Kingdom Holding did not disclose the identity of the buyer
The statement comes as Standard & Poors cut its ratings for Saudi Arabia’s long-term foreign and local currency sovereign credit by one notch to ‘A-plus/A-1’
Standard & Poor’s cut its ratings for Saudi Arabia’s long-term foreign and local currency sovereign credit
Low oil prices, instability in the global economy and the prospect of monetary tightening have hurt sentiment
The Shura Council advises the government on legislation
Average salaries for professional occupations are set to rise by 1.7 per cent next year, finds Robert Half report
Net foreign assets at Saudi Arabia’s central bank fell 1.2 per cent from the previous month in September
Moderation in government spending will slow credit growth, tighten funding and weaken asset quality
The Qatari fund has acquired a 44 per cent stake in the Manhattan West project from Brookfield Property Partners
The company is seeking funds to refinance loans taken for the Emal projects, sources said
Rising rates might also impact the bank’s third quarter earnings, the lender’s chief executive said
Emaar Malls made a net profit of Dhs 376m in the three months to Sept. 30
The new premium banking offering will provide customers with a dedicated relationship manager available 24/7
Oman’s State General Reserve Fund (SGRF) has taken Bulgaria to arbitration at the Washington-based International Centre for Settlement of Investment Disputes
The UAE will look towards realising the goals of its Vision 2021, the Dubai ruler said
The lender made a net profit of Dhs 1.67bn ($454.71m) in the three months to Sept. 30, compared to Dhs 1.56bn in the same period in 2014
Low oil prices and regional turmoil are keeping volumes low on Abu Dhabi’s stock market
The fund will facilitate direct investment in GCC states by Japanese food and agribusiness firms
Next year’s budget has been set at Dhs 48.56bn with a zero deficit
The minister said the world could not afford to let oil stay at its current level, which is roughly $50 a barrel for Brent crude
Small and medium enterprises have reported difficulties in collecting payments and raising finance, both signs of tightening liquidity
A rise in expenses meant net fee and commission income dropped by 4 per cent in the third quarter
Abu Dhabi Global Market will initially focus on sectors such as wealth management, asset management and private banking
The United States tops the list while the UAE and Saudi Arabia feature among the top 15
Kingdom Holding made a net profit of SAR 291.55m in the third quarter of 2015, up from SAR 265m in the same period a year earlier
The IMF estimates Riyadh faces a record budget deficit of well over $100bn this year, amounting to 21.6 per cent of gross domestic product
The company’s Middle East headquarters in Bahrain will close and a process is underway to wind down the business, the sources said
Limitations on market access are frowned upon by index compliers such as MSCI and FTSE, whose indices are tracked by trillions of dollars of institutional wealth globally
The UAE’s banking customers are five times more likely to say that their view of their banks has improved rather than worsened in the last six months
The number of millionaires in the country is expected to increase from 59,000 in 2015 to 96,000 by 2020