A long-awaited opening of Saudi Arabia’s stock market to direct foreign investment appears near, industry executives and fund managers say – a reform that could give equity investment in the Gulf its biggest boost for years. Hopes have been raised and dashed several times over the last few years. While the Saudi government has long considered the reform and has been making technical preparations, it has never […]
The UAE’s new Land Transport Act will come into effect from September 1. The new act clearly explains the rules of carrying passengers and goods between the UAE and other countries as it specifies the responsibilities and commitment of the parties to ensure the safety of passengers and goods. According to this law, no land transport business maybe practiced without getting a license from the National Transport Authority […]
Saudi Arabia and India topped the charts for sending the most tourists to Dubai in the first half of this year as a new report by Department of Tourism and Commerce Marketing (DTCM) revealed record-breaking figures. More than 5.5 million tourists visited Dubai from January to June this year, representing an increase of 11.1 per cent over the previous year. Director-General of DTCM Helal Saeed Almarri said: […]
Dubai contractor Arabtec on Wednesday denied media reports that it was considering a merger with Kuwait’s Combined Group Contracting Co and Saudi Arabia’s Saudi Oger. “The company would like to state that there are no discussions to merge with either of the two companies and there are no current plans to do so,” Arabtec said in an emailed statement. The company’s chief executive had said it was […]
Emirates NBD, the United Arab Emirates’ biggest bank by assets, expects to raise more than $12 billion for clients in the remainder of the year, boosting investment banking income as the lender seeks expansion. The Dubai government-controlled lender has mandates for about 20 bond and loan deals after helping raise $14.6 billion for clients in 23 such transactions so far this year, Giel-Jan Van Der Tol, the […]
SAUDI ARABIA: Saudi female students want to work during their time at university, a recent study revealed. The study, conducted by Glowork, a human capital company dedicated to women, and partners DAF Advisory Services and Alwane, revealed that 87% of Saudi women are looking to work part time if the opportunity was given. “They want to work not for financial reasons, but purely for experience” said Khalid […]
A mechanism to standardize medicine prices in member countries of the Gulf Cooperation Council (GCC) is expected to be put in place by November ahead of a meeting of Gulf Health Ministers early next year to endorse the price list. The entire scheme is aimed at reducing and maintaining uniform prices of medicines and profit margins. Dr. Fahad Al-Dosari, head of medicinal pricing at the executive office […]
Dubai-based Arabtec Holdings is in merger talks with Kuwait’s Combined Group Contracting Co and Saudi Arabia’s Saudi Oger to create a pan-Gulf construction firm, Kuwaiti newspaper Al-Qabas reported on Wednesday. The newspaper quoted unnamed sources. Spokesmen at the companies could not immediately be reached for comment. Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, reported last week that it swung to a second-quarter net profit, helped by growth […]
(Reuters) – In his full-throated cry of support for the Egyptian authorities, Saudi King Abdullah on Friday described street protests by the Muslim Brotherhood as representing “terrorism and sedition”. That stark view of a crisis that has killed hundreds in the past week shows why the world’s top oil exporter will continue to back Egypt’s crackdown on the Brotherhood even while its Western allies try to convince […]
RIYADH – Healthcare spending in Saudi Arabia is expected to grow by 10.3 percent this year to SR98 billion over 2012’s SR88.9 billion. The Saudi government has announced that major projects involving healthcare, along with other key sectors such as education, will get additional funding and strong governmental focus in the coming months. At the same time, the Kingdom’s IT expenditure is projected to increase by around […]
Saudi bank deposits posted a new record of SR1.36 trillion by the end of first quarter of 2013. The expansion in credit portfolios was facilitated by this enormous depositary base. Demand deposits remain the main beneficiary given the globally suppressed interest rate environment, according to a report by the National Commercial Bank (NCB). NCB’s customer deposits, the largest in the market, reached SR276.7 billion in March 2013 […]
A small number of well-established insurers are reaping the benefits of the fast-growing insurance markets in the Gulf Cooperation Council (GCC) region, Standard & Poor’s Ratings Services said in a review. Meanwhile, inflated valuations and a reluctance to relinquish control are preventing smaller insurers from consolidating. In trying to avoid reporting losses, we believe revenue-starved insurers could distort market pricing for all. Insurance in the GCC region continues […]
(Reuters) – By canceling a military exercise with Egypt but not cutting off U.S. aid, President Barack Obama sought on Thursday to show his displeasure at the Egyptian army’s violent crackdown on protesters – without totally alienating the generals. Obama announced the move a day after at least 623 people were killed, according to Egypt’s Health Ministry, as troops and police used force against protesters seeking the […]
Saudi Arabian Airlines is burdened with heavy debts. The company owes the General Authority for Civil Aviation (GACA) SR11 billion, a source told local media. Top officials in the government intervened and helped the company repay SR2.6 billion, the source said. Delays in repayment led GACA to fine the airliner an additional SR1.5 billion, and later SR1.3 billion following the reorganization of the authority, bringing the debts […]
Saudi Arabia is currently working to develop its trade and investment laws with the intent of wooing more foreign direct investments and settling disputes between foreign investors and their local partners. Saudi Arabian General Investment Authority (SAGIA), the country’s investment facilitator, spearheads the move by adding some points of explanation in the current law in addition to putting a set of new conditions. The Kingdom encourages successful […]
The domestic banking system in Saudi Arabia relative to many of the global peers, developed or developing, had maintained its inherent strengths that emanate from greater reliance on core banking activities, lower non-performing loans (NPLs) ratio, little recourse to wholesale funding and ample liquidity. During the last two years, Saudi banks have returned to a higher growth trajectory after a lackluster performance in 2009 that saw total […]
(Reuters) – Saudi Telecom’s (STC) Indonesian unit has picked Moelis & Co to advise it on negotiations with lenders as the operator steps up efforts to restructure a $1.2 billion Islamic loan, two sources familiar with the matter said. STC backed the loan for Axis Telekom, its Indonesian arm, in 2011. But Axis’s poor performance has put the company in breach of some of the terms, four […]
The total value of ongoing projects in the GCC region currently stands at $2.62 trillion, with the Kingdom accounting for $875 billion. The Kingdom’s strong construction market is being driven by government spending and high oil prices, according to a recent Global Investment House report. For 2013, the Kingdom budgeted $219 billion for spending, up by 18.8 percent, year-on-year, from 2012. Out of this, almost $76 billion […]
The stock of GCC bonds (both conventional and sukuk) increased healthily during the first six months of the year, the National Bank of Kuwait (NBK) report said. Private sector issuance maintained a strong pace, dominating the GCC’s fixed income activity, driven by the non-financial sector, which also experienced its best six months yet. The stock of outstanding GCC fixed income instruments rose to 239.8 billion at the […]
DUBAI, Aug 13 (Reuters) – Saudi Arabia led other Gulf markets higher on Tuesday as most reopened after long Eid holidays, while Dubai bounced from technical support, suggesting its bull run is not yet stalling. After a week-long break, the main Saudi index climbed 0.5 percent to 8,115 points in active turnover. Buying was seen across a wide range of sectors; property developer Dar Al Arkan, the […]
Reuters: Saudi Arabia’s King Abdullah’s disdain for Iran leaps from U.S. embassy cables. “May God prevent us from falling victim to their evil,” he told U.S. officials, according to a cable released by WikiLeaks. According to another, he told his own diplomats he wanted Washington to “cut off the head of the snake”. On the other side of the Gulf, Iran’s contempt for Saudi Arabia crackles through […]
DUBAI, Aug 12 (Reuters) – Lenders including Deutsche Bank, HSBC and China Development Bank are resisting calls by Saudi Telecom (STC) to restructure a loan that could potentially leave them with losses of up to $600 million, banking and industry sources said. The tussle over the $1.2 billion loan highlights the risks banks face extending loans to state-owned companies in the Middle East, where billions of dollars […]
By Arif Sharif Aug 12 (Bloomberg) Abu Dhabi Islamic Bank PJSC (ADIB) plans to expand in North Africa as the lender controlled by the emirate’s ruling family seeks to access more-populous markets. The bank applied for licenses in Algeria and Libya and is considering Tunisia and Morocco, Chief Executive Officer Tirad Mahmoud, said in an Aug. 4 interview. Interest in Shariah-compliant banking has increased since 2011, when […]
(Arab News): Makkah is witnessing mega-development projects at a combined cost of more than SR300 billion, according to Makkah Mayor Osama Al-Bar. “The city is enjoying enormous support from the country’s leaders,” he says. Al-Bar said the public transport project, including metro and buses, will make Makkah a smart city that is attractive for investors and end traffic bottlenecks during Umrah and Haj seasons. A ministerial committee, […]
