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  • Saudi HR ministry bans employees from working under the sun

    The Ministry of Human Resources and Social Development is scheduled to ban all private-sector employees from working under the sun between June 15 and Sept. 15. The ministry called on employers to organize working hours and implement the decision to limit vocational injuries and diseases and improve productivity.

  • Aramco’s former executive appointed as first female on Saudi Central Bank’s board

    Sheila Al-Rowaily, who worked as a financier with Saudi Aramco, has become the first woman to join the board of directors of Saudi Central Bank. The bank, also known as SAMA, confirmed the appointment in a statement, citing a royal decree. Al-Rowaily is the CEO of Wisayah Investment Co. since 2019, and is also a board member of Saudi Aramco Power Co. and Hassana Investment Co.

  • Egypt asks World Bank for $500 million to buy wheat

    Egypt is asking the World Bank for $500 million to cover its wheat needs in light of the ongoing war in Ukraine.

  • Non-Saudis banned from publishing ads on social media

    The commission noted that the practice of posting ads on social media by those who do not have a license for it is a violation of Saudi Arabia’s Labor Law, as well as the rules for dealing with expatriates. The commission issued the directive in line with the tasks entrusted to it as per the Kingdom’s Audiovisual Media Law to control violations with regard to advertising.

  • 2.74 million workers to benefit from midday work ban from June 15

    The Ministry of Human Resources and Social Development (MHRSD) announced that it would start imposing a ban on work under the sun from 12 p.m. to 3 p.m. for a period of three months. The ban, which will cover all private sector companies and establishments, would come into force on June 15 and will continue until Sept. 15, 2022. According to a monitoring by Okaz/Saudi Gazette, the number of beneficiaries of the decision on the noon work ban is about 2.74 million male and female workers, mainly in the contracting sector.

  • Global Growth Will Be Choked Amid Inflation and War, Says World Bank

    For large and small nations around the globe, the hope of averting a recession is fading, the World Bank warned on Tuesday. The grinding war in Ukraine, ongoing supply chain chokeholds, Covid-related lockdowns in China and dizzying rises in energy and food prices are battering economies all along the income ladder, saddling them with slower growth and surging inflation.

  • Explainer: Israel-Lebanon sea boundary row obstructs energy development

    A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between two foes. After months of deadlock in U.S.-mediated talks, Beirut on Sunday warned against any activity in the disputed area, responding to the arrival of a vessel to develop a field for Israel.

  • Research: Alvarez & Marsal Releases Saudi Arabia Banking Pulse for Q1 2022

    Leading global professional services firm Alvarez & Marsal (A&M) has released its latest Saudi Arabia (KSA) Banking Pulse for Q1 2022. The report suggests that aggregate profitability of top Saudi banks increased substantially by 17.6 percent quarter on quarter (QoQ) in Q1’22 driven largely by operational income growth of 5.6 percent QoQ. Better cost efficiencies and lower impairment charges also supported growth, with most banks showing improved coverage ratios and net loan ratios, highlighting their improving credit profile.

  • Saudi PIF buys 23.97% stake in Jordan’s Capital Bank Group

    The $600 billion Saudi state fund will pay $185 million for the stake, by buying 63 million new shares of the bank, it said in a statement. The deal aims to increase the banking group's total shareholder equity to around $846 million, bolstering its ability to execute its strategy and expand its business, the statement said.

  • Saudi PIF buys 23.97% stake in Jordan’s Capital Bank Group

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said on Sunday it will buy a 23.97% stake in Capital Bank Group, one of the largest banking groups in Jordan, Iraq and the Middle East and North Africa (MENA) region. The $600 billion Saudi state fund will pay $185 million for the stake, by buying 63 million new shares of the bank, it said in a statement.