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  • Saudi Arabia Central Bank Leads The Way With Blockchain-Powered Transfer

    Over the past five years something extraordinary has happened in blockchain: countries usually known for following tech innovation have taken leadership roles. Instead of normal stalwarts like the U.S. at the helm, many Middle Eastern countries are leading the way. What do they have in common? Friendly regulation.

  • HSBC Warns Against Buying Saudi Arabia’s Banks, Says Shares are Too Expensive Given Earning Doubts

    Six Saudi lenders had their stock recommendations cut to reduce from hold by HSBC Holdings Plc, which said valuations have become too expensive given the negative risks to earnings. The downgrades for Riyad Bank, Arab National Bank, Banque Saudi Fransi, Al Rajhi Bank, National Commercial Bank and Samba Financial Group mean all seven banks covered by the broker now have the same rating, with Alinma Bank being kept at reduce.    

  • Saudi job fund deposits $100 million in bank accounts

    Hadaf said that the number of people registered with the Hafiz unemployment program had reached 139,980, while the figure for the difficulty finding employment scheme stood at 113,821.

  • Ambani’s Jio Platforms Sells $1.2 Billion Stake to Abu Dhabi’s Mubadala Investment Co.

    Reliance Industries Ltd. added to the roster of marquee backers piling into its digital upstart Jio Platforms Ltd. with a $1.2 billion investment by Abu Dhabi’s Mubadala Investment Co. The deal gives the Abu Dhabi sovereign fund a stake of 1.85% at an equity value of $65 billion for Jio Platforms, the Mumbai-based company said Friday in a statement. Reliance, backed by Asia’s richest man Mukesh Ambani, is also in advanced talks with Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund, people familiar with the matter told Bloomberg News this week.

  • MoneyGram Enters Saudi Arabia with Local Bank Partnership

    This came when the Dallas-based company is aggressively expanding its services in the Asian countries which lead the remittance market. “This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets,” Grant Lines, MoneyGram chief revenue officer, said.

  • Saudi banks face tough few quarters but are well capitalised, say CEOs

    Central bank data shows Saudi banks’ profit declined by an annual 38.4% in April to 2.9 billion riyals ($773 million), while Rating agency Moody’s said they face a weakening operating environment and cut the outlook on those lenders it rates to negative.

  • UAE to implement Noon Work Ban from mid-June

    UAE's Ministry of Human Resources and Emiratisation (MOHRE) has announced that it will implement a "noon work ban" to jobs performed "under sunlight and outdoors", between 12:30pm and 3pm, to begin from mid-June.

  • UAE Emirate of Sharjah Hires Banks for $1 Billion Sukuk Sale

    The tiny emirate of Sharjah hired banks to raise as much as $1 billion from international debt markets, joining wealthier Gulf states to shore up its finances against the fallout of the coronavirus pandemic. The third-biggest sheikhdom in the United Arab Emirates mandated HSBC Holdings Plc, Mashreqbank PSC, Sharjah Islamic Bank and Dubai Islamic Bank PJSC among others for the deal, people with knowledge of the matter said.

  • Saudi Arabia Pumps $13.3 Billion Into Banks

    The move by the central bank, the Saudi Arabian Monetary Authority, will help lenders amend and restructure loans, without additional fees, and support private sector employment and credit. It follows a 50-billion-riyal ($13.3 billion) program in March to help banks provide loans to businesses so companies didn’t have to cut jobs.

  • Hundreds More Captives Freed As Part Of Afghanistan-Taliban Prisoner Swap

    The prisoner exchange is part of a U.S.-Taliban agreement signed in February that called on the Afghan government to release up to 5,000 Taliban prisoners and for the militants to free around 1,000 government captives as a confidence-building measure ahead of formal peace talks.