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  • Saudi insurance spending per capita up 30% to SAR 2,034 in 2023

    Per capita spending on insurance in Saudi Arabia grew 30% to SAR 2,034 by the end of 2023, compared to SAR 1,564 a year earlier, data from the Insurance Authority (IA) showed. The per capita insurance spending is defined as the gross written premiums (GWPs) during the year divided by population number. Health insurance accounted for 59% of total per capita spending in the sector last year, followed by general insurance with 37%, as well as protection and savings insurance with 4%.

  • Saudi Arabia’s Largest PropTech Hackathon Set for Cityscape Global 2024

    ROSHN Group, Saudi Arabia’s premier real estate developer and a Public Investment Fund (PIF) company, has unveiled plans for Hackathon 24, the Kingdom’s largest property technology competition. Aimed at strengthening Saudi Arabia’s position as a leader in PropTech, the event will be a highlight at this year’s Cityscape Global in Riyadh from November 11th to 14th.

  • How investment in solar capacity is powering Saudi Arabia’s sustainable energy future

    By the end of the decade, Saudi Arabia aims to generate 58.7 gigawatts of renewable energy. This includes 40 GW from solar photovoltaics, alongside 16 GW from wind energy and 2.7 GW from concentrated solar power. In 2024, Abdulaziz bin Salman, the Saudi minister for energy, announced plans to tender new renewable energy projects with an annual capacity of 20 GW. This could potentially lead to a total capacity of 100-130 GW by 2030.

  • GCC banks capable of handling potential funding outflows: S&P Global

    “Under high and severe stress, banks appear capable of handling potential funding outflows by using their liquid assets. Government support could be necessary if assets are less liquid than we expect. If asset quality stress is as severe as we project, many of the top 45 banks in the region could display losses,” said S&P Global in the latest report. It added: “The results of our hypothetical stress test show that most banking systems in our sample will be resilient if regional conflicts escalate and investor confidence declines.”

  • Abu Dhabi stakes claim on ‘capital of capital’ as world’s richest city

    Abu Dhabi has overtaken Oslo to become the world’s richest city in terms of assets managed by sovereign wealth funds. With $1.7 trillion under management as of October, the UAE capital is now the undisputed “capital of capital” (a slogan Abu Dhabi has been pushing since at least 2023), according to New York-based Global SWF.  If the holdings of the central bank, public pension funds, and royal private offices — which would include the realm of Sheikh Tahnoon bin Zayed Al Nahyan who oversees the Royal Group, under which AI firm G42 is housed — are added, the total would reach $2.3 trillion. Abu Dhabi is likely to maintain its status atop the rankings, with its sovereign wealth coffers forecast to swell to $3.4 trillion by 2030.

  • CMA Chief unveils 3-year strategy to bolster Saudi capital market’s global standing

    Announced on September 12, 2024, the newest CMA strategic plan is structured around three main pillars and nine strategic objectives. The first pillar aims to activate the role of the capital market in financing and investment by enhancing the role of the stock market in financing, and developing the Sukuk and debt instruments market. It also aims to enable the growth of the asset management industry, and enhance capital market services to attract more international investments.

  • Zamil Industrial’s H1-24 accumulated losses hit 16.5% of capital; revenues cross $693mln

    Zamil Industrial Investment Company logged net profits amounting to SAR 11.52 million in the first half (H1) of 2024, against net losses of SAR 197.90 million in H1-23. The group registered revenues valued at SAR 2.63 billion in H1-24, higher by 21.49% year-on-year (YoY) than SAR 2.16 billion, according to the financial results. Earnings per share (EPS) hit SAR 0.19 in the first six months (6M) of 2024, versus a loss per share of SAR 3.30 in H1-23.

  • Saudi Arabia, Italy Join Forces to Transform Europe’s Energy Landscape

    Saudi Investment Minister Khalid Al-Falih emphasized Italy’s crucial role in facilitating the export of these energy products to Europe. Speaking at a business conference in Milan, Al-Falih described Italy as a “partner of choice” for delivering green products to the European continent. This collaboration aligns with the European Union’s goal of producing and importing 20 million tonnes of green hydrogen by 2030.  

  • CMA Chief: Trading based on algorithms represents 25% of transactions in Saudi capital market

    The CMA chief said that Saudi Arabia was one of the first countries to introduce digital trade in the 1990s, noting that this trade represents more than 90 percent of traded volumes at present. “The financial services sector represents about 15 percent of global spending on information technology, which illustrates the focus of spending, its importance, and digitization in financial services,” he added.

  • Saudi Arabia’s residential landscape changing as smart cities rise

    Saudi Arabia was represented five times in the 2024 edition of the International Institute for Management Development Smart City Index — with Riyadh, Madinah, and Makkah making the list along with Jeddah and Al-Khobar. With the $500 billion giga-project of NEOM set to lead the way with smart technology, it is no surprise the number of high-net-worth individuals flocking to Saudi Arabia is set to rise, with a report released by Henley & Partners in June projecting over 300 millionaires would be moving to the Kingdom in 2024.