SABB’s profits grow 3.5% on higher operating income

SABB’s profits grow 3.5% on higher operating income
The bank made profits of $268 million (Shutterstock)
Short Url
Updated 26 April 2022

SABB’s profits grow 3.5% on higher operating income

SABB’s profits grow 3.5% on higher operating income

RIYADH: The Saudi British Bank, known as SABB, has recorded a slight profit growth of 3.5 percent during the first quarter of 2022, thanks to higher operating income, according to a bourse filing.

The bank made profits of SR1 billion ($268 million), against SR970 million in the same period in 2021, despite a drop in gains from financing and investment activities.

The profit increase was “primarily driven by higher total operating income and further contributed by an increase in share in earnings of associates,” SABB said.

Its total expenses rose to SR940 million at the end of the quarter from SR907 million a year ago. Provision for expected credit losses also increased to SR60 million.


Saudi cloud-based platform ZenHR raises $10m in growth funding round

Saudi cloud-based platform ZenHR raises $10m in growth funding round
Updated 14 sec ago

Saudi cloud-based platform ZenHR raises $10m in growth funding round

Saudi cloud-based platform ZenHR raises $10m in growth funding round

RIYADH: Saudi-based human resource software provider ZenHR raised $10 million in a growth funding round, led by Rua Growth Fund with participation from venture capital firm Endeavor Catalyst and existing investors.

The company will utilize the funding to strengthen its presence across the 12 markets it currently serves as well as enhance its product offering.

Established in 2017 by Yousef Shamoun and Mohamed Haj Hassan, ZenHR is a cloud-based HR platform designed to streamline and automate the entire HR function from hiring to retirement.

Shamoun and Haj Hassan were also the founders of the online Arabic card gaming platform, Jawaker, which was acquired in 2021 for $205 million after raising one seed round of $500,000.


GCC market regulators approve plan to facilitate investment accounts opening  

GCC market regulators approve plan to facilitate investment accounts opening  
Updated 6 min 35 sec ago

GCC market regulators approve plan to facilitate investment accounts opening  

GCC market regulators approve plan to facilitate investment accounts opening  

RIYADH: Gulf Cooperation Council countries have approved an executive plan that facilitates the requirements to open investment accounts.

The heads of the countries’ capital market authorities also activated the Know Your Customer model — a process by which banks periodically obtain personal and financial information of customers for a greater understanding of their financial position.

The decisions were taken during the 25th meeting of the Ministerial Committee for Financial Markets in the GCC countries, held virtually, Saudi Press Agency reported.

The meeting discussed a number of topics, the foremost of which is the adoption of the regulatory framework for the inter-registration of financial products between the financial market regulators in the GCC countries.

The meeting also reviewed the findings of the work team of those responsible for training in the financial market regulators in the GCC countries regarding activating the knowledge portal for the Gulf financial markets to benefit from it in a better way.


Anaam International seeks to pay off its debt through capital increase

Anaam International seeks to pay off its debt through capital increase
Updated 43 min 15 sec ago

Anaam International seeks to pay off its debt through capital increase

Anaam International seeks to pay off its debt through capital increase

RIYADH: Saudi poultry processing firm Anaam International Holding Group seeks to increase its capital to pay off a large part of its SR154 million ($41 million) loan in order to reduce the debt cost in light of high-interest rates.

The loan was used to purchase an administrative building in Jeddah for Anaam, said its CEO, Hassan Saad Al-Yamani.

Earlier this week, Anaam Group announced its board recommendation for SR158 million capital increase through a rights issue.

The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders.

Wasatah Capital was appointed to act as the financial advisor to the offering.


Tech entrepreneurs supported by new $53m Saudi initiative

Tech entrepreneurs supported by new $53m Saudi initiative
Updated 05 October 2022

Tech entrepreneurs supported by new $53m Saudi initiative

Tech entrepreneurs supported by new $53m Saudi initiative

RIYADH: Saudi Arabia’s National Technology Development Program has launched a new drive  to enable technology entrepreneurs to develop, accelerate, and kick off their projects.

The MVPLab initiative aims to launch 1,000 minimum viable product prototypes with the aim of transforming them into emerging technology companies by providing financial, knowledge and guidance support to beneficiaries.

The program is aiming to provide financial incentives and benefits with a total of up to SR200 million ($53 million) over the next three years.

The initiative has also partnered with The Garage, the Center of Digital Entrepreneurship, NAMA Ventures, SEEDRA Ventures, Rawahel, and BUNAT Ventures.


Gulf region a ‘bright spot’ as global economic crisis continues: IMF director-general

Gulf region a ‘bright spot’ as global economic crisis continues: IMF director-general
Updated 05 October 2022

Gulf region a ‘bright spot’ as global economic crisis continues: IMF director-general

Gulf region a ‘bright spot’ as global economic crisis continues: IMF director-general

RIYADH: The Gulf region is the bright spot on the dark horizon at a time when the economies of several world countries are facing challenges, according to Kristalina Georgieva, secretary-general of the International Monetary Fund. 

In an interview given to CNBC Arabia, Georgieva noted that the Gulf region’s economy is expected to grow 6.5 percent this year, followed by 3.6 percent in 2023. 

“The Gulf region is performing very well, which is the bright spot on this dark horizon. We must remember that this world is still witnessing recovery from Covid, and this supports growth,” Georgieva told CNBC Arabia. 

She added: “The combination of oil and gas revenues, diversification of the economy and the success of the non-oil sectors with appropriate reforms and prudent policies ensures the current success of this region.” 

Georgieva added that the world needs to be united to deal with more shocks that may come in the future. 

Her comments came as the IMF released its annual report, which highlighted the importance of providing financial assistance to countries as they face challenges in their economic and financial systems. 

In the report, the IMF pointed out the pandemic was a crisis like no other and two years later, the recovery process is being hampered by further global challenges.

“We live in a more shock-prone world. The development of vaccines and unprecedented monetary, fiscal, and financial support, including the IMF’s historic general special drawing right allocation of about $650 billion, made a global recovery possible. But Russia’s invasion of Ukraine upended it, severely setting back global economic prospects,” says the report. 

In the 2022 fiscal year, the IMF continued to support its members in three areas; economic surveillance, where 126 health checks have been completed in countries; the lending of $113 billion to 23 countries, including $9 billion to 14 low-income countries; and capacity development, with $242 million provided for practical technical advice, policy-oriented training, and peer learning, the report added. 

The IMF report further pointed out that inflation in many countries has risen sharply, triggered by a combination of factors which include surging energy, food, and commodity prices, labor shortages, and supply disruptions.

While attending a conference on food security in Riyadh, Georgieva said that inflation is basically a tax on the poor, and it greatly harms developing countries, CNBC Arabia reported. 

During her speech, she also stressed the vitality of adopting effective measures by the government through their fiscal policies to alleviate the cost-of-living crisis for citizens, while also making sure that it does not contradict the measures of central banks.