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Oil Prices Head for Second Weekly Loss on Demand Concerns

SINGAPORE: Oil prices looked set to post their second straight weekly loss as they continued to fall on Friday over demand concerns and skepticism that the US and Iran could strike a nuclear deal, according to Reuters. Brent crude futures dropped 35 cents, or 0.5 percent, to $75.61 a barrel by 7:04 a.m. Saudi time, while the US West Texas Intermediate crude futures eased 35 cents, or 0.5 percent, to $70.94.
Business

Saudi Banks Remain Profitable in Q1 Despite Global Challenges: Alvarez & Marsal

RIYADH: Saudi Arabia’s top banks have continued to register steady earnings growth while maintaining profitability despite global headwinds amid rising interest rates, according to global professional services firm Alvarez & Marsal. The analysis by the New York-headquartered company revealed the Kingdom’s leading 10 banks collectively recorded 2.7 percent quarter-on-quarter growth in net profits during the first three months of the year to hit SR17.3 billion ($4.61 billion).
Business

Mirfa 2 RO Plant in UAE Secures $620m for Financial Closure

RIYADH: Abu-Dhabi-based Mirfa 2 water desalination project has secured funding of 2.3 billion dirhams ($620 million), achieving financial closure of what will become the UAE’s third-largest reverse osmosis plant.  Abu Dhabi National Energy Co., or TAQA, announced the financial closure alongside French low-carbon services company ENGIE and Emirates Water and Electricity Co. in a bourse filing. 
Business

Saudi Banks’ April Profits Jump 3.4% to $1.55B

RIYADH: The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent year on year in April to reach SR5.78 billion ($1.55 billion), according to the latest figures released by the Saudi Central Bank, also known as SAMA.  The report, however, noted that the aggregate profits of Saudi banks fell by SR1.65 billion month on month in April. In March, banks in Saudi Arabia reported an aggregate profit of SR7.43 billion. 
Business

Saudi VC invests $7.5m in SMEs and startups

RIYADH: Entrepreneurs in Saudi Arabia are set to benefit from an investment of $7.5 million by Saudi Venture Capital into a fund aimed at helping early and late-stage startups.  The fund is managed by Endeavor Catalyst, the investment arm of Endeavor Global. The investment is part of SVC’s drive to inject $1.6 billion into startups and small and medium enterprises. SVC is a subsidiary of SME Bank, one of the development banks affiliated with the National Development Fund.
Business

NEOM Green Hydrogen Company in Saudi Arabia seals $8.4bn plant deals

RIYADH: Saudi Arabia’s NEOM Green Hydrogen Company (NGHC) signed financial documents with 23 local, regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion on Monday. The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM.
Business

Saudi Arabia’s M3 Money Supply Increases by 4.74% Since December End

RIYADH: Saudi Arabia’s M3 money supply has surged 4.74 percent since December 2022, according to data released by the Saudi Central Bank, also known as SAMA. The M3 money supply, which is usually monitored as a broad measure of liquidity in the monetary system, reached SR2.61 billion ($696 billion) in the week ending May 11, rising from SR2.50 billion on Dec. 31. The former M3 money figure also reflects a 0.17 percent drop in the week ending May 11 to the week ending on May 4 when it stood at SR2.62 billion.
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