Saudi Arabia's Al-Rajhi Bank and Banque Saudi Fransi are among five banks underwriting a 6 billion riyals ($1.6 billion) rights issue from indebted telecoms operator Zain Saudi, according to the issue prospectus.
Lead manager Saudi Fransi
Four major Saudi banks reported quarterly profits that met or beat analysts estimates on Monday, in a sign the kingdom's lenders have begun to rebound from a punishing bout of a bad loan provisioning.
Saudi Arabia's biggest lender Al-Rajhi booked SR422.1 million ($112.6 million) for loan losses during the second quarter, almost unchanged from SR421.6 million a year earlier, bourse data showed on Wednesday.
Al-Rajhi held its loa
Saudi-based Al-Rajhi Bank, the Gulf's biggest Islamic lender by market value, posted a lower-than-expected 3.2 percent rise in its fourth quarter net profit.
Al-Rajhi made 1.47 billion riyals ($392 million) in the three months to end-Decem
Saudi Al-Rajhi Bank, the world's biggest Islamic lender by market value, booked in the third quarter the highest amount of provisions for loan losses this year, bourse data showed.
Al-Rajhi made provisions worth around 594 million riyals (
Al-Rajhi Steel Industries, one of Saudi Arabia's three largest steel producers, said it plans to spend up to 4 billion riyals ($1.07 billion) to more than double its production capacity by as early as 2012.
The company, which accounts for
Saudi Arabia's Al-Rajhi Bank, the Gulf's largest Islam-compliant lender, said first-quarter profit rose 2.1 percent on growth in its lending business. Net income in the three months to March 31 climbed to 1.6 billion riyals ($427.2 million), compa
Al Rajhi Banking and Investment Corp, the largest Gulf Arab bank by market value, said profit rose 0.15 percent in the third-quarter to 1.69 billion riyals ($451.7 million), the first rise in three quarters.
Analysts' forecasts for the thi
Al-Rajhi Banking & Investment Corp., the Gulf's largest bank by market value, is considering further expansion abroad.
"We are always open to the idea of further international expansion. We evaluate any business opportunity that may be