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  • World Bank Approves $50 Million to Continue Improving Critical Urban Services in Yemen

    The World Bank Board of Directors today approved a $50 million grant from the International Development Association (IDA), the World Bank’s fund for the poorest countries, to support the Yemen Integrated Urban Services Emergency Project (YIUSEP).

  • SoftBank Vision Fund accelerating hi-tech investment, globally and in Saudi Arabia, says CEO

    “In Fund 1 we have 85 portfolio companies. In Fund 2 we have 70 or 80 companies. We take minority stakes in those companies. We don’t run those companies. We sit on the boards. We do keep an eye on them but we don’t day-to-day run those companies. “But we did make some mistakes and we learnt from it. Since then, we have undergone a major turnaround and now we make sure there are no conflicts of interest with the founder.”

  • Saudi National Bank unveils logo and brand identity

    The announcement of the Bank’s new logo and brand identity and its new slogan, Together, we build tomorrow, follows the successful execution of Saudi Arabia’s largest merger between the National Commercial Bank and Samba Financial Group.

  • France opens graft probe into Lebanon’s central bank chief

    The French national financial prosecutor’s office has opened a preliminary investigation into the actions of Lebanon’s central bank governor involving potential money laundering, the prosecutor’s office said Monday.

  • Saudi Aramco mandates banks for inaugural dollar sukuk

    Saudi Aramco has hired a large group of banks to arrange its inaugural issuance of U.S. dollar-denominated sukuk, a document showed on Monday, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government. The banks will arrange fixed income investor calls starting on Monday, the document from one of the banks showed. An issuance of sukuk in three-, five- and 10-year tranches will follow, subject to market conditions.

  • Lebanon asks U.N. to explore ways to fund special tribunal

    Lebanon's caretaker prime minister, Hassan Diab, asked the U.N. secretary general in a letter on Friday to urgently explore ways of financing the Special Tribunal for Lebanon (STL) in light of funding difficulties.

  • Lebanon central bank chief reassures depositors, reverses decision on withdrawals

    The governor of Lebanon's central bank reassured depositors on Thursday that it was not bankrupt and that people's deposits were safe and would be returned soon, after reversing a decision to stop withdrawals that triggered street protests. Angry Lebanese took to the streets late on Wednesday over a central bank announcement that withdrawals from dollar deposits at a fixed rate - much lower than on the informal market though higher than the official peg - would be halted.

  • Rare Cross-Gulf Bank Tie-Up May Strengthen With Qatar Lender Bid

    Commercial Bank of Qatar QSC has offered 49.43 million rials ($128 million) to raise its holding by 15.2% to 50.1%, according to a regulatory statement Thursday. The proposal to acquire 247 million shares represents a 18% premium to NBO’s closing price of June 2.

  • Saudi Aramco in talks with banks for new bond sale – sources

    Saudi Arabian oil group Aramco is in talks with banks for a U.S. dollar-denominated bond issue, two sources said, seeking to raise money ahead of large commitments for its major shareholder, the Saudi government. Aramco was widely expected to become a regular bond issuer after its debut $12 billion bond deal in 2019 was followed by an $8 billion, five-part transaction in November last year.

  • The Taliban Say They’ve Changed. On the Ground, They’re Just as Brutal.

    The Taliban, ousted from power by a U.S.-led invasion 20 years ago, are poised to expand their influence as American forces, following a pact signed in Feb. 2020, plan to leave the country later this year. The group has sought in recent months to present themselves as a responsible state actor to regional powers and the West. Indeed, some of their most-violent punishments, such as amputations for accused thieves, are used less frequently than in the 1990s as they seek to avoid alienating Afghans.