Best bank 2025: SAB (Saudi Awwal Bank)
Saudi Awwal Bank (SAB) showed significant strength in its financial performance, digital innovation and social responsibility over the review period.
Net profit climbed to SR8.07 billion ($2.15 billion), a 15% increase on the previous year, while operating income reached SR14 trillion. These figures were supplemented by a 16% return on tangible equity, signalling the efficient use of capital. Lending remained a powerful growth engine: net loans and advances rose 20% to SR259 billion, reflecting SAB’s ambitious growth strategy.
Digital banking was an area of clear leadership. SAB expanded its share of the digital payments market to 17.3% and introduced an AI-powered SAB 360° platform, which offers clients real-time financial insights. A revamped KYC platform cut processing speed by 40%, and early adoption of Samsung Pay reinforced the bank’s reputation for secure, convenient payment solutions.
In line with Vision 2030, SAB broadened access to home ownership by growing its mortgage portfolio to SR35 billion and set new service benchmarks in retail banking.
ESG commitments remained a cornerstone of SAB’s strategy. The bank financed renewable energy projects capable of generating 4.5GW of clean energy – supporting the national objective of sourcing half of Saudi Arabia’s electricity from renewables by 2030. The bank also launched Shariah-compliant ESG products for private banking clients, pairing ethical finance with continued innovation.
Best bank for ESG 2025: SAB (Saudi Awwal Bank)
SAB (Saudi Awwal Bank) embedded environmental, social and governance principles into its long-term vision and day-to-day operations, earning the accolade of Saudi Arabia’s best bank for ESG.
Bank’s ambitious ESG roadmap is one of the pillars of the overarching Corporate Strategy 2026, designed in line with Saudi Vision 2030 and the Saudi Green Initiative. The plan tackles challenges beyond carbon footprint, emphasising the importance of social inclusion and adequate governance. SAB has pledged SR34 billion towards sustainable financing activities by 2025, with funds supporting initiatives such as the Murooj Foundation’s project to plant 900,000 mangrove trees, known for their high carbon sequestration potential.
SAB issued a formal human rights statement and introduced Saudi Arabia’s first board-specific code of conduct, strengthening accountability at the board level. These measures were complemented by an enhanced anti-bribery and corruption policy and the introduction of sector-specific ESG credit guidelines. The new framework integrates climate, environmental and social risk metrics into wholesale underwriting, particularly for higher-risk industries. The approach allows SAB to embed ESG considerations across the bank’s broader risk architecture.
SAB’s policy advances are backed by tangible capital mobilisation. In 2024, SAB was part of a consortium of banks that provided financing for three major solar photovoltaic projects in Saudi Arabia: Ar Rass 2, Saad 2 and Al Kahfah. The total financing secured was approximately SR8.6 billion. The resulting capacity is expected to provide clean electricity to approximately 4 million homes.
Best bank for large corporates 2025: Alrajhi Bank
Alrajhi Bank closed 2024 with a record SR693.4 billion in total loans and financing, marking a 17% year-on-year increase and reinforcing its leadership position in the Saudi banking sector.
A key driver of this growth was its corporate finance portfolio, which saw heightened demand from large enterprises. This reflects the bank’s expanding capacity to underwrite transformational projects that contribute to the diversification and expansion of country’s economic base.
Financial achievements were complemented by an ambitious technology transformation agenda. In 2024 the bank enhanced its real-time cash management platform, offering treasurers visibility over their multi-currency positions, automated reconciliation solutions and a seamless single-click integration with their enterprise resource planning (ERP) systems.
Early adopters have reported significantly faster settlement cycles and substantial reductions in manual error rates. These improvements led to lower working capital costs and improved resilience.
The bank is fully committed to country’s Vision 2030 mandate for a digitally enabled, diversified financial sector. Continued investment in analytics and process automation has enabled Alrajhi Bank to deliver bespoke financing structures for complex corporate needs, while maintaining a strong risk discipline.
Best bank for SMEs 2025: Riyad Bank
Riyad Bank strengthened its place as Saudi Arabia’s leading SME financier. The bank saw double-digit growth in the micro, small and medium enterprises (MSME) loan book, with total assets in this segment rising significantly year-on-year. Strong client confidence translated directly into funding momentum: MSME deposits surged 41%, outpacing the broader market and reinforcing the franchise’s growing appeal among entrepreneurs.
Driving this performance was an ambitious product programme designed around the everyday realities of small businesses. The bank launched an SME credit card with flexible limits and introduced a fleet auto-leasing scheme tailored to cash-flow cycles. It also expanded Kafalah-backed financing, extending government-guaranteed lending to both Saudi- and foreign-owned ventures, thereby widening access to capital across the ecosystem.
A parallel digital transformation further elevated the SME experience. A new platform now allows remote account opening and instant product applications, powered by automated credit engines and API integrations with over 20 public and private databases for real-time KYC and risk scoring. Enhancements to the corporate online suite added personalised dashboards, AI-assisted support and advanced cash management tools, enabling founders to gain near-instant insight into their financial position while significantly reducing processing times.
Complementing these innovations, Riyad Bank has rolled out a dedicated SME call centre, kiosk banking for non-individual establishments and forged strategic partnerships with key ecosystem players such as Monshaat (SME Authority), Mudad (Payroll & Compliance Solutions) and Shwra (Business Advisory).
Best digital bank 2025: SAB (Saudi Awwal Bank)
SAB (Saudi Awwal Bank) continued to lead with digital innovation in 2024, setting a new standard for customer service.
The bank’s strategy is built on four pillars: customer engagement, acquisition and distribution, innovation and servicing. This framework propelled SAB to the forefront of digital maturity in the country.
At the heart of its proposition is the mobile app, widely praised for its intuitive design and depth of functionality, surpassing even global digital-only challengers. SAB 360°, a personal finance platform is now used by 518,000 active users, accounting for a penetration rate of 51.4%. The platform delivers real-time insights, budgeting tools and spending forecast, making personal money management both seamless and intelligent.
The bank’s success in shifting behaviour is equally notable: 90% of routine interactions now occur via digital channels. Onboarding is nearly frictionless, with the new-to-bank credit card approved and activated in as little as eight minutes. Other card offerings take convenience further, enabling customers to convert purchases to instalments or adjust transfer limits instantly within the app.
SAB continues to anticipate customer needs by layering in smart, user-centric features. Quick Access via Face ID allows for secure biometric logins, while a QR-code tool enables instant beneficiary additions. Expanded corridors for real-time transfers, now including M-PESA and Alipay wallets, extend SAB’s reach across global remittance networks.
Every digital advance is rooted in a clear objective: to integrate banking seamlessly into customers’ daily lives.
Best investment bank 2025: HSBC
HSBC takes the award for best investment bank in Saudi Arabia and the Middle East, affirming its longstanding leadership across equity and debt capital markets, advisory and structured finance.
HSBC’s capabilities were particularly visible in Saudi Arabia, where the bank acted as sole global coordinator on four major IPOs in 2024, capturing 57% market share by deal value. “There is no other international bank that can generate 85%–90% of onshore demand in Saudi IPOs,” notes Mohammed Fannouch, co-head of investment banking, HSBC Saudi Arabia. “Our affiliation with Saudi Awwal Bank (SAB), our dedicated local team, and our track record all contribute to making us the highest-demand generator in any syndicate.”
Key mandates included Aramco’s $12.4 billion secondary offering – the tightest discount ever for a Saudi transaction. On each transaction, HSBC combined local insight with international sales strength, including the ability to place stock with global institutions through a research platform that is unrivalled.
HSBC also continues to innovate within the Saudi market – whether pioneering cornerstone investor structures or advising on regulatory adaptations such as settlement reforms and MSCI rebalancing timelines.
HSBC’s role as a financing powerhouse was also evident in the breadth of its loan, export finance and project finance mandates
In 2024, HSBC maintained its number one ranking in MENA debt capital markets, building on a decade of leadership. The bank’s differentiation stems from its holistic setup which includes on-the-ground teams in Saudi Arabia and beyond, dedicated sukuk structuring resources, and an active local transaction management desk.
HSBC also benefits from onshore trading platforms via its SAB affiliate and is the only international bank to cover local currency markets such as SR and Dh across both senior and capital issuances.
Standout transactions included the landmark Kingdom of Saudi Arabia’s SAR-denominated sukuk and bond buyback and a GBP-denominated bond for PIF, the first non-financial Saudi issue in the UK market since 2018.
Other notable deals included Aramco’s return to the sukuk market after a three-year hiatus, which attracted 60% demand from Islamic investors, underscoring HSBC’s strength in tapping new investor pools.
HSBC’s advisory platform continued to deliver in 2024, particularly in strategic M&A. The bank advised on some of the most complex transactions of the year, including Aramco’s $8.9 billion acquisition of a 22.5% stake in Petro Rabigh.
“Clients trust us not just for execution, but for strategic dialogue,” says Fannouch. “We’re often brought in early and stay through the lifecycle of the deal.”
ESG issuance remains a cornerstone of HSBC’s strategy. The bank advised the governments of Saudi Arabia on its green financing framework. It also introduced new ESG-linked formats, including Al Rayan Bank’s Islamic ESG KPI-linked repo – a first for the region.
Underpinning HSBC’s client delivery is a robust regional tech stack and operational infrastructure. The bank continues to invest in digitising trade, settlement and distribution capabilities, reducing latency in IPO bookbuilding and streamlining transaction management across geographies.
As the region’s economic transformation continues, HSBC’s deep-rooted presence and fully integrated platform continue to place it at the centre of the Middle East’s capital market evolution.
Best investment bank for ECM 2025: SNB Capital
SNB Capital is Saudi Arabia’s best investment bank for equity capital markets (ECM), combining deep sector expertise with flawless execution across a series of landmark transactions.
A standout milestone was its role as adviser on the secondary offering of Aramco’s shares, valued at SR42.1 billion, one of the largest ECM transactions globally in the past year.
SNB Capital also executed a SR3.86 billion accelerated bookbuild for Saudi Telecom Company, marking the largest transaction of its kind in both Saudi Arabia and the broader MENA region.
In the media and entertainment sector, the bank supported the landmark IPO of MBC Group, raising SR831 million in the first listing of its kind in the country. It also advised on the SR900 million IPO of Saudi Manpower Solutions Company (SMASCO), the largest ever flotation in the Saudi manpower sector.
Through these achievements, SNB Capital continues to lead the Saudi Arabia’s ECM market, delivering high-impact outcomes across a diverse range of sectors.
