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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

SAIB profit jumps 17% in 2023

SAIB’s profits exceed $134mln in the first quarter of 2025.
  • Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
  • Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.

Riyadh, Saudi Arabia — The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.76 billion ($469 million) in 2023, a 17 percent rise from SAR 1.50 billion a year earlier. 

Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission income by 20 percent YoY, Argaam reported.

In addition, the bank noted higher fair value through profit and loss, gains on disposals of FVOCI debt securities, exchange income, and fee income from banking services.

However, total operating expenses rose by 23 percent YoY on higher provisions for credit and other losses, as well as a rise in other general and administrative expenses, depreciation and amortization, rent and premises related expenses, and salaries and employee-related expenses, according to Argaam.

In Q4 2023, net profit was 28 percent higher at SAR 447.3 million, compared with SAR 350.2 million a year earlier.

Sequentially, SAIB’s Q3 net profit fell 3.1 percent from SAR 461.64 million.

Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023, from SAR 13.57 billion in the year-earlier period.