Dubai’s International Financial Centre signs agreement with Israel’s Bank Hapoalim

Dubai International Financial Centre (DIFC) signed an agreement with one of Israel’s biggest banks, Dubai Media Office announced on Saturday. (File/AFP)
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Updated 21 November 2020

Dubai’s International Financial Centre signs agreement with Israel’s Bank Hapoalim

  • The agreement will allow Bank Hapoalim to become part of DIFC’s network
  • Investment and FinTech experts from the bank will be invited to participate in events organized by DIFC

DUBAI: Dubai International Financial Centre (DIFC) signed an agreement with one of Israel’s biggest banks, Dubai Media Office announced on Saturday.

The agreement will allow Bank Hapoalim to become part of DIFC’s network and provide it with access to opportunities in the Middle East, Africa and South Asia, the report added.

“We hope to serve, extend and strengthen the financial relationship between our two countries. It will provide Israeli FinTech entrepreneurs with a gateway to the dynamic and vibrant Dubai ecosystem, and help foster cross-border innovation. It is an honor to be the first Israeli bank to construct this important bridge for innovation,” CEO of Bank Hapoalim Dov Kotler said.

Investment and FinTech experts from the bank will be invited to participate in events organized by DIFC, such as the FinTech Hive Investor Day.

“Our partnership provides Bank Hapoalim with access to the most developed, broad and deep financial ecosystem in the region, allowing them to capitalize on the most lucrative banking, capital markets, asset management, innovation and FinTech opportunities available,” Chief Executive Officer of DIFC Arif Amiri said.


Saudi Telecom Company announces CEO resignation, share buyback

Updated 29 November 2020

Saudi Telecom Company announces CEO resignation, share buyback

  • The resignation, which will be effective March 28, 2021

Saudi Telecom Co. (STC) said its board of directors accepted the resignation of chief executive officer Nasser Al-Nasser on Nov. 28, 2020, according to a bourse statement.

The resignation, which will be effective March 28, 2021, was submitted for personal reasons.

The board also delegated the nomination and remuneration committee to identify a new CEO and submit the list of candidates to the board, while taking STC’s succession plan into consideration.

Any new development will be announced in due course, the firm said.

STC completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul.

A total of 2.98 million shares, with an approximate value of SAR 300 million (SAR 100.58 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added.

On April 20, 2020, STC’s shareholders approved buying back 5.5 million shares at SAR 300 million ($80 million). Shareholders had also authorized the board to buy back the shares within eight months of the extraordinary general assembly date.

The shares purchased for employees’ stock incentive plan will not be entitled to any dividends during the period the company holds them, STC said in its statement on Nov. 29, 2020.

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