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Kuwait Finance House Targets Growth in Saudi Market Kuwait Finance House (KFH) is exploring expansion opportunities in the Saudi financial sector, reinforcing its presence in the lucrative market. Despite rumors of a potential acquisition of a stake in the Saudi Investment Bank (SAIB), KFH clarifies that evaluations are ongoing and no definitive agreements have been reached. This strategic move aligns with KFH's broader regional investment ambitions and could herald a new chapter in Gulf financial collaborations. To delve into the details of KFH's strategic market evaluation and the potential implications for the finance sector in the region, read the full story on Saudi Business News. Link in bio. #KuwaitFinanceHouse #SaudiInvestmentBank #FinancialSector #MarketExpansion #GulfEconomy #SaudiBusiness #SaudiNews #Vision2030 #SaudiArabia

Remittances - June 2024 Pakistan remittances in FY 2024 rose 10.68% to USD 30.25bn (yearly increase). However, June 2024 saw a 2.6% dip compared to last year (USD 3.16bn). Top sources: KSA (USD 7.42bn), UAE (USD 5.53bn), UK (USD 4.52bn) #PSX #KSE100 #Remittances

Bloomberg reports that Kuwait's lender is considering investing in the region to bolster its regional presence. KFH, Kuwait's biggest lender, is reportedly exploring the possibility of acquiring a 'significant' stake in Saudi Investment Bank (SAIB). Financial institutions are seeking to boost their regional presence amid increased investment activity in the Middle East, Bloomberg reported, citing people familiar with the matter. As of May 20, the Saudi Tadawul-listed SAIB reported Q1 net profits of 442.40 million Saudi Arabian riyals ($), up 8.19% from SAR 408.90 million in Q1 2023. Bloomberg did not receive a response from KFH or the SAIB. #saudiarabia #saudia #saudivision2030 #riyadh2030 #kuwait #funds #funding #economy #business #strategy #growth source - Bloomberg, Zawya

Opening a bank account is a vital component of successful business expansion in Saudi Arabia and the key to unlocking a myriad of opportunities in its ever-growing economic landscape. Learn more about the most critical requirements needed for establishing a bank account for foreign-owned companies, detailing the essential procedures, here: https://lnkd.in/d2ZYcr5e #AstroLabs #SetUpInSaudi #OpeningBankingAccount #SaudiExpansion

Surge in Saudi Remittances Marks Economic Progress In a remarkable economic indicator, #SaudiArabia has witnessed a 14% increase in expatriate remittances, reaching SR11.35 billion. Simultaneously, remittances by Saudi citizens rose by 30%, illustrating enhanced economic activity and the success of digital and regulatory advancements. The kingdom's dedication to modernizing the financial sector is evident as #stcpay and others receive digital banking licenses, a historic move for Saudi financial services. Discover more insights on the transformative remittance landscape in Saudi Arabia on Saudi Business News, link in bio! #SaudiBusiness #SaudiNews #Vision2030 #SaudiArabia #EconomicGrowth #Remittances #DigitalBanking #FinancialInclusion #stcpay #Fintech

#kuwait #banks #september2023 9 months profits comparative data (amt in KD millions) Kuwait Finance House 461.5 vs 248.6 (mainly on account of the KFH AUB merger) National Bank of Kuwait 431 vs 390 (note - significant interest expenses) Commercial Bank of Kuwait 99 vs 41 (note - write back of provisions) Boubyan Bank 58.6 vs 48.6 Gulf Bank 53.8 vs 45.7 Ahli United Bank - Kuwait 33 vs 28 Al Ahli Bank of Kuwait 33 vs 30 (Note - high provisions cost) Burgan Bank 31 vs 45 (Note - high provisions and finance cost) Warba Bank 14 vs 16 (Note - high finance cost) It is basically a 2 horse race and Kuwait Finance House has moved ahead. Further analysis to follow.

The Saudi Arabian Capital Market Authority (CMA) has issued a formal request to major investment banks, including Goldman Sachs, JPMorgan Chase, and Morgan Stanley, to establish a presence in Riyadh. The CMA has also announced plans to create a new financial district in Riyadh, which will serve as a hub for financial institutions and other businesses. The decision is seen as a major boost for Saudi Arabia's efforts to diversify its economy and reduce its dependence on oil exports. The country has been working to develop its financial sector, including the establishment of the Tadawul All Share Index, which tracks the performance of the Saudi stock market. The move is also expected to attract more foreign investment into Saudi Arabia, which has been experiencing significant economic growth in recent years. The country has also been working to develop its tourism sector, with plans to increase the number of visitors to the country from 10 million to 20 million by 2025. #SaudiArabia #FinancialInnovation #GlobalEconomy #FinancialSector #Investment #WallStreet #Riyadh #KSA #FinancialDistrict #BusinessDevelopment #MiddleEastFinance #Vision2030

Saudi Banking Sector Demonstrates Strong Growth in Lending The Saudi banking landscape is experiencing robust loan growth, with an 11% year-over-year increase to SR2.67 trillion. #SAMA's latest report highlights a surge in lending driven by personal borrowing and corporate investments, particularly in real estate and utilities. This trend underlines the country's dynamic economic activity and supports the ongoing expansion in sectors vital for #SaudiArabia's development. For more information, visit Saudi Business News. Link in bio. #SaudiBusiness #SaudiNews #Vision2030 #SaudiArabia #Banking #Finance #RealEstate #EconomicGrowth #LoanGrowth #CorporateInvestment #Utilities #Mortgages #EconomicDevelopment