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  • Saudi Central Bank Issues Payment Licenses To Arab Sea Financial Company, Fatoraah

    The Saudi Central Bank (SAMA) announces the licensing of two payment financial technology companies, including: Arab Sea Financial Company and Fatoraah in order to provide Payment services for e-commerce. This brings the total number of payment companies licensed by SAMA “to 21 companies, in addition to 5 companies were granted an ‘In-principle Approval’.” This comes “as part of SAMA’s role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector.” This step aims “to contribute to the sector growth while complying with SAMA’s regulatory requirements in line with SAMA’s mandate to enhance overall financial stability and support greater opportunities of the Kingdom’s Vision 2030.”

  • Saudi Arabia bans the use of national flag in commercial promotions

    In a circular issued by the Ministry of Commerce on Saturday, individuals and businesses have been banned from using the flag in commercial promotions including publications, goods and products, brochures and special gifts. The ban also covers pictures and names of Saudi leaders and officials.

  • Saudi C.Bank governor: inflation in the kingdom are still within a reasonable rate

    Saudi Arabia’s central bank governor Fahad al-Mubarak said in a conference on Sunday that inflation in the kingdom is still within a reasonable rate. Saudi Arabia’s consumer price index (CPI) rose 3% in August from a year earlier, official data showed on Thursday, accelerating from a 2.7% increase in July.

  • Saudi Arabia confirms one-year extension of $3 billion deposit, Pakistan central bank says

    Pakistan's central bank on Sunday said the Saudi Fund for Development has confirmed it will extend for one-year a $3 billion deposit currently placed in the bank's accounts since 2021. The deposit was to mature on Dec. 5, but that has now been extended to next year, the State Bank of Pakistan said on Twitter.

  • Israel Preparing To Connect To Gas Field Disputed By Lebanon

    Israel's energy ministry said Friday it was set to conduct tests on a maritime field claimed in part by Lebanon, ahead of connecting it to the Jewish state's gas network. The ministry "was preparing to connect the Karish reservoir to the Israeli system," a statement said. The gas field has been licensed to London-listed company Energean.

  • Saudi National Bank completes issuance of $878m worth of sukuk

    Saudi National Bank has finalized a SR3.3 billion ($878 million) sukuk issuance in a bid to strengthen its capital base. Denominated in Saudi riyals, the offer started in late August and included a total of 3,300 bonds at a par value of SR1 million, according to a bourse filing. SNB Capital acted as the sole book-runner, lead arranger, and lead manager of the issuance.

  • Ban on mid-day outdoor work ends in Saudi Arabia

    The Ministry of Human Resources and Social Development (MHRSD)'s ban on working under the mid-day sun ended on Thursday. The MHRSD had announced a ban on outdoor work under the hot mid-day sun between June 15 and Sept. 15 from 12 noon to 3 p.m. for all facilities in the private sector in accordance with ministerial decision No. (3337). The decision was implemented in order to protect the health of the workers in the private sector. The ministry has directed the employers to organize the working hours according to what is stipulated in the decision.

  • Saudi ministry signs infrastructure financing deals with banks worth $6.65 billion

    Saudi Arabia’s finance ministry has signed financing agreements with local banks worth 25 billion riyals ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said on Wednesday.

  • SoftBank Considers Launching a Third Vision Fund

    The Tokyo-based tech conglomerate, by far the world’s largest startup investor in recent years, would likely use its own cash for what would be the third SoftBank Vision Fund if it moves ahead with the plan, some of the people said.

  • Lebanon: Central Bank lifts all expensive fuel subsidies

    The Central Bank over a year ago announced it would gradually lift fuel subsidies, to slow down the draining of its foreign exchange reserves. Fuel subsidies once cost the cash-strapped country some $3 billion annually. Last week, it subsidized just 20% of the cost of fuel imports.