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  • Saudi Arabia has come a long way in diversifying economy, World Bank says

    In a recent report, the World Bank warned that the public debt of the countries of the MENA region will inflate and represent 54 percent of their GDP this year, compared to 46 percent in 2019, due to COVID-19 related spending.

  • Saudi National Bank names Khudairy as chairman following NCB-SAMBA merger

    The Saudi National Bank, formed after the merger of National Commercial Bank and SAMBA Financial Group, named Ammar Abdul Wahed al-Khudairy on Sunday as chairman of the newly merged bank. Khudairy will replace Saeed Mohammed Alghamdi, who was earlier named as managing director and CEO of Saudi Arabia’s biggest lender, the bank said in a statement.

  • Saudi Arabia bans import of used cars older than 5 years

    “Additionally, the imported vehicle must conform with Saudi specifications and standards, and the fuel economy standards,” the Saudi Customs said, adding that customs duties of 5 per cent of the vehicle value, together with 15 per cent value-added tax will be applied. Apparently the ban does not cover spare parts for old vehicles in use.

  • Saudi Arabia bans word ‘maid’ in job adverts as derogatory

    The Saudi Ministry of Commerce said job adverts should not include terms such as “servant” or “maid”, and instead advertise for “workers”. The new directives stipulate that workers will not bear any financial costs “under any circumstances” for exchanges of work permits or similar paperwork changes. Such alterations can be made only with the workers' consent and employers cannot refer to such payments in job advertisements.

  • Saudi Arabia releases full 6 GHz band to Wi-Fi and takes global lead in mid-band unlicensed spectrum

    Today the Kingdom of Saudi Arabia announced its intention to release the full 6 GHz band to unlicensed use meaning that once the process is completed, 1.2 GHz of new spectrum will be made available to Wi-Fi. With this new regulation Saudi Arabia becomes the first country in the Europe, Middle East, and Africa region to release the full 6 GHz and will lead the world in total available mid-band license-exempt spectrum.

  • Saudi Islamic Banks’ Asset Quality Prone to Deterioration; Strong Capital and Liquidity

    Saudi Islamic banks’ financial metrics deteriorated only mildly in 2020 and remained sound. Saudi Islamic banks remain well placed in the banking sector with larger retail franchises supporting higher margins, a lower cost of funding and better asset quality. Saudi Arabia has the largest proportion of Islamic banks’ financing (82%) of any country that allows conventional banks to operate alongside Islamic banks. This increased in 2020 due to strong retail mortgage growth.

  • Analysis: Saudi banks set to outperform their regional peers in 2021-2022

    However, despite the lower profitability, it is expected that the Saudi Arabian banks will outperform their regional peers in 2021-2022. This largely reflects the relatively modest impact of the pandemic on the quality of banks’ loan books to date and stronger growth of mortgage lending.

  • Saudi Aramco sends request to banks for pipeline deal financing, sources say

    Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, three sources said, a sign the oil giant is progressing with plans to extract value from its assets.

  • Saudi central bank licenses two more fintech cos to provide payment services

    The Saudi Central Bank said on Tuesday it has granted licences to two more financial technology companies, International Digital Solutions Co and Azm Fintech Co, to provide payments services, boosting the total number of such licences to 13.

  • Saudi envoy urges Lebanon politicians to form new government quickly

    Saudi Arabia’s ambassador to Beirut urged Lebanese political parties on Tuesday to quickly agree a new government to pull the country from financial crisis after months of political wrangling. A standoff between President Michel Aoun and Saad al-Hariri, who was designated as prime minister last October, has delayed a deal on a new government as Lebanon’s worst crisis in decades spirals.