Saudi Arabia will not penalise foreign banks that boycotted investment forum, central bank chief says

Foreign banks which pulled out of an investment forum in Saudi Arabia amid an outcry over the killing of Saudi journalist Jamal Khashoggi will not be penalised, the kingdom's central bank governor said.

Financial institutions which boycotted the Future Investment Initiative in Riyadh can still apply for and obtain banking licences in the kingdom, Saudi Arabian Monetary Authority's governor Ahmed Al Kholifey, told Al Arabiya on Wednesday.

"We deal in a professional manner," Mr Al Kholifey said in the TV interview.

Many high-profile global finance and company executives declined to attend the Future Investment Initiative that started on Tuesday but sent mid-level representatives instead, in a sign they wanted to maintain business relations with the kingdom. Saudi Arabia forged ahead with the second edition of the conference in Riyadh, where it announced more than $50 billion worth of deals on the first day.

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The Saudi central bank has received four applications from banks in the region to set up in the kingdom, which are still under study, although no international lenders have applied, Mr Al Kholifey said.

Credit Suisse said in July it is seeking a full banking licence in the Middle East's biggest economy, while Citigroup obtained an investment banking licence that will allow it to return to the kingdom after a 13-year absence. Dubai lender Emirates NBD said in September it expanded its network to three cities in the kingdom with the addition of a branch in the oil-rich eastern province of Khobar.

Profits at Saudia banks are set to outperform their Gulf peers this year as the economy improves on greater government spending and higher interest rates boost net interest margins, Moody’s Investors Service said in March.

The central bank governor also said the kingdom would continue to defend the Saudi riyal's peg to the dollar, noting that the current pressure on the peg is much lower than when oil prices crashed.

The riyal started falling against the dollar on October 15 amid concerns that the circumstances of Mr Khashoggi's death may affect foreign investors' appetite for business opportunities in the kingdom. The dollar is currently trading at 3.7515 against the riyals compared with 3.7526 on October 15.

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Why seagrass matters

Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
Biodiversity: Support species like sea turtles, dugongs, and seabirds
Coastal protection: Reduce erosion and improve water quality

The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

Japan 30-10 Russia

Tries: Matsushima (3), Labuschange | Golosnitsky

Conversions: Tamura, Matsuda | Kushnarev

Penalties: Tamura (2) | Kushnarev

Wonka

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COMPANY PROFILE

Name: Kumulus Water

Started: 2021

Founders: Iheb Triki and Mohamed Ali Abid

Based: Tunisia

Sector: Water technology

Number of staff: 22

Investment raised: $4 million

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

Brief scores:

QPR 0

Watford 1

Capoue 45' 1

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

more from Janine di Giovanni

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THE BIO

BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

57%20Seconds

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