Energy-lender APICORP to allocate $1bn for ESG 

Energy-lender APICORP to allocate $1bn for ESG 
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Updated 13 September 2021

Energy-lender APICORP to allocate $1bn for ESG 

Energy-lender APICORP to allocate $1bn for ESG 
  • The Arab Petroleum Investments Corporation (APICORP), today announced its plans to allocate $1 billion towards green energy projects
  • Currently, green assets comprise more than 13 percent of the multilateral development bank’s overall portfolio

RIYADH: The Arab Petroleum Investments Corporation (APICORP), today announced its plans to allocate $1 billion towards green energy projects and sustainable energy companies over the next two years, particularly in the MENA region, with a view to concomitantly measure the ESG footprint of all its assets by end of 2023 through active engagement with its stakeholders.

The energy-focused multilateral development bank said in a statement that this new ESG policy framework comes as part of its drive to support energy transition in its member countries and beyond.

Currently, green assets comprise more than 13 percent of the multilateral development bank’s overall portfolio amounting to around $550 million in loans and direct investments - this figure has more than quadrupled over the past five years.

APICORP will also measure the ESG impact when making financing and investment decisions through its new framework, and will focus on supporting the proliferation of renewable energy sources and low-carbon technologies as well as forging more strategic partnerships to promote the sustainability agenda.

The bank will look to introduce green and sustainability bonds in the coming period to accelerate the adoption of sustainable business models within the energy sector and provide industry players with incentives to pursue energy diversification and sustainability practices.

APICORP will also undertake voluntary public reporting on an annual basis drawn from the leading international standards, including the Task Force on Climate-related Financial Disclosures, The Principles for Responsible Investment, The Principles for Responsible Banking, and The Equator Principles.


Saudi food giant NADEC appoints Solaiman Altwaijri as new managing director

Saudi food giant NADEC appoints Solaiman Altwaijri as new managing director
Updated 14 sec ago

Saudi food giant NADEC appoints Solaiman Altwaijri as new managing director

Saudi food giant NADEC appoints Solaiman Altwaijri as new managing director
  • NADEC's new managing director has extensive experience in the field of investment, industry, business development and corporate transformation

RIYADH: The National Agricultural Development Company (NADEC) appointed Solaiman Abdulaziz Altwaijri as its new managing director, taking effect as of November 1, 2021, a bourse filing revealed.

Altwaijri was the chief executive officer of Saudi Arabian Amiantit Co., and he was a chairman and member of many boards of directors and committees for many listed companies inside and outside the Kingdom. He also managed a number of industrial, agricultural and investment companies. 

NADEC's new managing director has extensive experience in the field of investment, industry, business development and corporate transformation for more than 25 years through holding a number of leadership positions, the company said in a statement on Saudi Stock Market (Tadawul).

Altwaijri holds a Ph.D. in Accounting from Case Western Reserve University in the US and a Master's degree in Accounting from the University of Illinois.


Private Saudi medical group Sulaiman Al Habib sees 35% profit rise

Private Saudi medical group Sulaiman Al Habib sees 35% profit rise
Updated 5 min 36 sec ago

Private Saudi medical group Sulaiman Al Habib sees 35% profit rise

Private Saudi medical group Sulaiman Al Habib sees 35% profit rise

DUBAI: Saudi Arabia’s biggest private medical group Sulaiman Al Habib reported a net profit of SR993 million for the first nine months of 2021, an increase of 35 percent from a year earlier.


Saudi bank Al Rajhi reports 44% rise in the first nine months of 2021 net profits 

Saudi bank Al Rajhi reports 44% rise in the first nine months of 2021 net profits 
Updated 15 min 54 sec ago

Saudi bank Al Rajhi reports 44% rise in the first nine months of 2021 net profits 

Saudi bank Al Rajhi reports 44% rise in the first nine months of 2021 net profits 
  • The bank attributed the profit increase to the rise in total operating income by 26.4 percent

Al Rajhi Bank reported a 44 percent increase in net profit for the first nine months of 2021, from SR 7.474 billion ($ 1.992 billion) in the same period last year, to SR 10.73 billion ($ 2.860 billion).

The higher net profit for Q3 2021 is spurred by 43 percent year-on-year to SR 3.794 billion, compared to the third quarter of 2020. 

The bank attributed the profit increase to the rise in total operating income by 26.4 percent, as a result of higher net financing and investment income. 

Shareholders’ equity, excluding minority interest, increased to SR 63.637 billion, compared to SR 54.919 billion at the end of the same period of 2020. 


Saudi National Bank posts 20% rise in quarterly profit

Saudi National Bank posts 20% rise in quarterly profit
Updated 54 min 55 sec ago

Saudi National Bank posts 20% rise in quarterly profit

Saudi National Bank posts 20% rise in quarterly profit
  • The result was better than the 3.6 billion riyals average analysts’ forecast on Refinitiv Eikon data

DUBAI: Saudi National Bank (SNB), the country’s biggest lender, on Sunday posted a nearly 20 percent rise in third-quarter profit from higher fees.
SNB reported a net profit of 3.8 billion riyals ($1.0 billion) for the quarter that ended on Sept. 30, up from 3.2 billion riyals in the same period a year earlier.
The result was better than the 3.6 billion riyals average analysts’ forecast on Refinitiv Eikon data.
The Saudi bank said total operating income increased by 38.4 percent mainly due to higher net special commission income, foreign exchange income and higher fees from banking services


Saudi insurer MEDGULF to increase capital by 50% to $279mn for more solvency

Saudi insurer MEDGULF to increase capital by 50% to $279mn for more solvency
Updated 24 October 2021

Saudi insurer MEDGULF to increase capital by 50% to $279mn for more solvency

Saudi insurer MEDGULF to increase capital by 50% to $279mn for more solvency
  • The company plans to increase its capital from SR700 million ($186.6 million) to SR1.050 billion ($279.9 million)

RIYADH: The Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) plans to increase its capital by 50 percent to boost its solvency and leverage business expansion opportunities.

The company plans to increase its capital from SR700 million ($186.6 million) to SR1.050 billion ($279.9 million), by offering 35 million new ordinary shares through a rights issue at an offer price of SR12 , and a nominal value of SR10 per share, a statement revealed.

Up to 15.9 percent of the offering proceeds will be invested in information technology applications with focus on business development, sales generation and customer service, the company noted in the offering prospectus.

MEDGULF received approval on the capital increase from the Saudi Central Bank in June 2021 and from Saudi Capital Market Authority (CMA) in September 2021. The company will have its extraordinary general assembly meeting on November 3rd to discuss the offering plans further.

MEDGULF is a major player in the Saudi insurance industry with health insurance being the largest business division, representing 72 percent of gross premiums as on December 31, 2020, followed by motor insurance at 17 percent and general insurance at 11 percent.