Reports earlier this week indicated the bank had laid off 15 per cent of its workforce
Raghavan Seetharaman said it was a “challenging time” for lenders
Before the lay-offs, the bank had about 70 employees
Bandar Hajjar’s candidacy was endorsed by the Saudi government and the outgoing IDB president Ahmad Mohamed Ali
Late last month, Saudi announced steps to reduce its dependence on oil exports over the next 15 years
The amount will reportedly be used to cover redundancy costs for workers it is laying off, back salaries and severance costs
Gulf bond sales have increased by a third so far this year, according to Bloomberg
Petrochemical shares have given the greatest boost to Riyadh’s index over the last week
The bank plans to grow its Turkey franchise and expand into Malaysia, Indonesia and Egypt, its chairman said
The fund will also abandon the Qatar Holding name, according to reports
The US Treasury Department released information related to its debt for the first time in four decades
Measures are seen as a means of reducing the “huge fees” some funds pay to external managers
Bahrain is stepping up its borrowing and in late February borrowed $600m
Up to 28 per cent of UAE professionals don’t expect a raise this year, finds new survey
Distressed assets and changing consumer habits expected to drive deal activity in 2016
Saudi market authorities recently announced an easing of foreign ownership restrictions
The ratings agency downgraded Saudi Arabia’s long-term issuer rating by one notch
Any deal is complicated by legal claims over Investment Dar’s assets
Lenders across the world are preparing for a change to international accounting rules
First Gulf Bank cut close to 100 jobs in November
Reductions by local lenders have totalled a combined 1,500 staff in 2016 and 2015, according to some estimates
The authority will be designed and established by the central bank
The kingdom’s bank resolution draft law is unlikely to reduce support for lenders
Robin Jones replaces Mohammad al-Tuwaijri, who was appointed Saudi deputy minister of economy and planning
Tadawul is by far the largest stock market in the Middle East
Tadawul announced last month that it planned to open the new exchange next year in a bid to improve access to capital
Reforms announced on Tuesday suggested authorities are now courting foreign money more aggressively
Previously, qualified institutions could only own a maximum of 5 per cent of any listed company
The general index increased by 6.5 per cent during the quarter
Documents posted online last week included the bank details of journalists, supposed royal family members and government and defence officials