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  • Alvarez & Marsal Releases Saudi Arabia Banking Pulse For Fy2023

    Leading global professional services firm Alvarez & Marsal (A&M) has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. The performance of the top 10 banks in the Kingdom is largely robust and positive. Operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw NIMs improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent. Looking ahead, we expect the outlook for Saudi banks to remain stable to positive.

  • Saudi prince Turki al-Faisal: reaching a peaceful solution in Gaza is easy

    As Turki sees it, a ceasefire should be the result of a United Nations resolution, put forward by Arab countries, and culminate in a prolonged truce of at least five years. At the end of this truce, a Palestinian state would be created and recognised by the international community — including Israel. Only then would negotiations start between Israel and Palestine, as two sovereign states, for the resolution of the conflict between them. This inverts the sequence from the Oslo accords, where recognition was made dependent on a successful conclusion to negotiations, which never happened.

  • Home ownership eyed by 77% of Saudi-based expats, reveals survey

    A new premium residency visa has spurred home-ownership demand among Saudi-based expats, with 77 percent now looking to buy a property, a survey has revealed. Global property consultancy Knight Frank surveyed 241 expatriates in Saudi Arabia, and discovered the primary motivation for real estate purchasing in the Kingdom, especially among millennials, is its perceived status as a good investment. The desire for a close proximity to work and cultural or religious factors followed closely behind.

  • The Kingdom of Saudi Arabia and Rezolve AI Ink Pioneering MOU to Establish Global AI Market Leaders

    In a strategic move that highlights the Kingdom of Saudi Arabia's commitment to technological advancement and economic growth, the Ministry of Investment of Saudi Arabia (MISA) has forged a groundbreaking partnership with Rezolve AI Limited. This collaboration is set to revolutionize the artificial intelligence (AI) landscape, establishing an AI Centre of Excellence in Saudi Arabia as a cornerstone of Vision 2030's innovation and development goals.

  • Saudi-based investment group Energy Capital Group acquires Aujan Industrial Solutions

    Saudi Arabia-based investment group Energy Capital Group (ECG) has completed the acquisition of Aujan Industrial Solutions (AIS), a leading provider of solutions to the oil and gas, petrochemical, metals and mining and water markets with 30 years of experience and expertise. AIS' lines of business include value added distribution, fire and gas solutions, measurement intelligence and technology solutions. This marks the fourth investment of the fund which announced a first close in Q3 2023. The fund plans a further 4-5 investments within 2024. Energy Capital Group is investing in businesses that can capitalise on the significant investment going into regionally relevant value chains and driving the need for technology-based services and turnkey solutions across the industrial supply chain.

  • Saudi Arabia’s King Salman allocates $800m to social security recipients during Ramadan

    Saudi Arabia’s King Salman has ordered the distribution of more than SR3 billion ($800 million) in Ramadan assistance to social security recipients, the Saudi Press Agency reported on Sunday. The assistance includes SR1,000 for heads of families and SR500 for each dependent. The funds will be deposited directly into beneficiaries’ bank accounts, the SPA said. Saudi Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi praised the king for his generosity in helping citizens with their needs during the holy month.

  • Egyptian Natural Gas Holding to expand in Saudi Arabia

    The Egyptian Natural Gas Holding Co. (EGAS) has established a subsidiary in Saudi Arabia with initial capital of SAR 2 million ($530,000), Egypt's Ministry of Petroleum said on Sunday. Owned 80% by EGAS, the newly established natural gas company "Modern Gas" Saudi Arabia is part of the Egyptian firm's strategy for offshore expansion, especially in Gulf Cooperation Council (GCC) countries, aimed at attracting foreign currency inflows into Egypt.

  • Metals: Saudi Arabia’s new oil?

    Saudi Arabia's economy has historically been dependent on oil exports, but the country is eager to diversify. Mining valuable minerals hidden under its vast deserts could help to reduce its reliance on oil and grow its share in the energy transition. The kingdom is thought to hold significant deposits of key critical and battery metals including copper, nickel, lithium and bauxite. In January, mining CEOs and investors headed to Riyadh to attend the two-day Future Minerals Forum and rub elbows with the kingdom's influential energy minister Prince Abdulaziz bin Salman and multiple ministers from the Ministry of Industry and Mineral Resources.

  • Al Borg Labs in Riyadh achieves prestigious international accreditation

    In a significant stride towards excellence in healthcare diagnostics, Al Borg Diagnostic Labs, based in Riyadh, has been awarded the prestigious accreditation from the College of American Pathologists (CAP). This recognition underscores the lab's commitment to maintaining the highest standards of accuracy, reliability, and efficiency in medical testing. As a beacon of advanced diagnostic services in the Gulf and Middle East, Al Borg Reference Lab specializes in areas like genetics, immunology, and molecular biochemistry. Dr. Mai Al Meshari, the Executive Medical Director, expressed pride in this accomplishment “The CAP accreditation reinforces our position as a leading provider of diagnostic services and supports our vision in effectively contributing to the goals of Vision 2030, especially in the area of improving the quality of health services and localizing specialized tests."

  • Saudi residential mortgage loans jump to 11-month high in January

    Banks in Saudi Arabia granted residential mortgage loans worth SR7.54 billion ($2 billion) to individuals in January 2024, marking an 11-month high according to the data issued by the Kingdom’s central bank. The January figures represent a 21 percent increase or SR1.3 billion more than the loans offered the previous month. The uptick could be attributed to several government initiatives such as improving access to finance, introducing new and affordable housing options to the market, and implementing operational efficiencies in the housing sector.