Alinma Bank net profit rises to SR 179 m in Q2

Updated 11 July 2012
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Alinma Bank net profit rises to SR 179 m in Q2

Alinma Bank has announced the achievement of a net profit of SR 179 million during the second quarter of the current year (2012) compared to a net profit of SR 102 million during similar quarter in 2011 and SR 150 million in the first quarter of 2012.
Speaking about the financial results for the period ended June 30, 2012, Abdulmohsen Al-Fares, CEO of Alinma Bank, said that the results of the second quarter of this year showed good growth in the main activities of the bank. The bank's assets increased by 37 percent reaching SR 44.19 billion, compared to SR 32.35 billion for the same period of the previous year and SR 39.87 billion for the first quarter of this year.
Operations net total income for the second quarter of 2012 amounted to SR 484 million, compared to SR 307 million for the same quarter of 2011 with an increase of 58 percent and SR 393 million for the first quarter of 2012.
Likewise, the net profit from main activities during the second quarter of 2012 reached SR 346 million, compared to SR 278 million for the same quarter of previous year with an increase of 24 percent and SR 330 million for the first quarter of 2012. Al-Fares added that financing portfolio on June 30, 2012 amounted to SR 30.03 billion, compared to SR 22.50 billion for the same period of the previous year with an increase of 33 percent and SR 27.61 billion for the first quarter of this year.
Al-Fares also added that customer deposits reached SR 25.96 billion, compared to SR 13.23 billion for the same period of the previous year with an increase of SR 96 percent and SR 21.33 billion for the first quarter of 2012.
Al-Fares concluded that the bank is growing rapidly and offers many products and services for both retail and corporate sectors and that the branch network witnesses significant spread where the bank is offering its services through more than 77 branches for men and women in different regions of the Kingdom.

 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.