The deal also includes fresh capital for any follow-on investments and future investments
A merger between the banks would create a combined bank holding $183bn in assets
The Saudi Arabian General Investment Authority also reported a 100 per cent increase in the number of investment expansion requests
Analysts expect more mergers given a slowing economy, slide in house prices, robust accounting standards and tougher competition
The order book for the $7.5bn sale of longer-term debt sale peaked at $27.5bn
The kingdom has sold $52bn in international bonds since its debut in 2016
The loan will fund the $4.3bn Noor Energy 1 project, expected to become the world’s largest single-site concentrated solar power plant
Dubai-based Abraaj, worth $13.6bn, collapsed last year following turmoil triggered by a row with investors
Jim Yong Kim’s resignation takes effect from February 1
The new expansion will add a total of 13 million square feet of space to the DIFC
Customers of First Abu Dhabi Bank were charged a Dhs175 fee in error
The new funds will be used to grow the workforce by up to 50 per cent as the company expands to other regional markets
Figures from the UAE’s Central Bank covered the first 11 months of 2018
The new programme will cover home loans, auto loans and business loan products
The UAE implemented 5 per cent VAT on the supply of most goods and services on January 1, 2018
The President and CEO of Dubai Chamber of Commerce and Industry talks about plans to cement Dubai’s reputation as global business hub.
Nationalising the sector could also generate more than 35,000 jobs for Saudis
New Saudisation rules have seen hundreds of thousands of legal foreign workers leave the country
Shareholders will vote on the deal on January 8
The government will buy 1.59 billion shares in the bank, which has struggled due to high levels of bad loans
Analysts said Riyad could benefit from NCB’s strong balance sheet
Everything you need to know about VAT in Bahrain
Both banks have a common shareholder in sovereign fund Public Investment Fund
Merger talks between Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank are reportedly at an advanced stage
Saudi banks said they had reached a deal with tax authorities to resolve a dispute that would still result in big one-off payments
New senior appointments also announced in Jordan and Oman
The UAE is seeing a rise in the use of contactless payment solutions
The US Federal Reserve Board decided to hike rates by 25 basis points
The company’s GCC strategy generated total returns of 1 per cent this year
Five sectors of the Saudi economy are prepared for privatisation in the first quarter of 2019