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 communications minister receives youngest Saudi female journalist

Updated 19 July 2018
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Saudi communications minister receives youngest Saudi female journalist

RIYADH: Saudi Minister of Communications and Information Technology, Abdullah Al-Sawah stressed the Kingdom's need to discover and support local talent.
He said that the ministry has paid increasing attention to technical talents, which has been represented through the organization of several events, the latest of which was the "Hackathon Digital Machines."
The event was aimed at creating a conducive environment to develop the capabilities of the digital youth and invest in their creative potential to maximize returns.
Al-Sawah noted that the event also aimed at "harnessing their abilities to develop the digital transformation process," calling for intensified and unified efforts in order to invest in Saudi talents for the benefit of the nation.
The minister was speaking during a meeting with Marian Taher Saleh, the youngest Saudi female journalist, alongside with her father.
Al-Sawah praised the role of her family, who have been supporting her from the beginning till she was able to enter the media field, expressing his appreciation for her media achievements.
For his part, Saleh's father expressed his gratitude and appreciation to the minister for his hospitality, appreciation and encouragement for his daughter.