Saudi Real Estate Co. to raise $426.4m to finance Qiddiya, Roshan projects

Saudi Real Estate Co. to raise $426.4m to finance Qiddiya, Roshan projects
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Updated 15 September 2021

Saudi Real Estate Co. to raise $426.4m to finance Qiddiya, Roshan projects

Saudi Real Estate Co. to raise $426.4m to finance Qiddiya, Roshan projects

RIYADH: Saudi Real Estate Co. (Al Akaria) plans to raise SR1.6 billion ($426.4 million) via priority rights issue to finance projects and plans including Qiddiya, Roshan and other major projects related to Vision 2030, CEO Ibrahim Al-Alwan confirmed in an interview on Tuesday.

This is a great opportunity to link the expected growth of our performance with the pace of major projects, and thus the need to increase capital, he said.

Al Akaria announced on Tuesday in a filing on Tadawul, it is considering issuing priority rights to finance its future projects, and the company’s board decided on Monday to present the proposal at an extraordinary general assembly.

The board also approved the appointment of NCB Capital as financial adviser.

The aim is to finance and implement Al Akaria’s future plans and projects and expand its various activities, Al-Alwan told Al Arabiya. 

He said the great momentum in the Saudi real estate market provides an opportunity for the oldest real estate company in the Kingdom to keep pace with the growth of Riyadh, which is witnessing a rapid infrastructure expansion.

Al Akaria CEO also pointed out that the company intends to restore and revive some of its previous projects, and build again in distinctive locations in Riyadh. There are many new projects under study, he said.

As residential projects in the Kingdom are focusing on the quality of life, Al Akaria is looking to launch a wide range of quality services in the next phase, part of which will be investment in the office real estate, he added.

Al Akaria chief pointed out that making profits in real estate projects takes between two to three years, due to which companies have to rely on off-plan sales, which has become part of the business fundamentals in the real estate sector, and one of the solutions to early results in a faster way and reduce financial burdens.


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.