Latest news with #SaudiNationalBank
Zawya
3 days ago
- Business
- Zawya
Mideast Stocks: Most Gulf markets rise in early trade tracking firmer oil prices
Most Gulf stock markets rose in early trade on Thursday, tracking stronger oil prices, after a U.S. trade court blocked most of President Donald Trump's "Liberation Day" tariffs from going into effect. Oil prices - a catalyst for markets in the Gulf - rose by $1 on Thursday, with Brent crude futures rising 1.6% to $65.93 a barrel, as of 0630 GMT. The Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The ruling boosted risk appetite across global markets, which have been on edge about the impact of levies on economic growth. Analysts, however, say that the relief might be temporary given the Trump administration said it will appeal the ruling. Supply risks continue to persist, with Chevron terminating its oil production and other activities in Venezuela. Its key license was revoked by the Trump administration in March. Markets were also on the watch for a potential new U.S. sanctions curbing Russian crude flows alongside decision from OPEC+ on accelerating oil production hikes in July, expected in a meeting later this week. Saudi Arabia's benchmark stock index was up 0.26% in early trade, with investment company Sinad Holding advancing 4.62%. The kingdom's largest lender by assets Saudi National Bank was up 1.01%. Markets in the UAE were subdued, with Abu Dhabi's benchmark index inching 0.14% lower and Dubai's main share index down 0.49%. Maritime and shipping company Gulf Navigation Holding was the top loser on the index in Dubai, falling 1.68%. Construction materials provider National Cement was the top gainer, up 5.57%. The index is set to snap five consecutive sessions of gains. Qatar's benchmark stock index was up 0.24% in early trade, with consumer goods conglomerate Industries Qatar gaining 1.40%. (Reporting by Rishab Shaju in Bengaluru; Editing by Eileen Soreng)
Zawya
5 days ago
- Business
- Zawya
Saudi-listed 2P expands, renews $20mln Islamic credit facility
Perfect Presentation for Commercial Services Company (2P) has renewed and expanded its Shariah-compliant facility with Saudi National Bank. The 73.6 million Saudi riyal ($19.62 million) facility will be used to support newly awarded projects through letters of guarantee, letters of credit and invoice financing. The facility has been extended until May 30, 2026, and is secured by promissory notes covering the entire facility amount. In April, 2P raised and renewed a facility agreement valued at SAR 150 million with Bank Aljazira.
Arab News
21-05-2025
- Business
- Arab News
Areeb Capital signs SR5.8bn financing agreement with SNB
Areeb Capital, a prominent real estate fund management company, announced signing a new financing agreement with the Saudi National Bank, worth SR5.8 billion ($1.5 billion). This agreement will enhance the company's financing capabilities for its ambitious investment projects in the Saudi real estate market. The agreement represents a strategic step that supports the company's efforts to expand its investment portfolio and develop innovative real estate projects that meet the local market's needs, contributing to lucrative returns for investors and strengthening its status as a leading asset management company in the real estate funds sector. In a statement, Areeb Capital said that the deal reflects the confidence of prominent banks in the Kingdom, led by the SNB, in its efficient performance and ability to manage and implement remarkable investment projects, particularly in emerging real estate sectors. Headquartered in Riyadh, Areeb Capital is a leading real estate asset management company with assets under management exceeding SR20 billion. The company targets institutions, family businesses, and high-net-worth individuals, offering Shariah-compliant investment opportunities based on a deep understanding of client needs and risk factors. Regulated by the Saudi Capital Market Authority, the company provides innovative investment solutions that contribute to developing the real estate sector in the Kingdom.
Argaam
19-05-2025
- Business
- Argaam
SGS secures bank facilities with SNB, BSF up to SAR 850M
Saudi Ground Services Co. (SGS) signed two Shariah-compliant bank facilities agreements with Saudi National Bank (SNB) and Banque Saudi Fransi (BSF) up to SAR 550 million and SAR 300 million, respectively. The funds can be drawn when needed, SGS said in a statement to Tadawul. SNB facility was secured on May 11 and is valid until Dec. 31, 2027. Financing from BSF was issued on May 15 and will be available until April 30, 2026 (extendable for one year). SNB credit is aimed at supporting liquidity position to fund working capital requirements when needed, up to SAR 450 million. The non-funded part of SAR 100 million covers the contractual agreements for the company. Both deals are intended to provide a flexible source of funding for the working capital requirement when needed, which in turn will help achieving the balanced liquidity policy that the company has developed as one of the precautionary measures to support the liquidity position. The agreements would assist with financing the working capital requirements if needed while continuing with the expansion and growth strategic initiatives to grow the company and elevate the quality of services. The deals reflect the quality of the company's credit rating and the banking confidence in the company's capabilities and financial position, along with the strength of the ground services industry in the Kingdom. To achieve the optimum utilization of the agreements and to avoid unnecessary cost, the company will review the working capital requirements on a monthly basis and will drawdown only when needed, the statements added.
Zawya
19-05-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed as investors await new impetus
Stock markets in the Gulf ended mixed on Sunday, with investors seeking new catalysts as optimism over the U.S.-China trade agreement started to fade. Saudi Arabia's benchmark index fell 0.4%, hit by a 0.9% fall in Al Rajhi Bank and a 1% decrease in the country's biggest lender Saudi National Bank. Oil - a driver for the Gulf's financial markets - settled higher on Friday, notching a second straight week of gains on easing U.S.-China trade tensions, though prices were held back by expectations of higher supply from Iran and OPEC+. The Qatari index gained 0.6%, led by a 2.1% rise in Qatar Islamic Bank. Outside the Gulf, Egypt's blue-chip index retreated 0.7%, weighed down by a 2.4% slide in tobacco monopoly Eastern Company. SAUDI ARABIA lost 0.4% to 11,439 QATAR gained 0.6% to 10,575 EGYPT down 0.7% to 31,714 BAHRAIN finished flat at 1,921 OMAN added 0.6% to 4,436 KUWAIT dropped 0.3% to 8,735 (Reporting by Ateeq Shariff in Bengaluru; Editing by Helen Popper) Reuters
