Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

Saudi Arabia's Central bank Ahmed al-Kholifey gestures during a news conference in Riyadh, Saudi Arabia. (Reuters)
Updated 24 October 2018
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Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

  • Institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom
  • The current pressure to the peg was much lower than in the past when oil prices crashed

DUBAI: Saudi Arabia’s central bank governor said the kingdom will not penalize foreign banks that boycotted an investment conference in Riyadh and reiterated the country’s commitment to defend its currency peg to the dollar.
Saudi Arabian Monetary Authority (SAMA) Governor Ahmed Al-Kholifey said in an interview with Al Arabiya TV on Wednesday that institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom.
He also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.

"We, at the central bank, deal in complete professional manner whether with local or international banks," al-Kholifey said when asked if the banks that decided not to participate in the event will be penalized.


First IT-related company starts trading in Saudi bourse

Updated 46 min 49 sec ago
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First IT-related company starts trading in Saudi bourse

DUBAI: Shares of Al-Moammar Information Systems Company started trading at the Saudi Stock Exchange (Tadawul) on Wednesday, the first IT-related entity in the bourse’s roster of 201 listed companies.

Al-Moammar Information Systems Company has been assigned a trading symbol of 7200. The trading symbol is used by investors and traders to transact orders.

Shares were up 3.2 percent to 48.2 riyals in late trade, with 1,038,877 counters changing hands.

The company held a five-day public offering last March and opened for subscription 4.8 million ordinary shares, at an offer price of 45 Saudi riyals per share, representing 30 percent of its paid-up capital.

Saudi Fransi Capital was assigned as financial advisor, lead manager, bookrunner and underwriter of the offering, while Riyad Bank, Saudi British Bank and Banque Saudi Fransi were tasked as receiving agents.