Saudi Aramco is to Offer $1 Billion in Shares to Employees as Part of its Initial Public Offering (IPO)
Oil giant aims to incentivize its 73,000 staff with the share scheme, according to its IPO prospectus Saudi Aramco is to offer $1 billion in shares to employees as part of its initial public offering (IPO) next month, according to the official prospectus. The move is part of a... Read more
Saudi Aramco Offers Some Details on Coming Stock Offering
Saudi Aramco, the world’s largest oil company, took another step on its lengthy path to a stock market listing on Saturday, saying that it would announce a final price for its shares on Dec. 5, with trading expected to start in mid-December. The company announced last week that it... Read more
UAE a Strong Player in GCC Debt Market in 2019
The GCC equity market continued to be quiet during Q3 2019, with only one company listing on the Kingdom of Saudi Arabia’s Tadawul as compared with three in the same quarter last year across a range of sectors. However, the region’s debt market was active and witnessed iconic transactions... Read more
Public Sector Credit Demand to Boost UAE Lending in 2019
Credit demand from the government and public sector enterprises will fuel lending growth in the UAE in 2019 and 2020 amid stable but subdued economic growth, Moody’s Investors Service said. Maintaining its stable outlook for the UAE banking system, the ratings agency said strong capital, stable funding, and healthy... Read more
Turkey to Introduce Digital Currency Soon
Turkey is set to introduce blockchain-based digital currency, according to data compiled by Anadolu Agency from the country’s Annual Presidential Program. Turkey will launch the currency after its design, development and testing phases are completed. Testing is expected to start in 2020. The announcement comes as China is preparing... Read more
Lebanon Banks Told to Boost Liquidity and Prepare for Possible Downgrades in Credit Ratings
Banque du Liban said raising capital by $4bn would help banks ‘confront the current situation and any future developments particularly in the face of a possible credit downgrade’ Lebanon’s central bank asked local lenders to raise their capital by 20% in the next year, the state-run National News Agency... Read more
Remittances of Expatriates in Saudi Arabia Down by 11 Percent
Transfer of money by Saudis outside the kingdom also down 9% compared to last year Expatriates in Saudi Arabia sent SR93 billion ($24.8bn) overseas in the first nine months of the year – down 11 percent for the same period in 2018. However, according to figures released by the... Read more
Dubai Aims to Attract 25m Visitors to Expo 2020
More than 1,000 authorised ticket resellers around the world indicate commitments for over 2 million tickets prior to official launch Expo 2020 Dubai’s ambition to draw 25 million visits through its gates is on track after more than 1,000 authorised ticket resellers (ATRs) have signed up in key markets... Read more
Amanat Holdings Has Recorded a 38% Increase in Nine-month Net Profit Despite Losses Related to Bahrain Hospital Investment
Amanat Holdings has recorded a 38% increase in nine-month net profit despite losses related to Bahrain hospital investment Amanat Holdings, the GCC’s largest healthcare and education investment company, has recorded a 38 percent increase in nine-month net profit to AED33.4 million on total income from investments of AED52.1 million.... Read more
How Saudis Have Been Saving Up for Historic Aramco Share Sale
Everyone is being encouraged to invest in the kingdom’s most important asset and many Saudis see the IPO as a demonstration of loyalty It’s the day so many ordinary Saudis have eagerly awaited. The sale of shares in their national oil giant, Aramco, has been three years in the... Read more