Al Rajhi Bank Achieves Record-Breaking Net profits of SAR 19.722 Billion in 2024
In a landmark achievement, Al Rajhi bank, one of the largest financial institutions in the Kingdom of Saudi Arabia, has reported net profits of SAR 19.722 billion for the fiscal year 2024. This represents a staggering 19% growth compared to the previous year, solidifying its position as a dominant force in the banking sector.
A Severe Blow to Competitors
Table of Contents
- A Severe Blow to Competitors
- Revenue and Profit Surge
- Rewarding Shareholders
- Strengthened Financial Position
- Key Highlights at a Glance
- Looking Ahead
- Saudi Arabia Introduces new Affordable Permanent Residency Option Allowing Work, Travel, and Mobility Without a Sponsor
- Summary Table: Key Developments in Saudi Arabia
- Key Factors Driving the Silver Rush in Saudi Arabia
- Jarir Offers major Discounts on Samsung Galaxy S24 FE with Free Gift
- Saudi Arabia to Replace Traffic Signal System with Advanced Alternative
- New Military Salary Structure Post-2025 Bonuses
- Saudi Airlines Bans Certain Drinks on Flights
- Key Updates at a Glance
- Latest Updates in Saudi Arabia: A Complete Overview
An official report highlights the bank’s extraordinary performance, describing it as a “severe blow directed by Al Rajhi Bank for the rest of the banks.” This growth underscores the bank’s ability to outperform its peers, driven by strategic operational enhancements and robust financial management.
Revenue and Profit Surge
The bank’s revenues soared to SAR 8.439 billion in the third quarter of 2024, up from SAR 6.872 billion in the same period the previous year. This increase reflects a significant boost in both operational and financing activities.
Net profits after zakat and tax also saw a remarkable rise, reaching SAR 5.103 billion in Q3 2024 compared to SAR 4.155 billion in Q3 2023. This improvement is attributed to enhanced operational efficiency and effective cost management.
In a move that underscores its commitment to shareholder value, al Rajhi Bank announced cash dividend distributions of 14.6% for the second half of 2024. This decision reflects the bank’s dedication to providing rewarding returns to its investors.
Strengthened Financial Position
The bank’s property rights attributable to shareholders increased to SAR 90.259 billion, further cementing its financial stability and growth trajectory.
Key Highlights at a Glance
| Metric | 2024 (SAR Billion) | 2023 (SAR Billion) | Growth |
|————————–|————————|————————|————|
| Net Profits | 19.722 | 16.573 | 19% |
| Q3 Revenue | 8.439 | 6.872 | 22.8% |
| Q3 net Profit (Post-Zakat)| 5.103 | 4.155 | 22.8% |
| Property Rights | 90.259 | 86.687 | 4.1% |
Looking Ahead
Al Rajhi Bank’s stellar performance in 2024 sets a high benchmark for the banking industry.With its focus on innovation, customer-centric services, and strategic growth, the bank is poised to continue its upward trajectory in the coming years.
For more insights into Al Rajhi Bank’s financial performance, explore their Relation/Financial-Materials/2024/Q3/investor-Presentation/ARB-Investor-Presentation-3Q2024.pdf”>Q3 2024 investor presentation.
Stay tuned for more updates on Al Rajhi Bank’s groundbreaking achievements and its impact on the financial landscape of Saudi Arabia.
Saudi Arabia Introduces new Affordable Permanent Residency Option Allowing Work, Travel, and Mobility Without a Sponsor
In a significant move to attract foreign talent and investment, Saudi Arabia has announced a reduction in fees for its most affordable permanent residency option. This new initiative allows holders to work, travel, and move freely within the Kingdom without the need for a sponsor, marking a major shift in the country’s residency policies.
The updated residency program is part of Saudi Arabia’s broader Vision 2030 strategy, which aims to diversify the economy and reduce its reliance on oil revenues. By offering a more accessible permanent residency option, the Kingdom seeks to attract skilled professionals, entrepreneurs, and investors who can contribute to its economic transformation.
Key Features of the New Residency Program
- Work and Mobility: Holders can work in any sector without requiring a sponsor, providing greater flexibility and independence.
- Travel Freedom: The residency permits unrestricted travel in and out of the Kingdom.
- Affordable Fees: The program has been made more accessible with reduced fees, making it an attractive option for expatriates.
This initiative is expected to enhance Saudi Arabia’s appeal as a destination for global talent, fostering innovation and economic growth.
Al Rajhi Bank’s Strong Financial Performance Reflects Saudi Arabia’s Economic Momentum
In related news, Al Rajhi Bank, one of the largest Islamic banks in the world, reported a robust financial performance in 2023. The bank’s total assets grew to 808.098 billion riyals, up from 761.618 billion riyals in the previous year, reflecting an expansion in its investment and financing activities.
These results underscore the bank’s ability to achieve enduring growth and strengthen its position in the Saudi banking sector. Al rajhi Bank’s commitment to providing value to its shareholders and customers aligns with the Kingdom’s broader economic goals.
New Credit Card offering from Al Rajhi Bank
In another development, Al Rajhi Bank announced the launch of a new credit card with a high credit limit. This card allows users to travel and withdraw funds without needing to review or adjust withdrawal limits, offering greater convenience and flexibility. The bank has also disclosed the fees and request process for the card, making it easier for customers to access this new offering.
traffic Department Updates Car Plate Issuance Requirements
The General Traffic Department has introduced amendments to the fees and requirements for issuing replacement car plates for damaged or lost ones. This mandatory procedure can now be completed through the Absher platform, streamlining the process for vehicle owners.
New Pilgrimage Outlet to Ease Pressure on Existing Ports
To accommodate the growing number of pilgrims, Saudi Arabia has launched a new outlet to receive pilgrims and Umrah performers. This initiative aims to reduce pressure on existing ports and improve the overall experiance for visitors. the location of the new outlet and its distance from Mecca and Medina have also been revealed, ensuring smoother logistics for pilgrims.
Summary Table: Key Developments in Saudi Arabia
| Initiative | Details |
|—————————————–|—————————————————————————–|
| affordable Permanent Residency | Reduced fees, work and travel freedom, no sponsor required |
| Al Rajhi Bank’s Asset growth | Total assets reached 808.098 billion riyals in 2023 |
| New Credit Card | High credit limit, travel and withdrawal flexibility |
| Car Plate Issuance Updates | Revised fees and requirements, mandatory via Absher |
| New Pilgrimage Outlet | Aims to reduce pressure on existing ports, location disclosed |
These developments highlight Saudi Arabia’s ongoing efforts to modernize its economy, enhance its infrastructure, and improve the quality of life for residents and visitors alike. For more details on these initiatives, visit the official sources linked throughout this article.عودية: تخفيض جديد في رسوم إصدار أرخص نوع إقامة دائمة في المملكة تسمح للحاصلين عليها بالعمل والسفر والتنقل بحرية وبدون كفيل “>
Saudi Arabia)
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Key Factors Driving the Silver Rush in Saudi Arabia
| Factor | Details | The expert further emphasized that “the current global economic climate has made silver a preferred choice for those looking to diversify their investment portfolios.” This trend is not unique to Saudi Arabia but is part of a broader global movement towards precious metals as a safeguard against economic instability. As the demand for silver continues to rise, it remains to be seen how this will impact its price and availability in the Saudi market. For now, the metal’s allure as a stable and versatile investment shows no signs of waning. for more insights into the latest trends in Saudi Arabia’s financial and investment landscape, explore the services provided by STC Bank and how it distinguishes itself from other major banks in the region. Stay informed and make strategic investment decisions by keeping an eye on emerging trends like the silver rush. Whether you’re a seasoned investor or just starting, understanding the dynamics of the precious metals market can help you navigate these uncertain times with confidence.Saudi Arabia is making headlines with a series of significant announcements across various sectors, from technology to transportation and beyond. These developments are set to impact daily life, consumer choices, and national infrastructure in meaningful ways. Let’s dive into the details. Jarir Bookstore, a leading retailer in Saudi Arabia, has announced a significant reduction on the Samsung Galaxy S24 FE mobile phone. this limited-time offer includes a free gift and is available for only 10 days. The promotion is expected to attract tech enthusiasts and shoppers looking for high-quality devices at discounted prices. For more details, visit the official announcement. In a move to enhance road safety, Saudi Arabia is preparing to replace its traffic signal system with a new, more secure traffic system. This innovative approach aims to eliminate violations and streamline traffic flow, ensuring a safer driving experience for all. The initiative reflects the Kingdom’s commitment to modernizing its infrastructure. Learn more about this groundbreaking change here. The Kingdom has also unveiled updates to the salaries of military personnel, effective after the 2025 bonuses. This adjustment is part of ongoing efforts to support and incentivize those serving in the armed forces. The new salary structure underscores Saudi Arabia’s dedication to its military community.For further insights, check out the full report. In a surprising move, Saudi Airlines has announced it will prevent the provision of specific types of drinks on its flights to all destinations. This decision is likely aimed at improving passenger experience and aligning with broader health and safety standards. Travelers are advised to stay informed about the changes before their next trip. More information is available here. To summarize these developments, here’s a quick overview: | Topic | Details | Link | These updates highlight Saudi Arabia’s dynamic approach to innovation, safety, and consumer satisfaction. Whether you’re a tech enthusiast,a frequent traveler,or a concerned citizen,these changes are worth keeping an eye on. Stay tuned for more developments as they unfold. Editor: Let’s start with the recent news about the Samsung Galaxy S24 FE. can you tell us more about the discounts offered by Jarir Bookstore? Guest: Absolutely! Jarir Bookstore has announced a significant price reduction on the Samsung Galaxy S24 FE,a device highly sought after by tech enthusiasts. This limited-time offer includes a free gift and is available for only 10 days. It’s a fantastic possibility for shoppers to get their hands on a high-quality smartphone at a discounted price. You can find more details about this promotion here. Editor: Saudi Arabia is also making strides in road safety with a new traffic system. What can you tell us about this initiative? Guest: The Kingdom is introducing an advanced traffic system to replace the current traffic signals. This new system is designed to enhance road safety, eliminate violations, and streamline traffic flow. It’s a significant step toward modernizing Saudi Arabia’s infrastructure and ensuring a safer driving experience for everyone. For more information on this groundbreaking change, you can visit this link. Editor: There’s also been an update regarding military salaries. What’s the story behind this? Guest: Saudi Arabia has unveiled updates to the salary structure for military personnel, which will take effect after the 2025 bonuses. This adjustment is part of the Kingdom’s ongoing efforts to support and incentivize those serving in the armed forces. It reflects Saudi Arabia’s dedication to its military community. Detailed insights into this new salary structure are available here. Editor: Lastly, Saudi Airlines has made headlines with a ban on certain drinks.Can you elaborate on this decision? Guest: Yes, Saudi Airlines has announced that it will no longer provide specific types of drinks on its flights to all destinations. This decision is likely aimed at improving passenger experience and aligning with broader health and safety standards. Travelers are advised to stay informed about these changes before their next trip. More details can be found here. Editor: Thank you for these insights. It’s clear that Saudi Arabia is making significant strides across various sectors, from technology to transportation and beyond. Guest: Absolutely! These updates highlight the Kingdom’s dynamic approach to innovation, safety, and consumer satisfaction. Whether you’re a tech enthusiast, frequent traveler, or concerned citizen, these changes are worth keeping an eye on. Stay tuned for more developments as they unfold.
|—————————|—————————————————————————–|
| Economic Uncertainty | Investors seek silver as a safe-haven asset during market volatility. |
| Affordability | Silver is more accessible than gold, attracting a wider range of buyers. |
| Industrial Demand | Silver’s use in various industries boosts its value and appeal. |
| Cultural Significance | Silver’s role in traditional jewelry and collectibles enhances its demand. | Jarir Offers major Discounts on Samsung Galaxy S24 FE with Free Gift
Saudi Arabia to Replace Traffic Signal System with Advanced Alternative
New Military Salary Structure Post-2025 Bonuses
Saudi Airlines Bans Certain Drinks on Flights
Key Updates at a Glance
|——————————-|—————————————————————————–|————————————————————————–|
| Samsung Galaxy S24 FE Discount | Significant price reduction with a free gift for 10 days | Learn More |
| New Traffic System | Replacement of traffic signals with a safer, violation-free system | Read More |
| Military Salaries | Updated salary structure post-2025 bonuses | Details Here |
| Saudi Airlines Drink Ban | Prohibition of certain drinks on all flights | Find Out More |Latest Updates in Saudi Arabia: A Complete Overview
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