SICO Bank maintains upbeat outlook for Saudi healthcare sector
SICO Bank said, in a recent report, that it continues to adopt a positive outlook for the Saudi healthcare sector, amid the huge growth pote
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
5 hours ago
- Asharq Al-Awsat
Saudi Ministry of Hajj and Umrah Says Over 190,000 Umrah Visas Issued Since Start of Season
The Saudi Ministry of Hajj and Umrah announced on Monday that more than 190,000 Umrah visas have been issued to pilgrims from outside the Kingdom since the beginning of the Umrah season for 2025. The ministry previously declared the official start of the Umrah season last month, with visa applications made available through the Nusuk platform. This marks a new phase in facilitating pilgrimage services, in line with the Kingdom's ongoing efforts to enhance the pilgrim experience under Saudi Vision 2030. The Nusuk app is the unified digital platform providing government services to pilgrims and visitors. The platform allows users to book and issue permits easily, in addition to offering a wide range of digital services to support and boost the Umrah experience. The early surge in Umrah visa applications follows a highly successful Hajj season, characterized by streamlined procedures, improved performance, and upgraded technical infrastructure that ensured pilgrims had a smooth and safe spiritual journey.
Asharq Al-Awsat
5 hours ago
- Asharq Al-Awsat
Saudi PIF's Assets Surge to Over SAR4.3 Trillion in 2024, Driven by Strong Revenues and Strategic Growth
Saudi Arabia's Public Investment Fund (PIF) announced on Monday a significant increase of 18% in total assets, reaching SAR4,321 billion by the end of 2024, up from SAR3,664 billion in 2023. The Fund also recorded a 25% rise in total revenues, amounting to SAR413 billion, compared to SAR331 billion the previous year. In its annual performance summary, the Fund highlighted the continued strengthening of its financial position in line with its long-term strategic objectives. The growth in revenues was primarily attributed to increased earnings from several of its major portfolio companies, including Savvy Games Group, Ma'aden, STC, NCB, AviLease, and Gulf International Bank, as well as dividend inflows from Aramco and returns from key projects that began generating higher revenues. Net profits for the year reached SAR26 billion, with the Fund noting that this figure was impacted by broader global economic headwinds such as rising interest rates, inflation, and impairment losses on select projects. These losses, resulting from adjustments to operational plans and cost estimates, totaled less than 2% of total assets. Despite global challenges, the Fund maintained stable cash reserves of SAR316 billion, while loans and facilities rose slightly to SAR570 billion. The Fund emphasized its successful efforts to diversify funding sources, underscored by major financial moves in 2024, including a US$2 billion Sukuk issuance denominated in US dollars, a £650 million debut bond issuance in British pounds, and a US$15 billion refinancing of revolving credit facilities. These milestones reflect investor confidence in the Fund's robust credit profile and long-term strategic vision. The debt-to-asset ratio remained steady at 13%, highlighting prudent financial management. PIF also reported strong progress across its strategic sectors. In entertainment and tourism, Red Sea Global Company expanded its offerings with the opening of several luxury hotels, such as The St. Regis Red Sea Resort, Nujuma Resort, and Ritz-Carlton Reserve. The launch of Adeera, a Saudi-based hotel management company, further exemplifies PIF's commitment to developing homegrown brands. In Diriyah, new cultural and heritage zones were unveiled, contributing to the Kingdom's efforts to boost its historical tourism footprint. The housing sector also saw strong momentum with the launch of multiple branded residential communities. The Fund concluded that its ecosystem of companies continues to post growth in retained earnings and remains committed to launching new investments.
Asharq Al-Awsat
6 hours ago
- Asharq Al-Awsat
US State Dept OKs Sale of $510 Million in Munitions Guidance Kits and Support for Israel
The US State Department has approved the potential sale of Munitions Guidance Kits and Munitions Support and related equipment to Israel for an estimated $510 million, the Pentagon said on Monday. The approval for the potential sale - for which Boeing is the principal contractor - comes a week after President Donald Trump announced a ceasefire between Israel and Iran after 12 days of fighting between the two Middle Eastern rivals.
