RIYADH: The Islamic financial industry in Saudi Arabia has a prominent position in the world, with nearly SR3 trillion ($799.7 billion) of total assets, the Saudi Central Bank Deputy Governor for Research and International Affairs, Fahad Abdullah Al-Dossari, said.
This represents approximately 28 percent of the total Islamic financial assets globally, making the Kingdom the first in the world, according to the report of the Islamic Financial Services Board issued in 2021, Al-Dossari said in a seminar on April 25.
The official from the Saudi Central Bank, also known as SAMA, pointed out that the Islamic financial industry has witnessed a clear quantitative growth in the size of its assets and its spread at the international level, Saudi Press Agency reported.
Its assets amounted to about $2.7 trillion, according to the IFSB report, achieving an annual growth of more than 10 percent, he said.
The Islamic banking sector took the lion’s share of the Islamic financial industry i.e. up to 68 percent, with a volume of $1.8 trillion, Al-Dossari said, adding that the sector witnessed rapid growth as the total Shariah-compliant financing reached more than SR1.720 trillion, with an annual growth rate of about 18 percent.
The total Shariah-compliant deposits amounted to more than SR1.780 trillion, with an annual growth rate of about 13 percent by the end of 2021, he added.
Saudi Arabia’s Islamic banks lending grew by a record 17.9 percent in 2021, according to the data released earlier this month.
Looking at the structure of financing provided by the Saudi Islamic banks, Murabaha reached SR779 billion at the end of 2021.
The amount in this mode of financing keeps growing at the fastest rate, compared to other Shariah-compliant structures. For example, in 2021 it grew 38.4 percent year-on-year, compared to 16.5 percent and 9.8 percent for Tawwaruq and Ijara, respectively.
RIYADH: To develop Saudi Arabia’s second wind power generation project, the renewable energy team at the Energy Ministry is expected to issue a request for qualifications for the contract by the third quarter of 2022.
The Yanbu wind independent power project has a planned capacity of 850 megawatts, according to MEED.
Along with the hybrid concentrated solar power and the solar photovoltaic project in Hinakiyah, the Yanbu wind scheme makes up round 4 of Saudi Arabia’s National Renewable Energy Program.
RIYADH: Saudi Arabia’s Ministry of Commerce issued 5,319 commercial registers in the entertainment sector in 2022 so far, Al-Eqtisadiah reported.
It said 683 registers were issued for parks, while 1,351 for entertainment centers and 3,285 for event organizations.
The ministry noted that all registers are active.
Riyadh achieved the highest number of commercial registers, followed by Makkah and the Eastern Province.
RIYADH: The Dubai Electricity and Water Authority has launched the next phase of its 7 billion dirhams ($1.9 billion) smart grid strategy, covering the years 2021 to 2035, according to MEED.
The first phase of the state utility firm’s program from 2014 to 2035 has achieved its short-term goals, MEED reported citing DEWA.
Between 2015 and 2020, the firm has replaced electricity and water meters with smart meters. Over 2 million meters are automatically read.
Between 2015 and 2017, DEWA fully automated its transmission network connected to the 400 kilovolt and 132 kilovolt substations.
RIYADH: Algeria has cautioned that it will halt natural gas flows to Spain if it re-exports supplies as diplomatic tensions with Morocco escalate, according to Bloomberg.
This comes as the Spanish energy minister Teresa Ribera announced that Madrid will allow for gas flows to Morocco via the Maghreb-European pipeline, also known as MEG.
“We see the Algerian warning as a reminder that no Algerian gas should go to Morocco. We expect Morocco to announce a specific LNG contract in Spain with specific volumes, and this should hopefully address the concerns,” Bloomberg reported, citing analysts from investment banking firm JPMorgan Chase & Co.
Algeria poses as Europe’s largest supplier after Russia and Norway, providing as much as 8 percent of its gas imports.
On the other hand, Morocco is planning to purchase liquified natural gas and direct it to Spanish re-gasification terminals, to be later piped through the MEG pipeline, according to Morocco’s energy minister Leila Benali.
Since the MEG pipeline is owned by Moroccan, Spanish, and Portuguese firms, flows can be reversed without Algeria’s consent, according to Morocco.
RIYADH: Abu Dhabi’s real estate developer Aldar Properties is planning an initial public offering of three of its fully owned business divisions next year, the company’s CEO told Sky News Arabia.
Talal Al Dhiyebi said the company will potentially offer shares in its three core businesses – Aldar Education, Aldar Estates, and Aldar Hospitality and Leisure.
He revealed a long-term plan to invest 10 billion dirhams ($2.7 billion) in various sectors, with a particular focus on Saudi Arabian and Egyptian markets.
Aldar had earlier reported solid financial results during the first quarter of 2022, as the acquisition of Egypt’s SODIC last year gave it a strong boost.
During the last six months, the firm completed 5.5 billion dirhams worth of acquisition deals in Egypt and the UAE, the executive noted.