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  • The best Islamic bank in Saudi Arabia 2023: Al Rajhi Bank

    Al Rajhi Bank had a busy 2022, arranging 12 high-profile transactions in the Saudi riyal and US dollar debt capital markets. Those deals involved issuers ranging from the Kingdom of Saudi Arabia to UAE sovereigns and corporates. They also included Al Rajhi’s own groundbreaking perpetual sukuk issuance. This transaction is the first publicly offered sukuk issued by a bank in Saudi Arabia. It drew bids from more than 126,000 investors.

  • Oil billionaire Mukesh Ambani and famed activist Sunita Narain are both on the COP28 board

    The UAE has appointed 31 people to the advisory board for the upcoming COP28 climate summit. The group represents a mix of former executives of oil companies, climate campaigners, energy experts, and corporate leaders such as BlackRock’s CEO Larry Fink and Siemens’s supervisory board chairman Joe Kaeser.

  • NEOM, saudi arabia’s future gigacity, discusses ‘zero gravity urbanism’ in Venice

    From May 20 to September 24, 2023, NEOM, Saudi Arabia’s futuristic gigacity, will showcase the exhibition titled ‘Zero Gravity Urbanism – Principles for a New Livability’ in Venice. Curated by Ramon Prat, this exhibition presents groundbreaking proposals from renowned architects like Morphosis, Sir Peter Cook, UNStudio, Fuksas, Oyler Wu, DMAA, and Adjaye Associates, highlighting their contributions to THE LINE and the urban revolution it represents.

  • SAMA Completes Connectivity to Social Development Bank through “Tanfeeth” Program

    The Saudi Central Bank (SAMA) announced the completion of connectivity to the Social Development Bank via "Tanfeeth" program. The underlying objective is to optimize system connectivity and integration between Saudi government entities and banks operating in the Kingdom of Saudi Arabia, with a view to promoting automation of processes and efficiency of work flows to help realize Saudi Vision 2030 objectives.

  • Saudi Arabia banks on Arab League summit to test foreign policy realignment

    Senior officials from across the Arab world have been trickling into the coastal city of Jeddah ahead of a much anticipated summit of Arab League leaders on Friday, which is expected to include Syrian President Bashar Al Assad. Over the past weeks and months, Saudi Arabia has become more active once again on the foreign stage as it prepares for its year-long Arab League presidency. The kingdom has in that period realigned many of its foreign policy agendas.

  • Saudi Arabia banks on Arab League summit to test foreign policy realignment

    Senior officials from across the Arab world have been trickling into the coastal city of Jeddah ahead of a much anticipated summit of Arab League leaders on Friday, which is expected to include Syrian President Bashar Al Assad. Over the past weeks and months, Saudi Arabia has become more active once again on the foreign stage as it prepares for its year-long Arab League presidency. The kingdom has in that period realigned many of its foreign policy agendas.

  • Chinese bank opens new branch in Saudi city Jeddah

    The Industrial and Commercial Bank of China (ICBC) on Tuesday opened a new branch in the Saudi city of Jeddah. This was announced at a business meeting held in the Saudi capital of Riyadh on promoting the use of Chinese currency RMB. More than 150 people attended the event, including Chen Siqing, chairman of ICBC, Yin Lijun, charge d'affaires of the Chinese Embassy in Saudi Arabia, and Wang Qimin, consul general of the Chinse Consulate-General in Jeddah.

  • Photos of new US embassy in Beirut raise eyebrows in Lebanon and beyond

    The US Embassy in Lebanon has tweeted pictures of its new premises in Beirut, spread across a 43-acre site overlooking the Mediterranean. It immediately raised eyebrows in Lebanon and beyond. A sub-tweet showed Lebanese Foreign Minister Abdullah Abou Habib inspecting the complex but went by largely unnoticed. What caught everybody’s attention was the sheer size of the building. As of Sunday night, the picture had generated 2 million views on Twitter, competing with Lebanese tweets of King Charles’ coronation.

  • How Saudi Arabia’s banking sector is accelerating growth

    Saudi Arabia was the world’s fastest-growing among the ‘Group of 20’ (G20) countries in 2022, as sweeping reform momentum, a sharp rise in oil prices and improving economic conditions boosted the kingdom’s fiscal and external position. Overall GDP crossed the $1tn mark for the first time in the country’s history last year – the highest among G20 economies. Despite Saudi Arabia’s reliance on oil and gas – which accounts for 70 per cent of the country’s total goods exports and total revenues – the government is leaving no stone unturned in its economic diversification strategy. “The authorities’ continued implementation of Vision 2030 policies will help diversify and liberalise the economy and thus pave the way to more stable growth,” the International Monetary Fund said in November last year.

  • Visa, Tiger Global Back Open Banking Firm Tarabut’s Saudi Push

    Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing fintech firm Tarabut Gateway’s latest fundraising. United Arab Emirates-based Tarabut raised $32 million to fund its expansion in Saudi Arabia, also tapping local investors such as Pinnacle Capital and Aljazira Capital, Tarabut founder and Chief Executive Officer Abdulla Almoayed said in an interview.