Saudi electronics spending up 4% according to official POS data

JEDDAH: Oman’s banking sector showed robust growth by May, with total credit rising 8 percent to 33.6 billion Omani rials ($87.36 billion) and deposits increasing 7.9 percent, reflecting strong private sector activity and confidence.

Data from the Central Bank of Oman revealed that credit extended to the private sector grew by 6.8 percent year on year to reach 27.9 billion rials by the end of May. Total deposits stood at 32.3 billion rials during the same period.

Oman’s banking sector remains resilient, supported by private sector engagement, expanding credit, and steady deposit growth. Regulatory reforms and growing confidence in financial institutions also continue to strengthen both conventional and Islamic banking.

Non-financial corporations held the largest share of private sector credit at 46.4 percent, closely followed by households at 44.2 percent. Private sector deposits increased by 7.4 percent to 21.9 billion rials, with households accounting for nearly half of the total.

The banking sectors of the Gulf Cooperation Council showed overall credit growth, highlighting regional economic resilience. Saudi Arabia’s credit facilities rose 14.4 percent to SR2.96 trillion by the fourth quarter of 2024, while Qatar experienced a slight 0.2 percent decline to 1.4 trillion riyals, mainly due to reduced public sector and consumer lending.

The combined balance sheet of conventional banks showed a 6.9 percent year-over-year increase in total outstanding credit. Credit to the private sector grew by 5.2 percent to 21.4 billion rials, while investments in securities fell 1.7 percent to 5.5 billion rials.

Government bond investments increased 2.2 percent to 2 billion rials, whereas foreign securities declined by 11.9 percent, according to the CBO, which added that deposits with conventional banks rose 5.7 percent to 25.2 billion rials, with private sector deposits growing 5.8 percent to 17.1 billion rials.

Islamic banking assets surged 17.5 percent to 9 billion rials, with financing increasing 12.3 percent and deposits rising 16.6 percent to 7 billion rials.

According to the CBO, broad money supply rose 6.9 percent to 25.4 billion rials, driven by a 13.9 percent increase in narrow money and a 4.4 percent rise in quasi-money. Within M1, currency with the public fell 5.1 percent, while demand deposits grew 18.6 percent.

Gas production

Oman’s total natural gas production and imports rose marginally by 0.5 percent year-on-year to 17.95 billion cubic meters by April, driven mainly by a 10.8 percent increase in associated gas production.

Meanwhile, non-associated and imported gas volumes declined by 2.1 percent, according to the state’s National Center for Statistics and Information.

Industrial projects remained the largest consumers, using 9.32 billion cubic meters, followed by power generation stations, which used 4.33 billion cubic meters. Oil fields consumed 4.21 billion cubic meters, with industrial zones using 88 million cubic meters.

RIYADH: Saudi Arabia’s top 10 publicly listed companies reached a combined market capitalization of $2.1 trillion as of April 25, highlighting their dominant role in the Kingdom’s capital markets, according to a new analysis by Forbes Middle East.

The companies collectively reported $133.9 billion in net profits for 2024, reflecting the growing strength of the Kingdom’s diversified economy. The ranking covers key sectors such as energy, banking, telecommunications, industrials, and utilities.

The milestone comes as the Saudi Exchange, or Tadawul, was recognized as the world’s fastest-growing stock market in 2024. The number of listings doubled to 55, and market liquidity surged by 40 percent — a growth fueled by a streamlined capital management system that halved IPO processing times and widened investor participation.

“The banking sector dominates the ranking, securing five out of the 10 spots, with total assets amounting to $854.7 billion,” the Forbes report noted.

Saudi Aramco topped the list with a market value of $1.7 trillion. The energy giant posted $480.4 billion in revenue and $106.2 billion in net income last year, cementing its position as a global energy leader.

Aramco also advanced its international strategy through major deals in 2024, including a $12.35 billion secondary share sale in June, $25 billion in contracts to boost gas output by 60 percent by 2030, a $90 billion agreement with U.S. firms, and a joint venture with China’s Sinopec to develop a refining complex in Fujian province.

Banking giants 

Saudi Arabia’s leading banks continued to post strong performance in 2024, with several institutions recording double digit profit growth and expanding their international and digital footprints.

Saudi National Bank maintained its position as the Kingdom’s largest lender by assets, reaching $294.4 billion. The bank posted $5.6 billion in net profits and bolstered its global presence with a $500 million bond issuance in Taiwan.

Al Rajhi Bank, which holds $259.8 billion in assets, recorded an 18.7 percent rise in profits to $5.3 billion. The Islamic lender also acquired a majority stake in the fintech app Drahim, signaling a strategic push into digital finance.

Riyad Bank reported a 15.9 percent increase in profits to $2.5 billion, supported by a $750 million sukuk issuance. Saudi Awwal Bank also delivered strong results, with profits climbing 15 percent to $2.2 billion following a $1.1 billion sukuk deal.

Meanwhile, Alinma Bank saw profits jump 20.5 percent and signed a $756 million agreement with Bahri to finance oil tankers, underscoring its growing role in Shariah-compliant corporate financing.

Telecom and industrials   

In telecommunications, stc Group recorded $6.6 billion in profits, launched STC Bank, and transferred tower assets to a Public Investment Fund-led entity.  

SABIC, a global chemicals leader, recovered from a 2023 loss to post $993 million in profits and sold its Alba stake for $966 million.    

Meanwhile, Maaden, the Middle East’s top mining firm, acquired SABIC’s Alba stake and issued a $1.25 billion sukuk, contributing 20 percent of Saudi non-oil exports.   

Utilities and energy 

Saudi Electricity Co. saw a 7.5 percent increase in power output and signed a $3.6 billion gas plant deal, while raising $2.75 billion in sukuk. The company also settled $1.5 billion in historical obligations to the state, with PIF holding a 74.3 percent stake.  

Forbes ranked firms based on sales, assets, profits, and market value from Tadawul, with equal weight given to each metric.     

This elite group of companies highlighted Saudi Arabia’s economic strength, with banks and energy firms driving record profits and global expansions in 2025.