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Latest Jadwa Chartbook: Saudi Investors Unfazed So Far on Russian Invasion; Consumer Spending Climbs
- March 2,2022
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- SUSTG Team
The latest edition of the monthly chartbook from Jadwa Investment found some encouraging data points on the Saudi economy, as observers of the Kingdom look for a strong year of growth in 2022.
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Amr Khashoggi joins The 966 to talk Saudi foreign policy, Vision 2030 and more
- February 18,2022
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- SUSTG Team
Saudi businessman and philanthropist Amr Khashoggi, chairman of Amkest Group, joins The 966 to talk about some interesting developments in the mining and minerals sector in Saudi Arabia, the red hot Saudi IPO market, Saudi foreign policy, Saudi Arabia’s economy and Vision 2030 and many more topics in episode 27 of the program.
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Saudi Moves Further into FinTech Space with PIF Backing of New Digital Bank Called D360
- February 16,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund is investing in the creation of a new digital bank being established in the kingdom with a capital of 1.65 billion riyals ($440 million), according to a report from Bloomberg.
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Saudi Arabia’s Non-Oil Exports Reach New Record in November; Stock Market Hits 15-Year Highs in January — Latest Jadwa Investment Chartbook
- February 2,2022
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- SUSTG Team
Saudi Arabia’s Jadwa Investment’s recent chartbook on the Saudi economy saw a mixed picture in the face of the threat of the Omicron variant, but confirmed good news about the all-important non-oil exports sector of the economy.
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Saudi Economy Surges as Non-Oil PMI Rises to Highest Since 2015 – Jadwa Investment
- November 1,2021
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- SUSTG Team
Saudi Arabia’s economy continued to gather significant momentum as nearly every recent measurement or data point available pointed to an expanding economy. In Jadwa Investment’s recent Chartbook for Saudi Arabia for the month of November, which uses data largely from September, non-oil PMI rebounded significantly rising to 58.6, the highest reading since 2015, supported by improving business […]
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Jadwa Chartbook for September 2021: PMI Indicates Continued Expansion for Saudi Economy
- September 2,2021
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- SUSTG Team
Jadwa Investment’s recently-released Chartbook for the month of September shows a Saudi economy awaking from the pandemic year with solid figures in non-oil PMI, consumer spending, and POS transactions.
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Fintech Saudi Releases National Fintech Adoption Survey Results in 5 Areas
- August 10,2021
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- SUSTG Team
Fintech Saudi, an initiative launched by the Saudi Central Bank (SAMA) in partnership with the Capital Market Authority (CMA), has announced the results of the National Fintech Adoption Survey, a first of its kind measurement in Saudi Arabia of the people’s interest in adopting fintech solutions.
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Saudi Mortgage Lending Surges 27% in First Half of 2021 — SAMA Data
- August 3,2021
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- SUSTG Team
Residential mortgage financing in Saudi Arabia has soared in 2021, increasing 27% so far this year despite a slowdown in the 2nd quarter, according to recent data released by the Saudi Arabian Monetary Authority (SAMA) and reported by Zawya.
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Jadwa Chartbook: Oil Prices Continue Climb for Third Straight Month, Benefitting Saudi Economy
- August 2,2021
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- SUSTG Team
A third straight monthly gain for oil is benefitting the Saudi economy, as SAMA FX reserves rose in June by $8.8 billion month-on-month and the non-oil PMI was unchanged at 56.4, indicating continued growth, a recently-released monthly Chartbook by Jadwa Investment for the month of June notes.
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Finance, Insurance Sectors in Saudi Arabia Latest to Move Toward 100% Saudization
- July 28,2021
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- SUSTG Team
The finance and insurance sectors in Saudi Arabia will move toward implementing total Saudization with the hiring of Saudi nationals in as many as 91,000 jobs that are currently occupied by non-Saudis, according to a report from the local Okaz/Saudi Gazette.
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MUST-READS
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Buy Now Pay Later firms in Saudi Arabia must get a permit: SAMA
Businesses need to apply for the permit by December 4, or stop offering the practice on this date.
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Drop in SAMA bills and repos ‘a good sign’ for the Saudi economy, says leading economist
The monthly statistical report produced by the Saudi Central Bank (SAMA) revealed a decrease in SAMA bills and repurchase agreements. This is a good sign according to Mohamad Ramady, an independent London-based economist, who said: “It means that the banks are investing more outside [of SAMA], instead of placing their surplus deposits overnight with SAMA, and SAMA is not also borrowing more from the banks, crowding out the private sector.”
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Yemen’s Houthis execute nine men for involvement in Samad death
Samad, who held the post of president in the Houthi-controlled administration which runs most of northern Yemen, was killed in April 2018 by a Saudi-led coalition air strike in the port city of Hodeidah on Yemen's west coast. He was the most senior official to be killed by the coalition in the years-long war in which the Houthis are fighting forces loyal to the internationally-recognised government based in the southern port city of Aden.
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SAMA: 171,757 new residential mortgages within 7 months
Saudi Arabian banks and financial institutions issued 171,757 new mortgages within 7 months of 2021 worth SR87.7 billion. The loans for individuals recorded 8% growth and 20% in value, according to the monthly report issued by Saudi Central Bank (SAMA).
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SAMA directs banks to appoint official to monitor tasattur cases
The directive comes in line with the Central Bank’s supervisory and oversight role, as well as to protect the financial sector and its reputation from money laundering, terrorist financing or related crimes, including the crime of tasattur. According to the circular, the new official will be tasked with analyzing and reporting cases of suspected commercial cover-ups.
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Digital banks in Saudi Arabia to reduce costs and stimulate competition — SAMA
“Digital banks’ concept is broader and more comprehensive in providing Integrated banking products and services, such as accepting deposits, financing and other banking services through digital channels exclusively, and have different regulatory and supervisory requirements,” he said. The two new digital banks in Saudi Arabia will rank 12th and 13th among the national banks operating in the Kingdom in terms of capital, once they obtain the final license to operate.
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Saudi MoF electronically linked to SAMA
The Saudi Central Bank (SAMA) announced the completion of an electronic link with the Ministry of Finance to process requests relating to the bank accounts of government agencies held at Saudi commercial banks through the online portal Hesaab.
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Pipeline leak at Libya’s Samah oilfield may pause pumping operations
A pipeline leak at Libya's Samah oilfield may pause pumping operations, an oil engineer there and an oil source at Waha Oil Company said on Tuesday. Samah feeds the Es Sider oil terminal and an oil official at the port said Waha oil production is currently about 285,000 barrels a day.
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SAMA adds COVID-19 coverage to insurance policies for tourists and visitors
The Saudi Central Bank (SAMA) announced the possibility of adding coverage for the risk of COVID-19 infections to valid health insurance policies of the current insured people entering the Kingdom for the purpose of tourism and visit.
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Saudi insurance sector to see more mergers in 2021: SAMA official
The insurance sector is relatively new in the Kingdom and lacks adequate competency, and given the large number of players the available competencies are distributed, Al Towaijri said.
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