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Ƶ calls for harmonized international efforts to ensure cybersecurity

Ƶ's Crown Prince Mohammed bin Salman.
Ƶ's Crown Prince Mohammed bin Salman.
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Updated 02 October 2024

Ƶ calls for harmonized international efforts to ensure cybersecurity

Ƶ calls for harmonized international efforts to ensure cybersecurity

RIYADH: Ƶ’s Crown Prince Mohammed bin Salman on Wednesday emphasized the need to “harmonize international efforts” to ensure cybersecurity and “protect children in cyberspace,” the Saudi Press Agency reported.

In a message read at the opening ceremony of the two-day Global Cybersecurity Forum in Riyadh, the crown prince stated: “Cyberspace is closely linked to the growth of economies, the prosperity of societies, the security of individuals, and the stability of nations.”

According to SPA, he noted that due to the cross-border nature of cyberspace, it is essential to harmonize international efforts to seize the opportunities it presents and “face the challenges it presents, by investing in people.”

The event convenes high-level international figures, including former prime ministers, top government officials, decision-makers, policymakers, thought leaders, and CEOs from more than 125 countries. Welcoming the participants, the crown prince said: “The Kingdom of Ƶ has always been a force for good for the benefit of humanity and human prosperity around the world. It has continuously worked to uphold the principle of cooperation and strengthen international collaboration toward efforts that support development and prosperity for all nations. It has initiated several initiatives aimed at achieving these genuine goals in all sectors.”

He added: “Believing in the importance of investing in people in this vital and promising domain, in 2020 we launched two global initiatives. The first relates to protecting children in cyberspace, and the second focuses on empowering women in the field of cybersecurity. The institute for the Global Cybersecurity Forum is entrusted with overseeing both initiatives, as well as implementing the associated projects.”

He highlighted the progress made by these initiatives, particularly the increased understanding of needs at the global level that has led to new and inspiring visions, enabling the GCF to develop impactful initiatives and programs, publish research and studies, and formulate new frameworks and strategies. These efforts empower decision-makers worldwide to develop policies and programs that enhance child protection in cyberspace and promote women’s participation in the field of cybersecurity.


Gold falls on firmer US dollar and rising trade optimism

Gold falls on firmer US dollar and rising trade optimism
Updated 25 July 2025

Gold falls on firmer US dollar and rising trade optimism

Gold falls on firmer US dollar and rising trade optimism

BENGALURU: Gold prices fell on Friday, pressured by a recovery in the US dollar and optimism over progress in trade talks between the US and the EU.

Spot gold was down 0.5 percent at $3,350.08 per ounce, as of 11:20 a.m. Saudi time. US gold futures fell 0.6 percent to $3,351.70.

The US dollar index rebounded from more than a two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year US Treasury yields rose.

A resurgence in risk appetite driven by optimism over potential tariff negotiations, and better-than-expected jobless claims reinforcing the view that the US Federal Reserve is unlikely to cut rates, is pressuring gold, said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.

“There is an element of uncertainty that still lingers ... with a strong support around $3,300, I see the potential for gold prices to rise should new episodes of volatility be triggered,” he said.

The European Commission said on Thursday a negotiated trade solution with the US is within reach — while EU members voted to approve counter-tariffs on €93 billion euros ($109 billion) of US goods in case the talks collapse.

Data showed the number of Americans filing new applications for jobless benefits fell to a three-month low last week, pointing to stable labor market conditions.

Meanwhile, President Donald Trump pressed Fed Chair Jerome Powell to lower interest rates in a tense visit to the US central bank on Thursday, less than a week before the next rate-setting meeting where policymakers are expected to hold interest rates steady.

Markets are pricing in a potential rate cut in September.

Gold typically performs well during periods of uncertainty and in low-interest-rate environments.

Elsewhere, spot silver fell 0.5 percent to $38.90 per ounce, but was on track for a weekly gain, up about 1.9 percent so far. Platinum lost 0.6 percent to $1,400.02 and palladium slipped 0.7 percent to $1,219.20. 


Saudi real estate loans up 15%, hitting $246bn

Saudi real estate loans up 15%, hitting $246bn
Updated 25 July 2025

Saudi real estate loans up 15%, hitting $246bn

Saudi real estate loans up 15%, hitting $246bn

RIYADH: Real estate loans by Ƶ’s commercial banks climbed to a record SR922.2 billion ($245.9 billion) in the first quarter of 2025, marking an annual increase of just over 15 percent.

Based on data from the Kingdom’s central bank, also known as SAMA, this expansion is the fastest year-on-year growth in nearly two years, and underscores a robust resurgence in property financing.

This was driven chiefly by a surge in lending to commercial real estate projects even as home mortgages, which still form the lion’s share, grew at a more moderate pace.

Saudi banks’ retail mortgages, which are primarily home loans to individuals, accounted for about 75.8 percent of total outstanding real estate credit in the first quarter, reaching SR698.8 billion.

This represents an 11.7 percent year-on-year rise. Corporate real estate loans — the funding provided to developers and commercial ventures — grew nearly 27.5 percent over the same period to SR223.4 billion, outpacing the retail segment’s growth several times over.

Although smaller in absolute terms, the corporate real estate portfolio has been expanding at its fastest pace in almost a decade according to SAMA data, boosting its share of total real estate credit to roughly 24 percent and signaling a significant shift in banks’ lending focus.

Drive to boost home ownership

This marked rebalancing comes after a prolonged period during which Saudi bank lending was largely fueled by residential mortgages. Over the past few years, government-backed housing programs helped drive home ownership from under 50 percent a decade ago to over 65 percent by 2024.

That mortgage boom saw banks’ loan books tilt heavily toward retail customers. Now, a structural pivot is underway. Companies and developers have become the dominant force in credit growth as banks pivot from consumer finance to funding large projects and enterprises.

Business loans across all sectors now make up 55.3 percent of Saudi bank lending as of May according to SAMA data, up from about 52.9 percent a year ago, with corporate credit growing over 21 percent year on year, more than double the 10 percent rise in personal lending.

Bank credit to real estate has accelerated in tandem with high-profile initiatives, from new residential communities in major cities to the gigantic NEOM smart city, as well as Red Sea tourism resorts and other large mixed-use projects that require substantial funding for land acquisition, construction and development.

The momentum is further bolstered by upcoming global events like the 2030 FIFA World Cup and Expo 2030, which are expected to inject capital and spur even more infrastructure and real estate development in the lead-up to those events.

This reflects massive projects such as new airports, rail lines, and ports that are moving ahead and require significant funding. The government’s National Transport and Logistics Strategy envisages about $150 billion in infrastructure investments by 2030, with 80 percent of that expected to come from the private sector via public-private partnerships.

Accordingly, banks are playing a pivotal role by lending to contractors and logistics firms involved in these ventures, ensuring that crucial projects have the financing they need.

Policy support and bank strategies

Saudi authorities have actively fostered an environment to support this lending shift toward commercial projects. Strengthening the real estate and financial sectors is a key goal of Vision 2030, and the government has rolled out measures to encourage private investment in large developments.

One major approach is the promotion of public-private partnerships and improved financing mechanisms to draw in non-government capital. The government is collaborating with banks and investors to streamline funding for mega-projects, including establishing new specialized financing companies and joint venture models that ease funding constraints.

The Private Sector Participation Law enacted in 2021 provides a transparent legal framework for domestic and foreign investors to take part in infrastructure and real estate projects alongside the public sector.

By simplifying regulations, offering incentives, and even initiating early phases of key projects itself, to demonstrate viability, the state aims to boost private-sector confidence and lending to these ventures.

These initiatives are creating a more conducive climate for banks to extend credit to corporate clients, knowing that many projects have government backing or facilitation.

At the same time, Saudi banks themselves are adapting their strategies to sustain the lending boom while managing risks. Banks remain well-capitalized and have robust capital buffers, with sector-wide capital adequacy around 19 percent according to SAMA data, enabling them to expand credit without compromising stability.

Many lenders are also exploring innovative ways to unlock liquidity and fund new loans. 

Industry analysts point out that banks are considering mortgage securitization, converting pools of home loans into bonds that can be sold to investors, as a means to free up balance sheet capacity.

A recent report by Fitch Ratings likewise noted that turning mortgage assets into tradable securities would expand Ƶ’s debt market and give banks an additional funding boost.

Such financial agility, combined with disciplined cost control and solid deposit growth, positions the banking sector to actively support the Kingdom’s development priorities and finance Vision 2030 initiatives on a larger scale.

Saudi interest rates, which move in tandem with US Federal Reserve policy, have risen to their highest levels in nearly two decades, a factor that might ordinarily cool credit demand. 

However, the strategic importance and expected returns of mega-projects mean that demand for credit remains strong even in a high-rate climate.

Many large-scale developments benefit from government guarantees or contracts that make bank financing viable despite higher interest costs, and banks are competing to syndicate and participate in these deals.


Oil Updates — crude gains as trade talk optimism offsets potential higher Venezuelan supply

Oil Updates — crude gains as trade talk optimism offsets potential higher Venezuelan supply
Updated 25 July 2025

Oil Updates — crude gains as trade talk optimism offsets potential higher Venezuelan supply

Oil Updates — crude gains as trade talk optimism offsets potential higher Venezuelan supply
  • EU says trade deal with US within reach
  • US prepares to allow limited oil operations in Venezuela, sources say

SINGAPORE: Oil prices rose on Friday as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing news of the potential for more oil supply from Venezuela.

Brent crude futures touched a one-week high and were up 20 cents, or 0.29 percent, at $69.38 a barrel by 8:19 a.m. Saudi time. US West Texas Intermediate crude futures climbed 20 cents, or 0.30 percent, to $66.23.

Oil, along with stock markets, gained support from the prospect of more trade deals between the United States and trading partners ahead of an August 1 deadline for new tariffs on goods from an array of countries.

After the US and Japan unveiled a trade deal on Wednesday, two European diplomats said the EU was moving toward a deal involving a baseline US tariff of 15 percent on EU imports, plus possible exemptions.

“Trade talk optimism appears to be offsetting expectations for stronger Venezuelan supply,” ING analysts wrote in a client note on Friday.

The US is preparing to allow partners of Venezuela’s state-run PDVSA, starting with US oil major Chevron, to operate with limitations in the sanctioned nation, sources said on Thursday.

Venezuelan oil exports could consequently increase by a little more than 200,000 barrels per day, which would be welcome news for US refiners, as it would ease tightness in the heavier crude market, ING analysts wrote.

So far this week, Brent has gained 0.4 percent and WTI has fallen 1.4 percent.

Both contracts advanced about 1 percent on Thursday, driven by reports of cuts to Russian gasoline exports. This week there were brief disruptions in Kazakh Black Sea oil exports and Azeri BTC crude loading from the Turkish port of Ceyhan.

Also supporting the market were US crude inventory draws.

US Energy Information Administration data on Wednesday showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far more than the 1.6 million barrel draw estimated by analysts in a Reuters poll.

“I am encouraged by the way crude oil held and bounced away from band this week, which keeps hopes intact of a rebound back toward $70,” said IG analyst Tony Sycamore, adding that next week will bring data for traders to chew over.

Economic data next week from the world’s biggest economies and oil consumers include factory activity in China and US inflation, jobs and inventories. 


Closing Bell: Saudi main index slips to close at 10,945 

Closing Bell: Saudi main index slips to close at 10,945 
Updated 24 July 2025

Closing Bell: Saudi main index slips to close at 10,945 

Closing Bell: Saudi main index slips to close at 10,945 

RIYADH: Ƶ’s Tadawul All Share Index slipped on Thursday, falling 38.13 points, or 0.35 percent, to close at 10,945.80. 

The total trading turnover of the benchmark index reached SR4.92 billion ($1.31 billion), with 112 stocks advancing and 137 declining. 

The Kingdom’s parallel market Nomu gained 120.10 points, or 0.45 percent, to close at 26,898.25. A total of 49 listed stocks advanced, while 24 retreated. 

The MSCI Tadawul Index also edged down, losing 3.66 points, or 0.26 percent, to close at 1,408.07. 

The best-performing stock of the day was Saudi AZM for Communication and Information Technology Co., whose share price surged 9.96 percent to SR29.14. 

Other top performers included Northern Region Cement Co., which saw its share price rise 6.29 percent to SR8.11, and Obeikan Glass Co., which climbed 6.20 percent to SR37.

Sport Clubs Co. recorded the most significant drop, falling 7.34 percent to SR10.22. 

Gulf Union Alahlia Cooperative Insurance Co. also saw its share price decline by 4.56 percent to SR14.22. 

National Medical Care Co. dropped 3.51 percent to close at SR164.80. 

On the announcements front, Electrical Industries Co. released its interim financial results for the period ending June 30.

According to a Tadawul statement, the company recorded a net profit of SR260 million during the first six months of the year, reflecting a 47.9 percent rise compared to the same period a year earlier. The increase in net profit was attributed to a broader product mix and higher sales of items with stronger profit margins. 

Electrical Industries Co. ended the session at SR8.99, down 2.21 percent. 

Alinma Bank also announced its interim financial results for the first half of the year. A bourse filing revealed that the company recorded a net profit of SR3.08 billion in the period ending June 30, up 12.8 percent year on year.

This increase was primarily linked to growth in total operating income. Net income rose as operating income expanded by 8.5 percent, driven mainly by higher returns from financing and investments, along with increased fee and foreign exchange income. 

The bank also announced the board of directors’ recommendation to distribute SR746 million in cash dividends to shareholders for the second quarter of 2025.

According to a Tadawul statement, the total number of shares eligible for dividends stood at 2.4 billion, with a dividend per share of SR0.30 after the deduction of Zakat. The dividend represented 3 percent of the share’s par value. 

Alinma Bank closed the session at SR26.38, down 1.60 percent. 


Ƶ signs $6.4bn investment deals with Syria to boost reconstruction

Ƶ signs $6.4bn investment deals with Syria to boost reconstruction
Updated 24 July 2025

Ƶ signs $6.4bn investment deals with Syria to boost reconstruction

Ƶ signs $6.4bn investment deals with Syria to boost reconstruction

RIYADH: Ƶ has signed investment deals worth $6.4 billion with Syria, marking a significant step in the Kingdom’s efforts to re-engage economically with the war-ravaged country and support its reconstruction drive. 

The agreements, spanning sectors such as real estate, telecommunications, and finance, were unveiled by Investment Minister Khalid Al-Falih during the Syrian-Saudi Investment Forum held in Damascus on July 24. 

The forum highlights Ƶ’s strong commitment to strengthening Syria’s financial landscape. In April, the Kingdom joined Qatar in settling the country’s $15 million debt to the World Bank. 

“During this forum, we will witness the signing of 47 agreements and memoranda of understanding with a total value approaching SR24 billion ($6.4 billion), said Al-Falih. 

The deals include $1.07 billion in the telecommunications sector, with Syria’s Ministry of Communications and several Saudi telecom companies aiming to deepen bilateral ties. 

Companies involved in the plans include Saudi Telecom Co., GO Telecom, digital security firm Elm, cybersecurity company Cipher, and education technology firm Classera. 

In the real estate and infrastructure sectors, deals worth $2.93 billion were announced, including the construction of three new Saudi-financed cement plants to support Syria’s reconstruction efforts. 

The two nations also agreed to enhance cooperation in agriculture. 

“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” said Al-Falih. 

In finance, a memorandum of understanding was signed between the Saudi Tadawul Group and the Damascus Securities Exchange to boost cooperation in the fintech sector. 

Al-Falih also announced the formation of a Saudi-Syrian Business Council, which is expected to further strengthen trade and economic ties between the two countries. 

Speaking at a separate panel discussion during the forum, Al-Falih said Syria is evolving into a more investment-friendly destination, despite ongoing challenges. 

“Syria is leaping forward as an investment-attractive country despite all challenges. Since the beginning of its new era, we have witnessed a genuine desire to provide investment opportunities for Saudi businessmen,” he added.