萝莉视频

Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax

Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax
The sector is on course for another record-breaking period. Shutterstock
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Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax

Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax
  • Year-to-date earnings reached SR32.97 billion, an annual rise of 20%
  • Banks getting balance sheets ready for next investment wave

RIYADH: 萝莉视频鈥檚 banking sector extended its winning streak in April, posting SR7.77 billion ($2.07 billion) in pre-zakat and tax profits, a 16 percent increase compared to the same month last year.

According to the Saudi Central Bank, also known as SAMA, this brought year-to-date earnings to SR32.97 billion, an annual rise of 20 percent, keeping the Kingdom firmly on course for another record-breaking period.

The sustained momentum is attributed to a robust mix of state spending on giga-projects, resilient consumer demand, and still-elevated interest rates.

Financing volumes continue to climb, driven primarily by corporate borrowers across a growing range of industries, including manufacturing, utilities, insurance, and private education.聽




Speaking at the inaugural 24 Fintech conference in September, Finance Minister Mohammed Al-Jadaan said the Kingdom had licensed 224 fintech firms by the second quarter of 2024. File/SPA

Contractors are also racing to secure long-term credit for giga-projects such as NEOM, Diriyah, and the Jafurah gas field.

A wider Gulf picture

Strong as those local figures are, the broader region is also gaining momentum. A Kamco Invest report released in May showed that Gulf banks collectively earned a record $15.6 billion in the first quarter of 2025, an 8.6 percent increase from a year earlier.

Financial institutions in the UAE posted the largest absolute increase, adding $639.6 million, while Saudi lenders recorded the fastest annual growth at 17.2 percent.

Kamco added that fee income is rising, costs are under control, and loan-loss provisions fell sharply during the period, cushioning a small dip in net interest income.

Investor appetite is visible in market valuations. Forbes Middle East鈥檚 鈥30 Most Valuable Banks 2025鈥 March list includes 10 Saudi lenders with a combined market cap of about $269 billion鈥 roughly one-third of the entire ranking.

Al Rajhi Bank led the pack at $105.6 billion, with Saudi National Bank following at $54.7 billion.




Contractors are racing to secure long-term credit for giga-projects such as NEOM, Diriyah, and the Jafurah gas field. NEOM

Global Finance named Saudi Awwal Bank the Kingdom鈥檚 best lender in its May 鈥淲orld鈥檚 Best Banks in the Middle East 2025鈥 release, highlighting its HSBC-backed mobile app upgrades, Visa Direct payments, and one-stop small and medium-sized enterprises lending platform.

Cleaning the books and raising cash

Banks are also getting balance sheets ready for the next investment wave.

Bloomberg reported in March that lenders are exploring sales of older non-performing loans to specialist investors to free up capital for upcoming mega project drawdowns.

They鈥檙e also tapping capital markets. By June, they had issued over $5.6 billion in Additional Tier-1 bonds, already a full-year record and the world鈥檚 second-largest AT1 issuance in 2025, according to Bloomberg.

The spree includes Al Rajhi Bank鈥檚 $1.25 billion deal in April, Banque Saudi Fransi鈥檚 $650 million perpetual at 6.375 percent in May, Saudi Awwal Bank鈥檚 $650 million inaugural issue, and Alinma Bank鈥檚 $500 million of sustainable sukuk, all heavily oversubscribed.




Saudi National Bank was ranked in the Forbes Middle East鈥檚 鈥30 Most Valuable Banks 2025鈥 March list. Shutterstock

By tapping eager investors now, while margins remain healthy and global demand for Gulf paper is strong, lenders are bulking up capital buffers and keeping loan-to-deposit ratios in check. That leaves them better prepared to fund the fast-rising credit needs of projects like NEOM and Diriyah without tripping liquidity alarms later in the year.

Fintech role

Fintech is reshaping Saudi banking from the ground up. The Saudi Central Bank鈥檚 Open Banking Framework 鈥 most recently updated in September to cover payment-initiation services 鈥 sets common technical rules that let lenders and start-ups plug their systems together safely and at speed.

Speaking at the inaugural 24 Fintech conference in September, Finance Minister Mohammed Al-Jadaan revealed that the Kingdom had licensed 224 fintech firms by the second quarter of 2024, up from fewer than 100 just three years earlier.

One of the newest players is Riyadh-based Stitch, which closed a $10 million seed round on May 28. The company offers a single set of application-programming interfaces that lets banks, fintechs and even non-financial brands bolt on real-time payments and open-banking functions far faster than older systems.

Early adopters already include Lulu Exchange and point-of-sale platform Foodics. The founders say the fresh cash will go toward doubling the engineering team and expanding the product suite.




萝莉视频鈥檚 sustained momentum is attributed to a robust mix of state spending on giga-projects, resilient consumer demand, and still-elevated interest rates. File/AFP

Looking ahead

Riyad Capital鈥檚 first-quarter preview, released in April, expects another double-digit profit rise this year, about SR19 billion for the listed banks it tracks, as loan growth stays strong and rate cuts arrive slowly.

S&P Global, in its 萝莉视频 Banking Sector Outlook 2025 report, says a 10 percent increase in lending should outweigh a 20- to 30-basis-point dip in margins, keeping sector returns on assets near 2.1 percent to 2.2 percent.

Funding is the main watchpoint. Moody鈥檚 shifted its system outlook to stable on Feb. 25, saying strong credit growth is tightening liquidity, but capital buffers remain solid.

For now, asset-quality risks remain low. S&P expects non-performing loans to edge up to just 1.7 percent by the end of 2025, while loan-loss provisions are projected to stay around 50 to 60 basis points. Banks鈥 total capital ratios, hovering near 19 percent, provide a solid buffer to absorb potential shocks from falling oil prices or rising private-sector leverage.

Saudi lenders are still the region鈥檚 earnings workhorse. Profits are rising, market values are high, and fresh money 鈥 from bond buyers to venture capitalists 鈥 is flowing in. If they can keep gathering deposits quickly enough to fund a fast-growing loan book, the Kingdom鈥檚 banks look set to stay ahead of their Gulf neighbors in both profit and ambition well into next year.


Saudi carrier flynas to expand operations across 4 hubs, official says聽

Saudi carrier flynas to expand operations across 4 hubs, official says聽
Updated 09 June 2025

Saudi carrier flynas to expand operations across 4 hubs, official says聽

Saudi carrier flynas to expand operations across 4 hubs, official says聽
  • Hubs include Riyadh, Jeddah, Madinah, and Dammam as part of growth plan
  • Carrier expanded its summer schedule, launching four new international destinations

RIYADH: 萝莉视频鈥檚 low-cost carrier flynas is set to expand operations across its four main hubs 鈥 Riyadh, Jeddah, Madinah, and Dammam 鈥 as part of an ambitious growth plan, according to a top official. 

In an interview with Al-Eqtisadiah, Waleed Ahmed, the company鈥檚 official spokesperson, said that flynas holds the largest aircraft order in the Kingdom and one of the biggest in the Middle East, with a total of 280 aircraft set to be received. 

This follows a major deal signed in July with Airbus to acquire 160 new aircraft, including 30 wide-body A330neo and 130 single-aisle jets across A320neo, A321neo, and A321LR models. 

The airline has seen a sharp rise in passenger traffic, with volumes climbing from around 11 million in 2023 to more than 14.7 million in 2024, reflecting the low-cost carrier鈥檚 rapid expansion in line with 萝莉视频鈥檚 push to position itself as a leading global hub for tourism and business. 

鈥淭hese numbers reinforce the company鈥檚 role in supporting Vision 2030, which aims to increase the number of passengers to 330 million and attract more than 150 million international passengers by that year.鈥 Ahmed said, as quoted by Al-Eqtisadiah. 

He also highlighted that, as part of its ambitious strategic plan, flynas has expanded its summer schedule by launching four new destinations for the first time: Krakow in Poland, Geneva in Switzerland, Milan in Italy, and Rize in Turkiye, in addition to its usual summer routes. 

Last week, flynas finalized its initial public offering at SR80 ($21) per share 鈥 the top of its indicated price range 鈥 following strong demand from both institutional and retail investors. 

The pricing values the airline at an estimated market capitalization of SR13.6 billion at listing. 

The offering followed the company鈥檚 announcement last month of its intention to float 30 percent of its share capital on the Saudi Exchange, making flynas the first airline in the Kingdom to go public and the first Gulf airline IPO in nearly two decades. 

In line with its ongoing fleet expansion, flynas recently took delivery of its fourth Airbus A320neo of 2025, bringing the total number of A320neo aircraft in its all-Airbus fleet to 57. The current fleet includes 63 aircraft 鈥 57 A320neo, four A320ceo, and two A330neo wide-body jets.


Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities

Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities
Updated 09 June 2025

Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities

Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities
  • Group said visit reflects its ongoing strategy to explore new cooperation with Syrian government
  • Khalaf Al-Habtoor to visit Syria in coming days

RIYADH: The head of Dubai conglomerate Al-Habtoor Group is set to visit Syria with a delegation of senior executives to discuss potential investments and partnerships with the new government.

According to a statement, the visit reflects the group鈥檚 ongoing strategy to explore new avenues of cooperation with the Syrian government and to assess potential investment opportunities across multiple sectors. 

It added that the trip stems from 鈥渁 firm belief鈥 in Syria鈥檚 ability to recover its strength and regional standing and the importance of public-private partnerships in the country鈥檚 rebuilding phase.

The move comes as Syria鈥檚 transitional government, led by President Ahmed Al-Sharaa, pushes economic reforms to attract foreign investment, including privatizations, relaxed trade policies, and major infrastructure deals. 

Speaking ahead of the trip, the group鈥檚 Chairman Khalaf Ahmad Al-Habtoor said: 鈥淪yria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment.鈥  

He added: 鈥淲e look to Syria with great confidence. Its people possess the energy and resilience needed to shape a strong and prosperous future. As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.鈥

Al-Habtoor Group, a UAE-based multinational with a strong presence in the hospitality, real estate, and automotive industries, has a history of large-scale investments in the Middle East. The move follows the organization鈥檚 recent withdrawal from Lebanon, where it cited instability as a barrier to business.


Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May

Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May
Updated 09 June 2025

Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May

Jordan鈥檚 foreign exchange reserves hold steady at $22.76bn in May
  • Gold holdings at the end of May were valued at $7.76 billion
  • Qatar Central Bank recorded a 3.6% increase in its foreign currency reserves and liquidity

RIYADH: Jordan鈥檚 foreign exchange reserves remained largely unchanged in May, standing at $22.76 billion, as per new data released by the Central Bank of Jordan. 

The slight month-on-month dip 鈥 about 0.2 percent from April 鈥 reflects broad stability in the Kingdom鈥檚 external buffers. 

Jordan鈥檚 foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. 

The Qatar Central Bank recorded a 3.6 percent increase in its foreign currency reserves and liquidity, reaching 258.135 billion Qatari riyals ($70.9 billion) in May, up from 249.165 billion riyals in May 2024. 

Jordan鈥檚 long-term foreign-currency issuer default rating was affirmed at 鈥淏B-鈥 with a stable outlook by Fitch Ratings. File/AFP

Egypt鈥檚 foreign exchange reserves rose to $48.525 billion by the end of May, compared to $48.144 billion in April, marking an increase of $381 million. 

鈥淭he Central Bank of Jordan stated in a statement today that its total foreign reserves are sufficient to cover the country鈥檚 imports of goods and services for approximately nine months,鈥 the Qatar News Agency reported. 

The central bank also reported that gold holdings at the end of May were valued at $7.76 billion, totaling 2.345 million ounces, underscoring the role of bullion in Jordan鈥檚 reserve composition. 

鈥淚t added that the presence of comfortable levels of foreign reserves enhances the ability to influence exchange rates, provides a stable economic environment, and enhances the confidence of foreign creditors and investors,鈥 the QNA report stated, citing the Jordan Central Bank. 

The Central Bank of Jordan said its total foreign reserves are sufficient to cover the country鈥檚 imports of goods and services for approximately nine months. File/AFP

In May, Jordan鈥檚 long-term foreign-currency issuer default rating was affirmed at 鈥淏B-鈥 with a stable outlook by Fitch Ratings, citing the country鈥檚 macroeconomic stability and progress on fiscal and economic reforms. 

The US-based credit rating agency noted that the rating and stable outlook also reflect Jordan鈥檚 resilient financing sources 鈥 including a liquid banking sector, a robust public pension fund, and sustained international support. 

Despite the stable outlook, Jordan鈥檚 credit rating remains below that of several other countries in the region. In February, Fitch affirmed 萝莉视频鈥檚 IDR at 鈥淎+鈥 with a stable outlook, while the UAE was rated 鈥淎A-.鈥 

Fitch said the ratings are constrained by high government debt, moderate growth, risks from domestic and regional politics, as well as current account deficits and net external debt levels that exceed those of rating peers. 

Jordan鈥檚 foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. Central Bank of Jordan

A 鈥淏B鈥 rating indicates elevated vulnerability to default risk, particularly in the event of adverse shifts in business or economic conditions. However, it also suggests some degree of financial or operational flexibility in meeting commitments. 

Fitch also noted that Jordan鈥檚 government remains committed to advancing its three-pillar reform agenda 鈥 spanning economic, public administration, and political sectors 鈥 despite external pressures. 

The agency added that the pace of reforms will continue to be shaped by the need to preserve social stability, resistance from vested interests, and institutional capacity limitations.


Syria鈥檚 central bank plans currency unification and return to global payment system SWIFT

Syria鈥檚 central bank plans currency unification and return to global payment system SWIFT
Updated 09 June 2025

Syria鈥檚 central bank plans currency unification and return to global payment system SWIFT

Syria鈥檚 central bank plans currency unification and return to global payment system SWIFT
  • Governor Abdulkader Husrieh said reforms aim to eliminate role of unauthorized money changers
  • Reintegration into SWIFT marks milestone in new government鈥檚 economic liberalization efforts

RIYADH: Syria will adopt a unified exchange rate before transitioning to a managed float system as it seeks to stabilize a currency that has lost nearly all its value against the US dollar.

In an interview with the Financial Times, Central Bank of Syria鈥檚 Governor Abdulkader Husrieh confirmed the reforms, emphasizing efforts to eliminate the role of unauthorized money changers in the country鈥檚 foreign exchange market as part of broader financial reconstruction.

Syria is also set to be fully reintegrated into the SWIFT international money transfer system within weeks, reconnecting the country to global finance after 14 years of war and sanctions. 

The country is working to revive its economy after years of conflict, with its transitional government, led by President Ahmed Al-Sharaa, implementing reforms such as privatizing state-owned firms, easing import restrictions, and attracting foreign investment. 

An armed member of Syria鈥檚 security forces stands guard outside the Damascus Securities Exchange as the stock market opens in the Ya鈥檉ur area near Damascus. AFP

鈥淲e aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure 鈥 this is crucial,鈥 Husrieh told the FT.

Key developments in Syria include a $7 billion energy deal with Qatar, the reopening of the Damascus Securities Exchange, and a $300 million fiber-optic project with Gulf telecom companies. These initiatives come as 萝莉视频 and Qatar pledge financial support to help stabilize Syria鈥檚 economy amid a gradual easing of Western sanctions.

SWIFT reconnection to boost trade and investment 

The reintegration into SWIFT marks a milestone in the new government鈥檚 economic liberalization efforts following the lifting of US sanctions last month.

The Society for Worldwide Interbank Financial Telecommunications is a global cooperative that facilitates secure international money and security transfers through a vast messaging network, enabling banks and financial institutions to exchange information and instructions for financial transactions.

Husrieh, who took office in April, said that significant progress has been made but acknowledged that there鈥檚 still much work ahead.

A money changer waits for customers on a street in Damascus. AFP

Post-war economic challenges 

Since 2011, Syria has been isolated from global markets due to war and sanctions. The economy collapsed under ex-President Bashar Assad and when Al-Sharaa took power last December, his government swiftly introduced free-market reforms to revive the economy and reassure wary foreign investors. 

Last month, President Donald Trump鈥檚 announcement of lifting sanctions provided a major boost, but Husrieh stressed that 鈥渁 full policy shift is still needed,鈥 calling for comprehensive sanctions removal rather than selective measures.

鈥淭he central bank previously micromanaged the financial system, overregulated lending, and restricted withdrawals,鈥 he said. 鈥淲e鈥檙e reforming through recapitalization, deregulation, and re-establishing banks as intermediaries between households and businesses.鈥

Reconnecting to SWIFT will reduce import costs, facilitate exports, and curb reliance on informal financial networks. Husrieh said all foreign trade will now go through formal banks, cutting out money changers who took a 40 percent cut on dollar transactions. 

Before Assad left the presidency, the Syrian pound plummeted. While it has since strengthened, volatility remains. Husrieh aims to unify official and black-market rates before transitioning to a managed floating exchange rate system. 

Gulf nations are actively supporting the reforms in Syria, and 萝莉视频 and Qatar cleared the country鈥檚 World Bank debt and pledged to cover public sector salaries for three months. 

鈥淓ffective May 12, 2025, the arrears of approximately $15.5 million due to the International Development Association by the Syrian Arab Republic have been cleared,鈥 the World Bank confirmed on May 16.


Non-oil sector drives 萝莉视频鈥檚 GDP growth to 3.4% in Q1: GASTAT聽

Non-oil sector drives 萝莉视频鈥檚 GDP growth to 3.4% in Q1: GASTAT聽
Updated 09 June 2025

Non-oil sector drives 萝莉视频鈥檚 GDP growth to 3.4% in Q1: GASTAT聽

Non-oil sector drives 萝莉视频鈥檚 GDP growth to 3.4% in Q1: GASTAT聽
  • Wholesale and retail trade, restaurants, and hotels lead at an 8.4% annual increase
  • Oil activities contracted by 0.5% year on year

RIYADH: 萝莉视频鈥檚 economy expanded by 3.4 percent year on year in the first quarter of 2025, propelled by robust growth in non-oil activities, according to official data. 

The estimates released by the General Authority for Statistics showed that the seasonally adjusted real gross domestic product also saw a quarterly rise of 1.1 percent, signaling sustained economic momentum. 

The non-oil sector emerged as the primary engine of growth, increasing by 4.9 percent compared to the first quarter of 2024. In contrast, oil activities contracted by 0.5 percent year on year, reflecting ongoing volatility in the energy sector. 

萝莉视频鈥檚 GDP growth aligns with the broader Middle East trend, where countries are steadily advancing economic diversification. 

Reforms under Vision 2030 are gradually reducing 萝莉视频鈥檚 dependence on the hydrocarbon sector, fostering more sustainable and long-term growth. Shutterstock

The UAE鈥檚 Ministry of Economy forecasts a 5-6 percent growth rate in 2025, fueled by robust performance in key sectors such as technology, renewable energy, trade, financial services, and infrastructure. 

Meanwhile, Fitch Ratings has lowered Qatar鈥檚 2025 real GDP growth forecast from 2.9 percent to 2.6 percent, citing the effects of US tariffs on global growth, weaker energy prices, and heightened investor caution amid rising international uncertainty. 

In a release covering the latest 萝莉视频 figures, GASTAT stated: 鈥淭he main driver of growth in real GDP was non-oil activities, which contributed 2.8 percentage points. Government activities and net taxes on products also contributed positively adding 0.5 and 0.2 PP respectively.鈥 

Sectoral performance 

According to the GASTAT report, several non-oil sectors posted strong growth across the quarter, with the wholesale and retail trade, restaurants, and hotels sector leading at an 8.4 percent annual increase. 

The transport, storage, and communication sector also showed robust performance, growing by 6 percent year on year. 

萝莉视频鈥檚 exports rebounded sharply, rising by 12.3 percent quarter on quarter, while imports fell by 10 percent. Shutterstock

Meanwhile, finance, insurance, and business services expanded by 5.5 percent despite experiencing a slight 0.1 percent quarterly dip. 

These gains highlight the diversification and resilience of the economy beyond the oil industry. 

Gross fixed capital formation jumped by 8.5 percent annually, underscoring confidence in the economy, while government spending rose by 5.2 percent. Private consumption grew by 4.5 percent year on year, though it declined slightly from the previous quarter. 

Trade balance improvement 

萝莉视频鈥檚 exports rebounded sharply, rising by 12.3 percent quarter on quarter, while imports fell by 10 percent over the same period, narrowing the trade deficit. 

The data highlights the Kingdom鈥檚 progress in diversifying its economy under Vision 2030, with non-oil sectors increasingly offsetting fluctuations in oil revenues. 

In its latest World Economic Outlook report, the International Monetary Fund projected 萝莉视频鈥檚 GDP to grow by 3 percent in 2025, a downward revision from its January estimate of 3.3 percent. The IMF also trimmed its projection for 2026, reducing the expected growth rate by 0.4 percentage points to 3.7 percent. 

萝莉视频鈥檚 transport, storage, and communication sector showed robust performance, growing by 6 percent year on year. SPA

These forecasts reflect broader trends in the global economic environment, where shifts in energy markets and oil production adjustments continue to play a pivotal role in shaping near-term growth prospects. 

The Kingdom鈥檚 economic performance remains closely tied to hydrocarbon sector dynamics, but ongoing reforms under Vision 2030 are gradually reducing this dependence, fostering more sustainable, long-term growth. 

Further reinforcing this outlook, a December 2024 report from Mastercard Economics emphasized the accelerating expansion of 萝莉视频鈥檚 non-oil sector, which has become a key driver of economic resilience. 

The analysis projected that the Kingdom鈥檚 GDP will grow by 3.7 percent year on year in 2025, a figure slightly higher than the IMF鈥檚 estimate, largely due to strong performance in non-oil industries such as tourism, entertainment, technology, and manufacturing. 

The Mastercard report also noted that economic diversification will remain a top priority in 2025, with Saudi authorities leveraging the country鈥檚 strong fiscal buffers to fund ambitious infrastructure projects and attract private investment. 

Key initiatives include mega-developments like NEOM, the Red Sea Project, and Qiddiya, alongside investments in renewable energy and digital transformation. 

鈥淧opulation growth is an important driver of economic activity, and particularly private consumption,鈥 the report added.