Latest news with #RIYADH
Zawya
14 hours ago
- Business
- Zawya
MoneyGram and Bank AlJazira partner to expand cross-border money movement in Saudi Arabia
RIYADH, Kingdom of Saudi Arabia: MoneyGram, a leading global payments network for consumers, businesses and communities, today announced resuming money transfer services with Bank AlJazira, a leading bank in Saudi Arabia. This partnership expands access to physical and digital cross-border money movement solutions across the Kingdom, supporting Saudi Arabia's Vision 2030 and its goal of building an inclusive, digitally empowered economy. Now, Bank AlJazira's customers can send money to over 200 countries and territories via the bank's digital channels or at FAWRI Retail locations where they can also receive money across the Kingdom, providing convenience for Saudi nationals, residents and visitors. Powered by MoneyGram's global payments network and world-class APIs, customers benefit from a range of transfer methods, including bank accounts, mobile wallet and cash pick up. This announcement of receive service supports millions of visitors who travel to Saudi Arabia year-round for Hajj and Umrah pilgrims, business or tourism. This highlights MoneyGram's strategic focus on enabling inbound remittance services into the Kingdom and serving a broad range of customers from around the world. 'Over the past decade, MoneyGram has partnered with the Kingdom's leading fintechs, mobile wallets and banks to deliver a broad range of cross-border solutions,' said Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram. 'Today, we're proud of our partnership with Bank AlJazira – a trusted brand with strong technological capabilities – to advance our mission of connecting the world by making the movement of money across borders seamless, affordable and reliable for everyone.' Recipients of funds sent from Saudi Arabia will benefit from flexible payout options – whether picking up cash at one of MoneyGram's 480,000+ global retail locations or receiving funds across five billion digital endpoints 'This collaboration delivers greater value to our customers by offering faster and more reliable international money transfer services. It strengthens our commitment to providing seamless and reliable financial solutions, ensuring we meet the evolving needs of our customers, both locally and globally,' said Fahad AlMuteri, Head of Digital Banking at Bank AlJazira. Remittances from Saudi Arabia rose to $4.13B in March 2024, marking a 29.61% year-on-year increase and the highest monthly level recorded in nearly nine years 1. Approximately 42% of the Kingdom's population are immigrants, many of whom have relocated for economic opportunities. These expatriates primarily send money to key remittance corridors, such as India, Indonesia, Pakistan, Bangladesh, Egypt and Yemen. -END- About MoneyGram MoneyGram connects the world by making the movement of money across borders seamless, affordable and secure for everyone. Each year, the company serves more than 50 million people in over 200 countries and territories. Headquartered in Dallas, Texas, with offices in 36 countries, MoneyGram is globally recognized for its high-performance culture and has been honored as a Top Workplaces USA award winner for four consecutive years. MoneyGram Media Contact media@ About Bank AlJazira Bank AlJazira (BAJ) is recognized as one of the leading Shariah compliant fast growing financial institutions in Saudi Arabia, client-driven and service-oriented Saudi Financial Group which provides individuals, businesses and institutions with innovative Shariah compliant financial services through professional and dedicated staff. 1 Arab News 'Saudi Arabia's expat remittances hit near 9-year high at $4.13bn in March'
Arab News
a day ago
- Business
- Arab News
Closing Bell: Saudi main market closes lower at 10,885
RIYADH: Saudi Arabia's Tadawul All Share Index closed lower on Monday, falling 70.90 points, or 0.65 percent, to end the session at 10,885.32. The total trading turnover on the main market reached SR4.61 billion ($1.2 billion), with 546.78 million shares traded. A total of 72 stocks advanced while 177 declined. The MSCI Tadawul 30 Index also dropped, losing 10.55 points, or 0.75 percent, to close at 1,399.41. On the Kingdom's parallel market Nomu, the index declined by 209.73 points, or 0.78 percent, to finish at 26,781.28. Of the listed companies, 31 gained while 49 fell. Sport Clubs Co. led the gainers, rising 9.92 percent to SR11.19. It was followed by SHL Finance Co., which advanced 6.47 percent to SR23.85, and Allied Cooperative Insurance Group, which rose 6.13 percent to SR11.43. Riyadh Cables Co. posted a gain of 4.73 percent, while Saudi Co. for Hardware rose 3 percent. On the other hand, Tourism Enterprise Co. recorded the sharpest decline of the session, falling 9.84 percent to SR1.10. Banque Saudi Fransi dropped 5.26 percent to SR16.92, while Raydan Food Co. fell 4.07 percent to SR13.66. Thob Al Aseel Co. declined by 3.93 percent, while Northern Region Cement Co. fell 3.89 percent. On the announcement front, Al Majeed Oud Co. reported a 19.6 percent year-on-year increase in revenue for the first half of 2025, reaching SR618.8 million compared to SR517.2 million in the same period last year. The company also posted a 21.5 percent rise in net profit, which grew to SR145.2 million from SR119.5 million over the same timeframe. According to the company, the increase in sales was driven by the performance of newly launched products, retail network expansion, growth in its e-commerce platform, and targeted marketing campaigns during the Ramadan and Hajj seasons. It attributed the rise in net profit to the same commercial factors, along with improved operational efficiency measures. Shares of Al Majeed Oud Co. closed at SR130, down 1.52 percent. Raoom Trading Co. reported a 13.7 percent year-on-year decline in revenue for the first half of 2025, with sales falling to SR51.5 million from SR59.7 million in the same period last year. Net profit also dropped sharply, falling 91.9 percent to SR2.2 million from SR28.3 million. The company attributed the decline in revenue to lower average selling prices driven by market conditions and a reduction in sales volumes. The fall in net profit was also linked to a SR3 million loss from the revaluation of financial assets at fair value, compared to a gain of SR14.8 million in the corresponding period of 2024. Shares of Raoom Trading Co. closed at SR60.55, down 1.54 percent.
Arab News
2 days ago
- Business
- Arab News
Jordan's total exports rise 8.5% YoY in first 5 months
RIYADH: Jordan's total exports rose 8.5 percent year on year in the first five months of 2025 to 3.94 billion Jordanian dinars ($5.55 billion), driven by robust growth in national shipments, official data showed. According to the monthly foreign trade report issued by the Department of Statistics, national exports climbed 9.2 percent during the January–May period to reach 3.58 billion dinars, while re-exports increased 2.3 percent to 360 million dinars, Jordanian news agency Petra reported. The data comes as the kingdom's improving external trade performance aligns with broader regional trends, with the Gulf Cooperation Council economy expanding 1.5 percent year on year in the fourth quarter of 2024, led by gains in the non-oil sector, according to the GCC Statistical Center. 'For May 2025 alone, total exports stood at 901 million dinars, including 826 million dinars in national exports and 75 million dinars in re-exports. Imports for the month totaled 1.581 billion dinars, resulting in a trade deficit of 680 million dinars,' Petra said. During the month, total exports rose by 2.4 percent year on year, driven by a 4.8 percent increase in national exports, while re-exports saw an 18.5 percent decline. Imports for the same month totaled 1.581 billion dinars, marking a 5.6 percent drop, which contributed to a 14.5 percent reduction in the trade deficit. The coverage ratio for May rose to 57 percent, up from 53 percent in May 2024, marking a four-percentage-point improvement. Jordan's economy is projected to grow by 2.7 percent in 2025, with expectations of accelerating to 3.5 percent in the medium term, according to central bank governor Adel Sharkas, who made the projection in March. The upward trend in trade performance is seen as a key contributor to this outlook. The positive trade momentum coincides with modest industrial growth. Jordan's Industrial Production Index rose 2.07 percent in the first five months compared to the same period last year, according to the Department of Statistics. The rise was driven by higher output in manufacturing and electricity production, while quarrying declined. Monthly, the IPI rose 0.74 percent year on year in May and surged 2.95 percent from April. Fitch Ratings in May affirmed Jordan's long-term foreign-currency issuer default rating at 'BB-' with a stable outlook, citing macroeconomic stability and continued reform progress. The US-based agency added that the rating and stable outlook reflect Jordan's resilient financing sources, including a liquid banking sector, a robust public pension fund, and continued international support.
Arab News
2 days ago
- Business
- Arab News
Saudi regulator eases approval process for rated debt issues
RIYADH: Public debt issuers in Saudi Arabia can now expect faster regulatory reviews if their offerings carry a credit rating, as the Kingdom moves to boost issuance and expand its fixed-income investor base. The Capital Market Authority has introduced a fast-track mechanism for public debt offering applications that agencies licensed by the regulator have rated. The incentive will remain in effect through the end of 2026, according to a press release. By encouraging issuers to obtain credit ratings, the CMA aims to increase investor participation and improve risk assessment across the market. The move comes amid Saudi Arabia's ongoing efforts to develop a more diversified and resilient financial system under Vision 2030. Strengthening the domestic capital market, particularly fixed income, is a strategic priority for the Kingdom as it seeks to reduce dependence on oil revenues, channel more private capital into economic development, and empower the private sector as a driver of growth. 'Through this measure, the CMA aims to build a more mature and stable debt instruments market with a diversified investor base and strengthened confidence among all participants,' the statement said. 'A credit rating is not merely an indicator of the issuer's creditworthiness; rather, it serves as an effective tool enabling investors to make well-informed investment decisions,' it added. While Saudi Arabia's equity market has seen strong growth in recent years, the debt segment remains relatively underdeveloped compared to global peers. Enhancing transparency and risk differentiation through credit ratings is viewed as key to unlocking greater institutional and foreign investor participation, which in turn supports more competitive pricing and long-term market stability. The CMA has already implemented a series of structural reforms to mature the market, including expanding the qualified investor base, enabling foreign ownership of debt securities, and promoting the issuance of sukuk and conventional bonds. These reforms are designed to improve capital access for issuers while giving investors better tools to assess risk and return. The latest measure builds on these initiatives by directly linking faster regulatory review to the presence of a third-party credit opinion. The regulator expects the move to stimulate a higher volume of rated debt issuances, accelerate application processing, and strengthen market confidence, ultimately fostering a more dynamic and diversified capital market ecosystem.
Arab News
2 days ago
- Business
- Arab News
Saudi PIF named most valuable and fastest-growing sovereign wealth fund
RIYADH: Saudi Arabia's Public Investment Fund has been named the most valuable and fastest-growing sovereign wealth fund in the world, with a brand value of $1.2 billion, a new report showed. According to Brand Finance's 2025 Asset Management and Sovereign Wealth Fund 50 report, PIF also secured seventh place globally in brand value-to-assets under management ratio, making it the only SWF to enter the top 10 across both asset management and SWF categories. PIF's strong brand growth reflects its ranking as the fourth-largest sovereign wealth fund globally, as reported in Global SWF's July update. With assets under management exceeding $1 trillion, the fund now ranks just behind Norway's Government Pension Fund Global and two Chinese entities — the State Administration of Foreign Exchange and the China Investment Corporation — surpassing regional peers such as the Abu Dhabi Investment Authority and the Kuwait Investment Authority. The report from Brand Finance also highlighted the role of high-profile sports partnerships in elevating brand value. 'In 2024, PIF signed groundbreaking global partnerships accelerating the growth of sports with ATP and WTA tennis, Concacaf and Formula E, Extreme E and E1 under the E360 umbrella while its ownership of LIV Golf is helping to expand the game's audience around the world,' Brand Finance CEO David Haigh said. PIF's brand growth was underpinned by strong scores in brand awareness, purpose, and its commitment to long-term value creation. It has seen substantial expansion in its portfolio, driven by the maturation of key projects and robust performance from its portfolio companies. The Saudi wealth fund holds an A+ brand strength rating, with its Brand Strength Index rising to 62.9 out of 100 in 2025. Additionally, PIF's ownership of LIV Golf continues to expand the game's global audience and bolster its brand visibility. BlackRock retained its position as the world's most valuable asset management brand for the second consecutive year, with its brand value rising 17 percent to $8.3 billion, according to the Brand Finance report. The increase is attributed to a surge in AUM, strategic acquisitions in private markets, and sustained leadership in technology and artificial intelligence. In the asset management space, JP Morgan Asset Management ranked second globally with a brand value just under $7.2 billion, reflecting a 3 percent year-on-year increase. Vanguard held third place with a brand value of $6 billion, unchanged from 2024. While BlackRock trails JP Morgan in terms of brand strength — scoring 87 out of 100 to JP Morgan's 87.6 — both firms retained an AAA brand strength rating. Haigh noted the strategic importance of sports affiliations in brand development. 'Formula 1 and football are powerful and popular ways for asset managers and sovereign wealth funds to raise their international profiles in a way that is consistent with the brands' wealth and stature,' Haigh said. He cited JP Morgan's banking unit Chase's recent sponsorship of Arsenal FC's VIP Lounge as an example of how these investments can significantly boost brand recognition among targeted audiences. Among sovereign wealth funds, the Abu Dhabi Investment Authority was identified as the strongest brand in terms of BSI, with a score of 64.1, also earning an A+ rating. PIF remains the leader in overall brand value within the SWF category, reflecting the fund's expanding global influence and strategic visibility.
