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  • Saudi Mortgage Law: Key Details Still to be Determined
     

    Saudi Arabia faces housing challenges caused by rapid population growth and an inflow of expatriate workers to the kingdom.

     
  • Saudi per capita water consumption 91% higher than global average
     

    Per capita water consumption in Saudi Arabia is 91 percent higher than the international average, according to a new report by the country’s Saline Water Conversion Corporation (SWCC). Saudi Arabia is the world’s largest producer of desalinated water, accounting for at least 17 percent of the total world output. The Kingdom has invested nearly $25 […]

     
  • Saudi banks most profitable in Middle East
     

    Out of the top 50 banks in the Middle East ranked by assets for the period H1 2011, Saudi banks lead the pack “having a good track record of maintaining strong asset quality and adapting adequate lending practices and underwriting standards,” Sheetal Kothari, research analyst, business and financial services practice, Frost & Sullivan, said. The […]

     
  • Top 10 salaries in Saudi Arabia
     

    Banking is one of the only sectors in Saudi Arabia to see a dip in compensation in 2012 Salary Survey. Construction project managers now earn the highest monthly salary.

     
  • Saudi construction sector to gather steam in H2 2012
     

    The Saudi construction sector will further gather steam in the second half of 2012, the National Commercial Bank “Construction Contracts Index” for the second quarter of this year released Saturday indicated. NCB Construction Contracts Index reached 309.12 points by the end of the second quarter of 2012, with the total value of awarded contracts reaching […]

     
  • Graph of the Day – Saudi Oil Production Since 2008
     

    Jadwa Investment’s recently released Chartbook for the month of August 2012 found that  the Saudi Arabian economy overall remained “robust.” Included in that report is a look at the oil sector in Saudi Arabia. Oil prices “climbed in July because of renewed political tensions with Iran and rising global stock markets,” Jadwa noted.

     
  • Jadwa Saudi Chartbook for August 2012: Banking Indicators
     

    Jadwa Investment’s recently released Saudi Charbook for the month of August 2012 found that the Saudi economy remained “robust.” On the subject of banking indicators in Saudi Arabia, Jadwa found that “bank lending to the private sector jumped in June. Monthly growth was the highest since August 2009. In year-on-year terms it was at its peak since […]

     
  • ‘There is a large infrastructure boom happening in Saudi Arabia’
     

    Saudi Arabia is spending more than $60 billion on a logistics hub, airport improvement and roads to reduce travel time in the Arab world’s biggest economy. The investments also yielded the largest sukuk, or Islamic bond, offered in the Middle East this year and an initial public offering on the stock exchange in June. “There […]

     
  • Wealth Management in the Middle East: Boon or Bust?
     

    Middle Eastern policymakers and bankers will develop an indigenous wealth management industry which keeps the super-wealthy’s investments at home. Developing a local national wealth management industry requires letting in foreign competition, changing banking and securities laws, and growing local companies whose shares are worth buying. The first part of the article reviews trends in wealth […]

     
  • Saudi public sector’s bank credit rebounds
     

    Bank lending in Saudi Arabia is continuing at a generally brisk pace, the National Commercial Bank said in its “GCC Financial Market Quarterly” released Monday.The report said liquidity conditions supporting this credit expansion remain very benign. However, the growing economic confidence has begun to hit deposit growth somewhat and the annual pace of expansion decelerated […]

     

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    Kuwait was never a colony, though it was a British protectorate from 1899-1961. The British exercised outsized influence and some colonialist accents seeped into Kuwait’s urban development. Kuwait City, in its modern phase, was established after the discovery of oil in the country in 1938, when Kuwaiti officials wanted the urban landscape to reflect the country’s new economic status. The British, along with local merchants and officials, strongly advocated for the demolition of Kuwait’s Old Town in favor of a new Kuwait City.

  • Movie ban highlights Kuwaiti opposition to normalization with Israel

    Kuwaiti authorities have banned the film “Death on the Nile” because it stars Israeli actor Gal Gadot. Kuwaiti information ministry spokesman Anwar Murad has explained that the move comes in response to criticism on social media of Gadot’s service in the “[Israeli] occupation army.” Kuwait staunchly opposes normalization with Israel, despite the increasing exchanges between Tel Aviv and some Gulf Arab states.

  • Shares of Saudi Arabia’s Al Rajhi Bank rise after $4bn capital plan rollout

    The Riyadh-based lender’s board of directors recommended increasing the bank’s capital through issuance of bonus shares to shareholders. It plans to offer three bonus shares for every five held, Al Rajhi said in a statement on Sunday to the Tadawul Stock Exchange, where its shares are traded. The bank will boost its capital through capitalisation of 15bn Saudi riyals ($4bn) from retained earnings, the lender said.

  • Lebanon Needs to Step Up on Reform, Says Saudi Foreign Minister

    “Lebanon first needs to be actively saving itself… We need a stronger signal from the Lebanese body politic that they are going to step up,” Prince Faisal bin Farhan Al Saud said at the Munich Security Conference.

  • Inside the Taliban’s return to power

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  • Lebanon cenbank governor working from office despite legal pressure – sources

    Lebanon's central bank governor Riad Salameh is working normally from his office where he chaired a meeting on Wednesday, a day after security services sought him for a court hearing over alleged misconduct, according to three sources, including one from the central bank. The security services were acting on the order of Judge Ghada Aoun, who has issued an open-ended subpoena against Salameh after he failed to attend several hearings as a witness in ongoing investigations.

  • Digital bank backed by Saudi sovereign wealth fund gets approval

    The D360 Bank, which aims to operate locally, will be the third digital bank in Saudi Arabia as the kingdom's diversification efforts continue.

  • Saudi ministry imposes 3-month crab hunting ban in Arabian Gulf

    The Ministry of Environment, Water and Agriculture (MEWA) in the Eastern Province announced the imposition of a ban on fishing for crab in the waters of the Arabian Gulf for a period of three months starting Feb. 15. The ministry stressed the need for fishermen to abide by the ban and return crabs laden with eggs to the sea as a conservation measure while fishing.

  • Egypt plans to export gas to Lebanon by end of February

    While Egypt stresses that the route is open for gas exports to Lebanon, two prominent members of the US Congress have called on the Biden administration to reconsider its support for the energy deal between Egypt, Jordan, Syria and Lebanon.

  • Saudi Arabia’s Al Rajhi Bank posts 39% rise in 2021 profit as operating income grows

    Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 39 per cent rise surge in its 2021 net profit as operating income rose steeply on the back of the kingdom's economic recovery.