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Business, Economy

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Saudi Arabia raises US$11bn syndicated loan to fund deficit

The Crown Prince has directed the implementation of the project to strengthen historic Jeddah buildings.
By TRENDS Desk
November 25, 2023 2:13 am
  • The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China
  • Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc,will help in funs according to sources familiar with the matter.

RIYADH, SAUDI ARABIA – Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget deficit, media reported.

The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China, Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc, according to sources familiar with the matter.

The loan has a margin of 100 basis points above a benchmark known as SOFR, or the secured overnight financing rate (SOFR).

 On September 30, the Saudi Ministry of Finance forecast SAR 1.18 trillion revenue and SAR 1.26 trillion expenditure for 2023, with a deficit of SAR 82 billion.

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