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  • Citi’s corporate and investment banking revenue from Saudi nearly tripled-exec

    Citigroup's corporate and investment banking revenue for its Saudi Arabia business has "nearly tripled" since returning to the kingdom in 2018, a senior executive said on Thursday. Citi obtained a capital markets licence in 2017, allowing it to return to the kingdom in 2018 after a 13-year absence. It has advised Saudi Aramco on its $29.4 billion listing in 2019, in what was the world's biggest initial public offering, as well as on several sovereign and corporate bond deals.

  • Israel reaches compromise with settlers on West Bank outpost

    Israel has reached a compromise with Jewish settlers who rapidly established an unauthorized outpost in the occupied West Bank last month, officials and the settlers said Wednesday. Under the agreement, the settlers will leave by the end of the week. The area will become a closed military zone, but the houses and roads will remain in place. A survey will be carried out that the settlers say will prove the outpost was not established on land privately owned by Palestinians. That would pave the way authorization, allowing them to establish a religious school and for some families to return.

  • Blinken meets with Saudi and French counterparts to discuss Lebanon reform

    Mr Blinken noted on Twitter that he had met Saudi Prince Faisal bin Farhan and French Foreign Minister Jean-Yves Le Drian to call on “Lebanon’s political leaders to show real leadership by implementing overdue reforms to stabilise the economy and provide the Lebanese people much-needed relief".

  • Lebanon parliament approves cash subsidy costing $556 million

    Lebanon's parliament on Wednesday approved cash payments for poor families, to cost $556 million a year, planned as a step that would allow the curbing of a $6 billion subsidy programme for basic goods. Every family eligible for the programme would receive around $93 a month, according to a source close to the government.

  • SRC signs accord with Arab National Bank to buy housing finance portfolio

    The Saudi Real Estate Refinance Co (SRC), a unit of the Public Investment Fund, has signed a partnership agreement with Arab National Bank to buy its housing finance portfolio.

  • Ambani’s Reliance Invests in Abu Dhabi Petrochemicals Hub

    Reliance Industries Ltd. is planning to invest in petrochemical facilities in Abu Dhabi as it strengthens energy ties with the Middle East and taps into the region’s vast hydrocarbon resources. The Indian conglomerate plans to join projects at Abu Dhabi National Oil Co.’s Ruwais refining hub to produce chemicals that can be used for infrastructure and consumer goods, according to a statement.

  • Digital banks in Saudi Arabia to reduce costs and stimulate competition — SAMA

    “Digital banks’ concept is broader and more comprehensive in providing Integrated banking products and services, such as accepting deposits, financing and other banking services through digital channels exclusively, and have different regulatory and supervisory requirements,” he said. The two new digital banks in Saudi Arabia will rank 12th and 13th among the national banks operating in the Kingdom in terms of capital, once they obtain the final license to operate.

  • Saudi Arabia’s Bank AlJazira to raise $500 mln via Islamic bond sale

    Bank AlJazira (1020.SE) is expected to raise $500 million on Thursday via an Islamic bond sale, a document showed on Thursday. The bond or sukuk will price in the range of 3.95% to 4.05%, tighter than initial guidance of between 4.25% and 4.375% after the deal attracted more than $1 billion in orders, the document from one of the banks on the deal showed.

  • Reliance AGM: Mukesh Ambani announces $10 billion for renewables

    At the company’s 44th annual general meeting, livestreamed to a global audience, the 64-year-old billionaire also told investors about plans to develop a 5000-acre complex in the city of Jamnagar, Gujarat, which is already home to a giant Reliance oil refinery.

  • Saudi central bank extends deferred payment program for SMEs

    The Saudi central bank said on Tuesday it is extending a deferred payment programme to help small businesses impacted by the coronavirus crisis by another period of three months, starting July 1. The programme - meant to support micro, small, and medium enterprises affected by precautionary measures during the COVID-19 pandemic - was launched in March 2020.