SAMA: Total Assets of Saudi Finance Companies Sector Grows by 13% in 2023

17:51-10 June 2024 AD ـ 04 Thul-Hijjah 1445 AH

SAMA: Total Assets of Saudi Finance Companies Sector Grows by 13% in 2023

The Saudi Central Bank (SAMA) released on Monday the Annual Performance Report of the Saudi Finance and Real Estate Refinance Companies Sector for the year 2023.

The report highlighted the sector's developments and financials during 2023, noting that the paid-up share capital for the finance companies sector increased by 6% to SAR 15.5 billion, total assets by 13% to SAR 64.2 billion, and the total finance portfolio by 12% to SAR 84.7 billion.

The report also highlighted that the net income of the finance companies sector stood at SAR 1.7 billion and the total assets of the real estate refinancing sector witnessed an increase of 48%, reaching SAR 31 billion.

In terms of loan portfolio classification, the retail sector accounted for the largest share at 77%, followed by the MSME sector at 20%, and the corporate sector at 3%.

By the end of 2023, the number of employees (male and female) working in finance companies topped 6,000, with Saudis accounting for 86% of the total.

Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Muscat: Asharq Al Awsat

10:08-22 January 2025 AD ـ 23 Rajab 1446 AH

Muscat: Asharq Al Awsat

10:08-22 January 2025 AD ـ 23 Rajab 1446 AH

Oman's Asyad Group Plans to Sell at Least 20% of Shipping Unit Via IPO

Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering. Photo: Oman News Agency

Oman's state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the country's privatization drive.

The group, owned by Oman's sovereign wealth fund, plans to sell a stake of at least 20% in Asyad Shipping Co and float it on the Muscat stock exchange, it said in document detailing its intention to float.

"The intended listing would provide investors with the opportunity to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy," the company said.

Asyad Shipping focuses on transporting liquefied natural gas (LNG), crude oil and other products. It lists energy firms BP and Shell as well as trading firm Trafigura among its customers and partners.

The offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75% tranche, 30% of shares have been earmarked for anchor investors, the firm said.

The remaining 25% will be sold to retail investors in Oman.

The subscription period is expected to start next month, after the company has received regulatory approval.

Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.

Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.

SAMA: Total Assets of Saudi Finance Companies Sector Grows by 13% in 2023