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Saudi Internet Penetration Reaches 99%
According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively. The report also says that 52.3% of users spend more than seven hours online each day.
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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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The Future of Fintech and Blockchain with Amit Sharma, CEO of FinClusive
Amit Sharma, CEO and Founder of FinClusive Capital, a hybrid fin-/reg-tech company based in the United States, joins The 966 to talk digital banking, fintech and more. Finclusive, headquartered in New York, New York, is a global compliance, digital identity and payments platform for a new era of financial services.
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Discussing Saudi Arabia’s Regional HQ program with Mansour El-Zahab and Zeynep Kösereisoğlu from Frontierview and much more…
In episode 108, Mansour El-Zahab and Zeynep Kösereisoğlu from Frontierview, a leading market intelligence and research company, join The 966 to discuss Saudi Arabia’s Regional HQ program (commonly referred to as the “RHQ” program) and dive into some of the legal and practical details ahead of the effective date of the program starting in 2024. The RHQ program is the […]
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King Salman’s pivotal role in Saudi Arabia’s past and present with author and columnist David Rundell; plus, archaeology in Al Ula, Wa’ed’s new investment, and more…
Author David Rundell joins to discuss King Salman’s incredible impact on Saudi Arabia. King Salman has played an enormously pivotal role for the Kingdom of Saudi Arabia and the development of the modern Saudi state. Before the conversation, the hosts discuss an archaeology summit taking place in Al Ula this week, an interesting and exciting […]
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Captagon in the Middle East, Messi’s history with Saudi Arabia, and a conversation with Norah Ortiz, owner of Riyadh’s first authentic Mexican restaurant
The 966 Episode 85! The 966 hosts speak with Norah Ortiz, founder of the first authentic Mexican restaurant in Riyadh, Don Reuben’s, which is located in the Diplomatic Quarter. Ortiz tells us her story as an American born in San Diego to Mexican parents and her journey to owning and operating the first authentic Mexican […]
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Asset Management Firm Tiger Global, Visa Invest in UAE Fintech Company Tarabut Gateway for Saudi Expansion – Report
Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing UAE-based fintech firm Tarabut Gateway’s latest fundraising which outlines an expansion to Saudi Arabia, according to Bloomberg.
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Saudi tops S&P Global Survey of Middle East and Africa’s 30 largest banks
S&P Global’s latest ranking of the top 30 Middle Eastern and African banks by total assets finds Saudi institutions leading in both total numbers and total assets.
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Hot Gulf Region IPO Market Draws Global Attention — FT
The Middle East North Africa (MENA) region saw 51 IPOs last year, raising $22bn, a 179% increase on 2021, a report in the Financial Times said, citing the advisory firm EY.
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SAMA Licenses Two More Fintech Companies, Bringing Total to 38
The Saudi Central Bank, also known as the Saudi Arabian Monetary Agency (SAMA), announced on its website that it has granted permits to two companies to provide open banking solutions, bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.
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MUST-READS
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Banking Giants Race to Riyadh as MBS Steps Up Pressure Campaign
The move is intended to lure business from international financial centers like Hong Kong and Singapore and particularly nearby Dubai. And bankers say Saudi pressure to expand on the ground goes beyond the new law: During discussions, senior Saudi officials persistently ask if executives plan to spend more time in the kingdom or expand existing offices, while offering to fast track licenses for those committing to live with their families in Riyadh. Government representatives didn’t respond to a request for comment.
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Israel may cut off Palestinian banks from global banking system next week
Palestinian banks could be cut off from the Israeli banking system starting next week following a decision by Israel’s finance minister to cease dealings between the two financial institutions, according to a report on Thursday by Israeli newspaper Haaretz. Israeli Prime Minister Benjamin Netanyahu has two days to convene a cabinet meeting to discuss reversing plans by Finance Minister Bezalel Smotrich to isolate Palestinian banks from both the Israeli and international banking systems.
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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.
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Moody’s retains positive outlook for Saudi Arabia’s banking sector
Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment will continue to be supported by the strong momentum in the non-oil sector, which will benefit from the accelerated implementation of the economic diversification agenda,” said Moody’s. The report added that expected interest rate cycle reversal could squeeze margins, although loan growth and lesser funding costs could soften the impact of lower rates.
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New-wave reactor technology could kick-start a nuclear renaissance — and the US is banking on it
The Biden administration and American companies are plowing billions of dollars into SMRs in a bid for business and global influence. China is leading in nuclear technology and construction, and Russia is making almost all the world’s SMR fuel. The US is playing catch-up on both. There’s no mystery behind why the US wants in on the market. It already lost the wind and solar energy race to China, which now provides most of the world’s solar panels and wind turbines. The big problem: The US hasn’t managed to get an SMR working commercially on land.
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Digital banking enhanced in Saudi Arabia thanks to new agreements with Ministry of Investment
Saudi Arabia can expect a sea change in its digital banking services after the Ministry of Investment signed memorandums of understanding with Al-Rajhi Bank, Alinma Bank, and Banque Saudi Fransi. According to the Saudi Press Agency, the MoUs aim to enhance the role of the digital banking sector and help these institutions provide better services to investors. The agreements will also provide facilities to companies to assist them in enriching the investment journey in a way that works to promote the growth and diversification of the national economy, SPA reported.
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Marriott’s Giga-Resort in Saudi Arabia Banking on Cash-Rich Locals
Just two hotel operators are entrusted to introduce Saudi Arabia’s “untouched” Maldives-rivaling Red Sea to international guests: Marriott and IHG. Three of the planned 50 hotels at the $50 billion giga-project open this year, a St. Regis and Ritz-Carlton Reserve from Marriott and a Six Senses from IHG. For Marriott, it’s familiar territory. The group operates the ultra-exclusive and somewhat secretive Bulgari Resort in Dubai, a vast St. Regis Resort on Abu Dhabi’s Saadiyat Island, and another St. Regis on Qatar’s Marsa Arabia island.
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Turkey’s finance, banking chiefs to visit Saudi Arabia in search of foreign funds
The visit comes as the country’s new economy management is scrambling to attract foreign funds in a bid to ease the country’s foreign currency crunch and raise the central bank’s depleted reserves.
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Saudi Arabia’s banking sector set for further gains
The market assessment by Boston Consulting Group found that banking revenue hit SAR 57 billion last year, up from SAR 50 billion the year previous. While operating expenses did rise as well, they grew at a (much) slower pace than revenue, leading to a profit windfall. Combined, Saudi’s banks recorded a 14% rise in profits compared to the previous 12 months. The researchers note that profits after taxes in the Kingdom have grown at an average of 7.9% CAGR per year since 2016 – although there are huge variations within that time frame due to global events such as the pandemic.
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How Saudi Arabia’s banking sector is accelerating growth
Saudi Arabia was the world’s fastest-growing among the ‘Group of 20’ (G20) countries in 2022, as sweeping reform momentum, a sharp rise in oil prices and improving economic conditions boosted the kingdom’s fiscal and external position. Overall GDP crossed the $1tn mark for the first time in the country’s history last year – the highest among G20 economies. Despite Saudi Arabia’s reliance on oil and gas – which accounts for 70 per cent of the country’s total goods exports and total revenues – the government is leaving no stone unturned in its economic diversification strategy. “The authorities’ continued implementation of Vision 2030 policies will help diversify and liberalise the economy and thus pave the way to more stable growth,” the International Monetary Fund said in November last year.
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