KUWAIT: No case has been made to diversify assets from the dollar in Saudi Arabia, Saudi Arabian Monetary Agency Gov. Muhammad Al-Jasser said on Sunday, adding bank lending in the Kingdom will keep rising. “Nobody has made that case yet,” he told reporters on the sidelines of a financial forum in Kuwait when asked about diversification from the dollar, adding: “Credit will continue to grow at a lower rate, which is natural.”
GIB to issue Saudi bonds
MANAMA: Bahrain-based Gulf International Bank (GIB) plans to issue riyal-denominated bonds in a private placement, it said on Sunday. State-owned GIB said in a statement on its website it has mandated GIB Financial Services and HSBC lead managers and book runners for the bond, the amount of which it did not provide. It said investor meetings would be held in Riyadh, Jeddah and Al-Khobar.
Dubai telecom firm profit rises
DUBAI: Dubai telecom firm du more than doubled net profit in the third quarter, driven by a 51 percent rise in active mobile subscribers, it said on Sunday.
