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  • Saudi Arabia in diplomatic moves to rebuild Lebanon relations

    The same sources said that the ambassador’s move and meetings with political figures are an expression of Saudi Arabia’s unwillingness to stay away from Lebanon’s elections. The developments also show that there is need for Sunnis to take part in the electoral race. This comes  amid optimism among some Sunni political forces who had been betting on Riyadh’s support to help motivate Sunni voters to participate in the elections, with the aim of filling into the void left by the retreat of former prime minister Saad Hariri.

  • Saudi Arabia rekindles ties with cash-strapped Lebanon

    Mikati announced he will visit Riyadh this month, while Bukhari said the kingdom and France will go ahead with humanitarian assistance for Lebanon, where about three-quarters of the population live in poverty, and food-price inflation is among the highest worldwide.

  • Saudi Arabia’s banks to benefit from expected rise in interest rates, says S&P

    For every increase in the benchmark interest rate of 100 basis points, banks in the kingdom are expected to record a rise in net profit of 13 per cent and return on equity of 1.5 percentage points, S&P Global Ratings credit analyst Puneet Tuli said in a report on Monday.

  • Lebanon PM Mikati to visit Saudi Arabia during holy month of Ramadan

    Lebanese Prime Minister Najib Mikati said on Monday he will visit Saudi Arabia during the Muslim holy month of Ramadan, Al-Jadeed TV reported, in a sign of improving ties with the kingdom following the return of the its ambassador to Beirut after he was withdrawn during a diplomatic rift. Saudi Arabia and fellow wealthy Gulf states were once major donors for Lebanon but relations have been strained for years by the growing influence of the Iran-backed Hezbollah movement.

  • Israel, West Bank on edge as three deaths in separate incidents highlight sky-high tensions

    Israeli forces shot and killed two Palestinian women in separate incidents in the West Bank on Sunday, further heightening tensions between Israelis and Palestinians after weeks of deadly attacks. In a third incident, a Jewish man was shot dead in Israel after allegedly trying to steal a gun being carried by a soldier. In the first incident, on Sunday morning, a 47-year-old woman was shot as she approached a checkpoint near the West Bank village of Husan. The Palestinian Ministry of Health identified the woman as Ghada Sbatin, a widow and a mother of six.

  • Saudi EXIM Bank Approves Credit Worth $1.4 Bn to Boost Alternative Economy

    The Saudi Export-Import Bank approved loans worth over $1.46 billion during the first quarter of 2022 to support the Vision 2030 goals. The loans are part of the Bank's efforts to boost Saudi exports, help diversify the national economy, and increase the effectiveness of the alternative economy.

  • Bank Of America Loses Saudi Investment Bank Head to EFG Hermes

    EFG Hermes hired Saud Altassan, who was the head of investment banking for Bank of America in Saudi Arabia, as its new chief executive officer in the country, as banks look to cash in on a boom in deals. Altassan joined Bank of America in 2019. Before that, he served as chief executive officer of Swicorp, a financial services group specializing in private equity, asset management and investment banking in the Middle East and North Africa. He also worked at NCB Capital and Banque Saudi Fransi, according to a statement from EFG Hermes.

  • IMF, Lebanon reach draft funding deal, subject to reforms

    The International Monetary Fund (IMF) said on Thursday it had reached a draft funding agreement with Lebanon - but that Beirut needed to enact a batch of economic reforms first before its board decided whether to approve the deal. An IMF deal is widely seen as vital for Lebanon to begin recovery from an economic meltdown that has devastated the country since 2019, locking savers out of their deposits, sinking the currency, and causing poverty to soar, in the country's worst crisis since its 1975-90 civil war.

  • Saudi IPO: Schlumberger-Backed Arabian Drilling Hires Banks for Share Sale

    Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired banks for its planned initial public offering and also is mulling a merger with ADES International Holding Plc, according to people familiar with the matter. Arabian Drilling appointed the Saudi unit of HSBC Holdings Plc and SNB Capital as financial advisers for a planned share sale on the Riyadh stock exchange, the people said, asking not to be identified because the information is private. The deal could value the company at more than $1.4 billion, the people said.

  • Saudi and Kuwait to Return Envoys to Lebanon After Yemen Rift

    Saudi Arabia and Kuwait have decided to return their ambassadors to Lebanon five months after a spat broke out with Beirut over controversial comments made by former Lebanese Information Minister George Kordahi over the war in Yemen.