In our view, recent shifts in Saudi Arabia's political power • structures and societal norms, alongside various regional stresses, could increase the risk of policy mistakes that could result in increased domestic and geopolitical tensions.
However, we also consider that these structural reforms could empower Saudi citizens and make Saudi Arabia more attractive to investors over the medium term, as the authorities intend.
We are therefore affirming our 'A-/A-2' foreign and local currency sovereign ratings on Saudi Arabia.
The stable outlook is based on our expectation that the Saudi authorities will take steps to consolidate public finances and maintain government liquid assets close to 100% of GDP over the next two years.
On Nov. 19, 2017, S&P Global Ratings affirmed its ......read more
DUBAI November 09, 2017: EFS Facilities Services, a regional leader in facilities management services across the Middle East, Africa, South Asia and Turkey, has been awarded a contract to launch an integrated facility management venture at King Abdullah Economic City (KAEC).
Under the terms of the agreement, EFS will provide integrated facilities management services across the city, including catering, transportation and value-added services such as the integration of smart technology and Computer Aided Facility Management (CAFM). The contract will run over an initial period of three years.
“King Abdullah Economic City is a major social and economic growth driver for the Kingdom of Saudi Arabia. As the city grows in complexity so too does its need for state-of-the-art integrated facilities management,” said ......read more
Two-day summit to cover financial regulation and strategy as Kingdom invests for a future without oil
Al Khobar, 7th November 2017: Riyad Bank will, once again this year, be one of the Platinum Sponsors of the 5th Annual Saudi Trade Finance Summit, taking place 14th to 15th November at the Mövenpick Hotel Al Khobar, Saudi Arabia. This exclusive Trade Finance event in Saudi Arabia is organized by Dubai based QnA International.
The Summit will focus on the advancement of systems facilitating the Kingdom’s strong legacy of trade, by bridging the gap between CFOs and financial institutions. Now in its fifth year, the Summit enjoys a reputation for being the most influential trade finance event in the Kingdom.
Discussion over the two days will focus on the financial regulations, strategies and ......read more
KSA; 17 October 2017: Today’s organizations are awash in a sea of continuous change and new skills are needed for business leaders to succeed; and this applies to HR leaders too. Based on their experience of working with HR leaders in Saudi Arabia and other GCC countries, Ashridge Executive Education has customized its five days programme on ‘Advanced HR Strategy and Impact’, to help regional HR practitioners to lead their organization through change, develop their coaching skills, add greater value as consultants and formulate a winning HR strategy for their companies.
According to Rory Hendrikz, Managing Director of Ashridge Middle East, “In Saudi Arabia there is now a greater awareness of the comprehensive role that HR leaders play in development of leadership skills. With the emergence of ......read more
Business leaders highlight key opportunities posed by government investments to advance the adoption of HR technology systems, ahead of the HR Tech Saudi Summit
Dubai, October 11, 2017: Delegates at the HR Tech Saudi Summit taking place on November 20 – 21, in Riyadh, Saudi Arabia, will enjoy a unique opportunity to discuss how government investments worth SAR 8.3 billion will pose new opportunities for businesses to transform HR practices.
The government of Saudi Arabia pledged the multi-billion Riyal investment under Saudi Vision 2030, supporting a number of advancements in people and workplace development across key growth sectors. Addressing how these developments will transform business, the HR Tech Saudi Summit will include discussion on such pertinent topics as implementing Performance ......read more
The International Islamic Trade Finance Corporation (ITFC) participates in the “Agroinvest” Forum Astana 2017 in Kazakhstan
Dubai, UAE, August 27, 2017: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group participated in “Agroinvest” Forum Astana 2017 organized by “KazAgro”, the National Management Holding with the official support of the Ministry of Agriculture of the Republic of Kazakhstan. The Forum provided a platform to discuss the development of agro-industrial complex of Kazakhstan, and projects in the sphere of agriculture and investment. The Forum took place in the Hilton Garden Inn Hotel in Astana on August 25, 2017.
Eng. Hani Salem Sonbol, CEO ITFC reemphasized IsDB Group and ITFC’s role in supporting ......read more
Expansion into the Kingdom Strengthens Two Decade Long Relationship with Home Centre
27 August, Dammam – KSA: Intercoil International, UAE’s leading manufacturer, distributor and retailer of total sleep solutions across the MENA region, recently commenced operations at its new manufacturing facility in Dammam, Saudi Arabia. The firm’s entry into the Kingdom with an investment of 20 million SAR, marks a major milestone in the company’s growth outside the UAE.
The new state-of-the-art facility which, spans over a gross area of 7,000 sq. meters and mirrors its UAE facility, will manufacture a comprehensive range of orthopaedic mattresses. The facility will begin production with a daily capacity of 500 mattresses with plans to gradually double mattress capacity over the next three years. ......read more
LONDON (S&P Global Ratings) Aug. 9, 2017: In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council (GCC) sovereigns.
S&P Global Ratings believes that the impact of a group of states cutting diplomatic ties, as well as trade and transport links, with Qatar on June 5, 2017, may not be confined to within Qatar's borders. We expect that political tensions within the GCC will persist over the next few years, and believe that the boycott of Qatar has illustrated deeper fissures within the group than were previously evident.
For the most ......read more
Under the patronage of the Deputy Governor of Medina Region
Medina, KSA – June 14, 2017: Under the Patronage of H.R.H. Prince Saud Bin Khalid Al-Faisal, Deputy Governor of Medina Region, the Chairman of the Islamic Development Bank (IsDB) Group, H.E Dr. Bandar bin Mohammed Hamza Hajjar and the Chairman of the Chamber of Commerce and Industry of Madinah H.E Mr. Munir Mohammed Nasser bin Saad signed a MoU for mutual cooperation and support the Chamber’s role in promoting the commercial and economic environment in the Medina region, and activating its participation in achieving the goals of the National Transition Program 2020 and the vision of Saudi Arabia 2030. The signing ceremony took place in the Office of H.R.H the Prince and was attended by the Chief Executive Officer of the International Islamic Trade Finance ......read more
Supporting access to energy through importing petroleum products and electricity are vital to economic growth and foster the socio-economic conditions in Mali.
Jeddah, May 21 2017: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a € 40 million Agreement with the Government of Mali, which was signed by Dr. Boubou Cisse, Minister of Economy and Finance Mali and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC. The signing ceremony was on the sidelines of the IDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia.
Mali is a non-oil producing Member Country which is also land-locked, where the import of petroleum products is vital and is a necessity for its economic growth. In addition, it supports other key industries such ......read more
In support of Saudi Vision 2030:
Agreements drive economic diversification in power, healthcare, oil and gas, mining and digital transformation of industry.
Riyadh, Kingdom of Saudi Arabia. May 21, 2017: Building on its more than 80 years of partnership and experience in the Kingdom, GE [NYSE: GE] has taken significant steps in supporting the delivery of Saudi Vision 2030, today announcing in partnership with the Kingdom a range of Memorandums of Understanding [MoU] and projects valued at $15 billion – of which almost $7 billion are GE technology and solutions – across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform.
Signed in the presence of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and President of the United States of America, ......read more
Jeddah – May 16, 2017 (Hilton – Al Qasr Hall): ITFC has organized a side-event during the IDB Group Private Sector Forum, in conjunction with the IDB Group 42nd Annual Meeting held in Jeddah-Saudi Arabia. Given the importance of this forum and the high profile audience that this event has attracted, ITFC has shown keenness to highlight its role, as an Islamic Trade Finance Institution, in contributing to the economic and social development of its member countries through trade finance and trade development. In addition, ITFC is seeking to use this opportunity to showcase its role in promoting the development of the Small & Medium-Sized ......read more
Riyadh, Kingdom of Saudi Arabia – 08 May 2017: Alawwal bank was named the 'Best Retail Bank' in Saudi Arabia 2017 at the Asian Bankers, International Finance Excellence Awards held at the Ritz Carlton in Dubai on 20 April.
The award recognises Alawwal bank's customer centric approach and focus on innovation in products, services and its digital channels.
"We are delighted and honoured to win this prestigious award. It's a wonderful recognition of the efforts that has gone in to developing and growing Alawwal bank's retail business over the past few years. Our focus on delivering products our customers wants in the way they want them is paying off" said Soren Nikolajsen, Managing Director at Alawwal bank.
Earlier this year Alawwal bank launched its first digital-only branch, ......read more
QNB Group CEO: Entry into the Saudi market is due to QNB’s competitive edge
Riyadh, 6th May 2017: QNB Group, the largest financial institution in the Middle East and Africa, has inaugurated its branch in Riyadh, Kingdom of Saudi Arabia (KSA). Senior bank officials and distinguished representatives from the banking and business sectors attended an inauguration ceremony held under the patronage and presence of H.E. Dr. Ahmed bin Abdul Karim Al-Khulaifi, Governor of the Saudi Arabian Monetary Authority (SAMA), H.E. Sheikh Abdullah Bin Saud Al Thani, Governor of Qatar Central Bank, Mr. Ali Ahmed Al-Kuwari, QNB Group CEO, and a number of Qatari diplomats.
Through its branch, located in the Saudi Capital of Riyadh, and its business hub extending along King Fahd road, QNB Group will provide a comprehensive suite of ......read more
Kingdom biggest spender in GCC for FM services
Saudi Arabia, May 03, 2017
The facilities management (FM) sector in the Kingdom of Saudi Arabia (KSA) remains a largely untapped market, an ‘emerging giant’ that offers huge growth opportunities for regional FM players looking to expand and innovate on their services in the Kingdom, highlighted experts from the Middle East Facilities Management Association (MEFMA) which held a workshop and networking event recently in Riyadh, which was sponsored by Advanced Facilities Management.
The MEFMA Report “FM in Saudi Arabia – an Emerging Giant” has revealed that the Kingdom continues to hold the largest share in Gulf FM spending, accounting for about 55 per cent of total expenditure. Although the KSA market is currently valued at USD 20 billion, it is still ......read more
Cross-border M&A made up 49% of all deal value and 35% of all deal volume in Q1 2017
North America was a safe haven for deals in Q1 2017
UAE dominates deal volume for cross-regional Middle East M&A
KSA leads by deal value for cross-regional Middle East M&A
Jeddah: Global cross-border M&A activity continued to dip as political turbulence and economic uncertainty become the new normal for dealmakers, whilst deal flow in the Middle East remained stable, according to Baker McKenzie's Cross-Border M&A Index*.
The global Index, which tracks quarterly deal activity using a baseline score of 100, decreased to 218 for Q1 2017, down 17% from the prior quarter and 9% from Q1 2016. In Q1 2017, cross-border M&A made up 49% of all deal value and 35% of all deal volume.
North America ......read more
Wadi.com, KSA’s fastest growing e-commerce platform, announces its latest and first of its kind partnership with KSA’s leading bank
Kingdom of Saudi Arabia, April 9, 2017 – Wadi.com, KSA’s home-grown online shopping marketplace, today announced a new strategic partnership with one of KSA’s most trusted banks, Al Rajhi Bank. This unique collaboration between the region’s fastest growing e-commerce platform and KSA’s largest islamic bank is a sign of the growing importance of e-commerce in the country.
The long term strategic partnership will include a series of exclusive offers over the coming months and commences with a generous welcome offer for all Al Rajhi customers. From 6th – 15th April, 2017, all Al Rajhi credit and prepaid card holders will receive 10 percent off on all ......read more
Dubai, UAE/Saudi Arabia, 9th April 2017 – Xylem Inc. (NYSE: XYL), a leading global water technology company, today announced the opening of a new office in Riyadh, Saudi Arabia. The new office is part of Xylem’s $35 million investment in the Middle East North Africa region, which includes additional resources to help provide localized products, services and capabilities in key markets throughout the region.
“The opening of our Saudi Arabia office is an important milestone for our regional investment and supports our long-term strategy of providing sustainable water technology solutions to help solve the region’s water challenges. The new office enables us to be closer to our customers and develop smarter, bespoke solutions that fit their unique needs, which also allows us to increase our capabilities.” ......read more
2nd meeting of the LLF Impact Committee in Riyadh approves major pipeline of $242.6 million in development projects for 2017
Representatives from Saudi Arabia, Qatar, UAE, the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development, and the Islamic Development Bank agree on project pipeline to lift poorest OIC countries out of poverty
Projects approved in Tajikistan, Sudan, Djibouti, Niger, Mauritania, Cameroon, Uganda, and Guinea
LLF is the largest multilateral development initiative in the Middle East and North Africa – releasing $2.5 billion in finance over five years
Riyadh, 02 April 2017: Representatives from the Kingdom of Saudi Arabia, the State of Qatar, the United Arab Emirates, the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development, and the Islamic ......read more
Event will gather together CEOs, CMOs, Presidents and VPs from across the region and beyond
Riyadh KSA, April 1 2017: For the first time, Saudi Arabia will host the ‘Top CEO Conference and Awards’ – an event which will see CEOs, CMOs, Presidents and VPs from across the Arabian Gulf region and beyond gather together on 10th and 11th April 2017 at Bay La Sun Hotel & Marina, King Abdullah Economic City.
The annual event, now in its third edition, serves to address the burning issues facing the corporate world today while also recognising the very best in GCC business leadership. It is organised by TRENDS magazine and INSEAD – the leading international business school – and will take place under the theme ‘Adapting to Disruption: New Roles, New Realities’, to reflect the ......read more
Next-generation technology allows customers to benefit from faster, more advanced services
Dubai, UAE, March 30, 2017: Accenture (NYSE: ACN), the global professional services company, has successfully completed the core system replacement of the retail banking operations at the National Commercial Bank (NCB). The highly complex project which took approximately two years to complete, was part of NCB’s NextGen program, which was also undertaken with Accenture.
The implementation of the project marks significant successes and achievements across various fields within the business. The improved platform provides clients with a distinct banking experience, enriched with additional features and a 50 percent reduction in turnaround time for key processes.
The platform, which will be deployed across NCB’s ......read more
Dubai, UAE, March 29, 2017: Amazon (AMZN) today announced that it has reached an agreement to acquire SOUQ.com, an e-commerce leader in the Middle East. Joining the Amazon family will enable SOUQ.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide.
“Amazon’s entry into the region reflects the visionary foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who launched Dubai Internet City in 1999 and adopted the e-commerce and online business legislation of 2002," said His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. "Furthermore, it reiterates Dubai’s position as a regional and global hub for the world’s biggest and leading ......read more
ITFC and ATTIJARIWAFA BANK (AWB) to strengthen partnership by signing a letter of intent for supporting trade between Arab and African countries
ITFC and ATTIJARIWAFA BANK (AWB) sign a Letter of Intent within the Framework of the Arab Africa Trade Bridges (AATB) Program for supporting trade between Arab and African countries during the 5th International Africa Development Forum
Casablanca, March 19, 2017: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group and Attijariwafa Bank Group (AWB) sign a cooperation framework to support trade development between Arab and African countries. The signing took place at the occasion of of the 5th International African Development Forum in Casablanca, Kingdom of Morocco, between Eng. Hani Salem Sonbol, CEO ITFC and Mr. ......read more
Government Leaders and Senior Bankers will Review Progress of National Transformation Programme and Opportunities for Businesses
Riyadh, Kingdom of Saudi Arabia, March 14, 2017: One year on from the official announcement of the “Saudi Vision 2030” to diversify the economy and reduce the Kingdom’s reliance on oil, The Euromoney Saudi Arabia Conference is set to return to Riyadh to analyse progress made to date.
The major conference will bring senior government representatives and leading financiers together to discuss a broad range of strategic issues, including the economic outlook for 2017, the progress of a number of mega-projects and the challenges and opportunities being created by Saudisation.
There will also be special sessions covering the Kingdom’s bond issuance programme, the ......read more
The leading business support service provider for corporate entities in Saudi Arabia
Providing turn key solutions for companies working within or looking to set up in the Kingdom of Saudi Arabia
Specialising in range of services from corporate immigration to company representation and employee outsourcing
Dubai, 14 February 2017: Founded in 2009, Proven delivers business solutions to companies currently operating in or looking to branch out into the KSA. Proven are specialists in corporate immigration, employee outsourcing and recruitment, providing international companies with advanced regional insights and the necessary tools to successfully do business within the Kingdoms burgeoning markets. Due to an increase in international interest, Proven expanded out of Saudi in 2016, and now holds offices in ......read more
LONDON - April 22, 2013 -- (BUSINESS WIRE/ME NewsWire) -- Many insurers in Saudi Arabia are reporting deteriorating underwriting results at a time when the market's growth is slowing, according to a new report from A.M. Best Co. Analysis shows that in recent years the market's combined ratio has been increasing, while real premium growth has decelerated, leaving insurers to compete mainly ......read more
AXA Cooperative opens 2 new shops in Jeddah & 1 in Khobar; reinforcing its aggressive expansion and long term commitment in the Kingdom
The company plans to unveil 9 new AXA Shops in the Kingdom of Saudi Arabia
As part of its expansion strategy, aimed at increasing the company's geographical footprint across the Kingdom of Saudi Arabia, AXA Cooperative – one of the largest and ......read more
UAE-IAA succeeded in lobbying and completing an Arabic examination of CIA test-
Dubai, UAE, 20 March 2013: The UAE Internal Audit Association (UAE-IAA), the local body affiliated to the Global Institute of Internal Auditors (IIA-Global), today announced that the United Arab Emirates (UAE) leads the region in the number of auditors who hold Certified Internal Auditors (CIA) certifications. The ......read more
Dubai, United Arab Emirates - March 4th 2013--(BUSINESS WIRE / ME NewsWire)-- EFMA, a leading non-profit retail banking association, and consultancy Oliver Wyman have organized senior briefings with banking executives to discuss the opportunities and threats for retail banks in the GCC. Oliver Wyman models see banking revenues in the region quadrupling over the next 20 years, ahead of growth in ......read more
LONDON - February 19th 2013--(BUSINESS WIRE / ME NewsWire)-- A.M. Best Co. will participate in the 2nd Saudi Insurance Symposium, being held 26-27 February 2013 at Buraida Hall, Intercontinental Hotel, Riyadh, Kingdom of Saudi Arabia.
VasilisKatsipis, General Manager, Market Development, A.M. Best - MENA, South & Central Asia, will speak on “Profitable Growth Strategies in Emerging ......read more
Located in a prime location in the Business Park to serve KAEC's business community and residents
KAEC, February 19th, 2013: The Saudi British Bank (SABB) has signed an agreement with King Abdullah Economic City (KAEC), by which it will become the first bank to open a branch in KAEC.
The event was attended by Mr. Fahd Al-Rasheed, Managing Director and CEO of King Abdullah Economic City, ......read more
-- Aetna's Health Care Benefits in the Middle East Honored --
Dubai, United Arab Emirates - February 18th 2013 -- (BUSINESS WIRE / ME NewsWire)-- Aetna (NYSE: AET) a leading global diversified health care benefits company, has been named “Health Insurer of the Year” for 2013 by MENA Insurance Review (MIR), a leading magazine covering the insurance sector in the Middle East and ......read more
Mr. Deepak Kuntawala, the visionary Founder of DVK Group, a global commodity trading and finance boutique company, was honoured with the Asian Leadership Young Entrepreneur accolade at the esteemed Asian Who's Who Awards 2012, which took place this week at The Dorchester Hotel in Park Lane London.
Now in its Silver Jubilee 25th year, the high profile event pays homage to the most ......read more
Nexus Insurance Brokers Warns that “Living for the Moment” may Negatively Impact on Financial Happiness
DUBAI, United Arab Emirates: United Arab Emirates residents risk an uncertain financial future if they continue with a “live for the moment” mentality, Nexus Insurance Brokers warned today.
The trend for spending without forethought was vividly detailed in the ......read more
Gulf Capital Wins Award for Best “Investment Company” in the Region
(Dubai –21 November 2012) – Gulf Capital, one of the largest and most active alternative investment firms in the Middle East, was named the “Best Investment Company of the Year” at the prestigious Arabian Business Achievement Awards 2012. The Firm received the honour at the gala event ......read more
WASHINGTON, Sept. 27, 2012 /PRNewswire-USNewswire/ -- In its largest job-supporting authorization to date, the board of the Export-Import Bank of the United States (Ex-Im Bank) has approved a $4.975 billion direct loan to Sadara Chemical Company for the export of American goods and services required in the construction of a petrochemical complex in Jubail Industrial City II in the Kingdom of ......read more