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Saudi Arabia

Banque Saudi Fransi To Complete SAR2bn Sukuk By End-June

Order books are scheduled to close at the end of this week, according to sources.

Saudi Telecom Issues SAR2bn, 10-Year Debut Sukuk

The issue was almost two times oversubscribed.

Saudi Arabia Jails 33 For Up To 30 Years On Terrorism Charges

The suspected militants were arrested in Riyadh’s al Nakheel district in 2006.

Saudi Govt Seizes Riyadh Land Plot From Saudi Telecom

The 1.05 million square metre plot in Riyadh has a book value of SAR105.3 million.

Accor To Open New Ibis Hotel In Jeddah

The French hospitality group will operate the new ibis Madinah Road in Jeddah Saudi Arabia.

Saudi Arabia To Discuss Proposal For Sovereign Wealth Fund

The proposed Saudi fund would start with capital of 30 per cent of budget surpluses accumulated over past years, it was reported.

Saudi Regulator Lifts Share Trading Suspension On Etihad Atheeb

The regulator had halted the trading of STC shares after the company failed to give sufficient details on a network sharing deal.

Saudi Mulls Raising Minimum Age For Drivers

The Kingdom’s Shoura Council is examining a proposal that suggests raising the minimum age of drivers to 20.

Saudi’s Sipchem Says Postpones Merger Talks With Sahara

Both firms agree the merger is still in the interest of shareholders but said it couldn’t be achieved under the current regulatory regime.

Saudi Investment Bank Sells $533m Capital-Boosting Sukuk

The offering will support the bank’s capital base in accordance with Basel III requirements, assist its future growth and diversify funding sources, a statement said.

Saudi Retailer Alhokair Signs $267m Islamic Loan

The amount will be used to help repay loans and fund expansion.

Kone To Provide “World’s Fastest” Elevators For Saudi’s Kingdom Tower

The firm will provide the world’s highest double decker elevators, which will travel at a speed of over 10 metres per second.

Trading In Saudi’s Etihad Atheeb Halted Pending More Info On STC Deal

The Capital Market Authority (CMA) has suspended trading in Atheeb shares until the company provides more details.

Saudi Telecom Co And Landline Firm Atheeb Sign Network Deal

The so-called Indefeasible Rights of Use (IRU) agreement gives Atheeb access to 30,000 STC data connections for 15 years.

Saudi Study Strengthens Case Against Camels In MERS Outbreak

MERS has infected 691 people and killed at least 284 of them in Saudi Arabia alone since it first emerged in 2012.

Saudi’s Shoura Council Seeks Probe Into Haramain Rail Project Delays

The project is now also costlier by $2 billion, according to the Saudi government.

Saudi Airman Convicted In Rape Of Boy In Las Vegas Seeks New Trial

Prosecutors say the official, who was visiting Las Vegas while temporarily stationed at Lackland Air Force Base in Texas, lured the boy to a room and sexually assaulted him.

Saudi King Invites Countries To Attend Donor Conference For Egypt

The monarch said any country that did not contribute to Egypt’s future despite having the ability to do so would “have no future place among us”.

Saudi MERS Data Review Shows Big Jump In Number Of Deaths

The sharp increase in deaths now attributed to MERS means the mortality rate from the virus in Saudi Arabia is now 41 per cent, instead of the 33 per cent previously thought.

Saudi Arabia Sacks Deputy Health Minister Over Handling Of MERS

Ziad Memish has been criticised by some international scientists for his handling of the MERS virus that has infected 575 people in the Kingdom.

Saudi Business Activity Growth Slows In May

While output growth continued to accelerate, growth in new orders dropped sharply.

Saudi Mobily Cuts Profit By $90m After Rival Etihad Atheeb Scraps Tie-up

Atheeb said it wants to cancel the deal with Mobily “due to some technical and logistical difficulties”.

Dubai’s Al Futtaim Group Signs Deal To Build $1.6bn Saudi Mall

The super regional mall will be anchored by an IKEA store and will have a gross leasable area of 250,000 square metres.

Iranian Foreign Minister Says He Cannot Visit Saudi Arabia

Mohammad Javad Zarif’s visit would have been the first by a senior Iranian official since President Hassan Rouhani took power.

Saudi Mall Owner Othaim Plans Debut Local Currency Sukuk

The transaction is likely to be worth between SAR500 million and SAR1 billion, sources said.

Saudi To Fine Employers Holding Back Domestic Workers’ Pay

New regulations will come into effect within 60 days to protect the rights of domestic workers in the Kingdom, a labour ministry official said.

Saudi Cement Recommends H1 Dividend Of SAR3.5 Per Share

Shareholders owning the company’s stock at the end of trading on July 1 will qualify for the dividend, the company said in a statement.

Saudi Telcoms Firm Mobily Ends Talks To Buy Stake In Smaller Rival

Analysts say the main attraction for Mobily, an affiliate of the UAE’ Etisalat, was to acquire Atheeb’s landline licence.

Prince Alwaleed Sees 130% Investment Hike After Chinese Firm JD.com Listing

The Saudi businessman and his Kingdom Holding Company invested $250 million for a combined stake of 2.5 per cent in the Chinese online retailer.

Funds To Cut UAE, Qatar Exposure After MSCI Upgrade – Survey

Only 20 per cent of the funds surveyed expect to increase their allocations to UAE equities in the next three months.