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  • “Milestone” oil manipulation case unsettles traders
     

    U.S. regulators’ $14 million settlement with high-frequency trading firm Optiver over oil price manipulation in 2007 is a “milestone” victory in their toughening stance on market malfeasance which is being closely watched by traders. In its first major case against an algorithmic trader, the Commodity Futures Trading Commission said late on Thursday that a court […]

     
  • Home boom aids Saudi Telecom profit surge
     

    Soaring demand for broadband helped Saudi Telecom Co (STC) post a 60 percent increase in first-quarter profit on Wednesday, with the former monopoly reporting rising revenues in its mobile, fixed line, corporate and wholesale units. The former monopoly, which will pay a quarterly dividend of 0.5 riyals per share, made a profit of 2.52 billion […]

     
  • Major Banks Expanding in Saudi Arabia
     

    “We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’s wealth management unit, said in an interview this week in Dubai. “In four or […]

     
  • Saudi tops in job creation in GCC
     

    The Gulf region continued to create jobs despite the impact of Arab Spring in 2011 with the regional powerhouse Saudi Arabia topping the list followed by Qatar and Oman, according to a new survey. The oil and gas industry, healthcare and retail sectors enjoyed the largest headcount expansion in 2011, while banking and construction fared the […]

     
  • Internet in the Middle East Still Short of Its Potential
     

    Last week’s third ArabNet conference for digital entrepreneurs in the MENA region was, by the standard of these things, a modest affair. But nonetheless it showed how the regional digital economy has grown, and how it is poised to take off. As one commentator said: “Jordan for the talent, Lebanon for the creativity, Egypt for […]

     
  • 10 Saudi women take fight against breast cancer to Mount Everest
     

    Princess Reema bint Bandar bin Sultan and the Zahra Breast Cancer Association launched a campaign on Tuesday where 10 Saudi women will climb to the Mount Everest base camp in May. The 10 climbers include Jude Al-Aitani, Asma Al-Sharif, Mashael Alhegelan, Mona Shahab, Noura Bouzo, Raha Al-Moharrak, Lina Almaeena, Samaher Mously, Hatun Madani, Alya Al-Sa’ad, […]

     
  • Jadwa Saudi Chartbook – March 2012 – Banking
     

    Bank deposits rose for the fifth consecutive month in January, with demand deposits accounting for the entire rise to reach almost 60 percent of total bank deposits. Bank excess deposits at SAMA remained very high, giving scope for further lending growth.    

     
  • What to Know About the TASI Opening
     

    Saudi Arabia, the world’s largest oil exporter and the Middle East’s biggest economy, is about to complete a gradual process to open its stock market, known as the Tadawul or TASI, directly to international investors for the first time. The initial step toward this action was to give other GCC countries the right to invest […]

     

MUST-READS

  • France says UAE to join French-Saudi fund to support Lebanon

    Riyadh and Paris agreed in early December to establish a common humanitarian mechanism to alleviate the suffering of the Lebanese as a first step to Saudi re-engaging with Lebanon after a diplomatic row between Beirut and the Gulf states

  • Saudi Design Festival Kicks Off With A Bang In The Hope Of Creating A Better Future

    El Faisal thinks that understanding how to think like a designer at a young age will have a huge impact on navigating the world as an adult. This is not about teaching how to design, but rather on how to create an ecosystem and where to find opportunities.

  • Senior Taliban delegation visits Iran as quest for legitimacy continues

    Taliban Foreign Minister Amir Khan Muttaqi has visited Tehran for talks with Iranian officials. The top diplomat headed the highest-level delegation to visit Afghanistan’s neighbor to the west since the Taliban seized power last August. The trip comes as the Afghan group is struggling for legitimacy since no country has recognized its rule. Iran says that once the Taliban form “an inclusive government,” it will recognize it—and persuade others to do the same.

  • Saudi National Bank Celebrates Largest Bank Merger

    The National Commercial Bank, or NCB, concluded the final phases of a merger deal with Riyadh-based Samba Financial Group on Jan. 6, 2022, to form the Saudi National Bank. With assets exceeding 900 billion riyals ($240 billion) and capital amounting to 44 billion riyals ($11.7 billion), the new entity is believed to be the Kingdom’s largest bank.

  • EIG-led investors in Aramco oil pipelines hire banks for dual-tranche bonds

    A group of institutional investors that last year took a stake in Saudi Aramco's oil pipelines network has hired Citi (C.N) and JPMorgan (JPM.N) to help refinance a loan that backed the deal, bank documents and an investor presentation showed on Monday. A consortium led by U.S.-based EIG Global Energy Partners in June bought 49% of the Aramco Oil Pipelines Company set up by Saudi Aramco, which holds the remaining 51% stake. As part of the deal, Aramco struck a 25-year lease and leaseback arrangement with the pipelines group.

  • Saudi National Bank plans inaugural ‘sustainable’ sukuk

    Saudi National Bank (1180.SE), the kingdom's largest lender that is 50.4% indirectly owned by the government, has hired banks to arrange the sale of U.S. dollar-denominated five-year inaugural sustainable sukuk, or Islamic bonds, a bank document showed on Monday. The proceeds will be eligible to fund renewable energy-generating facilities, including loans to develop such projects as well as loans related to tree-planting, an investor presentation reviewed by Reuters showed.

  • Inside the banking struggles of UAE’s start-ups

    Hefty minimum-amount requirements combined with a bureaucratic and lengthy procedure are just some of the hurdles the country’s entrepreneurs face when setting up an account for their small businesses

  • Saudi Arabia’s biggest lender hires banks for sustainable sukuk – document

    Saudi National Bank, the kingdom's biggest lender, has mandated banks to arrange investor meetings ahead of a planned issuance of inaugural sustainable Islamic bonds or sukuk, a document seen by Reuters showed. SNB has mandated HSBC as sole ESG structuring agent, and Citigroup, Emirates NBD Capital, Goldman Sachs, HSBC, Mizuho Securities and SNB Capital as joint lead managers and joint bookrunners to arrange investor meetings starting on Monday, the document said.

  • Dolce and Gabbana to bring its Alta Moda show to Saudi Arabia for the first time

    Dolce & Gabbana is bringing its lavish Alta Moda, Alta Sartoria and Alta Gioielleria shows to Saudi Arabia for the first time on January 27. Known for staging large-scale, theatrical events that fuse emotion with high fashion, Dolce & Gabbana has previously shown its Alta Moda collections in a temple in Sicily, the storied houses of Milan and even inside New York's Metropolitan Opera House. Its last outing in August was in Venice's famed St Mark's Square, where the thunderstorms added to the theatrical beauty of the clothes.

  • Hezbollah’s criticism of Saudi not in Lebanon’s interest – PM

    "What ... Nasrallah said about the Kingdom of Saudi Arabia this evening does not represent the position of the Lebanese government and most Lebanese. It is not in Lebanon's interest to offend any Arab country, especially the Gulf states. "For God's sake, have mercy on Lebanon and the Lebanese people and stop the hateful sectarian and political rhetoric."