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.


Arab News moves editorial headquarters to Riyadh

Updated 14 min 1 sec ago
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Arab News moves editorial headquarters to Riyadh

  • Newspaper to be based at owning group’s corporate office building in Saudi Arabia’s capital
  • Managing Editor Mohammed Al-Sulami promoted to newly created position of Jeddah bureau chief

JEDDAH: Four decades after its establishment in Jeddah, Arab News — the region’s leading English-language daily — is announcing that it is moving its editorial headquarters to the Saudi capital, Riyadh.

The head office of the newspaper, which today celebrates its 43rd anniversary, will be relocating to the corporate headquarters building of its owning group, the Saudi Research and Marketing Group (SRMG).

The SRMG building — on Makkah Al-Mukarramah road in Riyadh’s Al-Mutamarat district — is also home to the headquarters of several of Arab News’ sister publications, including the Arabic-language business daily Al-Eqtisadiah, Arriyadiyah sports daily and the Saudi bureau of the regional pan-Arab daily Asharq Al-Awsat.

“When Arab News was established in 1975, most embassies and major corporations — including SRMG — were based in Jeddah. Things have changed since and given the magnitude of events and regional decision-making taking place in the Kingdom’s capital, it only makes sense for us to be moving into our owning group’s headquarters in Riyadh,” said Faisal J. Abbas, editor in chief of Arab News.

“We at Arab News claim to be The Voice of a Changing Region, and we can’t be that voice if we are not at the heart of this change. This move will bring us closer to local and visiting decision-makers, while our Jeddah bureau will continue to serve as an important regional hub,” he added.

The new address and contact details of the paper has been reflected in both its print and online editions as of today. The official inauguration of the new headquarters in Riyadh will take place at a ceremony to be held later this quarter.

Arab News also announces the promotion of Managing Editor Mohammed Al-Sulami to the newly created role of Jeddah bureau chief, supervising editorial and administration operations for the whole western region of Saudi Arabia. Al-Sulami — a Saudi journalist who has been with the newspaper since 2009 — assumes his new duties as of May 1, 2018.