Global banks must disclose finances from April 1, says report

Updated 23 March 2016
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Global banks must disclose finances from April 1, says report

RIYADH: The Capital Markets Authority (CMA) will require all foreign financial institutions operating in the Kingdom to publish their balance sheets including the pay of their executives on their websites from April 1, 2016, according to Bloomberg Business on Monday.
The news site stated that this information was received in an e-mail from an official at the CMA in response to questions sent to the authority. It said that foreign banks and investment banking and securities arms of local lenders must disclose senior executives’ pay and significant risk factors, quoting two sources who asked not to be identified.
The sources stated that the disclosure is required because further insight is needed into how much money banks are making amid a slowdown in economic growth, as well as the cost of employing top bankers.
Commenting on this news, Abdullah Al-Maghlooth, a prominent businessman based in Riyadh, told Arab News that so far nothing official was announced by the CMA in this regards.
However, if the news was true this would bring greater transparency to the finance sector, which would create trust and ensure a healthier economy. The availability of such information would boost individual and business confidence in the Saudi economy, he said.
Bloomberg stated that the only banks that need to disclose financial statements now are the 12 publicly traded domestic lenders regulated by the Saudi Arabian Monetary Authority.
The country is one of HSBC Holding Plc’s 19 priority growth markets, while Deutsche Bank AG said it posted its best-ever performance in Saudi Arabia last year. United banks such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. also have a presence in the country, the world’s largest oil exporter, the biggest Arab economy, and home to the region’s largest stock market.


Saudi Arabia’s nuclear program ‘fundamental to Kingdom’s energy sector’

Updated 18 September 2018
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Saudi Arabia’s nuclear program ‘fundamental to Kingdom’s energy sector’

JEDDAH: Saudi Arabia’s atomic energy program is fundamental for developing a sustainable energy sector, a senior minister told the International Atomic Energy Agency on Monday.
The Kingdom plans to start building its first two nuclear power reactors this year and as many as 16 over the next 25 years at a cost of more than $80 billion. The plan is to provide 15 percent of Saudi Arabia’s power from nuclear by 2032.
Speaking at the IAEA’s annual conference in Vienna, Energy Minister Khalid Al-Falih said the atomic reactor projects were were part of the Kingdom’s Vision 2030 to diversify its energy sources to nuclear and renewables.
The program “abides by all international treaties and conventions and best practices, adhering to the highest standards of safety, security and transparency,” Al Falih said.
The minister said Saudi Arabia was committed to the Treaty on the Non-Proliferation of Nuclear Weapons, which calls for nuclear disarmament and stresses the commitment of nuclear power states to share their peaceful technologies with abiding member states.
He also said the Kingdom had called for cooperation with the international community to make the Middle East a nuclear weapons free area.
The US has started to reintroduce heavy sanctions against Iran over its nuclear program, after Donald Trump pulled out of a deal with the country earlier this year to curb its atomic ambitions.
Al-Falih called on the international community to take a more stringent stance against all threats to regional and international security, particularly Iran, given its “alarming efforts to build its nuclear capabilities, in tandem with its increasing acts of sabotage and aggression against other states in the region.”