PIF's THC inks SAR 600M Islamic facility deal with ANB
The financing represents a major boost to the company's loan structure through a long repayment period of eight years, supporting its ambitions to meet changing needs, enhance its flexibility to capitalize on strategic growth opportunities, and enable it to expand into other markets and services, the company said, in a statement.
It added that the financing allows it to solidify its operational strength and effectively adapt to market changes and respond quickly and effectively to its requirements and promising future opportunities.
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Arab News
2 hours ago
- Arab News
Hungary's ambassador bids farewell to Saudi Arabia after a decade of diplomacy
RIYADH: Hungarian Ambassador to Saudi Arabia Balazs Selmeci bid farewell to the Kingdom as he concluded his decade-long tenure. Selmeci visited Arab News headquarters in Riyadh on Monday, where he met with Editor-in-Chief Faisal J. Abbas. The envoy said his goals were to strengthen political and diplomatic relations, expand economic ties and promote a positive image of Hungary in Saudi Arabia. At the same time, Selmeci sought to highlight Saudi Arabia's changes and opportunities in Hungary, as well as the hospitality and kindness of the Saudi people. 'I believe I achieved good results in both areas, thanks to the support of Saudi institutions, the people and my colleagues at the embassy,' Selmeci told Arab News. Reflecting on his time in the Kingdom, Selmeci highlighted the significant changes he witnessed over the years. He singled out the closing ceremony of Riyadh Season at King Fahd Stadium as a moment that symbolized Saudi Arabia's rapid transformation. Saudi society showed commitment to the reforms, leading to a more open and globally connected country. Balazs Selmeci, Hungarian Ambassador to Saudi Arabia He recalled that the stadium was full of men and women together, and Saudi ballet dancers performed on stage — something that would have been unimaginable earlier. 'At that moment, I realized how much Saudi Arabia had changed. I saw many talented Saudis and felt their happiness, both on stage and in the audience,' the envoy said. Over more than 10 years in Saudi Arabia, Selmeci observed the transformative impact of Vision 2030, including societal reforms and economic diversification. He added that social reforms — such as involving women in the workforce, increasing their participation across sectors, welcoming international visitors and events, and balancing tradition with modernization — laid the foundation for economic progress. 'Vision 2030 itself required great courage from the leadership and strong support from the Saudi people,' Selmeci said. From the outset, Saudi society showed commitment to the reforms, leading to a more open and globally connected country, he added. 'These social and ongoing economic reforms have increased Saudi Arabia's international presence and influence,' Selmeci said. He added that the reforms have allowed foreigners to better understand the Kingdom and build trust, and that the dedication of both the government and the people provides a strong foundation for success. Selmeci began his tenure as ambassador on Nov. 14, 2019, presenting his credentials to Saudi Foreign Minister Prince Faisal bin Farhan on Dec. 12, and to King Salman on Jan. 8, 2020. Before then, he served in Riyadh as deputy head of mission from March 2014 to June 2018, marking more than a decade since he first began working to strengthen Saudi-Hungarian relations. During his tenure, he oversaw the first-ever bilateral meeting between the two countries' foreign ministers in the Kingdom, as well as the first bilateral meeting between their defense ministers. Selmeci said that among the economic cooperation projects during his tenure, his favorites were the reestablishment of the Saudi-Hungarian Business Council, the launch of the Saudi-Hungarian Digitalization Cluster and the creation of the first Saudi-Hungarian joint venture in the Kingdom. He also extended his best wishes to the Saudi people, encouraging them to continue working with determination toward a better life, making the country more prosperous while preserving its traditions and heritage. Asked what message he would leave for his successor, Selmeci expressed hope that they would build on these achievements and accomplish even greater successes, while creating as many memorable experiences as he did. He added that his successor could count on the full support of the Saudi leadership, officials, the people, the diplomatic corps and embassy staff. In his closing remarks, the ambassador said he planned to return to the Kingdom in the future — 'even as a simple tourist, to walk in King Salman Park, visit Qiddiya or attend Expo 2030.'
Arab News
6 hours ago
- Arab News
Closing Bell: Saudi main index closes in red at 11,213
RIYADH: Saudi Arabia's Tadawul All Share Index closed lower on Monday, falling 39.31 points, or 0.35 percent, to end the day at 11,213.59. The total trading turnover on the benchmark index reached SR4.54 billion ($1.21 billion), with 60 stocks advancing and 190 declining. The MSCI Tadawul 30 Index also retreated, shedding 5.46 points, or 0.38 percent, to close at 1,436.97. The Kingdom's parallel market Nomu declined by 80.73 points, or 0.29 percent, closing at 27,356.89. Of the listed stocks, 22 advanced while 56 retreated. The best-performing stock was Alistithmar AREIC Diversified REIT Fund, with its share price rising by 9.91 percent to SR9.43. Other top performers included Saudi Industrial Investment Group, which saw its share price rise by 4.56 percent to SR17.42, and Al Hassan Ghazi Ibrahim Shaker Co., which saw a 4.48 percent increase to SR29.40. On the downside, Emaar The Economic City posted the steepest drop of the day, falling 4.12 percent to SR13.73. Naseej International Trading Co. fell 4.03 percent to SR102.50, and MBC Group Co. dropped 3.79 percent to SR34.02. On the announcements front, Jarir Marketing Co. reported estimated net profits of SR197.2 million for the first half of 2025, marking a 15.2 percent increase from the same period last year. In a statement on Tadawul, the company attributed the estimated increase to a 4.5 percent rise in gross profit, driven by higher sales of after-sales services along with improved profit margins and an increase in other income. Jarir's shares gained 1.27 percent, closing at SR12.79. Advanced Petrochemical Co. also announced its estimated financial results for the same period. The firm's net profits were estimated to reach SR82 million, up by 95.2 percent from the same period last year. The company said that the increase was driven by an 8 percent rise in net revenues, lower propane and purchased propylene prices. Advanced Petrochemical Co. also announced the completion of construction and successful operational launch of its Propane Dehydrogenation plant, capable of producing 843,000 tonnes of propylene annually, along with two PolyPropylene plants operated by Advanced Polyolefins Industry Co. with a combined capacity of 800,000 tonnes per year. The facilities, located in Jubail Industrial City, mark a significant milestone in the company's expansion in the petrochemical sector, according to a statement. APOC, a joint venture between Advanced Global Investment Co. and SK Gas Petrochemical Pte., will begin contributing to Advanced Petrochemical Co.'s consolidated financial results starting in the third quarter of 2025. Advanced Petrochemical shares closed 0.32 percent higher at SR31.48.
Al Arabiya
6 hours ago
- Al Arabiya
Saudi Arabia tops global tourism spending growth in Q1 2025: UN report
Saudi Arabia led the world in international tourism spending growth during the first quarter of 2025 and ranked third globally in tourist arrival gains, according to the latest UN World Tourism Organization (UNWTO) data. The Kingdom recorded a 102 percent surge in international visitor numbers and spending compared to the same period in 2019, significantly outpacing the global average of 3 percent and the Middle East's 44 percent. For more news on Saudi Arabia, visit our dedicated page. In its latest World Tourism Barometer, the UNWTO confirmed that Saudi Arabia placed first worldwide in tourism receipts growth and third globally in international arrivals. Regionally, the Kingdom ranked second in the Middle East for visitor growth. According to the Ministry of Tourism, foreign visitor spending in Q1 2025 reached $13.2 billion (SAR 49.4 billion) – an increase of nearly 10 percent over Q1 2024. The Kingdom's travel account surplus also rose 11.7 percent year-on-year. Saudi Minister of Tourism Ahmed al-Khateeb welcomed the results, saying they 'support the Kingdom's efforts to boost tourism as part of its Saudi Vision 2030.' The strong performance reflects the impact of Vision 2030 and the Kingdom's ambitious giga-projects – including NEOM, AlUla, the Red Sea Project, Amaala, and Sindalah – as well as streamlined visa policies and expanded tourism infrastructure, according to the Saudi Press Agency (SPA). Religious tourism continues to play a central role, with Mecca and Madinah drawing millions of pilgrims annually. Mecca alone attracted 9.4 million visitors in 2022. Meanwhile, heritage destinations like Hegra in AlUla – known for its ancient Nabatean tombs – are expanding Saudi Arabia's appeal to leisure and cultural tourists. The 'Quality of Life' Program has also contributed to this momentum, with $9.2 billion (SAR 34.6 billion) invested since 2018 in entertainment, festivals, and infrastructure improvements aimed at enhancing the visitor experience. With this upward trajectory in both receipts and arrivals, Saudi Arabia appears well on track to reach its Vision 2030 goal of 150 million annual visits and establish itself as a leading global tourism destination.
