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7751 - 7760 from 16520 . In "BUSINESS"
Saudi economy expands in Q4
Riyadh — Saudi Arabia’s economy grew in the fourth quarter of last year at its fastest rate since early 2016 due to an expansion in the oil sector, statistics agency data showed on Sunday.Fourth-quarter gross domestic product grew by 3.59 percent from a year earlier. In the third quarter, annual growth was 2.5 percent.“The oil sector led the recovery in the final quarter, reflecting stronger production, particularly at the beginning of the quarter,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.“We expect the headline growth figure to moderate in 2019 as Saudi implements oil production cuts,” Malik said.Saudi Arabia’s economy grew by 2.21 percent in 2018, government data showed in January.Last week, state-owned Saudi Aramco announced it had agreed to buy a...
March 31, 2019

Saudi economy expands in Q4

Mohammad Badat
Great future in Saudi Arabia’s housing and mortgage market
RIYADH – Mohammad Badat, CCO of Bidaya home finance, said Bidaya sees a great future in the housing and mortgage eco system. The company made a firm decision in order to support the initiative of the housing and mortgage eco system, Bidaya needs to be that service provider for real estate developer, products like Mad3oum.“We have launched the military initiative which allows the military sector to get products down payment assistance so whatever the product that REDF is coming out with. As a mortgage service provider we have our own products we have partnered with SRC -Saudi refinancing company- to launch the long term fixed rate product which really helps companies like Bidaya in gaining more market share.” Badat noted.Though Bidaya had only the Ejar product for the first three...
March 31, 2019

Great future in Saudi Arabia’s housing and mortgage market

Dr. Abdulrahman A. Al Hamidy
AMF: Central bank governors pledge support to regional payment platform
ABU DHABI — The Chairman of the Arab Monetary Fund (AMF) last Thursday concluded the high-level conference under the overarching theme of “The Role of Cross-Border Payments in Fostering Regional Financial Integration”. The conference, organized in collaboration with the German development agency GIZ, gathered over 350 industry leaders from around the world on March 27-28 , 2019 at the InterContinental Hotel in Abu Dhabi, United Arab Emirates.Senior officials and representatives from Arab ministries of finance and economy, central and commercial banks, financial institutions and innovators in the field of financial services, fintech, and payment systems participated in the conference. Attendees addressed regional and global cross-border payment challenges and potential solutions. They...
March 31, 2019

AMF: Central bank governors pledge support to regional payment platform

Day one of the 5th Saudi Insurance Symposium
Entry of foreign insurance firms to Kingdom has positive impact
RIYADH — Insurance experts and government officials have discussed several important insurance issues during their participation in the “5th Saudi Insurance Symposium”, which was held in Riyadh under the patronage of the Saudi Arabian Monetary Authority (SAMA) Governor Dr. Ahmed AbdulKarim Al-Kholifey.During the first panel discussions, participants highlighted the positive impact of foreign Insurance companies’ entry to the Saudi market. Deputy SAMA Governor for Supervision Dr. Fahad Al-Shathri stressed the importance of the Saudi Vision 2030 initiatives which aims to enhance the national economy by diversifying income sources.“The insurance sector is one of the vital sectors targeted by Vision 2030 as it is an essential supporting sector of the Kingdom’s economic growth. The...
March 31, 2019

Entry of foreign insurance firms to Kingdom has positive impact

SAMA Governor  Dr. Ahmed Alkholifey inaugurates the 5th Saudi Insurance Symposium
SAMA strives to further bolster confidence in insurance sector
RIYADH — Dr. Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority (SAMA), inaugurated the “5th Saudi Insurance Symposium” last March 27 in Riyadh. The event, organized under the theme "Protection and Sustainability" by the Insurance Companies General Committee, brings together senior sector officials and stakeholders from the Kingdom and abroad.During the opening session, SAMA Governor highlighted the stages of development and growth undergone by Saudi Arabia’s insurance sector, noting that SAMA is striving to further bolster confidence in this important sector by continuing to implement various control measures.HE Dr. Alkholifey said that the measures implemented to date have helped the sector achieve good growth rates, increasing in volume from SR5 billion...
March 31, 2019

SAMA strives to further bolster confidence in insurance sector

Maurizio Travaglini shares some points in exploring the most pressing priorities and challenges facing the development of sustainable Arab cities
Strategic priorities for Arab cities for World Urban Forum plotted
ABU DHABI —Leading urban development experts from around the MENA region convened in Abu Dhabi on Sunday to plot the course for the future of Arab cities at the World Urban Forum 10 (WUF10). Hosted by the Abu Dhabi Department of Urban Planning and Municipalities (DPM), in partnership with UN-Habitat, the Pan Arab Urban Development Symposium (PAUDS) hosted 100 urban planners to identify and explore the most pressing priorities and challenges facing the development of sustainable Arab cities.The theme of WUF10, taking place in Abu Dhabi in 2020, is ‘Cities of Opportunities: Connecting Culture and Innovation’. Accordingly, the Symposium focused how to improve the livability, vitality and sustainability of Arab cities while allowing them to remain culturally distinct, using tailor-made,...
March 31, 2019

Strategic priorities for Arab cities for World Urban Forum plotted

CMA approves Nayifat’s IPO
RIYADH —The Saudi Capital Market Authority (CMA) Board has issued its resolution approving Nayifat Finance Company’s application for the offering of 36,500,000 shares representing (30.041%) of the company’s share capital. The CMA said in a statement on Sunday that the company’s prospectus will be published within sufficient time prior to the start of the subscription period.The prospectus includes all relevant information that the investor needs to know before making an investment decision, including the company’s financial statements, activities and management.A subscription decision without reading the prospectus carefully or fully reviewing its content may involve high risk. Therefore, investors should carefully read the prospectus, which includes detailed information on the...
March 31, 2019

CMA approves Nayifat’s IPO

Mideast prioritizing encryption for cloud, IoT, emerging tech
DUBAI – nCipher Security, the provider of trust, integrity and control for business critical information and applications, announces that emerging technologies such as the internet of things (IoT) and Docker containers are being deployed at a growing rate throughout the Middle East, as is the use of the cloud. As the use of these technologies grows, so do the potential security risks associated with them and consequently, organizations in the Middle East are increasingly adopting encryption to protect data from internal and external threats. These are some of the findings from the 2019 Middle East Encryption Trends Study from the Ponemon Institute.The study, as well as nCipher’s advanced application and information security solutions, will be showcased at GISEC, the largest...
March 31, 2019

Mideast prioritizing encryption for cloud, IoT, emerging tech

Saudi expansionary budget to help boost economic growth
JEDDAH — S&P Global Ratings affirmed its ‘A-/A-2’ unsolicited long and short-term foreign and local currency sovereign credit ratings on SaudiArabia. The outlook is stable. The stable outlook reflects S&P expectation that Saudi Arabia will maintain a pace of moderate economic growth and retain strong government and external balance sheets over the next two years, despite wider fiscal deficits.“We could raise the ratings if Saudi Arabia’s economic growth prospects improve beyond our current expectations, for example, as a result of a more diversified economy,” S&P Global Ratings said in a statement.It added: An unexpected materialization of contingent liabilities or a buildup of arrears could also place additional pressure on expenditure. Additionally, the ratings could come...
March 31, 2019

Saudi expansionary budget to help boost economic growth

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Standardized classification of restaurants in KSA urged
By Ibrahim KutbiOkazJEDDAH — The income of restaurants in the kingdom is estimated at billion of riyals annually, according to statistics. Despite the fact that the amount of investment is huge in this sector under famous commercial brands, this sector is managed in an unorganized way and competing in high prices. There is no classification of restaurants like the way it is done in many other countries, more or less like the classification of hotels with the number of stars. There is no specified limit to the prices, instead of the chaos that we are witnessing here where each restaurant is setting up the prices the way they want.Most of the restaurants that are widely spreading in most big cities, like Jeddah and Riyadh, have no control over their prices and it is harming consumers. If...
March 31, 2019

Standardized classification of restaurants in KSA urged

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