Latest news with #AlRajhiBank
India.com
17 hours ago
- Business
- India.com
Meet Saudi billionaire, sold palm dates as a child, worked as cook in Riyadh, now has net worth of Rs...; no match for Mukesh Ambani, Adani
Sheikh Sulaiman bin Abdul Aziz Al Rajhi (File) There is a widespread myth about Saudi billionaires that a majority of them are oil tycoons who made their fortune selling the liquid gold which is abundant in the desert Kingdom. However, this cannot be farther from reality as there are many self-made billionaires in Saudi Arabia, and indeed entire Middle East, who have started from modest backgrounds, and earned their riches through innovation and sheer business acumen. One such individual is Sheikh Sulaiman bin Abdul Aziz Al Rajhi, a Saudi businessman who built his business empire from scratch, and sold palm dates for a living as a 12-year-old. Let us delve into the inspiring journey of this remarkable entrepreneur: Who is Sheikh Sulaiman bin Abdul Aziz Al Rajhi? Born in a low-income household in Al Bukairiyah in Saudi Arabia's Al Qassim province, Al Rajhi's childhood was devoid of luxuries and basic education. Growing up in the harsh Nejd desert, Sulaiman and his brother earned a livelihood by ferrying Hajj pilgrims on camel caravans across the desert to reach the holy cities of Mecca and Medina. From an early age, Sulaiman Al Rajhi had developed an enterprising outlook, and worked as a a porter, carrying shopping luggage for shoppers at the Al Khadra market in Riyadh when he was just nine years of age. Later, as a 12-year-old, he began collecting palm dates for a living, a job that fetched him a paltry monthly salary of six Saudi Riyals, barely enough to eat. In an interview, Sulaiman Al Rajhi recalled how he often slept on gravel at his workplace, and wore the same clothes at work as well as afterwards, because he lacked money. From rags to riches- How Sulaiman Abdul Aziz Al Rajhi made his fortune Growing up as a teenager during the early 1940s, Al Rajhi worked several odd jobs, including as a cook at a smalltime Riyadh hotel, and wholesaler of imported kerosene, as he looked for a breakout opportunity to change his circumstances. Later, Al Rajhi worked as a waiter for a Saudi contracting company for a mere 60 Saudi Riyals, and then established his own grocery shop, which he forced to sell to spend on his marriage. Rajhi was 15 at the time. Afterwards, Sulaiman started working at a currency exchange business established by his brother Saleh Al Rajhi, and in 1956, the Al Rajhi brother expanded the enterprise by opening a second branch. However, Sulaiman's groundbreaking opportunity arrived in 1970, when he opened his own currency exchange firm after separating his business from his brother. Over the years, Sulaiman expanded his business, opening more than 30 branches across Saudi Arabia, and later took the enterprise to other nations across the Arab world, including Egypt and Lebanon, where he made massive gains. Today, Sulaiman Abdul Aziz Al Rajhi holds the largest individual stake Al Rajhi Bank, which he co-founded with his older brother Saleh Al Rajhi, and has consistently reported the most profitable operations amongst all of Saudi banking groups. Sulaiman Abdul Aziz Al Rajhi net worth At one point, Sulaiman Abdul Aziz Al Rajhi was ranked among the wealthiest individuals in the world, with Forbes estimating his net worth at around $7.7 billion in 2011. However, Al Rajhi later donated a major chunk of his vast fortune to charity, by transferring his shares in the family-owned Al Rajhi Bank, his poultry farm, and other assets to a charitable endowment that bears his name to fund anti-hunger efforts and education in the Kingdom of Saudi Arabia, according to a Forbes report. Currently, Sulaiman Abdul Aziz Al Rajhi has a net worth of around $2.2 billion, as per Forbes, enough to live a life of luxury which he has undoubtedly earned.
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Saudi Banks Post Record-Breaking Profits in Q1 2025
Saudi banks achieved historic profits in the first quarter of 2025, recording their highest-ever quarterly earnings at $5.94 billion (SAR 22.26 billion). This marks a notable 19% increase compared to the same quarter in 2024, representing a gain of $965 million (SAR 3.62 billion). All ten listed banks on the Saudi stock exchange reported growth in net profits during the first quarter, reflecting robust performance across the industry. The National Commercial Bank (NCB) led the way with SAR 6.02 billion in net profit, up 19.48% from the first quarter of last year. Al Rajhi Bank ranked second with SAR 5.9 billion in profit, posting the highest growth rate among its peers at 34%. Riyad Bank came in third, with SAR 2.48 billion in net income, reflecting a 19.94% increase. Operating Income Drivers Dr. Suleiman Al-Humaid Al-Khalidi, a financial markets analyst and member of the Saudi Economic Association, attributed this record-breaking performance to several key factors: the expansion of lending portfolios, higher net commission and operating income, and a decline in loan loss provisions. He noted that the reduction in provisions -funds set aside to cover potential loan defaults- was a significant factor supporting profit growth. Additionally, banks benefited from returns on debt instruments and a notable expansion in mortgage financing, both of which contributed to the strong results. Al-Khalidi expects Saudi banks to maintain this strong momentum in the coming quarters, projecting that total annual profits could reach SAR 85–90 billion by year-end. Such figures, he said, would set new historical benchmarks and reflect the strength, resilience, and diversification of the Saudi economy. Interest Rates and Market Conditions Mohamed Hamdy Omar, economic analyst and CEO of GWorld, echoed this positive outlook, crediting the sector's performance to the continued robustness of Saudi banks. He cited persistently high global interest rates, contractionary monetary policies, and the Saudi riyal's peg to the US dollar as key drivers that boosted lending margins. He pointed out that growth in lending portfolios, especially in real estate and corporate loans, has been driven by Vision 2030 initiatives and major infrastructure projects, all of which significantly enhanced fee income and operational earnings. Looking ahead, Omar predicted continued strong performance for the banking sector in the remainder of 2025, supported by steady interest rates and strong demand for financing. However, he cautioned that any global move toward lowering interest rates could pressure profit margins, underscoring the importance of income diversification and enhanced digital services. He stressed the need for vigilance regarding geopolitical developments and oil prices, both of which influence liquidity and credit activity in the Saudi market. Omar concluded by highlighting the importance of investing in financial technology and digital transformation to boost competitiveness and attract new customer segments, while also encouraging banks to diversify their portfolios to hedge against future risks.
Argaam
3 days ago
- Business
- Argaam
alrajhi bank recognized for SAR 44 million contribution to Autism Center of Excellence
Under the patronage of His Excellency the Governor of the Saudi Central Bank, Mr. Ayman Alsayari, the Autism Center of Excellence (ACE) honored alrajhi bank —represented by Chairman Mr. Abdullah bin Sulaiman Al Rajhi—for its SAR 44 million contribution to the establishment and operation of the center over a five-year period. This recognition reflects the bank's unwavering commitment to social responsibility and inclusive development. The award was presented during a ceremony held on Wednesday, May 28, celebrating the completion of the ACE project. Speaking on the occasion, Mr. Abdullah Al Rajhi said, 'Our support for the Autism Center of Excellence stems from a deep belief in the vital role of the private sector in community engagement. We are proud to work alongside all relevant stakeholders and contribute to our wise leadership's efforts to deliver world-class care for individuals with autism spectrum disorder across the Kingdom.' He also extended his gratitude to the Ministry of Human Resources and Social Development and the Saudi Central Bank for championing the initiative to establish the Autism Center of Excellence, adding, 'With praise to Allah and the dedicated efforts of the ACE team, the Kingdom is now home to one of the largest and most advanced autism centers in the Middle East—positively impacting over 500,000 individuals with autism in Saudi Arabia.' Mr. Al Rajhi further acknowledged the center's team for their exceptional work in supporting individuals with autism and their families through specialized services including rehabilitation, research, professional training, family assistance, and vocational programs. He emphasized that ACE has become a national benchmark for autism care and service excellence. Established in 2019 under the sponsorship of the Ministry of Human Resources and Social Development and Saudi banks through the Saudi Central Bank, the Autism Center of Excellence serves individuals with autism and related developmental disorders. The center is dedicated to enhancing quality of life and elevating the standards of rehabilitation care across the Kingdom. alrajhi bank's support of ACE is part of its broader commitment to sustainable development and social impact. The bank has championed various healthcare initiatives, including the establishment of alrajhi medical centers, funding 91 kidney transplants, and contributing to the "Nation of Giving" campaign during the COVID-19 pandemic. In education, the bank launched the "Orphan Education Sponsorship Program," covering tuition fees for 200 students annually. It also contributed SAR 80 million to the King Saud University Endowment and SAR 20 million to the King Fahd University of Petroleum and Minerals Endowment. In the housing sector, alrajhi bank partnered with the Developmental Housing Program to build 222 homes for families in need. In recognition of these impactful efforts, alrajhi bank received first place in the 'Gold Category for Social Responsibility Practices' awarded by the Ministry of Human Resources and Social Development.
Zawya
3 days ago
- Business
- Zawya
United Carton first to trade in run of Tadawul floats: IFR
Shares in United Carton Industries saw mixed performance on their trading debut on Tuesday, the first in a batch of Tadawul deals nearing completion following a busy start to the second quarter. Shares opened up 6% at SR53 and despite falling back from the open held above SR50 IPO pricing until selling in the final hour sent shares sharply down to close just below at SR49.25. More than 17m shares changed hands, nearly 1.5 times the 12m secondary shares sold in the SR600m (US$160m) IPO. Al Rajhi Bank was sole bookrunner. Saudi Arabia has seen liquidity put to the test with three main market deals taking advantage of the window between Eid al-Fitr at the end of March and Eid al-Adha in early June, a window made shorter by initial caution following US president Donald Trump's tariff announcements in April. The SR4.1bn IPO of low-cost carrier Flynas opens for retail subscriptions on Wednesday having been nearly 100 times covered on the institutional leg. Final allocations and refunds are due before Tadawul trading ends on June 4 for Eid al-Adha. Trading resumes on June 11. An extension has been applied to the SR1.8bn–SR1.88bn listing of Specialized Medical Company to allow investors to amend their orders following published changes to the company's financials, with retail subscription now running from June 15–16. One deal still awaiting an intention to float is Ejada Systems, for which Capital Market Authority approval expires on June 23. Under CMA rules, deals have to complete within six months of approval though extensions are possible, particularly if the company is able to at least launch within the approval window. Alternatively the company may have to seek approval at a later date. While a narrow window opens between Eid al-Adha and summer, most bankers in the region are focusing on the IPO pipeline from September, with similar dynamics applying in neighbouring UAE. Ali Khalpey, head of ECM at EFG Hermes, which is working on SMC alongside SNB Capital, predicted around eight post-summer IPOs in the UAE, Saudi Arabia and Kuwait with one deal potentially launching before summer. 'We see a reasonable path to getting deals done. It's been a good couple of weeks and there is a very strong pipeline we hope to convert,' he said. 'People have a lot of cash they have built up and are looking to deploy it. On SMC and Flynas, books were very well covered and appetite to participate was strong. Saudi local demand is back and in bull market mode while international demand is also very good.' While the IPO pipeline remains more time constrained there is widespread enthusiasm among bankers and investors for a growing role for secondary and accelerated options, with bankers saying potential candidates could launch before summer. Like others in the region, Khalpey also sees a growing presence for secondary offers with test cases such as Adnoc Gas showing investors are comfortable with formats such as accelerated bookbuilds. 'Secondaries are part of the deepening of the market,' said Khalpey. 'The challenge is finding more shareholders to sell. Most don't want to sell or don't have need of capital and a lot of businesses are already very capital generative.' John Wilkinson, co-head of EMEA ECM origination at Goldman Sachs, said there is visibility on multiple accelerated offers in Saudi Arabia and the UAE this year with conversations happening regularly. 'It's taken a while for the market to come to terms with ABBs,' Wilkinson said. 'It's taken a while to understand why the issuer is selling and the associated messaging but there is growing comfort with the product from the buyside in the region with a number having proven attractive in generating returns for investors with pricing more in line with international practice. For private companies you can't tell someone they have to offer a meaningful discount at IPO and that's the only liquidity event they get. In particular for privately owned businesses it has a really important seeding and behavioural effect on the IPO market.'
Zawya
5 days ago
- Business
- Zawya
Mideast Stocks: Gulf markets in red as new tariff war looms
Saudi stocks performed the worst in a declining Gulf market on Sunday following the latest tariff threat by the U.S. President on European Union goods, while Israel's latest assault on Gaza kept the region on edge. Trump's statement on Truth Social on Friday that he is recommending a 50% tariff from June 1 on all EU goods sent global markets roiling. Saudi Arabia's benchmark index dropped for a third straight session, falling 1.7%% to 10,999, its lowest level since November 2023 with all sectors in the red. Al Rajhi Bank, the world's largest Islamic lender, lost 2% and ACWA Power declined 7.8%. Among other losers, Saudi National Bank, the kingdom's largest lender, dropped 2.8% and Saudi state oil company, Aramco, shed 0.6%. Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said on Saturday. The Qatari benchmark index snapped its six-session winning streak and fell 0.4% with almost all of its constituents posting losses. Qatar National Bank, the largest bank in the region, slipped 0.9% and Qatar Gas Transport declined 1.5%. However, Commercial Bank advanced 3% after the lender on Thursday approved a buyback of up to 10% of bank's fully paid-up issued shares. Meanwhile, the region remained on edge as Israeli military strikes killed at least 23 Palestinians across the Gaza Strip on Sunday. Outside the Gulf, Egypt's blue-chip index was up for a fourth consecutive session, rising 0.2% with E-Finance for Digital gaining 3.2% and Palm Hills Development advancing 3.4%. The developer, PHD, signed an agreement to develop 1.87 million SQM plot of land in Abu Dhabi. SAUDI ARABIA dropped 1.7% to 10,999 KUWAIT fell 0.2% to 8,698 QATAR slipped 0.4% to 10,736 EGYPT rose 0.2% to 32,024 BAHRAIN fell 0.04% to 1,921 OMAN rose 0.4% to 4,515 (Reporting by Md Manzer Hussain; editing by Clelia Oziel)
