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Saudi Arabia taking ‘unprecedented hands-on role in housing finance and development’
- April 4,2016
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- SUSTG Team
Saudi Arabia’s housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government’s plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis. “‘We are looking to improve the productivity of the local developers’ but also trying to attract international […]
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In Bid to Boost Transparency, Saudi Regulators Require International Banks to Disclose Financial Statements
- March 21,2016
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- SUSTG Team
Saudi Arabia’s Capital Markets Authority (CMA) is instructing international banks to publicly disclose financial statements for the first time as the kingdom seeks to boost transparency, according to a report in Bloomberg. The Bloomberg report says that companies under the regulation of the CMA in Saudi Arabia must publish the financial information on their websites […]
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Saudi Central Bank Announces an ‘Affordable Mortgage’ Program Intended to Boost Housing Sector
- February 29,2016
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- SUSTG Team
Saudi Arabia’s central bank said in a statement it plans to launch an “affordable mortgage” program to finance residential real estate purchases by Saudi citizens, according to reports. Home buyers would be responsible for a down payment of 15 percent of the property’s value, and commercial banks would supply a further 70 percent. An additional […]
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U.S. Chamber of Commerce and Council of Saudi Chambers Kick-off U.S.-Saudi Arabia CEO Summit
- January 25,2016
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- SUSTG Team
On January 24, 2016 at the Council of Saudi Chambers of Commerce building the U.S.-Saudi CEO Summit kicks off a focused, high-level private-sector initiative to assess the U.S.-Saudi commercial and business environment in order to enhance bi-lateral trade, investment and cooperation. The Saudi-US Trade Group team is in Riyadh to participate in the inaugural U.S.-Saudi […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
- January 11,2016
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- SUSTG Team
As Saudi Arabia appears to actively consider a potential IPO for its state-owned oil company, Saudi Aramco, two conflicting reports emerged today about the potential scope of the offering. On Thursday of last week, Saudi Arabia’s deputy crown prince Mohammed bin Salman told the Economist in an interview that he was optimistic about the potential […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
- December 7,2015
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- SUSTG Team
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
- December 2,2015
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- SUSTG Team
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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CMA Tightens Curbs on Anonymous Investors in Preventive Measure to Curb Money Laundering and Terrorist Financing
- October 14,2015
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- SUSTG Team
Saudi Arabia’s Capital Market Authority has further tightened its restrictions on anonymous investors trading shares through brokers in a bid to prevent money laundering and financing of militant groups, Reuters reports. The new rules apply to Saudi and Gulf-based brokers and banks “which offer opportunities to invest in the Saudi stock market through funds called ‘nominee accounts’. […]
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Saudi Oil Exports Boosted to Record Numbers as IMF Urges Fiscal Policy Changes and Greater Economic Diversification
- August 19,2015
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- SUSTG Team
Saudi Arabia’s oil exports rebounded in June from a five-month low as the largest OPEC producer boosted output to a record, Bloomberg reports. Exports climbed to 7.37 million barrels a day from 6.94 million barrels in May, according to JODI data. Saudi Arabia told OPEC its June production was a record, exceeding a previous all-time high set in […]
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Photos: King Salman Urges More ‘Support to Investment and Investors in the Kingdom’ at High-Level Business Gathering
- May 28,2015
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- SUSTG Team
In a focus on investment forum in Saudi Arabia, Custodian of the Two Holy Mosques King Salman spoke to leading business leaders and government officials at Al-Salam Palace on Wednesday and asked them to encourage “businessmen to invest in the Kingdom where the climate is conducive for business and where everyone gets a fair opportunity” and to […]
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Saudi Arabia and banks sign deal on $43bn worth tourism projects
Late last month, Saudi Arabia’s Tourism Development Fund, Riyadh Bank and Banque Sandi Fransi have signed a deal to finance about SAR160bn ($43bn) worth of tourism projects within the country. The fund has been started with an initial investment of $4bn.
- Saudi Arabia’s STC hires banks for IPO of subsidiary, sources say
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Saudi plan to allow more foreign banks to benefit projects
"SAMA is quite open regarding the operation of new banks in Saudi Arabia...there is a plan to increase the number of banks in the Kingdom to serve its massive economy through project finance and other activities in line with Vision 2030," Shatri told the Saudi Arabic language daily Aliqtisadia.
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How banks and insurers in Saudi Arabia are faring during Covid
Given the widespread healthcare crisis, the first half of this year could have been disastrous for the insurance sector – riddled with heavy claims. Thankfully for the sector, the government very quickly took the financial burden for the pandemic off the insurance industry, covering treatment costs for citizens and residents in the country. In fact, the Kingdom’s government even extended its coverage to those living illegally in the Saudi Arabia.
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Saudi Tourism Development Fund, banks sign deal for up to $43 billion of projects
The agreement will set up mechanisms to finance tourism projects across the kingdom as part of the government’s efforts to develop the sector, a key pillar of Saudi Crown Prince Mohammed bin Salman’s ambitious reform strategy to reduce dependence on oil.
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Saudi Arabia Banking Pulse Suggests Subdued Profitability for Kingdom’s Banks
Saudi Arabia’s top ten banks reported a marginal increase in deposits compared to the preceding quarter, which improved the banks’ funding position. In Q2, the loan to deposit ratio (LDR) increased slightly to 86.1%.
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Saudi Arabia’s STC asks banks to pitch for subsidiary IPO: sources
The company’s valuation could be around 9 billion riyals ($2.4 billion), if it garners 18-20 times its earnings multiples, one of the sources said. The IPO size could be around $500 million if the company sells 20%, the source said.
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Saudi Arabia’s SABIC picks banks for dollar bond – sources
Saudi Basic Industries Corp, the world’s fourth-biggest petrochemicals firm, has picked banks to arrange a U.S. dollar denominated bond issue, two sources said, as corporates and governments in the Gulf seek to raise cash amid a recession.
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Saudi banks exceed maximum loan-to-deposit ratio in Q2-20
The kingdom’s banks exceeded the maximum 90% loan-to-deposit ratio, registering 90.72% during the April-June period.
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Saudi banks may suspend dividend payouts for H1 2020
Earnings calls this week revealed that Saudi Arabia’s listed banks may withhold dividends for the first half of 2020. Although some banks like Al Rajhi and Banque Saudi Fransi, which had their earnings calls on Monday, made no direct mention of withholding dividends, they indicated as much.
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