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Friday, 19 August 2016

The Soft Pinch of Austerity in Saudi Arabia Could Backfire - Bloomberg

The Soft Pinch of Austerity in Saudi Arabia Could Backfire - Bloomberg:

"Fahad bin Raja sells cars for a living in Saudi Arabia’s capital. Abdullah Saeed drives them. In the kingdom’s new age of austerity, both men are finding it harder to make ends meet.
Saeed, 63, says his monthly rent of about 2,000 riyals ($560) is covered by social insurance payments, but that leaves the cost of supporting his wife and five of his nine children who live at home. He drives a taxi and his wife sells home-made perfumes. As higher fuel and utility bills eat into his income, he says “it’s getting very hard to earn money in Riyadh.”"



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Saudi Arabia to Let Foreign Investors Participate in IPOs - Bloomberg

Saudi Arabia to Let Foreign Investors Participate in IPOs - Bloomberg:

"Saudi Arabia, home to the Gulf’s biggest stock market, will allow foreign investors to subscribe to initial public offerings in the kingdom from January.
The Capital Market Authority has approved regulations on book-building in IPOs that include qualified foreign investors, which will be implemented Jan. 1, according to a statement posted on the regulator’s website on Thursday. Financial advisers “may apply these instructions on any offering before that date” with approval from the issuer, according to the statement."



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Abu Dhabi’s Union National Bank Said to Cut as Many as 50 Jobs - Bloomberg

Abu Dhabi’s Union National Bank Said to Cut as Many as 50 Jobs - Bloomberg:

"Union National Bank PJSC, a lender owned by both the governments of Abu Dhabi and Dubai, cut about 50 positions as economic growth slows in the United Arab Emirates, two people familiar with the matter said.
The Abu Dhabi-based bank eliminated jobs mostly in retail sales, although there were some in wholesale banking and middle management as well, said the people, asking not to be identified because the information is not yet public. The bank employs about 2,000 people in the U.A.E. A spokesman for the lender declined to comment."



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