Latest news with #SR3
Saudi Gazette
10-07-2025
- Business
- Saudi Gazette
Annual growth of Saudi – GCC non-oil trade surplus soars 203% in April
Saudi Gazette report RIYADH — Saudi Arabia's non-oil trade surplus with other Gulf Cooperation Council (GCC) states recorded an annual growth of 203.2 percent during April 2025. This figure posted an increase of more than SR2 billion, reaching approximately SR3,511 million, compared to SR1,158 million in the same month last year, according to the preliminary data from the International Trade Bulletin for April 2025, issued by the General Authority for Statistics (GASTAT). The report showed that the total volume of non-oil trade, including re-exports, between the Kingdom and the GCC countries amounted to approximately SR18,028 million, recording an annual growth of 41.3 percent, an increase of SR5,271 million, compared to SR12,757 million in April 2024. Non-oil commodity exports, including re-exports, increased by 55 percent, reaching SR10,770 million, compared to SR6,958 million in April last year, an increase of more than SR3,812 million. Non-oil national commodity exports amounted to approximately SR3,031 million, compared to SR2,675 million during the same period in 2024, achieving an annual growth of 13.3 percent, an increase of SR356 million. The value of re-exports also jumped by 81 percent, reaching SR7,738 million, compared to SR4,282 million in April 2024, a difference of SR3,456 million. As for imports from Gulf countries, their value reached SR7,258 million, compared to SR5,799 million in April last year, achieving an annual growth of 25.2 percent, with an increase of SR1,459 million. The data showed that the United Arab Emirates ranked first in terms of the volume of non-oil trade exchange with the Kingdom, with a value of SR13,533 million, representing approximately 75.1 percent of the total. Bahrain came in second place with a value of SR1,798 million (10 percent), followed by Oman with a value of SR1,454 million (8.1percent), while Kuwait in the fourth place with SR819.9 million (4.5 percent), and Qatar comes last with a value of SR422.1 million (2.3 percent).
Saudi Gazette
08-07-2025
- Business
- Saudi Gazette
Foreign investments in Saudi Arabia jump 16% to SR3 trillion by 1Q 2025
Saudi Gazette report JEDDAH — Foreign investments in the Saudi economy have exceeded SR3 trillion by the end of the first quarter of 2025. According to the data released by the Saudi Central Bank (SAMA), foreign investments increased for the first time during this period to SR3,048.5 billion, a 16 percent increase compared to the same period in 2024. Foreign investments include foreign direct investment (FDI), which represents 33 percent of the total, equivalent to SR995.5 billion; portfolio investments, which include equity, investment fund shares, and debt securities valued at SR1,244.6 billion; and other investments valued at SR808.4 billion. It is noteworthy that foreign investment inflows into Saudi Arabia jumped by 24 percent during the first quarter of 2025, reaching SR24 billion (approximately $6.4 billion). On the other hand, outflows amounted to SR1.8 billion ($480,000), a 54 percent decrease, bringing net foreign investment inflows to SR22.2 billion ($5.9 billion), a 44 percent increase compared to the same quarter last year, according to data from the General Authority for Statistics (GASTAT). During the year 2024, foreign direct investment (FDI) inflows to Saudi Arabia reached approximately $26 billion, exceeding the interim target set by the government. These indicators showed an increase in the attractiveness of the Saudi economy for foreign direct investment during the first quarter of 2025, despite the decline in outflows compared to the same period last year.
Saudi Gazette
19-06-2025
- Business
- Saudi Gazette
Saudi bank credit records annual growth of over SR443 billion by end of April 2025
Saudi Gazette report RIYADH — Bank credit granted to the public and private sectors in Saudi Arabia reached SR3,126,381 million (over SR3.126 trillion) by the end of April 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for April. This marks an annual growth of 16.5 percent and an increase of more than SR443.018 billion compared to the same period in 2024, when bank credit stood at SR2.683 trillion. Quarterly, bank credit continued to rise at all levels, recording a growth of five percent compared to the fourth quarter of 2024, increasing by SR146.411 billion. By the end of the first quarter of 2025, bank credit had grown from over SR2.955 trillion to over SR3.101 trillion. On a monthly basis, bank credit recorded a growth of 0.8 percent, rising by SR24.420 billion, compared to March 2025, when it stood at SR3,101,961 million. Bank credit granted to the public and private sectors was distributed across more than 17 diverse economic activities, serving as a key driver in achieving comprehensive and sustainable economic growth and contributing to the goals of Saudi Vision 2030. According to SAMA data, long-term credit (for over three years) accounted for 49 percent of total bank credit, valued at over SR1.524 trillion. Short-term credit (less than one year) represented 36 percent, amounting to over SR1.135 trillion. Medium-term credit (from one to three years) comprised about 15 percent, totaling SR465.937 billion.
Saudi Gazette
04-06-2025
- Business
- Saudi Gazette
Marvel Rivals Ignite announced with a $3 million prize pool
The ES TIMES — NetEase Games has officially unveiled Marvel Rivals Ignite, the largest esports competition to date for the co-op hero-based shooter, with a whopping $3 million (SR11,250,000) prize pool. Of this amount, $1 million (SR3,750,000) will be allocated to the Grand Finals, setting a new standard for competitive gaming. This massive tournament spans five major regions - the Americas, EMEA, China, Asia, and Oceania - and represents a significant leap forward compared to previous Marvel Rivals events, which had a maximum prize pool of $500,000 (SR1,875,000) distributed across regional invitational tournaments. In its statement, NetEase described the event as a showcase of "glory, resilience, and absolute cinema," with hints at exciting confrontations between iconic heroes and villains. Marvel Rivals Ignite is scheduled to kick off in May 2025, though full details about the tournament format, qualification, and team selection remain unannounced. It is currently unclear whether the competition will be open to all players or limited to invited teams, as has been the case with previous tournaments like the Marvel Rivals Championships. However, the scale and scope of this announcement signals a bold step toward building a sustainable, global esports ecosystem around the game. After a period of relative calm following the launch of Season 2, the announcement of Marvel Rivals Ignite is seen as the boost the competitive scene needs. As NetEase continues to drive expansion through major initiatives, it is clear the studio is committed to making Marvel Rivals a mainstay in the esports world. Fans and aspiring competitors should stay tuned for updates, as more details about the tournament are expected to be announced in the coming weeks. Sami Belhamra – Esports and Gaming writer
Zawya
28-04-2025
- Business
- Zawya
Saudi Awwal Bank records $560mln net profit for 1Q 25
Ms. Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025. For the first three months of 2025, SAB recorded net profit after zakat and income tax of SR2,135 million, representing a 5% year-on-year increase. Total operating income rose 5% to SR3,620 million. Lubna Olayan, Chair of SAB, commented: 'Despite challenging global macroeconomic conditions, we remain confident in Saudi Arabia's growth story and proud of SAB's role in supporting growth through disciplined and quality focused funding. SAB achieved an 8% growth in total loans quarter-on-quarter, driven by robust retail loan growth of 6% and an 8% growth in corporate activity. Net loans and advances reached SR279 billion, marking 22% growth from SR229 billion in 1Q24. Customer deposits also increased to SR290 billion, up 9% from SR266 billion in 1Q24. Meanwhile, total equity rose 14% from SR63 billion in 1Q24 to SR72 billion. Despite a lower interest rate environment, SAB's net special commission income continued to grow, reflecting the bank's increased resilience and operational strength. We are proud to be the partner of choice for internationally-minded customers, and continue to play a leading role in supporting the growing number of cross-border customers coming into the Kingdom.' Ms. Olayan stated: 'We have maintained positive jaws, indicating effective cost management relative to income growth. Asset quality remains very strong, and our loan growth has been well-matched by strong deposit capture, ensuring a healthy funding base and a resilient capital position. As expected, this translated into a return on tangible equity of 15.8%. In addition, SAB had an exceptional quarter in corporate loan originations diversified across a number of key sectors. Our mortgage business achieved its best quarter since 1Q24 with a closing mortgage portfolio of SR38bn – marking 2x increase in size from when SAB commenced the strategy. In recognition of our efforts to integrate sustainability as a core strategic pillar across operations, we are proud that SAB was recognized as the 'Sustainability Program of the Year 2024' at the Saudi Capital Markets Forum, making the bank the first financial institution in the Kingdom to receive this recognition. The award acknowledges the bank's prominent role in advancing environmental, social, and corporate governance practices within the Saudi economy and market. In addition, Global Finance also honored SAB as the 'Best Trade Finance Provider' marking our fifth consecutive year receiving the recognition. Ms. Olayan added: 'Our results reflect our strategic direction, characterized by robust revenue growth and solid loan performance. As we navigate a dynamic global environment, our commitment to innovation and sustainability, in addition to our strategic partnership with HSBC, position us well to capitalize on future opportunities. This progress could not have been achieved without the commitment and support of our board members, senior management team, and employees. I would also like to thank our regulators — the Saudi Central Bank and the Capital Market Authority — for their guidance and assistance.' Saudi Awwal Bank (SAB) is one of the largest banks in the Kingdom, with a history in Saudi Arabia spanning over 90 years. Over the past nine decades, it has been an active partner in supporting the Kingdom's economic growth and social development. SAB is a leading corporate and institutional international bank in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, in Saudi Arabia and the broader region. SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. The bank's paid-up capital is SR 20.5 billion, following its legal merger with Alawwal Bank on 14th March 2021, when it was formerly known as the Saudi British Bank (SABB). SAB operates under the supervision and regulation of the Saudi Central Bank, and is a partner of the HSBC Group.
