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Saudi Arabia

Natixis replaces Saudi Arabian CEO after six months in the role

International banks have been expanding in Saudi as the country embarks on a plan to diversify its economy beyond oil

Oil extends drop as OPEC+ struggles for consensus on output plan

Oil has just capped its biggest monthly increase since May on optimism energy demand will rebound as Covid-19 vaccines are rolled out in the coming weeks

Saudi Telecom’s CEO quits after two years

A search for a successor is underway

Saudi Central Bank extends pandemic loan support into next year

The programme has helped banks avoid having to recognise credit as non-performing

GCC Covid-19 update: UAE reports 1,251 cases, 736 recoveries

The death toll in the UAE has risen to 570

How new Saudi labour reforms benefit the economy

This initiative is a win-win situation for employees as well as employers

Saudi Arabia broadens Central Bank’s mandate to promote growth

The new charter also formally changed the name of the central bank, from Saudi Arabian Monetary Authority to Saudi Central Bank

Wealth management of tomorrow: Is it human or hybrid?

The advent of disruptive technologies may prompt futurists to predict the end of the traditional wealth management model

Saudi, Abu Dhabi wealth funds team up on Egyptian drugmaker deal

Public Investment Fund and ADQ are weighing the purchase of Bausch Health’s Cairo-based drug unit

GCC leads MENA in fintech maturity: report

Abu Dhabi, Bahrain, Dubai and Riyadh named MENA’s top fintech ecosystems by Startup Genome

Oil tanker owner says ship attacked in Saudi Arabian Red Sea

The vessel, able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline

GCC Covid-19 update: UAE reports 1,297 cases, 4 deaths

The death toll in the UAE has risen to 563

Ekar extends its mobility OS to GCC third-party fleet owners

Ekar poised to add more than 5,000 cars within its app over the next six months across UAE and Saudi Arabia

sabic

SABIC is said to weigh IPO of specialty chemicals business

SABIC reported its biggest quarterly loss in at least a decade in the three months through June

Saudi Arabia dismisses reports of Crown Prince’s meeting with Israeli officials

‘No such meeting occurred’, confirmed the kingdom’s Foreign Minister

Saudi virus

Saudi to offer Covid-19 vaccine for free to citizens and residents

The ministry aims to cover 70 per cent of the country’s population – that has not yet contracted Covid-19 – by the end of 2021

Saudi oil facility hit by Houthi projectile attack

No casualties were reported

GCC Covid-19 update: UAE reports 1,065 cases, two deaths

The case count in the UAE has risen past 160,000

G20 leaders

G20: World leaders promise to ensure equality in the race to vaccinate people for Covid-19

“There is very clear recognition from the G20 members that if we leave any country behind, we will be behind” – Saudi minister

Saudi Arabia’s Acwa Power set to raise $1bn in sukuk sale

The sukuk will be used to help fund Acwa’s share of an $8bn acquisition of gasification and power assets at Jazan

GCC Covid-19 update: UAE reports 1,205 cases, four deaths

The death toll in the UAE has risen to 552

Western Union buys $200m stake in Saudi Telecom unit

Western Union Co. acquired a 15 per cent stake in stc pay

Saudi Arabia won’t tap debt market again in 2020, minister says

The world’s largest crude exporter is relying on more borrowing as it grapples with the impact of the twin economic shocks caused by oil market turmoil and the coronavirus pandemic

Saudi Arabia to review VAT hike once economic crisis ends

The VAT hike to 15 per cent, was implemented in July this year

Industry outlook: How has the wealth management space fared in the GCC?

Similar to wealth, wealth management has gone through layers of evolution to become a specialised investment advisory service

Battista Anniversario

German firm Automobili Pininfarina unveils world’s first globally connected hypercar

Owners will be able to access online services in over 50 countries, including the Gulf region

Turki Al Malki, Saudi coalition

Saudi forces destroy armed drone launched towards civilian targets in the kingdom

The attack, launched on Wednesday, targeted the kingdom’s southern region

Saudi Arabia raises minimum wage for citizens by 33%

The higher minimum wage must be paid for a worker to be counted as part of a company’s quota of citizen employees

World’s biggest oil firm Saudi Aramco sells $8bn in bonds

Aramco sold $8bn in tranches maturing in three, five, 10, 30 and 50 years

Real Estate

Revealed: The most transparent real estate markets in the MENA region

Dubai and Abu Dhabi have been ranked as having the most transparent property markets in the region according to JLL’s latest index