UAE's Air Arabia wins bid to operate low-cost 'air alliance' in Saudi Arabia
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Zawya
5 hours ago
- Zawya
Saudi Awwal Bank records $1.15bln net profit after Zakat and Income Tax for H1 2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today its financial results for the six-month period ending 30 June 2025, reflecting steady growth across key indicators and continued momentum in SAB's strategic transformation. For the first six months of 2025, SAB generated a net profit after Zakat and income tax of SR4.262 billion, reflecting a 5% year-on-year increase. Total operating income rose to SR7,341 million, supported by higher loan volumes and a strong deposit base. Net loans and advances reached SR283 billion, and customer deposits increased to SR297 billion. Return on tangible equity stood at 15.5%, aligned with the Bank's medium-term performance targets. Lubna Olayan, Chair of SAB, said: 'Our H1 performance demonstrates consistent delivery against our long-term strategy. In a changing macroeconomic environment, we remained focused on what matters most: serving customers, improving efficiency, and building resilience. The momentum across our lending and funding platforms reflects the depth of our capabilities and the strength of execution across the Bank.' She added: 'From operational discipline to digital innovation, we are investing in future-ready banking. Our performance is not just a reflection of market conditions, but rather a result of deliberate choices that support long-term value creation for our stakeholders.' In the first half of 2025, SAB made significant strides in advancing its strategic objectives. The Bank achieved a 9% increase in total loans, reflecting robust growth across our well-respected large and institutional corporate segments, as well as retail, housing, and SME segments. The mortgage growth supported SAB's continued leadership in the national homeownership initiative, maintaining its #3 ranking in REDF originations under Vision 2030. Our strong relationship with HSBC also enables us to capture significant share of the flow of multinationals coming into the Kingdom, which results in both lending and increased off balance sheet commitments. Operational efficiencies contributed to an improved cost-to-income ratio, driven by disciplined management and digital process enhancements. Additionally, SAB strengthened its deposit base and liquidity buffers, ensuring we remain a well-funded Bank to support future growth aspirations. The Bank also maintained strong asset quality and continued to generate solid returns, demonstrating its stability and ongoing progress toward strategic goals. The Bank earned several notable industry recognitions in the same period, including the Best Bank in Saudi Arabia for 2025 by Euromoney. It also received awards for Best Innovation in Financial Performance and Best Bank for ESG, among others. As part of its transformation journey, SAB launched a World-Class Financial Services Innovation Centre in 2025. The centre is designed to accelerate innovation in digital banking, customer experience, and promote sustainable finance, further anchoring SAB's leadership in shaping the future of financial services in the Kingdom. Olayan concluded: 'SAB's strategy is built on innovation, trust, and long-term impact. Our strong performance, combined with the depth of our partnerships and the confidence of our customers, positions us well for the future. I thank our team, our Board, our regulators, and our clients for their continued support as we drive progress on all fronts.' © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
5 hours ago
- Zawya
Saudi Arabia shuts 267 digital platforms to boost unified government services
RIYADH — Saudi Arabia's Digital Government Authority (DGA) has announced the closure and integration of 267 digital platforms across various government sectors as part of ongoing efforts to enhance user experience and increase digital efficiency. The move reflects a broader commitment to improving the quality of government digital services and ensuring platform integration in line with Saudi Arabia's strategic digital transformation goals. According to a statement from the DGA, the closures come under a regulatory framework that includes new governance standards, the adoption of shared technical resources such as the National Single Sign-On system, e-payment gateways, and the Government Integration Channel. All platforms are also required to adhere to the unified design code known as the 'Platform Code,' enabling streamlined and effective digital services. The initiative is part of the 'Inclusive Government' program launched in 2022, which has reduced the number of government digital platforms from 817 to 550 as of the end of H1 2025. The program aims to optimize government resource usage and deliver more efficient and user-centered digital services, supporting the Kingdom's broader digital transformation and improving public satisfaction. The DGA emphasized the importance of collaboration among government entities in developing and managing domains and digital platforms. Central to the strategy is the national app "Tawakkalna," operated by the Saudi Data and Artificial Intelligence Authority (SDAIA), which is being positioned as the primary gateway for accessing unified government services. The authority reaffirmed its commitment to building an integrated digital ecosystem that enhances the performance of digital platforms and elevates the Kingdom's position in global digital government indicators. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
5 hours ago
- Zawya
Saudi delivery sector logs 101mln orders in Q2 2025
RIYADH — Saudi Arabia's delivery sector recorded a growing performance in the second quarter of 2025, with more than 101 million orders processed across the Kingdom, the General Transport Authority announced on Monday. The Riyadh region led in total order volume, registering over 45.68 million orders — equivalent to 45% of nationwide activity. It was followed by Makkah with 21.47 million orders (21%), and the Eastern Province with 16.1 million orders (15%). Other regions saw notable figures as well: Madinah (4.71 million orders, 4%), Asir (3.61 million, 3%), Qassim (2.93 million, 2%), Tabuk (1.8 million, 1.77%), Hail (1.65 million, 1.64%), Jazan (1.2 million, 1.22%), Al-Jouf (779,000, 0.77%), Najran (666,000, 0.66%), the Northern Borders (552,000, 0.54%), and Al-Baha (215,000, 0.21%). The sector's growth has been fueled by enhanced regulations and frameworks that have enabled logistics companies to improve service quality and efficiency. Investments in digital infrastructure and innovative logistics technologies have improved responsiveness and boosted competitiveness. This rise also reflects changing consumer behavior and growing reliance on e-commerce, coupled with ongoing technological advancements and solutions that continue to reshape the delivery landscape in the Kingdom. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
