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  • SoftBank’s Rajeev Misra to Step Back to Launch New Fund

    Rajeev Misra is stepping back from his main roles at SoftBank Group Corp., marking the exit of one of the key architects of the Japanese conglomerate’s sometimes chaotic evolution into the world’s largest technology investor. A key lieutenant of SoftBank’s founder Masayoshi Son, Misra will retain a senior position with the group’s first $100 billion Vision Fund, but relinquish other roles, people familiar with the matter said.

  • Israeli soldiers kill Palestinian in West Bank arrest raid

    Israeli forces shot dead a wanted Palestinian suspect and arrested two dozen in the occupied West Bank on Wednesday, the military said, as tensions simmered ahead of U.S. President Joe Biden's visit to the region next week. Palestinian officials identified the man killed as Rafiq Ghannam, 20, shot by soldiers in the town Jaba near Jenin, where Israeli forces have stepped up raids in recent months after men from the area carried out deadly street attacks in Israel.

  • Bank loans to Saudi construction, building sector touches $27bln in Q1

    The total bank lending to the building and construction sector in Saudi Arabia reached 102.38 billion Saudi riyals ($27 billion) in the first quarter of 2022, up 3.9 percent from 98.50 billion riyals ($26 billion) for the same period in 2021, Saudi Central Bank (SAMA) said in its May bulletin. Over the past five years, projects executed in the Kingdom’s construction and related sectors exceeded 20 trillion riyals ($5.33 billion), Hamad Al-Hammad, head of the National Contractors’ Committee at the Saudi Union of Chambers of Commerce of Industry had told local Arabic language media.

  • Digital banking start-up YAP raises $41 mln, to expand into Saudi Arabia

    YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans. The investors so far included Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. YAP said it intends to complete it Series A by the end of the year.

  • Qatar to support Lebanese soldiers’ salaries with $60m pledge

    Qatar has pledged $60 million to the Lebanese army, state news agency, QNA, said on Thursday, funding that is earmarked to support the salaries of Lebanese soldiers, two sources briefed on the deal told Reuters.

  • Purpose-led, customer-centric strategies to fore in Saudi banking sector: KPMG report

    The report emphasizes the evolving landscape in the Kingdom’s financial services sector and with a consolidated analysis of the latest available financial performance of the 10 Tadawul-listed banks. The third edition of this annual flagship publication focuses on the theme of purpose-led banking, encompassing the developing environmental, social and governance (ESG) considerations and customer-centric perspectives that are underpinning boardroom discussions.

  • Saudi Arabia Banks Facing $43 Billion Tab Get a Rates Breather for Now

    Saudi Arabia’s cash injections into banks brought immediate liquidity relief for an industry still in the grip of a funding challenge. The interest rate banks charge one another for loans had its biggest two-decline since the height of the global pandemic in March 2020 after policy makers acted to address the worst funding crunch in over a decade. The Saudi Central Bank, known as SAMA, in recent days placed about $13 billion as time deposits with commercial lenders, according to people familiar with the matter.

  • Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

    Citing its annual report, Argaam reported that this financing helped Saudi products reach more than 50 countries including India, Germany, China, the US, Indonesia, etc. Out of the total, 24.5 percent of the loans were issued to the food products sector, followed by iron and steel, and rubber and plastics sectors with 10.5 percent and 8.4 percent respectively.

  • As Wimbledon Begins, an Era of Sports Free of Bans and Boycotts Ends

    For roughly three decades, making sure athletes participated in the biggest events regardless of the world’s never-ending military and political battles has been a nearly sacrosanct tenet of international sports. Wars broke out. Authoritarian nations with egregious records on human rights hosted major events. There were massive doping scandals. And through it all, boycotts and bans on participation all but disappeared from the sports landscape.

  • Saudi EXIM Bank offered over 50% of its $450m loans to SMEs in 2021

    The Saudi Export-Import Bank, also known as Saudi EXIM, approved loans worth SR1.7 billion ($450 million) in 2021, with 51 percent of the total financing given to small and medium enterprises, according to the bank’s CEO, Saad Alkhalb. The bank also reported a total revenue of SR39.48 million in 2021.