Twelve listed Saudi banks reached a 17.86 billion riyal (Dh17.5bn) settlement with the kingdom’s tax authority over the payment of religious tax called Zakat.
Al Rajhi Bank, Saudi Arabia’s second-largest bank by assets, will pay the highest amount of 5.4bn riyals, followed by Riyad Bank with 2.96bn riyals and Samba Financial Group with 2.3bn riyals, the lenders said in separate statements to the Saudi stock exchange, where their shares are listed.
Alinma bank said it did not pay any settlement and it would record “a credit balance", with the General Authority of Zakat and Tax.
All banks said the settlements, reflected in their shareholder’s equity, cover a number of previous years that will include the fiscal year of 2018 and the lenders will publish further details on the effect in their financial statements for this year.
"Any weakness due to this resolution is likely to be short-lived, and focus should shift to the key themes for Saudi banks in 2019: index inclusion, rates and mortgage growth," said Egyptian investment bank EFG Hermes on Sunday.
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Read more:
[ Saudi telcos settle disputes and agree new service royalties with government ]
[ Etisalat sees 'insignificant' impact in 2018 from Mobily royalty fees deal ]
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The government also recently reached a settlement with the three mobile phone operators in the country, signing a deal to resolve old disputes and define a new investment framework and mechanism for the calculation of service and license royalties.
The deal signed with Ministry of Finance, the Ministry of Telecommunications and Information Technology and the Communications and Information Technology Commission will see annual royalty for commercial service dropping retroactively to 10 per cent from 15 per cent of net revenues, starting January 1, 2018.
Zain KSA, which is a part of Kuwait’s Zain Group, expects to save 220 million riyals in royalty fees for the first nine months of the year and expects the reduction in annual royalty fees to benefit the company's financial results going forward.
STC, the government-backed operator, also expects the agreement to boost its fourth-quarter earnings taking into account the provisions allocated for the royalties. Part of those provisions will be used to cover the differences resulting from the modified mechanism and the remaining part, which is about 500m riyals, will be reversed on the books.
Starting from 2019, Etihad Etisalat (Mobily), a unit of UAE’s operator Etisalat, will have to bear additional cost estimated between 450 to 600m riyals per year over the next few years.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
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UAE (S. Tagliabue 90+1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
Zayed Sustainability Prize
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
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By Mark Haddon
(Penguin Random House)
UAE currency: the story behind the money in your pockets
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Company profile
Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.
SQUADS
Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
KILLING OF QASSEM SULEIMANI
The years Ramadan fell in May
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
UAE currency: the story behind the money in your pockets
The 15 players selected
Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum