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BANKING

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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Six banks pitched for Aramco IPO
February 21, 2017

Saudi Aramco has received proposals from at least six banks for an advisory role on the firm›s planned initial public offering on the Saudi stock exchange, sources familiar with the process told Reuters on Tuesday.

Saudi authorities are planning to list up to five percent of the world›s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more"...

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Creditors of Saudi steel giant agree to $1.7bn debt deal
February 21, 2017

Creditors of Saudi Arabia's Al Ittefaq Steel Products, the country's largest private sector steel manufacturer, have provisionally agreed to a 6.2 billion riyals ($1.7 billion) debt restructuring, banking sources told Reuters on Tuesday.

The terms of the deal have still not been finalised but banks have reached an agreement in principle to give the company a two year window in which it would"...

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Nashar starts work as first female CEO of Saudi commercial bank
February 20, 2017

Samba Financial Group has named Rania Nashar as chief executive, the first female CEO of a listed Saudi commercial bank in line with the government’s economic and social reforms.

Nashar is a board member of Samba’s global markets subsidiary and a Pakistani unit, and has nearly 20 years of experience in banking.

The"...

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Omani Rials still changeable in Saudi Arabia
February 19, 2017

Omani Rials can be exchanged in Saudi Arabian money exchange houses, affirms the Saudi Arabian Monetary Authority (SAMA).

A video circulating on social media shows an Omani trying to exchange a OMR 50 bill. But the agent refused to exchange the money saying that they don’t accept the currency.

SAMA said that they did not issue directives to stop exchanging Omani Rials, according to Saudi publication Okaz. A rumor was spread among the exchange houses in Saudi Arabia, regarding a 0.5 percent customs tax on Omani Rial...

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Saudi Citizen’s Account scheme: These six categories to get priority
February 18, 2017

Six categories qualified for the Saudi Citizen’s Account scheme will receive priority over others in receiving the social cash allowances first, an official said.

According to the Supervisor of Saudi Citizen’s Account scheme Eng. Majed al-Osaimi, those categories are the elderly, divorced woman, widows, orphans, those unable to work and those with special needs.

“Those are the first category automatically registered ahead of launching ...

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World Bank chief visits oil-rich Saudi Arabia
February 15, 2017

Riyadh received support for a new economic vision from the World Bank, the government said as representatives met on the sidelines with OPEC.

Saudi King Salman bin Abdulaziz al-Saud hosted World Bank President Jim Yong Kim to discuss broader economic cooperation.

'Kim praised"...

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KSA, World Bank to cooperate in Yemen’s reconstruction
February 14, 2017

Custodian of the Two Holy Mosques King Salman received Jim Yong Kim, president of the World Bank, at Al-Yamama Palace in Riyadh on Tuesday. During the meeting, they discussed aspects of cooperation between the Kingdom and the World Bank Group.

Kim praised the Kingdom’s Vision 2030, and expressed the Bank’s desire to participate in achieving the Vision’s objectives. The audience"...

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How Saudi Arabia Fixed Its Cash Crunch
February 12, 2017

In an interview in Davos last month, Saudi Arabia’s central bank governor, Ahmed Alkholifey, announced that the cash crunch that squeezed commercial lenders last year is over.

He’s correct. Total deposits in the banking system showed an improvement from mid-2016, rising to 0.8 percent year-on-year in December compared with a year earlier. The Saudi Arabian Monetary Authority has done its job by intervening twice in 2016. And in February 2016 it increased the loan-to-deposit ratio from 85 percent to 90"......

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3 banks get nod to open branches in Saudi Arabia
February 11, 2017

The central bank has given permissions to three commercial banks to operate in Saudi Arabia, the biggest destination of Bangladeshi migrants, to help workers send their money home easily through the banking channel.

The Saudi government recently agreed to allow Bangladeshi banks to open branches there, in response to Prime Minister Sheikh Hasina's request during her visit to the gulf country"...

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