 16.28% YoY to SAR 767.07 million in …

Riyadh – Mubasher: The net profits after Zakat attributable to the owners of Arabia Insurance Cooperative Company increased by 7.01% to SAR 7.83 million in the first quarter (Q1) of 2024. The quarterly net profits were compared with SAR 7.32 …

Riyadh – Mubasher: Al Rajhi Bank has completed the issuance of $1 billion USD-denominated additional tier 1 capital sustainable sukuk. A total of 5,000 sukuk were sold for $200,000 per each, according to a bourse filing. The sukuk have no fixed …

Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company recorded net profits after Zakat attributable to the owners valued at SAR 15.77 million in the first quarter (Q1) of 2024, an annual hike of 752.35% from SAR 1.85 million. Insurance …

Riyadh – Mubasher: Al Alamiya for Cooperative Insurance Company shifted to profitability in the first quarter (Q1) of 2024, recording a net profit after Zakat attributable to shareholders of SAR 4.64 million, versus a net loss of SAR 867,000 in …

Riyah – Mubasher: The total amount of money in circulation in the Saudi economy surged 8.30% year-on-year (YoY) to SAR 2.823 trillion in March 2024 from SAR 2.60 trillion. Month-on-month (MoM) total liquidity in the kingdom grew 2.50% from SAR …

Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company posted a net profit after Zakat attributable to shareholders of SAR 19.54 million in the first quarter (Q1) of 2024, down 29.99% year-on-year (YoY) from SAR 27.91 million. …

Riyadh – Mubasher: The net profits after Zakat attributable to the owners of Saudi Reinsurance Company (Saudi Re) hit SAR 31.79 million in the first quarter (Q1) of 2024. The quarterly net profits jumped by 183.87% from SAR 11.19 million in Q1-23, …

Riyadh - Mubasher: Payments giant Mastercard announced restructuring its regional operations, appointing new division leaders as it aims to step up growth across the Middle East and North Africa (MENA). This initiative forms part of the company's …

Riyadh – Mubasher: Al Rajhi Bank has announced plans to issue USD-denominated additional tier 1 capital sustainable sukuk under its international sukuk programme. The offering is expected to be conducted through a special purpose vehicle to Saudi …