Deutsche Asset & Wealth Management, the wealth management arm of Germany’s Deutsche Bank, said it had listed Europe’s first exchange traded fund to cover equities in the Middle East Gulf region, which will include Saudi Arabia.
A Saudi businessmen is suing Barclays for $10bn in damages, claiming the company struck a secret settlement with the countrys government to further its own interests in the region.
Ashmore has opened a local asset management office in Saudi Arabia, to give it an on-the-ground presence in the Middle East for the first time.
Ashmore appears to be stepping up its activity in the Middle East, with the appointment of its former Turkey chief executive to lead its efforts in Saudi Arabia.
Saudi Arabia is to open its stock market to direct investment by foreign financial institutions (FFIs) in the first half of next year, giving them access to its $530bn bourse.
A visa scheme similar to Europe’s Schengen Visa programme‚ which would allow Gulf-based expatriates and foreign businessmen “to move easily” across the borders of the six-country GCC region‚ is being considered and is likely to be in place “by mid-2014”‚ Gulf media have reported.
Beginning this weekend, Saudi Arabia is to change its working week to Sunday through Thursday, to bring it into line with most of its Gulf neighbours.
Saudi Arabia is considering changing its working week to Sunday through Thursday, to bring it into line with most of its Gulf neighbours, but is finding the move opposed by traditionalist clerics.
It is estimated that at least 2 million expatriates working in Saudi Arabia are at risk of losing their jobs, with about 250,000 companies yet to meet ‘Saudisation’ requirements “days before the deadline”, according to local media.
Wealth manager NCB Capital has become the first Saudi Arabia institution to establish a non-Saudi registered range of Ucits funds in Ireland.
A new Saudi Arabian scheme to boost employment of Saudi nationals by fining companies that draw more than half their staff from expatriate circles has caused controversy and debate in the six days since it came into force.
Barclays bank, which is already facing a series of allegations, is reportedly under investigation by the US Department of Justice over claims it made improper payments to win a licence in Saudi Arabia.
