Latest news with #CityscapeGlobal2024
Leaders
27-02-2025
- Business
- Leaders
Saudi Banks Shatter Records: Q4 2024 Earnings Surge to $5.57 Billion
The Saudi banking sector achieved its highest-ever quarterly net profit of SAR 20.90 billion in Q4-2024, according to Aljazira Capital's report, marking a historic milestone for the industry. This record-breaking performance aligns with Yoast SEO guidelines by emphasizing the key phrase 'Saudi banking sector' in the title and first sentence. Amid sector-wide growth, individual banks showed varying performances, with five out of ten listed institutions surpassing consensus estimates. Saudi Awwal Bank (SAB) and Al Rajhi Bank led the pack with earnings beats of 8.80% and 8.30%, respectively. However, Bank Aljazira and Riyad Bank lagged, missing forecasts by 15.50% and 8.60%, underscoring the uneven recovery across the sector. Driving Factors Behind the Surge Moreover, the surge in earnings stemmed from a 10.10% year-on-year (YoY) rise in net interest income to SAR 29.20 billion. Meanwhile, mortgage lending surged by 53.40% YoY, fueled by the Cityscape Global 2024 event, which boosted sales to over SAR 20 billion. This event acted as a catalyst, pushing the monthly mortgage run rate to SAR 10.10 billion in Q4-24. Looking at deposits, the sector's total deposits increased by 8.40% YoY to SAR 2.68 trillion, with Riyad Bank leading growth at 20.20% YoY, followed by Bank Aljazira at 15% YoY. These figures highlight robust customer confidence, setting a strong foundation for sustained expansion in 2025. Short link : Post Views: 138
Zawya
27-02-2025
- Business
- Zawya
Saudi banking sector records highest-ever quarterly earnings of $5.57bln in Q4-24
Riyadh – The Saudi banking sector posted highest-ever quarterly earnings of SAR 20.90 billion in the fourth quarter (Q4) of 2024, according to Aljazira Capital's report. Five out of ten listed banks posted above consensus earnings, with Saudi Awwal Bank (SAB) and Al Rajhi Bank leading by 8.80% and 8.30%, respectively. On the other hand, Bank Aljazira and Riyad Bank had biggest earnings misses of 15.50% and 8.60%, respectively. Bank wise, Banque Saudi Fransi posted the highest net income growth of 35% YoY in Q4-24. Earnings growth was mainly driven a 10.10% YoY rise in net interest income to SAR 29.20 billion during the October-December period. Mortgage lending recorded a leap driven by the Cityscape Global 2024 event that took place in November 2024 and saw sales exceeding SAR 20 billion. Overall, monthly run rate for mortgages hit SAR 10.10 billion in Q4-24, up 53.40% from SAR 6.60 billion in Q4-23. Total deposits for the sector grew by 8.40% YoY to SAR 2.68 trillion in the three-month period that ended on 31 December 2024. Riyad Bank logged in the highest growth in deposits of 20.20% YoY in Q4-24, followed by Bank Aljazira with 15% YoY.
Zawya
11-02-2025
- Business
- Zawya
Foreign investment drives Oman's real estate boom
Muscat – The value of real estate transactions in Oman saw a significant rise of 29.6% in 2024, reaching RO3.38bn compared to RO2.61bn in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI). The fees collected for real estate transactions amounted to RO69mn, reflecting a 6.4% increase from December 2023. The value of sales contracts rose by 4.8% to RO1.09bn, with 13,668 contracts registered, marking a 3.8% growth in volume. Mortgage contracts experienced the most substantial growth, with their value surging by 46.4% to RO2.27bn across 20,680 contracts. Exchange contracts also saw activity, totalling 1,325 with a combined value of RO13.1mn. Foreign investment has been a major driver of this growth, contributing 70% of total investments in the sector till September in 2024, according to the Ministry of Housing and Urban Planning. Property titles issued by the end of December 2024 stood at 233,345, a slight decline of 0.9%. However, titles issued to Gulf Cooperation Council nationals increased by 10%, reaching 1,447. The steady growth in Oman's real estate sector reflects rising investor confidence, bolstered by economic development and policies aimed at creating an investment-friendly environment. Two flagship projects are leading the transformation of Oman's real estate landscape: Sultan Haitham City and Al Khuwair Downtown. Sultan Haitham City is envisioned as a sustainable urban development that blends modern design with green initiatives. It will feature integrated residential neighbourhoods, commercial spaces, and community-focused amenities. Investors have opportunities to contribute to key facilities such as private schools, hospitals, and sports centres. Al Khuwair Downtown, designed by the world-renowned Zaha Hadid Architects, is set to become a vibrant urban hub. Combining commercial, cultural, and entertainment spaces with a waterfront location, the development aims to attract investments in retail, hospitality, and leisure, making it a dynamic centre for residents and tourists alike. Oman's participation in Cityscape Global 2024, held in Riyadh in November, showcased its real estate potential on an international stage. The event highlighted Oman's alignment with its Vision 2040 goals, which focus on sustainable and inclusive growth, improved social and economic conditions, and adherence to global standards. A ministry official said the legislative framework, which allows 100% foreign ownership of certain properties and projects, has further boosted investor confidence. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
10-02-2025
- Business
- Muscat Daily
Foreign investment drives Oman's real estate boom
Muscat – The value of real estate transactions in Oman saw a significant rise of 29.6% in 2024, reaching RO3.38bn compared to RO2.61bn in 2023, according to preliminary data from the National Centre for Statistics and Information (NCSI). The fees collected for real estate transactions amounted to RO69mn, reflecting a 6.4% increase from December 2023. The value of sales contracts rose by 4.8% to RO1.09bn, with 13,668 contracts registered, marking a 3.8% growth in volume. Mortgage contracts experienced the most substantial growth, with their value surging by 46.4% to RO2.27bn across 20,680 contracts. Exchange contracts also saw activity, totalling 1,325 with a combined value of RO13.1mn. Foreign investment has been a major driver of this growth, contributing 70% of total investments in the sector till September in 2024, according to the Ministry of Housing and Urban Planning. Property titles issued by the end of December 2024 stood at 233,345, a slight decline of 0.9%. However, titles issued to Gulf Cooperation Council nationals increased by 10%, reaching 1,447. The steady growth in Oman's real estate sector reflects rising investor confidence, bolstered by economic development and policies aimed at creating an investment-friendly environment. Two flagship projects are leading the transformation of Oman's real estate landscape: Sultan Haitham City and Al Khuwair Downtown. Sultan Haitham City is envisioned as a sustainable urban development that blends modern design with green initiatives. It will feature integrated residential neighbourhoods, commercial spaces, and community-focused amenities. Investors have opportunities to contribute to key facilities such as private schools, hospitals, and sports centres. Al Khuwair Downtown, designed by the world-renowned Zaha Hadid Architects, is set to become a vibrant urban hub. Combining commercial, cultural, and entertainment spaces with a waterfront location, the development aims to attract investments in retail, hospitality, and leisure, making it a dynamic centre for residents and tourists alike. Oman's participation in Cityscape Global 2024, held in Riyadh in November, showcased its real estate potential on an international stage. The event highlighted Oman's alignment with its Vision 2040 goals, which focus on sustainable and inclusive growth, improved social and economic conditions, and adherence to global standards. A ministry official said the legislative framework, which allows 100% foreign ownership of certain properties and projects, has further boosted investor confidence.
Campaign ME
29-01-2025
- Business
- Campaign ME
Egypt's Mountain View appoints FP7 McCann as creative partner for Saudi expansion
Mountain View entered into the Saudi market with the launch of One Mountain View at Cityscape Global 2024. Creative agency FP7 McCann Riyadh, a part of Middle East Communications Network (MCN), has been named the creative partner for Egyptian real estate developer Mountain View's expansion in the Kingdom of Saudi Arabia. FP7 McCann Riyadh will aim to amplify Mountain View's presence and drive the creative narrative through the launch of the brand's localised tagline, عيش السعادة (Experience Happiness), reflecting the brand's vision of 'bringing life to land and spreading happiness around us.' T
