Jerome Powell nominated by president to lead US central bank.

Friday, 3 November 2017

US President Donald Trump on Thursday nominated Federal Reserve Governor Jerome Powell to lead the US central bank. Powell, who must be confirmed by the Senate, will replace current Fed Chair Janet Yellen when her term at the helm of the central bank expires in February. Trump said Powell is “strong, committed and smart,” and has the “wisdom and leadership to guide” the US economy.  

SoftBank to work with Saudi Arabia on NEOM mega city

Wednesday, 25 October 2017

SoftBank Group Corp will work with Saudi Arabia on the development of “Neom”, a new business and industrial city announced on Tuesday.Softbank Group CEO Masayoshi Son said at an investment conference in Riyadh on Tuesday that Saudi’s Crown Prince Mohammed bin Salman had asked him to get involved.“I think Neom is a fantastic opportunity,” Son said, adding that the SoftBank Vision Fund would invest in Saudi Electricity Co (SEC).

Saudi Arabia hires banks for third international bond

Monday, 25 September 2017

Saudi Arabia has hired banks to arrange a global investor call ahead of a potential international bond issuance, as the Gulf’s largest economy, and the world’s top oil exporter, tries to plug a budget deficit caused by lower oil prices.Saudi Arabia could issue up to $10 billion, banking sources said, in what would be its third international bond sale after a $17.5 billion debut international bond last year - the largest ever sold across emerging markets - and a $9 billion sukuk, or ...

Qatari royal family sell stake in European bank to Chinese investors

Saturday, 2 September 2017

China’s Legend Holdings struck a deal on Friday to buy a 90 percent stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion euros ($1.76 billion) in the biggest takeover of a European deposit-taking bank by a Chinese firm so far. Legend, best known as owner of computer group Lenovo Group Ltd, is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of members of Qatar’s royal family, including former Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani ...

Qatari banks lost half of its investors and were downgraded in the same week

Thursday, 10 August 2017

Qatari Banks are lost almost half of their traditional investor base and have been downgraded to a negative status by Moody’s all in the same week. A cut of trade, economic and political ties from the quartet of Saudi Arabia, United Arab Emirates, Bahrain and Egypt due to Qatari funding of extremism and support of terrorist groups has resulted in the outflow of foreign funds from the country. Moody’s warned that the prolonged regional dispute could trigger some outflows of foreign ...

HSBC plans Saudi growth thanks to kingdom's 'unprecedented' transformation

Wednesday, 9 August 2017

 HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks on one of the biggest economic transformations attempted by any country, the bank's regional chief Georges Elhedery told Reuters. Opportunities for investment banks have increased tremendously due to Vision 2030, the reform program launched by Crown Prince Mohammed bin Salman to diversify the economy and end its reliance on oil exports, Elhedery said in an interview. Riyadh has ambitious privatization ...

Dubai introduces crowdfunding rules in first for GCC businesses

Tuesday, 1 August 2017

Dubai on Tuesday introduced regulations for crowdfunding, the first of their kind in a Gulf Cooperation Council member country, aimed at helping small businesses and start-ups to get access to alternative forms of funding. Regulators in the United States and Britain are among those countries that have introduced rules for crowdfunding, which is becoming an increasingly important source of cash for small and medium-sized enterprises. The Dubai Financial Services ...

UAE orders banks to freeze accounts, assets of those on terrorist list

Wednesday, 26 July 2017

The Central Bank of the UAE issued a general statement to all banks and financial institutions to search for and freeze any accounts, deposits or investments belonging to persons and entities listed by the four countries boycotting Qatar. The bank said in a statement that the orders come within the framework of the efforts of the United Arab Emirates, Saudi Arabia, the Kingdom of Bahrain and the Arab Republic of Egypt in the fight against terrorism, and their ongoing efforts to update the lists ...

Saudi Arabian Monetary Agency says foreign assets close to SAR 2 trillion

Tuesday, 25 July 2017

Foreign assets of the Saudi Arabian Monetary Agency (SAMA) and the commercial Saudi banks reached SR1.996 trillion by the end of May, business daily Al-Eqtisadiah reported on Monday quoting the agency’s official figures. According to the figures, SAMA’s net foreign assets were SR1.844 trillion against foreign demands of SR18.462 billion. The bulk of SAMA’s foreign assets is investment in securities which is SR1.256 trillion representing 67.4 percent while its deposits in ...

Saudi finance minister welcomes IMF report

Sunday, 23 July 2017

Saudi ministry of finance welcomed IMF report on the situation of the national economy. Commenting on the results of the consultations with the International Monetary Fund (IMF), the Minister of Finance Mohammed Al-Jadaan said: "We welcome the Fund's commendation of the progress achieved so far in implementing the Kingdom's Vision 2030, which it described as a bold reform program. "I particularly welcome IMF indication to improvements in the Kingdom's fiscal framework, commitment to ...

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