Latest news with #SAR20
Leaders
14-07-2025
- Business
- Leaders
Diriyah Company Awards $600 Million Contract to Salini Saudi Arabia
Diriyah Company has awarded a SAR2.249 billion ($600 million) construction contract to Salini Saudi Arabia, a subsidiary of the Webuild Group, for the development of the retail centerpiece within Diriyah Square. Located at the heart of Diriyah, the City of Earth, Diriyah Square is a flagship retail district inspired by Najdi architectural heritage. The development will host 400 premium retail, dining, and leisure units, blending international luxury with local artisanal culture. This pedestrian-friendly district is designed to offer an exceptional customer experience and redefine the future of retail and lifestyle in Riyadh. Webuild Group This new contract marks the third major contribution from the Webuild Group to the Diriyah project. Salini is already progressing on several key components: Construction of a 10,500-space underground car park, set to be one of the largest globally. Integration of bus stations, taxi and VIP drop-off points, and a four-lane underground gyratory system. Near completion of structural engineering work for above-ground developments, including hotels, retail spaces, branded residences, offices, and the Grand Mosque. Under this latest agreement, Salini will construct: 73 individual buildings 400 shell-and-core retail units A total built-up area of 365,340 square meters The project includes facades, finishes, and fit-outs for each unit, with all structures showcasing traditional Najdi design themes, creating a unique and walkable shopping environment. Jerry Inzerillo, Group CEO of Diriyah Company, commented: 'Diriyah Square is one of our most anticipated and prestigious districts. Partnering with Salini brings global expertise to this critical milestone, preparing us to welcome millions of visitors and residents to this transformative retail destination.' Pietro Salini, CEO of Webuild Group, added: 'We are proud to support such a culturally and strategically important project. This enhances our long-standing presence in the Kingdom and reaffirms our commitment to Saudi Arabia's future through complex infrastructure and sustainable development.' Diriyah Square Diriyah Square will house 400 of the planned 1,000 outlets across the broader 14 km² Diriyah development, part of a SAR237 billion ($63.2 billion) masterplan. It will serve as a bridge between global luxury brands and local heritage, combining retail, culture, leisure, and entertainment. Diriyah: Economic, Social Impact Since its inception, Diriyah Company has awarded over SAR100 billion ($26 billion) in contracts, including SAR20 billion ($5 billion) in the first half of 2025 alone. The broader Diriyah development is expected to: Contribute SAR70 billion ($18.6 billion) to Saudi Arabia's GDP Create nearly 180,000 jobs Become home to approximately 100,000 residents Include offices for professionals in technology, media, education, and the arts Key features of development include: Royal Diriyah Opera House Diriyah Arena Greg Norman-designed golf course in Wadi Safar Royal Golf Club Royal Equestrian & Polo Club Museums and a university World-class hotels and restaurants Related Topics: Diriyah Art Futures Launches New Exhibition for Digital Artists Diriyah Unveils Revolutionary Media & Innovation Hub at MIPIM 2025 MBS Project Revitalizes Al-Oudah Mosque in Diriyah Under Historic Initiative Short link : Post Views: 8
Leaders
01-05-2025
- Leaders
Interior Ministry Imposes SAR20,000 Fine for Performing Hajj Without Permit
The Saudi Ministry of Interior has announced strict enforcement of Hajj regulations for 1446, imposing a SAR20,000 fine on individuals attempting to perform Hajj without a permit during the period from Dhu Al-Qi'dah 1 to Dhu Al-Hijjah 14. Key highlights include: Who it applies to: All individuals, including visit visa holders, caught entering or remaining in Makkah and its restricted zones (holy sites, central area, Haramain High-Speed Railway in Ar Rusayfah, and security/sorting centers). Additional penalties: Deportation for residents and overstayers performing Hajj unlawfully. 10-year re-entry ban to Saudi Arabia for those deported. Reporting violations: Call 911 in Makkah, Riyadh, and the Eastern Region, and 999 elsewhere. This is part of Saudi Arabia's ongoing efforts to ensure safety and order during Hajj. Related Topics : Hajj 2025 Season Begins: Saudi Arabia Welcomes First Pilgrims Saudi Interior Ministry Announces Penalties for Hajj Permit Violations Saudi Arabia to Participate at Triennale Milano's International Exhibition Diriyah Company Boosts Saudi Tourism at Arabian Travel Market Short link : Post Views: 16 Related Stories
Asharq Al-Awsat
29-04-2025
- Asharq Al-Awsat
Saudi Interior Ministry Announces Fines on Unauthorized Hajj Pilgrims, Facilitators
The Saudi Ministry of Interior announced Monday fines on individuals who violate regulations requiring a permit to perform the Hajj, as well as for those who facilitate such violations. Starting from April 29 until the end of June 10, the following fines will apply: First, a fine of up to SAR20,000 will be imposed on individuals caught performing or attempting to perform the Hajj without a permit, and on holders of all types of visit visas who attempt to enter or stay in Makkah city and the holy sites during the specified period. Second, a fine of up to SAR100,000 will be imposed on anyone who applies for a visit visa for an individual who has performed or attempted to perform the Hajj without a permit, or who has entered or stayed in Makkah city and the holy sites during the specified period. The fine will multiply for each individual involved. The same fine will apply to anyone who transports or attempts to transport visit visa holders to Makkah city and the holy sites during the specified period, as well as to those who shelter or attempt to shelter visit visa holders in any accommodations, including hotels, apartments, private housing, shelters, or Hajj pilgrims' housing sites. This includes concealing their presence or providing assistance that enables their stay. The fine will multiply for each individual sheltered, concealed, or assisted. Third, illegal infiltrators attempting to perform the Hajj, whether residents or overstayers, will be deported to their countries and banned from entering the Kingdom for ten years. Fourth, the relevant court will be requested to confiscate land vehicles used to transport visit visa holders to Makkah city and the holy sites during the specified period, if owned by the transporter, facilitator, or any accomplices.
Khaleej Times
28-04-2025
- Khaleej Times
Hajj 2025: Saudi Arabia announces stricter penalties, fines against visa violators
To crackdown on those who attempt to perform Hajj without permits, Saudi Ministry of Interior has announced on Monday strict penalties against offenders. Those who will be caught performing the pilgrimage without a permit will face a fine of up to SAR20,000, whereas anyone who applies for a visit visa for another who performed Hajj will be subject to a fine of up to SAR100,000, the Ministry said in a statement published by the kingdom's state news agency. Violators and those who infiltrate to perform Hajj without a permit will be deported and prevented from entering Saudi Arabia for 10 years.
Zawya
11-03-2025
- Business
- Zawya
Saudi bank earnings aided by lower interest rates, despite liquidity tightening
Net income at banks in Saudi Arabia improved to SAR21.5 billion in 4Q24, compared to SAR20 billion in 3Q24, as interest rate cuts helped boost net interest margins (NIMs), Fitch Ratings says. Lending growth remained strong, and we expect it to continue outpacing Gulf peers' in 2025. Fitch estimates that the sector average NIM (calculated as net interest income/average earning assets) for Saudi banks rose to 3.2% in 4Q24 (9M24: 3.1%), as banks' cost of funding reduced by 12bp (to 3.2%) after the central bank cut interest rates by 50bp in 4Q24. The average earning assets yield remained stable at 6.3%. Banks with higher levels of retail financing benefitted most, reflected by the NIMs of Al Rajhi Bank and Bank Aljazira improving by 20bp quarter on quarter (to 3.4% and 2.3%, respectively), while Saudi National Bank's (SNB) NIM was 3% in 4Q24, up from 2.7% in 3Q24. Saudi banks' combined net profit was SAR80 billion in 2024, up from SAR70 billion in 2023, with the sector average return on equity improving to 15% (2023: 14%). The rise in earnings was driven by fast growth and a lower cost of risk (2024: 30bp; 2023: 40bp), both underpinned by the healthy operating environment. Lending expanded by SAR87 billion (3.1%) in 4Q24. Al Rajhi Bank had the strongest growth of SAR44 billion (6.7%), with equal contributions from its retail and corporate segments. Annual growth of gross financing at Saudi banks averaged 14% in 2024 (up from 11% in 2023), with three banks reporting considerably higher levels: Saudi Awwal Bank (20%), The Saudi Investment Bank (22%) and Bank Aljazira (19%). We expect Saudi banks to continue growing faster than their peers from other Gulf countries in 2025, forecasting sector financing to increase by 12%. Further interest rate cuts and stronger liquidity conditions should underpin banks' growth appetite. The customer deposits balance of Saudi banks reduced by SAR35 billion in 4Q24, marking the first quarter since 2019 when deposits declined. However, this has a seasonal component, and we expect a stronger performance in 1Q25, as occurred in 1Q23 and 1Q24. Deposits grew by SAR40 billion in January 2025, according to the Saudi Central Bank. SNB had the largest outflow of customer deposits in 4Q24, with its balance dropping by SAR54 billion. This included a SAR30 billion decrease in current and savings deposits, although these remain a still-high 72% of total deposits. SNB mitigated the outflow with repo facilities (SAR12 billion increase) and money market deposits (SAR11 billion increase), and its Fitch-calculated loans/deposits ratio grew to 115% at end-2024 (sector average: 105%). SNB's regulatory loans/deposits ratio remained comfortable at 84%. Saudi banks' external liabilities remained stable at around SAR0.4 trillion at end-4Q24 (about 11% of total sector funding). Net foreign assets fluctuated around 0.5% of total sector assets. We expect Saudi banks to gradually increase their reliance on external funding, especially if corporate borrowers continue to demand foreign-currency financing, but net foreign assets will remain below 2% in 2025. The combined impaired financing balance reduced by SAR2 billion in 4Q24 (by SAR1.5 billion since end-2023), and the underlying ratio declined to 1.4% at end-2024 (end-2023: 1.7%). Total provision coverage of impaired financing remains healthy (end-2024: 114%). We expect Saudi banks' asset-quality metrics to remain strong in 2025. The sector's common equity Tier 1 ratio declined by 80bp in 2024 (to 15.7%) due to growth and dividend payments, while declines in the Tier 1 and total capital adequacy ratios were lower at 30bp–40bp due to Additional Tier 1 and sub-debt issuances. -Ends- Media Contact Matt Pearson Senior Associate, Corporate Communications Fitch Group, 30 North Colonnade, London, E14 5GN E:
