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Banking & Insurance

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29 February 11:51 AM Al Rajhi Takaful’s net profit soars 353% YoY in 2023
Riyadh – Mubasher: The net profit after zakat attributable to shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) surged 353.18% year-on-year (YoY) to SAR 328.06 million in 2023 from SAR 72.39 million. The insurance …
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29 February 11:32 AM Alinma Bank issues $1bn tier 1 capital certificates
Riyadh – Mubasher: Alinma Bank has completed the issuance of $1 billion USD-denominated additional tier 1 capital certificates. A total of 5,000 certificates were sold at $200,000 for each and an annual yield of 6.50%, according to a bourse …
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29 February 09:51 AM SNB Capital launches $230m fund via Dubai-based unit
Riyadh – Mubasher: Saudi investment bank and asset manager SNB Capital launched SNBC Capital Oil & Gas Fund I, which was established by SNB Capital’s Dubai-based subsidiary, SNB Capital (DIFC) Limited. The newly created fund aims to provide …
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28 February 11:39 AM Luberef’s profits shrink to SAR 1.5bn in 2023; dividends proposed
Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) posted 23.68% year-on-year (YoY) lower net profits at SAR 1.50 billion in 2023, compared to SAR 1.97 billion. Luberef posted revenues amounting to SAR 9.48 billion as of 31 December 2023, …
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26 February 02:54 PM Enma Alrawabi secures SAR 170m loan from ANB
Riyadh – Mubasher: Enma Alrawabi Company obtained Sharia-compliant banking facilities from Arab National Bank (ANB) at an amount of SAR 170 million on 25 February 2024. The loan will be used for purchasing the buildings erected on the Hittin land …
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26 February 01:12 PM Alinma Bank to issue USD-denominated capital certificates
Riyadh – Mubasher: Alinma Bank is planning to issue USD-denominated Additional Tier 1 Capital Certificates to improve Tier 1 capital and serve general banking purposes. The issuance is expected to be conducted through a special purpose vehicle to …
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25 February 01:26 PM SNB to pay SAR 5.4bn cash dividends for H2-23
Riyadh – Mubasher: The board members of Saudi National Bank (SNB) recommended cash dividends after Zakat valued at SAR 5.40 billion for the second half (H2) of 2023. SNB will grant a dividend of SAR 0.90 per share for 6 billion eligible …
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25 February 11:08 AM Al Rajhi Bank’s board eyes SAR 4.6bn dividends for H2-23
Riyadh – Mubasher: Al Rajhi Bank announced the board’s proposal to pay SAR 4.60 billion as cash dividends after Zakat for the second half (H2) of 2023, according to a bourse filing. The lender will disburse a dividend of SAR 1.15 per share, …
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22 February 05:09 PM Muqassa, Instimatch Global pen MoU to launch Repo trading platform in Saudi Arabia
Riyadh – Mubasher: Muqassa signed a memorandum of understanding (MoU) with Instimatch Global to launch a Repo trading platform to enhance the financial infrastructure of the Saudi capital market. Under the MoU, Muqassa will conduct central …
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22 February 11:13 AM Saudis’ appetite for spending soars 46% ahead of Ramadan 2024 – Report
Riyadh – Mubasher: The spending sentiment of Saudi consumers surged 46% in 2024 compared to 2023, as more citizens show heightened enthusiasm for special Ramadan events in stores, Ramadan brand editions, and shopping during the festive season. …
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21 February 09:20 PM Saudi Arabia aims for 70% non-cash payments by end 2025 - CitiGroup
Riyadh – Mubasher: Saudi Arabia is targeting turning 70% of domestic payments to non-cash by the end of 2025, stated Philip Drury, Global Head of Technology and Communications Banking, Capital Markets, and Advisory at CitiGroup. As of 2022, the …
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21 February 08:36 PM SCMF 2024 marks launch of Single Stock Options contracts on SNB
Riyadh – Mubasher: The third edition of the Saudi Capital Market Forum (SCMF) has witnessed the successful rollout of Single Stock Options (SSOs) contracts on the Saudi National Bank (SNB). The debut of SSOs on the SNB is expected to empower both …
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21 February 11:04 AM SNB completes offering $850m USD-denominated Sukuk
Riyadh – Mubasher: Saudi National Bank (SNB) has concluded its offering of 4,250 USD-denominated senior unsecured Sukuk at a value of $850 million. The sukuk was offered at a par value of $200,000 with an annual return of around 5.13% over a …
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19 February 11:20 AM SNB plans to offer USD-denominated Sukuk to local, int’l investors
Riyadh – Mubasher: Saudi National Bank (SNB) unveiled a plan to issue USD-denominated senior unsecured Sukuk under its updated international Sukuk programme, which was launched in December 2023. The planned sukuk are set to be issued through a …
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18 February 06:42 PM Keir International renews nearly SAR 68m banking facilities agreement with SNB
Riyadh – Mubasher: Keir International Company has renewed a SAR 67.79 million Sharia-compliant banking facilities agreement with Saudi National Bank (SNB). The 12-month agreement will be used for project financing and issuance of bank guarantees …
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18 February 02:01 PM SAIB’s board proposes SAR 450m dividends for H2-2023, 25% capital hike
Riyadh – Mubasher: The Saudi Investment Bank (SAIB) announced that its board of directors recommended the distribution of interim cash dividends at a value of SAR 450 million for the second half (H2) of 2023. The proposed dividends amount to SAR …
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18 February 11:45 AM GIG sells entire stake in Buruj Cooperative for SAR 122m
Riyadh – Mubasher: Buruj Cooperative Insurance Company has announced that its majority shareholder Gulf Insurance Group (GIG) entered a binding agreement to sell its entire stake in the company to Cigalah Trading Establishment for SAR 121.83 …
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15 February 05:48 PM ACWA Power secures $2.3bn financing for 3 solar power projects
Mubasher: ACWA Power Company secured a loan worth $2.30 billion (SAR 8.60 billion) for three of its solar power projects on 14 February. The funding will be provided over 27.75 years by a consortium of local, regional, and international banks, …
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15 February 04:58 PM Amiantit settles debt to SNB, Alinma Bank
Riyadh – Mubasher: Saudi Arabian Amiantit Company has signed an agreement with Saudi National Bank (SNB) to settle a SAR 313 million debt. Under the agreement, Amiantit will pay only 50% of the debt, or SAR 156.5 million, by the cash inflows from …
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14 February 09:55 AM Cenomi Centers secures SAR 5.25bn facility deal
Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) obtained total facilities of up to SAR 5.25 billion, on 13 February 2024, in line with a sustainability-linked financing agreement with a syndicate of top-tier banks. HSBC Saudi Arabia …
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13 February 12:53 PM Riyad Bank unveils SAR 2.2bn dividends for H2-23
Riyadh – Mubasher: The board members of Riyad Bank recommended cash dividends after Zakat amounting to SAR 2.24 billion for the second half (H2) of 2023. The Saudi lender will disburse a dividend of SAR 0.75 per share for 2.99 billion eligible …
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12 February 04:13 PM Riyad Bank’s profits jump to SAR 8bn in 2023
Riyadh – Mubasher: Riyad Bank achieved net profits worth SAR 8.04 billion in 2023, an annual rise of 14.62% from SAR 7.01 billion. Earnings per share (EPS) went up to SAR 2.58 last year from SAR 2.32 in 2022, according to the financial results. …
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11 February 03:46 PM SAB’s board eyes over SAR 2bn dividends for H2-23
Riyadh – Mubasher: Saudi Awwal Bank (SAB) announced the board’s recommendation to disburse cash dividends worth SAR 2.01 billion for the second half (H2) of 2023, according to a bourse disclosure. The lender will distribute a dividend after Zakat …
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8 February 04:22 PM ANB eyes SAR 5bn capital hike
Riyadh – Mubasher: The board of Arab National Bank (ANB) recommended a 33.33% capital increase to SAR 20 billion from SAR 15 billion by granting one bonus share for every three owned shares. The lender will capitalise SAR 5 billion from the …
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8 February 03:37 PM SAB’s net profits leap to SAR 7bn in 2023
Riyadh – Mubasher: Saudi Awwal Bank (SAB) recorded an annual hike of 45.09% in net profit to SAR 7 billion in 2023, compared to SAR 4.82 billion. The lender witnessed 12.44% year-on-year (YoY) higher clients’ deposits at SAR 240.94 billion as of …