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BANKING

Riyad Bank launches ‘Tasheel Program
May 16, 2019

DUBAI — Riyad Bank recently launched 'Tasheel Program' to enable payroll customers to get 25% advance of the net salary. This comes as part of the bank’s efforts to cater to the aspirations of its customers through creating remarkable financing solutions and banking services.



This program is Shariah-compliant especially designed for governmental, semi-governmental"...

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-London Stock Exchange Welcomes Finablr PLC to the Main Market-
May 16, 2019

London Stock Exchange today welcomes Finablr PLC (“Finablr”), a global payments and foreign exchange company, to open London’s markets for trading and to celebrate the listing of the Company’s shares on the Premium Segment of the Main Market of London Stock Exchange.

Finablr is a global platform for Payments and Foreign Exchange solutions underpinned by modern proprietary"...

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Lots of surprises await guests at The Ritz-Carlton, Jeddah
May 14, 2019

JEDDAH — This Ramadan, The Ritz-Carlton, Jeddah has prepared an exquisite selection of delightful culinary experiences to enliven the traditions of Ramadan.

The Ritz-Carlton Grand ballrooms are transformed into ‘Jawharat Al Qasr’ the luxurious Ramadan venue. Blending traditions with grandeur, ‘Jawharat Al Qasr’ features a luxurious setting with an Andalusian flair and the traditional generosity of the Saudi Arabian hospitality."...

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Alawwal bank posts SR219.5 million net profit in Q1
May 8, 2019

RIYADH — Alawwal bank announced its financial result for the first quarter of 2019, reporting net profit of SR 219.5 million. This is down 23.3% versus the same period last year. The lower net profit is driven by higher cost of risk, up by 31.4% vs Q1 2018.

Operating income of SR 899.6 million is higher than Q1 2018 by 4.6%. Alawwal bank continued to focus on maintaining effective"...

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Banks drag Saudi stocks down by most this year ahead of Ramadan
May 6, 2019

Saudi Arabian stocks fell the most since December as investors locked in gains ahead of the holy month of Ramadan, when trading volumes in the kingdom typically decline.

Al Rajhi Bank and National Commercial Bank, which account for about a quarter of the index, were the biggest contributors to the Tadawul All Share Index’s 1.7 percent loss. About 160 stocks retreated as of 12:18 p.m."...

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BlackRock, HSBC launch Saudi investment funds
May 5, 2019

Riyadh — BlackRock and HSBC — prominent asset managers — have launched dedicated Saudi Arabia investment funds, according to the Financial Times.

Larry Fink and John Flint, chief executives of BlackRock and HSBC respectively, attended a financial conference held in Riyadh last month alongside other senior figures including Frédéric Oudéa, chief executive of Société Générale, and David"...

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Head of Saudi Arabia’s SRC: ‘Ask banks for a mortgage, and we will refinance it’
April 27, 2019

RIYADH: The head of the state-owned Saudi Real Estate Refinance Company (SRC) has made an unprecedented offer to the Kingdom’s home-seekers to underwrite future mortgages.
Speaking at the Financial Sector Conference in Riyadh, Fabrice Susini, SRC CEO, told the audience: “Ask them (the banks) for a mortgage, and we will refinance it.”
Although Susini later clarified his remarks to show that he still expected normal standards of mortgage"...

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Saudi-backed SoftBank invests $125 million in Alphabet venture to put cellphone antennas in the sky
April 25, 2019

SAN FRANCISCO, USA: A SoftBank Corp. business seeking to find a way to fly cellphone antennas high in the atmosphere to provide internet in underserved areas said on Wednesday it was investing $125 million in an Alphabet Inc spinoff working on the same problem.

SoftBank’s year-old HAPSMobile and Alphabet’s Loon, which spun out last July from the research incubator of the Google"...

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Saudi banks SABB and Alawwal get nod for merger plan
April 25, 2019

Saudi British Bank (SABB), the HSBC Holdings affiliate, on Wednesday announced that it has obtained all required regulatory approvals for its proposed merger with Alawwal Bank.

The plan to create the Gulf kingdom's third largest bank was first announced last year but now it has the approval of the Capital Market Authority, a statement said.

SABB"...

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Bahrain's GIB establishes Saudi arm with $2bn capital
April 22, 2019

Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.

The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed"...

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