Latest news with #SR2
Saudi Gazette
26-05-2025
- Business
- Saudi Gazette
Saudi ride-hailing apps record over 27.9 million trips in Q1
Saudi Gazette report RIYADH — Saudi Arabia'sTransport General Authority (TGA) announced that the number of trips carried out via ride-hailing apps in the country exceeded 27.9 million trips during the first quarter of 2025, an increase of 87 percent compared to the same period of 2024. TGA confirmed that the total number of active drivers serving passenger transport apps in Saudi Arabia amounted to more than 2,47,700, including 13,000 females, during the first quarter of 2025. This was an increase of 68 percent for male drivers, and 83% for female drivers, compared to the first quarter of last year. TGA explained that Riyadh region topped the highest percentage of executed trips, recording 41.1 percent, while Makkah came second with 23.2 percent, followed by the Eastern Province with 15.7 percent, and Madinah with 6.5 percent. Al-Qassim and Asir each recorded 3.2 percent, Tabuk 2.7 percent, Hail 1.9 percent, Jazan 1.2 percent, Najran 0.6 percent, Al-Jawf 0.5 percent, and finally the Northern Borders and Al-Baha each 0.2 percent. . The ride-hailing apps in the country witnessed significant growth with the total annual income of Saudi male and female drivers from the sector exceeding SR2 billion.
Saudi Gazette
22-05-2025
- Business
- Saudi Gazette
GIB Capital closes deals in Q1 2025 with a total value exceeding several billion dollars
GIB Capital, the investment arm of Gulf International Bank, continues to strengthen its position in the investment services sector by achieving a number of accomplishments during the first quarter of 2025. Among these achievements, the company acted as financial advisor, institutional bookrunner, and joint underwriter for the IPO of Umm Al-Qura, with a total offering size of SR2 billion, which was oversubscribed 241 times. The company also served as joint lead manager and joint bookrunner in the $1.25 billion sukuk issuance for the Saudi Arabian Mining Company (Ma'aden), which was 8 times oversubscribed, receiving strong demand from international investors. As part of its expansion into global debt markets, GIB Capital managed a $1.75 billion sukuk issuance for the Islamic Development Bank (IsDB) as joint lead manager and joint bookrunner, with participation from a wide range of global investors. GIB Capital also acted as joint lead manager and joint bookrunner for a $1 billion sukuk issuance by the Bahrain Petroleum Company (Bapco), which attracted over $4 billion in orders. In another notable transaction, the company served as joint lead manager in the $2 billion sukuk issuance by the Saudi Real Estate Refinance Company (SRC), which was oversubscribed more than six times, with active participation from international transactions reflect GIB Capital's ability to efficiently execute complex financial operations and reaffirm its role as a key partner in the development of capital markets and in enhancing their appeal to both local and global investors.
Arab News
05-05-2025
- Business
- Arab News
Insan spends SR55m on beneficiary families in first quarter of 2025
RIYADH: The Charitable Society for Orphans Care in Riyadh, also known as Insan, implemented several programs during the first quarter of 2025 aimed at meeting the needs of families through seasonal initiatives, monthly services, and direct assistance. Total expenditure on services and initiatives provided during the first quarter amounted to SR55.09 million ($14.66 million), which included basic, seasonal, and other services. The society deposited SR27.6 million into families' bank accounts for basic expenses (cash, clothing, and food). It also deposited SR2,790,600 for the Ramadan Basket Project, benefiting 9,251 families to meet their needs during the holy month of Ramadan, and SR1,060,800 for the Eid Gift Project, helping 5,304 through special gifts during Eid Al-Fitr. There were more than 21,000 beneficiaries from the Zakat Al-Fitr project during the first quarter, covering their food needs before Eid Al-Fitr, at a cost of SR3.86 million. The quarterly report issued by Insan highlighted the numerous programs and activities provided by it, including Imaniyat, Pioneers of the Future, Be a Human Compass, Mualham, and Medad. These programs included developmental and empowerment paths, helping 2,853 beneficiaries. In line with its commitment to meeting the needs of beneficiary families, Insan provided 7,725 diverse services during the first quarter, including emergency assistance, social and health support, bill payments, housing expenses, furnishing and maintenance, contributions to home purchases, healthcare, and other services. The society spent SR19,773,339 on these services. It also conducted 1,469 visits to families in the first quarter. These assessed conditions, listened to needs, and identified requirements. The family satisfaction rate reached 93 percent. In an effort to empower beneficiaries in various fields, the society conducted 436 applications for training, diploma, bachelor's degree, employment, and project financing.
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.
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25
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.
