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Revenues were boosted by both the kingdom’s oil and non-oil sectors
Last year the fund raised an $11bn international syndicated loan, its first commercial borrowing
The enlarged ADCB group, listed on ADX, has Dhs423bn in assets and over one million customers
Abdel-Wadood will be subject to home “incarceration” in New York and wear an electronic monitoring device
The government previously said it plans to cover 86 per cent of this year’s expected budget deficit through local and foreign borrowing
The cuts are mostly junior and middle level staff and some senior positions, the sources said
He is accused of defrauding US investors and causing them financial loss
The kingdom announced last week that Credit Suisse had won approval for a banking licence to operate in Saudi
Foreigners currently own 5 per cent of Saudi equities
Abu Dhabi’s ADNOC sealed the $4bn pipeline deal in February
Demand for the new issuance, due in 2049, is equivalent to around SAR9.25bn
National Commercial Bank made a net profit of SAR3.16bn ($842.7m) in the three months to March 31
The bank aims to boost its mortgage lending as more affordable housing comes on the market
DIB is in talks with shareholders of Dubai-based Noor Bank over a possible acquisition of the lender
The bank’s mortgage book grew 27 per cent year-on-year in 2018 and it is looking for double digit growth for the coming years
Ala’a Eraiqat will be the bank’s new chairman, while continuing as CEO of ADCB
Loan growth and improved margins offset an increase in provisions and operating costs
The conglomerate was the first high-profile company to file for a settlement under Saudi Arabia’s new bankruptcy law
The investment fund and its CEO were individually fined $10,000 for failing to submit audit reports on time
The $1bn merger deal with US-based firm Twelve Seas Investment is expected to be finalised before July 1
The Dubai Financial Services Authority has been investigating Abraaj Capital, an entity of the collapsed firm
The bank said the increase in net interest income reflected strong growth in business volumes
The loan will be repaid from the proceeds PIF gets from selling its SABIC stake, a source said
Foreigners will be allowed to own as much as 40 per cent of FAB stock from a previous limit of 25 per cent
Abraaj had been the largest buyout fund in the MENA region until it collapsed in the middle of 2018 over fraud charges
The government previously promised to support the bank after it was hit by high levels of bad loans
The New York office will focus on financial services and private equity
Martin Tricaud takes over from Georges Elhedery, who has been appointed to lead HSBC’s Global Markets division
State-owned Aramco’s bond issue is split into maturities ranging from three to 30 years