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  • Afghan-Taliban peace talks see first signs of progress

    The Taliban and Afghan government teams negotiating peace reached an agreement on a set of rules and procedures Wednesday, a small but important step that will allow the two sides to move forward after months of inaction in their pursuit of a political settlement to end two decades of war.

  • HSBC increases stake in Saudi British Bank

    HSBC owned a 29.2% stake in Saudi British Bank and the Olayan family, a leading Saudi business group, has around 18.3% stake, based on Refinitiv data. In 2018, Saudi British Bank and smaller rival Alawwal Bank agreed to merge to create the country's third-biggest lender.

  • The head of the Pentagon’s Defeat ISIS Task Force was ousted and his office disbanded.

    When Mr. Maier’s team was disbanded, they were in the midst of answering dozens of questions from the incoming Biden administration about the status of terrorist threats, relations with allies and counterterrorism missions. Now team members will be scattered across the vast Pentagon bureaucracy or returned to their home agencies.

  • US clears weapon sales for Saudi Arabia, Lebanon, Croatia, Canada, Brazil and South Korea

    The U.S. State Department on Tuesday cleared six Foreign Military Sales cases, potentially worth a combined total of $1.55 billion. The six cases, spread across South Korea, Saudi Arabia, Brazil, Croatia, Lebanon and Canada, were announced on the website of the Defense Security Cooperation Agency. DSCA announcements mean that the State Department has decided the potential FMS cases meet its standards, but this does not guarantee the sales will happen in their announced forms. Once approved by Congress, the foreign customer begins to negotiate on price and quantity, both of which can change during the final negotiations.

  • Saudi Central Bank Extends Pandemic Loan Support Into Next Year

    The monetary authority said in a statement Sunday that the plan has impacted over 77 billion riyals ($20.5 billion) of loans and the extension was taken to help support economic growth. Announced in March as one of the kingdom’s first responses to the economic costs of the health emergency, the measures have already been prolonged and were due to expire in December. The central bank has been at the forefront of the kingdom’s efforts to protect the economy at a time when the government is set to cut spending in order to stop the budget deficit from widening. Last week, the Saudi central bank’s mandate was broadened to formally include promoting economic growth, partly in recognition of the role it was already playing.

  • UAE, Saudi Arabian central banks release report on Project Aber CBDC trial

    Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of 2019, Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia to establish a “proof of concept” designed to “contribute in the body of knowledge in CBDC and DLT technologies.”

  • Saudi Arabia Broadens Central Bank’s Mandate to Promote Growth

    “Including support of economic growth as an explicit element in the central bank’s mandate is meant to cover evolving variables such as financial innovation, which has the potential to foster economic growth if steered in the appropriate direction,” Alsayari said in a written response to questions from Bloomberg on Thursday.

  • Saudi King approves renaming Saudi Arabian Monetary Authority to Saudi Central Bank

    The Saudi Central Bank will continue to use the acronym “SAMA” due to its historic significance and relevance locally and globally. The banknotes and coins, bearing the name of the Saudi Arabian Monetary Authority, will also remain in circulation and keep their status as legal tender.

  • Online mask ads mystery revealed as Saudi banks launch cybersecurity campaign

    Saudi cybersecurity specialist, Abdullah Al-Jaber, told Arab News that the initiative could not have come at a better time, and he was pleased to see so many big-name banks throwing their weight behind it. “It’s awesome that they tried to approach the public in a different way, rather than the usual text messages or emails that many people tend to ignore,” he said.

  • Saudi banks’ assets rise 14.1% in Q3

    Assets of Saudi banks listed on the Saudi Stock Exchange (Tadawul) grew by 14.1% on a year-on-year (YoY) basis in the third quarter (Q3) of 2020, equivalent to SAR 331.615 billion ($88.43 billion). Assets of 11 Tadawul-listed lenders stood at SAR 2.686 trillion ($716.23 billion) in Q3-20, compared with SAR 2.354 trillion ($627.79 billion) in Q3-19, according to data collected by Mubasher based on the banks’ earnings releases.