SABB completes $319m business deal between HSBC and Alawwal

In May, SABB announced that its two affiliates, HSBC Saudi Arabia, which it owns 49 percent of, and Alawwal Invest, which it owns 100 percent of, had signed a deal to trade certain business lines. (Shutterstock)
Short Url
Updated 18 September 2022

SABB completes $319m business deal between HSBC and Alawwal

SABB completes $319m business deal between HSBC and Alawwal

RIYADH: Saudi British Bank has completed a deal to trade certain lines of business between HSBC Saudi Arabia and Alawwal Invest Co. 

The deal, which is valued at SR1.2 billion ($319 million), involves lines of business including asset management, retail margin lending, and retail brokerage, which are estimated to be worth approximately SR767 million.

In May, SABB announced that its two affiliates, HSBC Saudi Arabia, which it owns 49 percent of, and Alawwal Invest, which it owns 100 percent of, had signed a deal to trade certain business lines.  

The deal is subject to post-completion modifications, as agreed between the parties involved, according to a bourse filing.


Saudi authorities reveal plans for biggest Hajj organizational operation in history

Saudi authorities reveal plans for biggest Hajj organizational operation in history
Updated 1 min 34 sec ago

Saudi authorities reveal plans for biggest Hajj organizational operation in history

Saudi authorities reveal plans for biggest Hajj organizational operation in history
  • A record 14,000 staff, along with thousands of volunteers, will be deployed in the Two Holy Mosques

MAKKAH: Saudi religious authorities on Thursday revealed plans for the biggest-ever organizational operation in Hajj season history.

A record 14,000 staff, along with thousands of volunteers, will be deployed in the Two Holy Mosques to handle the millions of worshippers taking part in the pilgrimage.

Making the announcement, Dr. Abdulrahman Al-Sudais, president of the General Presidency for the Affairs of the Two Holy Mosques, noted that the focus for this year’s pilgrimage related to the government agency’s 2024 strategic goals based around Vision 2030.

Speaking in the presence of Saudi Minister of Hajj and Umrah Tawfiq Al-Rabiah, he said: “We are pleased to announce our operational plan for this Hajj season, considered the largest in the history of the presidency and its agency for the affairs of the Prophet’s Mosque, now that the COVID-19 (coronavirus) pandemic has come to an end and that millions of pilgrims are expected.

“The operational plan will be conducted in accordance with an integrated services system set by our leaders,” he added.

Al-Sudais pointed out that the plan, drawn up based on the experiences of previous seasons, had been a year in the making.

Thousands of volunteering opportunities will be made available, and 300,000 copies of the Qur’an will be distributed between the Grand Mosque in Makkah and the Prophet’s Mosque in Madinah.

More than 35,000 hours of Qur’an recitation and memorization teaching workshops will be run, along with round-the-clock scientific and orientation broadcasts in 10 languages.

And arrangements have been made to provide translation services, guidance, and answers to pilgrims’ questions in 51 languages.

Al-Sudais said that the presidency aimed to distribute 40 million liters of Zamzam water in the Two Holy Mosques via more than 30,000 distribution points, and at least 2 million bottles on a daily basis.

In addition, digital technology, apps, and robots would be employed to help improve the worshipper experience.


Hezbollah accused of deliberately killing peacekeeper

Hezbollah accused of deliberately killing peacekeeper
Updated 9 min 26 sec ago

Hezbollah accused of deliberately killing peacekeeper

Hezbollah accused of deliberately killing peacekeeper
  • The soldier, an Irishman, was shot in the head as he tried to drive his stricken vehicle to safety

BEIRUT: Hezbollah members have been accused by a military court of intentionally killing a UNIFIL soldier and injuring others in an ambush of their vehicle in southern Lebanon.

Judge Fadi Sawan ruled in a provisional decision after concluding investigations into the incident in Al-Aqabiya on Dec. 14. The soldier, an Irishman, was shot in the head as he tried to drive his stricken vehicle to safety and four others were injured when the vehicle overturned.

Preliminary investigations conducted by the Intelligence Directorate of the Lebanese Army said that at least one person, identified as Mohammad Ayad, who is currently detained, was the one who fired the shots and was handed over by Hezbollah. The others fled, and arrest warrants were issued against them in absentia.

Judge Sawan called for the prosecution of Ayad and four other fugitives: Ali Hassan Khalifa, Ali Hassan Sleiman, Hussein Hassan Sleiman, and Mustafa Hassan Sleiman, and recommended sentences ranging from 20 years in jail to the death penalty.

Article 549, subsection 5 of the Lebanese penal code, invoked by Judge Sawan, states that “the death penalty shall be imposed on anyone who commits the murder of an employee while performing their duties, or in connection with or because of their duties.”

Lebanese law applies to crimes committed against UNIFIL troops under an agreement between the state and the UN.

Sawan said that there “there was a single criminal project among those who attacked the UNIFIL-affiliated vehicle, with the aim of forming a gang.”

His report said that the attack began when the UNIFIL vehicle lost its way while traveling to Beirut. 

A captain in another vehicle radioed the lost soldiers, only to hear screaming and the sounds of sticks and iron pipes pounding against metal. The soldiers appealed for help as they were “trapped in an ambush,” and one of the occupants was heard to say: “We’re finished.” 

The report said that several CCTV devices recorded footage and audio of the incident, including one person arriving in a car who was heard saying: “We are Hezbollah.” 

Another voice caught on surveillance called out for “Hadi” and “Abbas,” and a third voice said: “You fool, we are Hezbollah.”

Attackers surrounded the stricken vehicle, broke the rear window, then started stealing helmets and body armor. The Irish soldier, who was the driver, attempted to get the vehicle to safety but was shot in the back of the head and killed.

The vehicle then overturned. Four others inside were injured, one of whom underwent two surgeries in Lebanon before being returned to his country after falling into a coma.


Saudi Arabia, US express grave concern over Sudan ceasefire violations

People check the rubble of their destroyed home after strikes at Allamat district in Khartoum, Sudan, Thursday, June 1, 2023. AP
People check the rubble of their destroyed home after strikes at Allamat district in Khartoum, Sudan, Thursday, June 1, 2023. AP
Updated 2 min 35 sec ago

Saudi Arabia, US express grave concern over Sudan ceasefire violations

People check the rubble of their destroyed home after strikes at Allamat district in Khartoum, Sudan, Thursday, June 1, 2023. AP

RIYADH: Saudi Arabia and the US have expressed grave concern over the serious violations of the ceasefire in Sudan and the Jeddah Declaration by both the army and the Rapid Support Forces.

The two countries said that the violations have harmed civilians and the Sudanese people, and are impeding the delivery of humanitarian aid and the restoration of basic services.

“Once it becomes clear that the parties are actually serious about complying with the ceasefire, the facilitators are prepared to resume the suspended discussions to find a negotiated solution to this conflict,” the Kingdom and the US said in a statement.

They urged both parties to seriously commit to the ceasefire and support humanitarian efforts that respond to the humanitarian needs of the Sudanese people.


Benzema coy on Real Madrid future: “At the moment I’m in Madrid“

Benzema coy on Real Madrid future: “At the moment I’m in Madrid“
Updated 23 min 42 sec ago

Benzema coy on Real Madrid future: “At the moment I’m in Madrid“

Benzema coy on Real Madrid future: “At the moment I’m in Madrid“
  • “Saturday I have a game (against Athletic Bilbao), tomorrow I have a training session ... so at the moment I’m in Madrid,” Benzema said
  • The forward was then asked if he planned to address the Real fans about his future and said: “Why do I have to talk about the future? I am at Real Madrid”

MADRID: Real Madrid’s Karim Benzema was reluctant to talk about his future on Thursday, fueling speculation he could move to Saudi Arabia in the close season following 14 trophy-laden years.
After the 35-year-old striker was awarded the Marca Legend prize at a ceremony organized by the Spanish sports publication, the Frenchman was asked if he was staying at Real Madrid.
“Saturday I have a game (against Athletic Bilbao), tomorrow I have a training session ... so at the moment I’m in Madrid,” Benzema said.
The forward was then asked if he planned to address the Real fans about his future and said: “Why do I have to talk about the future? I am at Real Madrid. The reality is different, not what is said on the Internet.”
The Ballon d’Or winner looked set to stay in Madrid for another year after a season in which he struggled with injuries and missed out on France’s World Cup squad in Qatar.
However, according to widespread media reports Benzema has been offered a deal worth more than $110.08 million by Saudi Arabia’s Al-Ittihad.
His former Real teammate Cristiano Ronaldo signed a 2-1/2 year contract, estimated by media to be worth more than 200 million euros, with Al-Nassr in December.


UAE’s In-Country Value Projects Driving Billions to Local Firms

UAE’s In-Country Value Projects Driving Billions to Local Firms
Updated 41 min 21 sec ago

UAE’s In-Country Value Projects Driving Billions to Local Firms

UAE’s In-Country Value Projects Driving Billions to Local Firms

ABU DHABI: More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230601005886/en/
Sideline of Make It In The Emirates Forum (Photo: AETOSWire)
Speaking at the Make in the Emirates Forum today, His Excellency Abdulla Al Shamsi, Assistant Undersecretary of MoIAT, said more than $14.43 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year.
“The National In-Country Value Program is a nationwide program that speaks one language across many different sectors,” HE said. “It’s one methodology and this is something we’re very proud of because it benefits the private sector and when the private sector sees this it helps them prepare, invest, and spend.”
The forum heard how the National ICV Program is “functionating well and accelerating.”
The forum also heard how industrial zones are playing a critical role in the in the country’s sustainable industrial development and broader economic prospects. Local industrial leaders described how they are utilizing alternative energy resources such as solar and hydrogen to reduce their carbon footprint.
The second edition of the Make it in the Emirates Forum concluded on Thursday with the UAE showcasing its unique value proposition to international investors.
Investors were invited to explore opportunities and competitive advantages, with panel discussions focusing on the National In-Country Value (ICV) Program, the role of industrial zones, competitive financing as a key enabler and local talent in the private sector.
The UAE’s industrial exports reached $47.6 billion in 2022, growing 49 on 2021. The industrial sector’s contribution to GDP rose to $49.5 billion in 2022, a 38 percent increase on 2020.
The Make it in the Emirates Forum is organized by the Ministry of Industry and Advanced Technology in partnership the Abu Dhabi Department of Economic Development (ADDED) and ADNOC.
On the first day of the forum, the UAE government announced $2.7 billion in industrial offtake agreements, building on the $29.9 billion of offtake agreements announced at the 2022 edition of the forum.