Jiad Modern Motors named distributor of MG Motor in Kingdom

MG Motor’s Managing Director for MENA Tom Lee and Mohamed Yousuf Naghi, chairman of Mohammed Yousuf Naghi Group, attend the signing ceremony.
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Updated 20 September 2023
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Jiad Modern Motors named distributor of MG Motor in Kingdom

MG Motor has announced the appointment of Jiad Modern Motors — a Mohamed Yousuf Naghi Company — as the brand’s new distributor in Saudi Arabia. Effective immediately, the appointment is in line with the British-born brand’s regional retail network expansion strategy, as it seeks to make its range of highly popular cars accessible to as many customers as possible.

The announcement was marked by an official agreement signing ceremony at Mohamed Yousuf Naghi headquarters, attended by MG Motor’s Managing Director for the Middle East and North Africa Tom Lee and Mohamed Yousuf Naghi, chairman of Mohamed Yousuf Naghi Group, and other senior executives. 

This new partnership comes ahead of the brand’s upcoming centenary, and as the brand is already established as a leading player in Saudi Arabia and across the Middle East. More customers than ever before purchased MG cars in 2022, helping the brand to break into the GCC’s top six car manufacturers for the first time in 2022. 

Jiad Modern Motors will launch showrooms in Jeddah, Riyadh and Dammam soon, with further facilities planned by the end of 2023, totaling six facilities. At the heart of this partnership lies an unwavering commitment to enhance the MG ownership journey through network expansion plans and by providing a comprehensive suite of high-quality after-sales services. 

All valid warranties for MG cars already on the country’s roads will be unaffected by the change to a new retail partner. 

“As MG Motor approaches its 100th year anniversary, Mohamed Yousuf Naghi is the ideal partner to reinforce our strong position in the Kingdom,” Lee said. “They are at the top of their game, with long-standing experience in the automotive sector, and they have the resources to take MG Motor to the next level. As one of our key global markets, Saudi Arabia’s highly competitive automotive market means that customers rightly expect only the highest standards of service, and together with our new partner we look forward to working to enhance these standards for our customers.”

Chairman Mohamed Yousuf Naghi said: “This partnership resonates with our unrelenting dedication to excellence in the Saudi automotive industry. Teaming up with MG Motor not only reaffirms our commitment to bringing the best vehicles to the Saudi automotive market, but also signifies our determination to set new benchmarks in customer satisfaction.”

Car buyers in Saudi Arabia will have access to the full range of best-selling models available in the Middle East, including MG RX5, MG ONE and MG GT, along with exciting additions from the brand’s electric vehicle lineup — the new MG HS PHEV and MG ZS EV. All these vehicles are backed up with a manufacturer warranty of six years or 200,000 km, and eight years or 200,000 km for the battery packs on electric models, providing ultimate peace of mind.

The appointment of Jiad Modern Motors will allow MG to further strengthen its presence in Saudi Arabia, where the brand has achieved strong recent growth. In 2022, the brand recorded an outstanding performance in sales, spearheaded by its best-sellers in the Kingdom, the MG ZS and MG 5. 

This partnership is set to reshape the Saudi automotive sector, combining MG’s stellar reputation as one of the Kingdom’s favorite car brands with the unmatched expertise and legacy of the Mohamed Yousuf Naghi Company.


Ahead of its centenary, SAB posts SR8.5bn net profit

Updated 09 February 2026
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Ahead of its centenary, SAB posts SR8.5bn net profit

Lubna S. Olayan, chair of the board of directors of the Saudi Awwal Bank, has announced the bank’s financial results for the year ending Dec. 31, 2025, marking a year of strong financial performance as SAB prepares to celebrate its centenary in 2026.
For the year ending Dec. 31, 2025, SAB demonstrated strong financial performance, recording a net profit after Zakat and income tax of SR8.5 billion ($2.2 billion), an increase of 5 percent compared to 2024. The total operating income rose by 5 percent year on year to SR14.7 billion, reflecting sustained business momentum and disciplined execution of the bank’s strategy.
The net loans and advances reached SR299 billion, up 15 percent year on year, while customer deposits grew to SR323 billion, an increase of 21 percent year on year, which underscored the strength of SAB’s franchise and funding position. The total equity increased to SR79 billion, highlighting the bank’s strong capital base, prudent balance sheet management, and sustained profitability.
Olayan said: “2025 was a year of strong financial performance and disciplined execution. Our consistent delivery reflects the strength of our business model, our focus on operational efficiency, and our commitment to creating long-term value for all stakeholders. Our revenues continue to grow despite lower benchmark rates demonstrating the impact of our strategy.”
During the year, SAB continued to deliver faster-than-market growth, with loans expanding by 15 percent. Growth remained well balanced across retail and wholesale banking, supporting priority sectors aligned with the Kingdom’s Vision 2030 transformation. Operational efficiency initiatives and disciplined cost management, together with strong asset quality, contributed to a return on tangible equity of 14.5 percent.
Sustainability remained a core strategic priority. SAB exceeded its sustainable finance ambition, growing its sustainable finance portfolio to SR45 billion. SAB also issued two green-labelled bonds totaling $1.9 billion, which strengthened its capital base, and launched the first green mortgage in Saudi Arabia. The bank’s progress was reflected in improved ESG ratings, including an upgrade by MSCI to “A.”
Olayan added: “As we prepare to enter SAB’s second century, we are well positioned to support the Kingdom’s Vision 2030 ambitions and to build on our unique legacy as Saudi Arabia’s first bank. Our diversified business model, strong capital position, and disciplined execution underpin our ability to navigate evolving market conditions and continue delivering sustainable growth.”
In 2025, SAB’s performance and leadership were recognized through multiple regional and international awards, including Best Bank in Saudi Arabia, Best ESG Bank in Saudi Arabia, Best Digital Bank, Best Corporate Bank, and Best Private Bank, reflecting the bank’s continued focus on financial performance, sustainability, innovation, digital capabilities, customer satisfaction, and corporate governance.
“On behalf of the board, I would like to thank our customers for their continued trust, our employees and management for their commitment and dedication, and our regulators and strategic partner HSBC, for their ongoing support, which enable SAB to continue delivering this strong and sustainable performance,” Olayan said.