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BANKING

Fintech will radically improve financial health of people in the Gulf, say experts
March 20, 2019

FinTech will radically improve the financial health of the people of the Gulf through access to next-generation banking services, says Mr. Simon Galpin, Managing Director of Bahrain Economic Development Board. He was speaking at Finnovex ME 2019, a one-day conference on financial innovation and excellence, held in Dubai.

“FinTech holds the strongest potential to impact the ME economy"...

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HSBC Saudi Arabia holds investor forum in Riyadh
March 18, 2019

THE annual HSBC Saudi Arabia investor forum was recently held in Riyadh. The forum aims to introduce foreign investors to listed companies in the Saudi Stock Market, by inviting more than 140 investors that represent large global investment companies to attend meetings with more than 35 listed Saudi companies from various sectors of the Saudi Financial Market, such as Banking, Petrochemical Industries, Telecommunications, Cement Industries, Food industry and
"...

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Riyad Bank gets award
March 11, 2019

RIYADH — Riyad Bank Data Center in Dammam was awarded the “Tier III Certification of Constructed Facility” by the American Institute “Up Time”, which is specialized in the evaluation of global database and data centers.

Tier 3 Certification is considered one of the highest recognized awards according to the data center global standards in the areas of operation and sustainability that must comply with the operational sustainability"...

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Saudi Arabia said to mull raising tax on local banks
March 7, 2019

Saudi Arabia is considering plans to increase an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, according to people with knowledge of the matter, as the world’s biggest oil exporter seeks to bolster alternative sources of revenue.

The tax authority is in talks with lenders about raising the religious levy, known as Zakat, potentially bringing"...

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Saudi Arabia ‘has deposited $334m in Jordan’s central bank’
March 4, 2019

DUBAI: Saudi Arabia has deposited $334 million in Jordan's central bank and is working with Kuwait and the UAE for more financial support, Finance Minister Mohammed Al-Jadaan was quoted by broadcaster Al Arabiya as saying.

Saudi Arabia alongside Kuwait and the UAE put together a $2.5 billion package in June to help shore up Jordan's struggling economy.

Jordan's"...

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Al-Arabi Saudi Equity Fund wins ‘Top Performance’ award
February 28, 2019

ANB Invest, the investment arm of Arab National Bank, delivered yet a new achievement when its “Al-Arabi Saudi Equity Fund” landed the “Top Performing Fund” Award for 3 years, presented by Argaam, in recognition of the exceptional performance of the company’s fund, returning a growth of 26.2%.

Speaking on the occasion, Bassam AlMubarak, CEO of ANB Invest, said: “We are proud to bring this coveted award home from among"...

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Stanchart gets Saudi banking license
February 27, 2019

LONDON: Standard Chartered has been licensed to launch banking operations in Saudi Arabia, already one of the best performing markets in the region for the international lender.

Stanchart, as the bank is popularly known, started talks with regulators in the Kingdom to obtain a banking license in 2017. Now those talks have come to fruition.

“After viewing what had been presented by His Excellency the Minister of Finance, the Cabinet"...

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Beijing bank said to be in talks to back $20bn Saudi fund
February 27, 2019

Everbright Bank Co, the Beijing-based lender, is among parties in talks to contribute capital to a joint investment fund being set up by China and Saudi Arabia that’s targeting as much as $20 billion, people with knowledge of the matter said.

China’s state-owned Silk Road Fund is separately discussing participating in the investment vehicle, the people said, asking not to be"...

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MEFTECH to change direction of financial sector: Alkholifey
February 25, 2019

RIYADH — MEFTECH the leading banking, Fintech and payments conference and exhibition was opened by SAMA Governor Dr. Ahmed Abdulkarim Alkholifey at the Four Seasons Hotel here. Presenting the keynote address Ziad Al Yousef, managing director, Saudi Payments, highlighted the importance of the Fintech ecosystem in the Kingdom and digital payment innovation.

The two-day conference and exhibition MEFTECH initiated, in collaboration with mada, the national"...

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Saudi Arabia’s central bank governor ‘does not see more bank mergers’
February 24, 2019

RIYADH: Saudi Arabia’s central bank does not see more bank mergers for the time being beyond those already announced, its governor Ahmed Al-Kholifey said on Sunday.
His comments came after National Commercial Bank, the Kingdom’s biggest lender by assets, and Riyad Bank said in December they had begun preliminary talks to potentially create a combined group with $183 bln in assets.
That move came two months after Saudi British Bank (SABB) and"...

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