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Valu EFG Holding will retain a 67 percent indirect stake in U Consumer Finance Egypt’s EFG Holding will list its buy-now, pay-later subsidiary on the Egyptian stock exchange as part of a restructuring process, the bank has announced. As part of the restructuring plan, the Cairo-listed investment bank intends to pay its 2024 profit by distributing a 20.5 percent stake in U Consumer Finance, known by its brand name, Valu, to shareholders instead of paying a cash dividend. Shareholders in EFG Holding will receive shares in U Consumer at book value and will be able to trade them on the…

Oil prices rose on Thursday, boosted by a strong outlook for demand in the United States after fuel inventories fell more than expected, and a weaker US dollar. Brent crude futures were up 34 cents, or 0.5%, to stand at $71.12 a barrel by 0745 GMT, their highest level since March 3. US West Texas Intermediate crude (WTI) gained 42 cents, or 0.6%, to $67.58. US government data showed a higher-than-expected drawdown last week in distillate inventories, including diesel and heating oil, which fell by 2.8 million barrels, outstripping a drop of 300,000 barrels expected in a Reuters poll. “US…

KSrelief distributed 1,500 food baskets to 10,182 displaced individuals in Khartoum as part of the Food Security Support Project in Sudan.Khartoum, Sudan, March 20, 2025 – The King Salman Humanitarian Aid and Relief Center (KSrelief) has distributed 1,500 food baskets in Khartoum State, Republic of Sudan, benefiting 10,182 displaced individuals as part of the third phase of the Food Security Support Project in the country. This initiative is designed to assist displaced populations in Sudan, particularly those affected by ongoing humanitarian crises and conflict. The distribution is a key component of Saudi Arabia’s broader commitment to supporting the Sudanese people…

 LTIMindtree, a global technology consulting and digital solutions company, announces the inauguration of its regional headquarters in Saudi Arabia’s capital, Riyadh, as part of the expansion in KSA and the Middle East.   The opening of this office is in line with the KSA government’s Regional Headquarters Program and a key milestone enabling LTIMindtree to support, manage, and direct its strategic business initiatives in the region. This also aligns with KSA’s wider vision for 2030, strategy for economic diversification, development, and growth.   This new office, situated in Riyadh’s iconic business district and lifestyle destination, King Fahd Road, was inaugurated…

Saudi Arabia has achieved self-sufficiency in table egg production, surpassing 8 billion eggs in 2024, ensuring both domestic supply and surplus.Riyadh, Saudi Arabia, March 20, 2025 – Saudi Arabia’s poultry sector has achieved a remarkable milestone by reaching full self-sufficiency in table egg production, with the country’s output exceeding 8 billion eggs by 2024. According to the Ministry of Environment, Water, and Agriculture, the Kingdom’s egg production not only meets the domestic demand but also results in a surplus, which further strengthens the nation’s food security. This achievement underscores Saudi Arabia’s efforts to ensure a stable and sustainable food supply…

Nuanced loan-to-deposit ratios Diversified liquidity and funding mix Sound Saudi banking metrics The loan books of Saudi Arabian banks now exceed their total deposits, which might normally be a warning sign that the sector’s finances are under strain. Yet the Saudi Central Bank (Sama) takes a more nuanced approach to calculating loan-to-deposit ratios, an important metric known in the industry as LDR. Sama’s assessment indicates that lenders can again allow loan growth to exceed deposit expansion this year. Banks’ core business involves re-lending customers’ deposits to borrowers. The Saudi Arabian banking sector’s loan-to-deposit ratio soared to 105 percent last year,…

KSrelief distributed 400 food baskets to 2,400 individuals in South Africa as part of the “Etaam” Ramadan Food Basket Project, benefiting over 2.3 million people worldwide.Pretoria, South Africa, March 20, 2025 – The King Salman Humanitarian Aid and Relief Center (KSrelief) has successfully distributed 400 food baskets in the Republic of South Africa as part of its ongoing humanitarian efforts. This initiative, which forms a critical component of the “Etaam” Ramadan Food Basket Project for 1446 AH, benefited 2,400 individuals from 400 families across the country. The distribution marks the fourth phase of the project, which is designed to support…

Akasa Air, India’s fastest-growing airline, commenced operations from Riyadh, connecting it to Mumbai with daily direct flights. The inaugural flight on 15th June 2024 departed Chhatrapati Shivaji Maharaj International Airport in Mumbai at 2220hrs IST and arrived at King Khalid International Airport in Riyadh at 0015hrs AST.   Riyadh is the second destination in the Kingdom of Saudi Arabia to be included in Akasa Air’s network and strengthens the airline’s presence in the region, providing reliable, affordable, and enhanced options for air travel on the route.   As a rapidly growing financial centre, Riyadh has been witnessing a consistent uptick in…

The Saudi Stock Exchange’s Main Index (TASI) dropped by 82.97 points, closing at 11,709.43 points, with a total trading value of SAR 4.5 billion.Riyadh, Saudi Arabia, March 20, 2025 – The Saudi Stock Exchange’s Main Index (TASI) experienced a decline today, closing lower by 82.97 points at 11,709.43 points. The day’s total trading value amounted to SAR 4.5 billion, reflecting a moderate level of activity in the market. A total of 201 million shares were exchanged, with 66 companies reporting gains, while 174 companies saw their stock prices fall, contributing to the overall negative performance. In addition to the decline…

Almarai Company has signed a cooperation agreement with the Social Development Bank to launch the “Almarai Chefs Program” aimed at strengthening and empowering owners of very small cooking projects in the Riyadh region, as part of its support and encouragement for entrepreneurs.   The agreement was signed by the CEO of Almarai Company, Mr. Abdullah bin Nasser Al Bader, and the CEO of the Social Development Bank, Engineer Sultan bin Abdulaziz Al Humaidi. The agreement included several areas of cooperation between the two parties.   The agreement stipulates that Almarai will commit to financing cooking training projects and contributing to…