Saudi commercial banks’ June deposits grew 8.7%, its highest in 16 months

Update Saudi commercial banks’ June deposits grew 8.7%, its highest in 16 months
Saudi commercial banks' deposits grew by SR53.5 billion. (Shutterstock)
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Updated 01 August 2022

Saudi commercial banks’ June deposits grew 8.7%, its highest in 16 months

Saudi commercial banks’ June deposits grew 8.7%, its highest in 16 months

RIYADH: Saudi commercial banks’ deposits grew by SR53.5 billion ($14.2 billion) in June, the Saudi Central Bank, also known as SAMA, revealed on Sunday. 

The aggregate sum of time and savings deposits surged 8.7 percent year on year, the highest rate of change since February 2021.

The time and saving deposits at commercial banks grew to SR1.93 trillion, data compiled by Arab News showed.

On a month-on-month basis, it grew 2.8 percent, the fastest monthly rate of change seen since January 2014.

Additionally, the banks’ claims on the private sector grew in June by SR272.3 billion from the same month a year ago to SR2.21 trillion. 

Banks’ claims on the sector increased 14.1 percent from SR1.9 trillion in May 2021, data published by SAMA revealed.   

 Looking at the month-on-month changes, claims in the private sector grew in June by SR37.3 billion to SR2.21 trillion. The claims on the sector increased by 1.7 percent from SR2.17 trillion in May, according to data compiled by Arab News.

Saudi commercial banks’ assets grew by SR117.1 billion over the same period to SR3.53 trillion. Total assets increased by 3.4 percent from SR3.41 trillion in May, the highest monthly rate of change since October 2004, data compiled by Arab News show.  


ACI Asia-Pacific to open regional office in Riyadh

ACI Asia-Pacific to open regional office in Riyadh
Updated 16 sec ago

ACI Asia-Pacific to open regional office in Riyadh

ACI Asia-Pacific to open regional office in Riyadh

RIYADH: Airports Council International Asia-Pacific will open an office in Riyadh, which will work closely with its headquarters in Hong Kong to serve member airports in the Middle East, Matarat Holding Co. said in a press release issued on Tuesday.

ACI Asia-Pacific is the largest civil aviation market in the world in terms of traffic volumes. It serves as the voice of 127 airport members, operating 618 airports across 46 countries in Asia-Pacific, and Middle East. Its mission is to advocate for policies and provide services that strengthen its members’ ability to serve their passengers, employees and stakeholders. It also promotes environmental best practices to minimize aviation’s impact on the environment and to recognize airport members who have outstanding accomplishments in their environmental projects.

Abdulaziz bin Abdullah Alduailej, General Authority of Civil Aviation president and Matarat chairman, said: “Today’s announcement of a regional ACI headquarters in Riyadh reflects Saudi Arabia’s leadership on the world stage of global aviation, in line with Vision 2030 and the National Transport and Logistics Strategy.” 

ACI Asia-Pacific also collaborates with other regional offices, including ACI Europe, ACI North America, ACI Africa, ACI Latin America and the ACI World. Founded in 1991 to cater to Asian airports, ACI Asia was merged with ACI Pacific in 2006 and renamed as ACI Asia-Pacific.

Suliman Albassam, acting CEO of Matarat Holding Co., said: “We are pleased to host a new office of the ACI Asia, Pacific, and Middle East in Riyadh. This step comes in continuation of our efforts to achieve the objectives of the Vision 2030 by attracting international companies and institutions to set up their headquarters in Saudi Arabia,” and stressed that this will contribute to improving the passenger experience by replication of the global best practices.


MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 
Updated 04 October 2022

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

MENA Project Tracker — ADNOC receives bids on seawater plant; Saudi and Kuwait inject $256m in housing project in Egypt 

RIYADH: Companies have submitted bids for the technical and economic consultancy contract for developing wind power projects in Oman, reported MEED.

Oman Power & Water Procurement Co. originally tendered the contract in July and received its bids on Sept. 27. 

The company announced that the contractor will be selected by early October.

The scope of work includes two stages — undertaking feasibility studies, followed by the provision of technical consultancy services.

This project aims to diversify fuel sources for power generation in Oman.

ADNOC receives bids on seawater plant

Abu Dhabi National Oil Co. has received three bids for the contract to develop a seawater treatment plant and transmission pipeline project in Mirfa, according to MEED.

The project’s work includes the development of a nanofiltration plant — which will hold a capacity of 115 million imperial gallons a day in Mirfa.

It also includes seawater intake and outfall facilities for the plant, a pumping station and a 75 km water transmission pipeline to the Bab and Bu Hasa oil fields.

The project, estimated at $2 billion, is part of ADNOC's Project Wave — a huge scheme that plans to replace the current aquifer water injection systems used to maintain reservoir pressure in all onshore oil fields in Abu Dhabi.

Saudi Arabia and Kuwait inject $256m in housing project in Egypt 

Saudi Arabia-based Binladin Group has partnered with Kuwait’s Bukhamseen company in a 5 billion Egyptian pound ($256 million) investment into a large housing project in Egypt.  

Located in Sheikh Zayed City near Cairo, ‘Marascene’ will stretch over 275,000 sq. m, according to Zawya.       

 “This is a large project which will be completed within seven years...we expect revenue to reach 9 billion pounds,” stated Bukhamseen’s CEO Imad Bukhamseen.


Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt
Updated 04 October 2022

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi ministry appoints 5 international banks as primary dealers in government debt

Saudi Arabia's Ministry of Finance,and the National Debt Management Center signed an agreement with the international banks, including BNP Paribas, to join primary dealers in government debt instruments.

The deal also includes CitiGroup, Goldman Sachs, Standard Chartered and J.P. Morgan, the ministry said in a statement released on Oct 3. 

The Minister of Finance Mohammed Al Jadaan said: “These agreements are a continuation of the developmental steps taken towards achieving Vision 2030 objectives under the umbrella of the Financial Sector Development Program.”

This will be primarily achieved through cooperation between relevant entities, to develop the infrastructure of the local debt market and increase the liquidity of the government's local debt instruments by attracting more capital from foreign investors, he added. 

The five international banks will join five other local banks in that role — the Saudi National Bank, AlJazira Bank, Alinma Bank, and AlRajhi Bank.

The applications for subscription in the primary market for the government's local debt instruments are submitted to the National Debt Management Center.


Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund
Updated 04 October 2022

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

Egyptian VC firm Algebra Ventures finalizes first close of $100m fund

RIYADH: Egypt-based venture capital firm Algebra Ventures has finalized a $100 million first close of its second fund — exceeding the $90 million target.

The company, which is set to invest $15 million in startups by the end of the year, is expecting to make its final close by the end of the first quarter of 2023.

The company’s second fund is backed by existing limited partnerships from the first fund including IFC, EBRD, and EAEF in addition to new investors like FMO, BII, MSMEDA, DGGF and regional family offices.

Founded in 2016, Algebra Ventures has backed a number of startups like Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.


Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise
Updated 04 October 2022

Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise

RIYADH: The Saudi Cabinet has approved a memorandum of understanding with the UK to share technical knowledge and expertise on energy.

The Cabinet is also discussing a draft MoU with its Finnish counterpart for further cooperation in the fields of information technology, communications, and digital economy.

Moreover, the Cabinet has transferred the licensing competence for the professions of industrial consultancy and mining consultancy from the Ministry of Commerce to the Ministry of Industry and Mineral Resources.