RIYADH: According to Tadawul’s most recent report, the banking industry in Saudi Arabia dominated trade on the Kingdom’s stock exchange in the third quarter of 2024, with a 15.14 percent market share. The industry accounted for over SR67.5 billion ($18 billion) in transactions, more than the materials sector, which held 13.50 percent of the market with SR60.2 billion. With a value exchanged of SR41.07 billion during this time, the energy sector held a 9.12% share.
Aramco dominated the market with SR27.15 billion in deals during this time, while Al Rajhi Bank, the biggest player in the sector, saw the second-highest activity at around SR22.7 billion. Al Rajhi Bank declared in June that foreign ownership of its shares had surpassed SR43 billion, or 13.2 percent of the total, making it a top target for foreign investors in the Saudi banking industry. The importance of the bank is demonstrated by the fact that this investment makes up more than 10% of all foreign investments in Saudi stocks.
With a market value of SR320.4 billion, Al Rajhi Bank is the biggest bank in the Middle East and Africa and is heavily represented in international indices such as MSCI Emerging Markets. Since Vision 2030 was introduced eight years ago, its assets have almost doubled, and its share price has increased by more than 300 percent, demonstrating its robust growth. The bank benefits from previous economic cycles, such as interest rate reductions, and has strong ratings from international financial organisations.
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