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BANKING

Saudi Aramco weighing plan to hire investment banks for share sale
March 26, 2017

Saudi Arabian Oil Co. is weighing a plan to hire investment banks for different stages of its initial public offering, four people with knowledge of the matter said.

The company — known as Saudi Aramco — is talking to banks for a role as financial adviser to review potential listing destinations and prepare the company for the float, the people said, asking not to be identified as the talks are private. Banks that do well in that role will then be considered for subsequent stages including underwriting, the people said....

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Saudi banking outlook revised to stable
March 15, 2017

Moody’s Investors Service has revised its outlook for the Saudi Arabian banking system to stable from negative. The stable outlook reflects high risk-absorption buffers and easing funding pressures, as Saudi banks’ credit profiles are expected to remain broadly stable over the next 12 to 18 months, said Moody’s Investors Service.

“Despite low oil prices, which we expect"...

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Amec Foster Wheeler: Al-Zour, Kuwait Contract Win
March 10, 2017

Amec Foster Wheeler announced today the award of a contract by Petrochemical Industries Company K.S.C. (PIC), a subsidiary of the Kuwait Petroleum Company (KPC), for the integration project between its Olefins III, Aromatics II and ZOR Refinery in the State of Kuwait. The contract covers Front-End Engineering Design (FEED) leading to Project Management Consultancy (PMC) for the project.


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Softbank Will Reportedly Put $8 Billion ARM Stake in Saudi Arabia Fund
March 9, 2017

Japan's SoftBank is to place a roughly $8 billion stake in ARM, the British chip designer it bought last year, into a technology investment fund it has created with Saudi Arabia, the Financial Times reported on Wednesday.

SoftBank (sftby, +0.08%), run by founder Masayoshi Son, bought ARM, Britain's most valuable technology company, for $32 billion last year.

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Arsonists burned bank in Eastern Province of Saudi Arabia
February 25, 2017

Anonymous arsonists burned in the early hours of Saturday a branch of Al Jazira bank in Qatif in the Eastern Province of Saudi Arabia, Al Sharq local online news reported.

The security guard of the bank highlighted to the news portal that he sported the two arsonists fleeing the scene after torching the bank.

The police"...

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