MUMBAI: India’s biggest private sector lender ICICI Bank Ltd. posted its highest ever quarterly profit, while state-owned Punjab National Bank disappointed investors with lower profits, sending its shares down more than 7 percent.
The results highlight the contrasting performance of state and private sector lenders in India. During tough spells in the economy, loans made by state-run banks, which account for 70 percent of the market but whose lending decisions are not always driven by purely commercial factors, are more likely to fall into default.
Many government-owned lenders are exposed to the beleaguered state electricity boards, troubled power and infrastructure projects, and debt-laden firms such as Kingfisher Airlines, Air India and Deccan Chronicle.
ICICI posted a forecast-beating net profit for the July-September quarter of 19.56 billion rupees ($ 364.4 million), compared with 15.03 billion rupees a year ago.
By contrast, PNB’s net profit fell 11.5 percent in the same quarter, with bad loans as a percentage of total assets rising to 2.69 percent, from 0.84 percent a year ago.
“It is difficult to say whether the worst is over,” said K. R. Kamath, chairman of Punjab National Bank (PNB), India’s second largest government-owned lender by assets.
“It is a reflection of what is happening in the economy. It all depends how the economy behaves in the next 3-6 months,” he said.
Bad loans at Indian Overseas Bank, a smaller state-run lender, rose to 2.25 percent from 1.21 percent a year ago, it said on Friday, sending its shares down over 8 percent.
India is battling high inflation, a yawning fiscal deficit and flagging growth amid political paralysis. Ratings agency Standard & Poor’s has said the country faces a one-in-three chance of a downgrade over the next 24 months.
Infrastructure and power projects mired in land acquisition hurdles and corruption scandals have already started to pinch banks, which are either restructuring loans to these projects or classifying them as bad. Most private sector banks have stayed away from project financing.
“In general, private sector banks have a larger proportion of retail assets. Retail assets, in terms of quality, have been stable and their performance has been good,” ICICI chief executive Chanda Kochhar said in a post-earnings call.
The ratio of bad loans at ICICI dropped to 0.78 percent in the September quarter compared with 0.93 percent a year ago.
ICICI aims to grow its domestic loan book by around a fifth in the fiscal year ending March 2013, led by consumer loans and working capital, and will be particularly cautious in unsecured retail lending and project finance.
Its net interest income — the difference between interest earned and interest paid out — rose 35 percent to 33.71 billion rupees.
Analysts had on average estimated ICICI to make net profit of 18.8 billion rupees, according to Thomson Reuters I/B/E/S.
Smaller private lenders HDFC Bank Ltd, Axis Bank Ltd. and Yes Bank Ltd. all recently reported strong quarterly profit growth.
ICICI shares have risen nearly 60 percent this year, outpacing 45 percent growth in overall bank stocks and the broader Indian market’s 23.4 percent gain. Its current market value is close to $ 23.3 billion.
State banks including PNB and Indian Overseas Bank have lagged the broader market and their private peers. They have risen nearly 3 and 9 percent respectively this year.
ICICI Bank posts record profit, state banks disappoint
ICICI Bank posts record profit, state banks disappoint
Plant-based diets transform Saudi agriculture and fuel Vision 2030
RIYADH: A green revolution is taking root in Saudi Arabia as plant-based diets gain popularity, reshaping the Kingdom’s agricultural landscape and creating new opportunities for local farmers.
This growing shift toward plant-based living not only reflects global dietary trends but also represents a strategic step toward economic diversification and environmental sustainability — key pillars of Saudi Arabia’s Vision 2030 initiative.
The agricultural sector has shown impressive growth, with the Kingdom’s agricultural gross domestic product reaching a record SR114 billion ($30.3 billion) in 2024, according to PwC.
Despite this progress, Saudi Arabia remains a net importer of both food and animal feed, highlighting ongoing challenges in achieving national food security.
Experts say the solution lies in innovation. Phil Webster, partner at consulting firm Arthur D. Little and head of its consumer goods, retail, and agriculture division, emphasized the potential of alternative crops and supporting technologies. According to him, the greatest opportunity in agriculture lies in embracing innovation — from alternative crops to smart technologies — to meet rising demand, reduce costs, and enhance food sovereignty.
As plant-based trends continue to flourish, Saudi Arabia’s evolving agricultural strategy may well position the Kingdom as a regional leader in sustainable food production.
“Plant-based diets are often inherently more sustainable — production of meat and dairy for example is one of the most land and water intensive activities on the planet, as well as a major contributor to global warming due to land use change and methane emissions from ruminant animals,” Webster told Arab News.
He added that plant-based diets necessitate consumers to seek non-meat protein alternatives, creating opportunities to focus more on conventional high-protein crops such as chickpeas, lentils, and quinoa, which naturally exhibit greater tolerance to drought and salinity compared to many other arable crops.
The ADL partner noted that crops such as lentils can play a key role in improving meat alternatives, including products like lentil burgers, with ongoing efforts aimed at increasing their resilience to harsh environmental conditions.
Webster also pointed to the growing momentum behind vertical farming, which is attracting more than $1 billion in annual venture capital investment. This method supports year-round, high-quality food production in compact urban environments by utilizing advanced lighting, irrigation, and automation technologies — enabling crops to be grown virtually anywhere with minimal risk of pests and diseases.
He said: “Finally, a rise in ‘lab grown meat’ has seen a temporary boom in investment, but then a subsequent decline due to the costs of production and also consumer appetite when it comes to taste and mouthfeel of unfamiliar products.”
According to consultancy firm Strategy& Middle East, businesses across Saudi Arabia’s agricultural sector are increasingly adopting integrated, technology-driven supply chain models to meet the growing demand for plant-based and locally sourced products.
Roger Rabbat, partner at Strategy&, highlighted that major agribusinesses such as NADEC are leading this shift by implementing controlled-environment farming in partnership with Pure Harvest. This approach enables the year-round production of pesticide-free, locally grown vegetables, enhancing both food quality and supply chain resilience.
“Startups have also been active to adapt to these trends as well, with companies like Red Sea Farms collaborating with Saudia Airlines to supply sustainable food to customers by levering RSF’s innovative solutions around irrigation and greenhouse technology,” Rabbat told Arab News.
Supply chain
Providing sustainable, locally sourced food not only strengthens national food security but also supports public health initiatives — including biofortification, which enhances the nutritional value of food without requiring major changes to traditional eating habits.
Patrick Wall, a medical doctor, veterinarian, and professor of public health at University College Dublin, noted that Saudi poultry producers, in collaboration with King Abdulaziz University, are exploring the use of algal oil in animal feed as a way to address nutrient deficiencies and improve overall public health outcomes.
“Microalgae are tiny aquatic organisms that, while not technically classified as plants, are photosynthetic and can be sustainably cultivated for use in both animal feed and dietary supplements,” Wall, who is also a former chair of the European Food Safety Authority, told Arab News.
Wall emphasized that fortifying poultry with Omega-3 DHA could play a significant role in combating heart disease and diabetes in Saudi Arabia, which ranks among the world’s largest poultry consumers.
He explained that the human body cannot produce sufficient Omega-3 fatty acids on its own, making dietary intake essential. However, fish — a primary source of Omega-3s — is often avoided by many Saudis, particularly younger generations, leading to nutritional gaps that enriched poultry could help address.
“Tanmiah and Arabian Farms are the first companies in the region to produce DHA (Docosahexaenoic Acid) enriched poultry and eggs and they helped King Abdulaziz University to deliver this research. They are showing that the private sector is ready to engage in food innovation that benefits both public health and business growth,” Wall said.
Rabbat, from Strategy&, noted that the record agricultural GDP achieved by the Kingdom in 2024 is being driven by ecosystem-wide innovation, supported by the introduction of new products and technologies such as precision irrigation and vertical farming.
“SADAFCO has launched Saudia Oat Milk, the Kingdom’s first locally produced oat based milk, to meet the rising demand for plant-based alternatives. Mishkat Agritech, based in Jeddah, leverages hydroponic greenhouse and vertical farming techniques to reduce water usage by up to 90 percent compared to traditional agriculture,” he said.
The Strategy& Middle East partner added: “These innovations directly support Vision 2030 by advancing food security, reducing import dependence, enabling sustainable resource use, and fostering a resilient, tech-driven economy.”
Food system innovation
There is no doubt that Vision 2030 places strong emphasis on building a vibrant society, enhancing quality of life, diversifying the economy, and empowering the private sector in Saudi Arabia.
In the agri-food sector, this vision translates into prioritizing public health and nutrition, developing consumer-friendly products, strengthening food security, and advancing sustainable food production.
From the perspective of Arthur D. Little, innovation in sustainable food systems is a cornerstone of this national transformation. One particularly promising area is the use of functional ingredients to boost the nutritional profile of everyday foods.
Webster highlighted that Saudi scientists are working to reduce the country’s dependence on imported animal feed by cultivating microalgae locally. Researchers at King Abdullah University of Science and Technology are leading efforts to develop seawater-adapted microalgae strains and are investigating the potential for algae farming on the salt flats along the Arabian Gulf.
Projects like TOPIAN, part of NEOM Food Co., are showcasing how advanced, climate-resilient infrastructure can bolster local food production.
TOPIAN recently inaugurated its first controlled-environment glasshouses, engineered to grow fruits and vegetables year-round. These facilities also serve as testing grounds for evaluating the viability of various crops across different production systems.
“Cooling efficiency, radiation control, solar integration, and water conservation are among the key innovations being explored to enable consistent domestic supply of crops such as lettuce, tomatoes, and strawberries,” Webster said.
The ADL partner acknowledged that while the full impact of these innovations on national food system productivity is still emerging, their long-term potential is substantial.
From Strategy&’s perspective, Rabbat emphasized that the growing “plant-based prosperity” trend is steering Saudi agriculture toward sustainable, technology-driven models designed to address water scarcity, climate challenges, and increasing consumer demand.
State-led startup momentum poised for sustainable growth under Vision 2030
RIYADH: Amid a record-breaking surge in venture funding and a wave of regulatory reforms, Saudi Arabia is drawing global attention for its ambitious push to build a vibrant startup economy.
The Kingdom’s entrepreneurial landscape is being reshaped thanks to the work of Saudi Venture Capital, a subsidiary of the National Development Fund, and incubation support from the Small and Medium Enterprises General Authority, known as Monsha’at.
With government capital underwriting much of the early momentum, the challenge now lies in translating that support into private-sector-driven sustainability, with some market observers cautioning against confusing rapid growth with long-term sustainability.
“The long-term sustainability of this support will depend on continued private-sector participation and market-driven investment flows,” Philip Bahoshy, CEO of MAGNiTT, told Arab News in an interview.
He accepted that sovereign-led investment vehicles have played a foundational part in catalyzing early-stage innovation, saying: “Saudi initiatives like SVC and Monsha’at have played a critical role in expanding access to capital, fostering entrepreneurship, and developing the broader startup ecosystem.”
Bahoshy cited SVC’s strategy of acting as a fund-of-funds as a key mechanism for increasing market liquidity, alongside new instruments such as venture debt and private equity.
These tools are designed not only to finance startups but to build institutional depth across the capital stack.
Beyond financial capital, the initiatives have emphasized ecosystem development through mentorship and education.
“Another key pillar is their focus on education — whether they be in-person events or the content they share through sponsorships like MAGNiTT — to educate the market,” Bahoshy added.
Monsha’at, he added, has expanded its support through physical incubators and SME-focused regulatory facilitation, helping reduce barriers for company formation and early operations.
Capital drives diversification
For Said Murad, senior partner at Global Ventures, these efforts are not just supportive — they are catalytic.
“SVC has invested in 54 private capital funds that invested in over 800 startups and SMEs via $3 billion in AUM (assets under management). This has resulted in entrepreneurship growth and economic diversification,” the venture capitalist told Arab News in an interview.
Murad added that this flow of capital has had knock-on effects beyond startups, helping to “drive jobs and economic growth” across sectors and enabling venture firms like his to back “emerging technologies across platforms built by exceptional founders.”
In assessing sustainability, the venture community is looking for more than just headline investment totals.
Bahoshy pointed to a broadening of sector focus as a positive indicator. “Indicators of sustainable growth include diversified sector investment, rising follow-on funding rounds, and an increasing number of successful exits,” he said.
MAGNiTT’s recent report with the National Technology Development Program, he noted, shows Saudi Arabia outperforming the wider Middle East and North Africa region on follow-on investment metrics — evidence of startups moving successfully through the funding pipeline.
Murad emphasized deal activity and capital market maturation. “Achieving a record number of deals in 2024 (178), which was 31 percent of MENA’s total deal number, reflects positively on activity,” he said.
He also cited the growing pipeline of exits and public listings, saying: “More than 50 IPO applications are currently under review by the regulator and the exchange, showing further momentum in the Saudi market.”
The increase in mergers and acquisitions transactions — up 17.4 percent year on year — suggests the market is entering a phase of consolidation and liquidity, which is critical for long-term investor confidence, he stated.
Still, the pace and scale of state-backed capital injections have prompted some caution.
“Concerns about government-driven funding inflating valuations remain,” Bahoshy warned.
He stressed the need to monitor startup profitability, organic market demand, and the inflow of non-government capital to guard against artificial inflation.
In his view, sustainable ecosystems are those where “startups demonstrate strong unit economics” and attract both domestic and international private capital.
Murad agreed that macroeconomic indicators must be matched with real operational progress.
“From an investor’s perspective, distinguishing between real market development and an overheated ecosystem requires a mix of macroeconomic signals and sector-specific insight,” he said.
Those metrics include gross domestic product growth, employment contribution, and non-oil revenue gains.
At a sectoral level, fintech remains a bellwether. “In fintech, for example, sustained growth in digital payment adoption, rising financial inclusion, and tangible collaboration between fintech and incumbent banks signal structural integration rather than hype,” Murad explained.
On the structural side, Saudi startups face a different set of challenges as they scale regionally and globally.
While local capital and infrastructure offer a strong base, market fragmentation across the MENA region presents real operational hurdles.
“Key challenges include regulatory differences, talent mobility constraints, and fragmented market demand,” Bahoshy said.
In particular, sectors such as fintech and health tech often require jurisdiction-specific compliance, which can stretch the resources of scaling companies.
Murad underscored the importance of localization and talent strategy in overcoming those barriers.
“Startups operating in sectors such as fintech or health tech may find it particularly difficult to navigate differing compliance standards and approval timelines,” he said, adding that hiring local talent is often critical.
“Our portfolio company Rabbit, a hyperlocal e-commerce platform, has made the recruitment of local employees a key part of its Saudi market entry strategy,” said Murad.
Despite these headwinds, both Bahoshy and Murad see a strategic shift toward long-term market integration.
“Saudi startups are increasingly positioning themselves as regional leaders within MENA,” Bahoshy said, with many expanding into the UAE, Egypt, and other Gulf Cooperation Council markets.
Murad added that founders are building their businesses “with scalability in mind,” and are “leveraging the Kingdom’s strong capital base, infrastructure, and Vision 2030 momentum to compete across borders.”
Next growth phase
Ultimately, the next phase for Saudi Arabia’s startup ecosystem will depend on how effectively it balances public ambition with private execution.
While Vision 2030 provides a powerful narrative and institutional backing, sustained impact will be measured by market maturity, depth of innovation, and the ability of startups to solve real problems across borders and sectors.
As Saudi Arabia’s startup ecosystem transitions from state-backed momentum to market maturity, investors and policymakers are shifting their focus from funding volume to long-term value creation.
This next phase will test whether startups can scale beyond subsidized growth and become embedded drivers of innovation across sectors and borders.
“What often matters most is on-the-ground visibility: how embedded startups are in daily life, how their products are solving real problems, and how much institutional trust they’ve earned,” said Murad.
That visibility — whether in finance, healthcare, or logistics — is increasingly seen as a litmus test for lasting impact.
Startups that succeed in the Kingdom are now expected to meet regulatory standards, address market needs, and contribute to non-oil GDP.
Murad pointed to the fintech sector, where startups are not only attracting investment but also becoming integral to the financial system through collaboration with banks and the adoption of digital infrastructure.
He noted that alignment with national priorities, like those in the Financial Sector Development Programme, helps reinforce sector-wide progress.
Regional expansion remains an important strategic goal, but the road to cross-border growth is uneven.
Bahoshy pointed out that as Saudi startups expand into nearby markets, they encounter challenges such as varying regulations, limited movement of skilled talent, and inconsistent consumer demand across the region.
To mitigate these challenges, firms are increasingly investing in local knowledge and partnerships rather than applying one-size-fits-all models.
Oil Updates — prices soar more than 9% after Israel strikes Iran, rattling investors
SINGAPORE: Oil prices surged more than 9 percent on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies.
Brent crude futures jumped $6.29, or 9.07 percent, to $75.65 a barrel by 06:15 a.m. Saudi time after hitting an intraday high of $78.50, the highest since Jan. 27. US West Texas Intermediate crude was up $6.43, or 9.45 percent, at $74.47 a barrel after hitting a high of $77.62, the loftiest since Jan. 21.
Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike.
Israel said it targeted Iran’s nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon.
“This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions,” ING analysts led by Warren Patterson said in a note.
Several oil traders in Singapore said it was still too early to say if the strike will affect Middle East oil shipments as it will depend on how Iran retaliates and if the US will intervene.
“It’s too early to tell but I think the market is worried about shutting off of the Strait of Hormuz,” one of the traders said.
MST Marquee senior energy analyst Saul Kavonic said the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted.
He added that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz, in an extreme scenario.
Iran’s Supreme Leader Ayatollah Ali Khamenei said Israel will receive “harsh punishment” following Friday’s attack that he said killed several military commanders.
US Secretary of State Marco Rubio on Thursday called Israel’s strikes against Iran a “unilateral action” and said Washington was not involved while also urging Tehran not to target US interests or personnel in the region.
“Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil producing nations too,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“Although Trump has shown reluctance to participate, US involvement could further raise concerns.”
In other markets, stocks dived in early Asian trade, led by a selloff in US futures, while investors scurried to safe havens such as gold and the Swiss franc.
Closing Bell: Saudi Arabia’s main index declines to close at 10,840
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Thursday, falling 164.08 points, or 1.49 percent, to end the session at 10,840.94.
Trading turnover on the main index reached SR5.34 billion ($1.42 billion), with only 14 stocks recording gains while 238 declined.
The Kingdom’s parallel market, Nomu, also saw a downturn, losing 425.57 points, or 1.56 percent, to close at 26,798.14. A total of 28 stocks advanced while 63 retreated. The MSCI Tadawul 30 Index slipped 13.42 points, or 0.95 percent, to finish at 1,392.04.
SEDCO Capital REIT Fund emerged as the session’s best performer, with its share price rising 0.88 percent to SR6.85. Fawaz Abdulaziz Alhokair Co. followed with a 0.71 percent gain to SR19.84, while Tihama Advertising and Public Relations Co. rose 0.67 percent to SR15.10.
On the downside, Al-Omran Industrial Trading Co. recorded the steepest loss, falling 9.15 percent to SR26.30. AYYAN Investment Co. dropped 7.35 percent to SR12.60, and Al Taiseer Group Talco Industrial Co. declined 7.26 percent to SR40.85.
On the announcements front, the Saudi National Bank announced plans to issue US dollar-denominated notes under its Euro Medium-Term Note Program.
According to a Tadawul filing, the issuance will be conducted through a special purpose vehicle and will be offered to eligible investors in Saudi Arabia and globally.
The bank has appointed Abu Dhabi Commercial Bank PJSC, DBS Bank Ltd., Emirates NBD Bank P.J.S.C., Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank psc, and Mizuho International plc as joint lead managers and book-runners.
SNB Capital Co., SMBC Bank International plc, and Standard Chartered were also mandated. The proceeds from the offering will be used to enhance Tier 2 capital, support general corporate purposes, and advance SNB’s strategic goals.
Final terms of the issuance will be determined based on market conditions. SNB shares edged up 0.14 percent to close at SR34.70.
Meanwhile, Yaqeen Capital Co. announced it has deposited proceeds from the sale of fractional shares following a recent capital increase. A total of 308 shares were sold, generating SR3,451.76, with an average price of SR11.23 per share. The proceeds have been distributed to eligible shareholders via their investment-linked accounts.
Saudi-UK ties deepen as 400+ leaders boost investment partnerships in London
JEDDAH: Saudi-UK business ties are set to grow as more than 400 leaders from various sectors gathered in London to explore cross-border investment opportunities and strengthen economic partnerships.
Minister of Investment Khalid Al-Falih led the Kingdom’s delegation at the UK-Saudi Investment and Partnership Summit held on June 11 at Mansion House in London’s financial district.
The Kingdom and the UK are strengthening economic ties, with bilateral trade hitting $21.6 billion in 2023 and a shared target of $37.5 billion by 2030, driven by the UK-GCC Free Trade Agreement negotiations and the UK’s GREAT Futures campaign.
Investment flows remain strong, with Saudi Arabia investing over $21 billion in the UK since 2017, including $3.5 billion in the northeast, while UK foreign direct investment in the Kingdom reached $13 billion by 2023.
Organized by the UK-British Joint Business Council and hosted by the City of London Corp., the summit was supported by the Saudi Ministry of Investment and the UK Department for Business and Trade, the Saudi Press Agency reported.
According to Al-Falih, the Kingdom and the UK share a bold vision for global leadership and a longstanding legacy of international trade.
“More than 30,000 UK British professionals reside in Saudi Arabia, and British investment in the Kingdom exceeds £14 billion, reflecting the bright future of the partnership between the two countries,” the minister said in a post on his X handle.
Al-Falih delivered the keynote speech, highlighting investment opportunities in infrastructure, financial services, and the green economy, as over 400 leaders gained insights into evolving markets and emerging investment trends.
The minister also engaged in a high-level ministerial dialogue with UK Investment Minister Baroness Poppy Gustafsson, highlighting the evolution of the strategic relationship and the countries’ shared outlook for the future.
“Today, I met with our UK partners— including Baroness Poppy Gustafsson, minister of investment; His Excellency Ambassador of the UK to Saudi Arabia Neil Crompton; and the Rt Hon. Lord Mayor of London, Alastair King— to discuss enhanced investment cooperation and partnership between our great nations,” Al-Falih said in a post on X.
In a separate post, the Saudi minister said: “At the historic Mansion House in the City of London, I spoke to an elite group of global investors, inviting them to explore the exceptional opportunities offered by Saudi Arabia. I shared insights into our future investment prospects, particularly in mutually prioritized sectors.”
In his speech, the minister discussed progress under the Mansion House Accord — a UK-led initiative to unlock up to £50 billion ($63.5 billion) in domestic investment from pension funds into high-growth sectors.
Panel discussions addressed joint development priorities aligned with Saudi Arabia’s Vision 2030 and the UK’s industrial strategy, Invest 2035 — the UK government’s 10-year plan to provide certainty and stability for investments in high-growth sectors driving national growth.
Key topics included expanding public-private partnerships, mobilizing capital for large-scale infrastructure and real estate projects, supporting venture capital ecosystems, and harnessing frontier technologies such as deep tech, space, and clean innovation.
The Saudi Ministry of Investment noted that the summit agenda was designed to encourage practical dialogue, facilitate cross-border investment flows, and accelerate economic diversification through sustainable, forward-looking partnerships.
The London meetings followed the launch of the UK-Saudi Sustainable Infrastructure Assembly in May, a platform uniting companies, policymakers, and experts from both countries to shape the future of investment in infrastructure.
The assembly is part of the UK government’s “Great Futures” campaign, which promotes bilateral cooperation in trade, investment, tourism, education, and culture. A concluding meeting is planned for the Future Investment Initiative in Riyadh this fall.
New Saudi offices in the UK, including those of the Public Investment Fund subsidiaries, NEOM, and Elm, alongside 52 UK firms establishing regional headquarters in Riyadh, further highlight expanding cross-border engagement.
Both nations also collaborate in areas such as energy, financial services, education, and green technologies. London has become a preferred hub for Saudi capital, with $69.9 billion raised since 2022 — $13.8 billion of which targeted sustainable finance.
