STC Group Launches Tali Ventures for Tech Investments, Saudi Money Supply Surges 10%

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Main Points

  1. Saudi Arabia’s money supply increased by 10% in January, reaching SR2.72 trillion ($726 billion), driven by a surge in banks’ term and savings accounts, as well as investments from government-related entities.
  2. Saudi National Bank held the largest share of net income at 29%, equivalent to SR20 billion, as the net income of listed Saudi banks surged by 12% annually in 2023, reaching SR69.96 billion.
  3. The Saudi stc group launched Tali Ventures to focus on investing in emerging technologies, emphasizing the company’s dedication to technological advancements and innovation within the region.
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