Al-Rajhi Bank

Economists remain positive about Saudi retail sector

Jeddah - Arab Today

Economists remains positive on the organized retail sector in Saudi Arabia, which benefited from market share gains in the past, according to a report. This trend is likely to continue due to their better positioning in terms of economies of scale, better supplier terms and balance sheet strength, Al-Rajhi Capital’s research team said in its latest report. Al-Rajhi Capital, theRead more

Housing and SME lending to drive Al-Rajhi’s growth until end of decade

Dubai - Arab Today

Saudi Arabia’s efforts to stimulate the private sector and develop the housing market will be the main drivers of growth for Al-Rajhi Bank until the end of the decade, its CEO told the Reuters Middle East Investment Summit. The bank has traditionally focused on consumer banking, from which it derives 70 percent of its SR330.5 billion ($88 billion) of assetsRead more

Tadawul: Telecom stocks post gains

Jeddah - Arab Today

Strong telecommunications shares helped Saudi Arabia’s stock market rebound on Tuesday after steep losses due to the kingdom’s austerity policies, while most other Gulf markets moved little. Saudi Arabia’s Tadawul All-Share Index, which had dropped 3.7 percent in the previous two days, climbed 2.0 percent, although trading volume fell, suggesting many investors were not eager to buy into the rally.Read more

RSGT signs SR260m financial agreement

Jeddah - Arab Today

The container infrastructure development project at Jeddah Islamic Port is expected to add 50 percent capacity. Red Sea Gateway Terminal (RSGT), part of the Saudi Industrial Services Group (SISCO), has signed an Islamic financial agreement with Al-Rajhi Bank and Banque Saudi Fransi (BSF) worth SR260 million for eight years, to invest in developing the expansion berths of the newest flagshipRead more

Al-Rajhi Bank posts SR2.05bn profit

Riyadh - Arab Today

Al-Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 5.7 percent rise in its second-quarter net profit on Monday, broadly in line with analyst forecasts. The bank made SR2.05 billion ($546.7 million) profit in the three months to June 30, up from SR1.94 billion in the same period a year earlier, it said in a bourse statement. Five analystsRead more