Tadawul celebrates SABB-Alawwal merger

The event was attended by Saudi Arabian Monetary Authority Governor Dr. Ahmed Al-Kholifey, SABB Chairperson Lubna Olayan and Tadawul Chief Markets Officer Mohammed Al-Rumaih.
Updated 24 June 2019

Tadawul celebrates SABB-Alawwal merger

Tadawul, the Saudi stock exchange, and the Saudi Arabian British Bank (SABB) recently celebrated the success of the merger between SABB and Alawwal. The event was attended by Saudi Arabian Monetary Authority Governor Dr. Ahmed Al-Kholifey, SABB Chairperson Lubna Olayan and Tadawul Chief Markets Officer Mohammed Al-Rumaih.

In cooperation with the Capital Markets Authority, Tadawul is working on further facilitating the procedures of merger and acquisitions, in alignment with the Financial Sector Development Program (FSDP) of the Kingdom’s Vision 2030. The aim is to enhance the effectiveness of the Saudi capital market, create a diversified and thriving financial sector, and to foster an attractive investment environment for both local and foreign investors.

The merger of SABB and Alawwal led to the creation of the third largest bank in terms of assets in Saudi Arabia. After the completion of the merger, SABB will benefit from the significant increase in its size, capacity and international connectivity. 

Earlier, SABB announced that the listing of the consideration shares (as defined in the shareholder circular) and the deposit of the same in the accounts of the eligible Alawwal bank shareholders have been completed.


Dur Hospitality launches training academy for aspiring hoteliers

The announcement was made during a special event attended by the company’s CEO Sultan Al-Otaibi and a number of its senior officials.
Updated 15 September 2019

Dur Hospitality launches training academy for aspiring hoteliers

Saudi hospitality company Dur Hospitality has launched a training academy specialized in hospitality disciplines. The announcement was made during a special event attended by the company’s CEO Sultan Al-Otaibi and a number of its senior officials, in addition to a group of notable local and international hospitality sector professionals.
Dur’s CEO highlighted the importance of the academy, which he said aims to equip local talents interested in working in this sector with the necessary skills and qualifications. He added that the academy’s goals also include training current Dur employees and equipping them with knowledge and applied skills that they require to succeed. He elaborated that the academy will operate over two phases, with the first seeking to fulfill the company’s requirements and ensuring its staff is qualified to execute its future expansion strategy ongoing till 2020, while the second phase will contribute toward supplying the local hotel service sector with qualified and capable national talents.
Al-Otaibi said the academy’s ultimate objective is to equip trainees with world-class skills and provide them with guidance from local and international sector leaders to help them achieve excellence.
The academy will present a number of training programs that aim to raise the qualification and skill level among trainees, which will eventually reflect positively on the Saudi hospitality sector. These programs will cover three main parts, where the first part will include programs on leadership and supervision and will last for 12 months. It will cater to internal supervision and front desk employees, food and beverage production and service employees, and marketing and sales employees.
The second part will be dedicated to training new recruits and will last between three to six months. Likewise, it will include training front desk employees, internal supervision employees, food and beverage production and service employees, and marketing and sales employees.
The third part of the program will include shorter development courses that last between one and five days. It will cover topics including central management for internal and external operations, hotel management, customer service, and health and safety.
Established in 1976, Dur Hospitality has extensive record in managing, developing and operating a wide portfolio of hotels and residential compounds across the Kingdom.