Saudi National Bank accepted the resignation of Ammar Al Khudairy as chairman of its board of directors due to “personal reasons” after obtaining a non-objection letter from the kingdom's banking regulator.
Saeed Al Ghamdi was appointed as the lender's new chairman following his resignation as the bank's managing director and group chief executive, SNB said in a filing to the Tadawul stock exchange on Monday.
Talal Al Khereiji, the bank's deputy chief executive, will now serve as the bank's new acting chief executive, it said.
The management shuffle comes about two weeks after Mr Al Khudairy told Bloomberg TV that SNB, the kingdom's largest lender by assets and a shareholder in troubled Credit Suisse, would "absolutely not" be open to further investments in the Swiss bank if there was another call to raise capital due to regulatory reasons.
The Swiss bank's shares dropped to record lows and its credit spreads surged subsequently.
A few days later, UBS agreed to buy Credit Suisse in an all-share deal for $3.2 billion as part of a state-backed rescue deal.
SNB had acquired a 9.88 per cent stake in Credit Suisse in October 2022 for 5.5 billion Saudi riyals ($1.46 billion) as a financial investment allocation within the Saudi bank's investments portfolio.
The Saudi lender said on March 20 that its growth plans and profitability are unaffected by the lower valuation of its investment in Credit Suisse following the Swiss bank's takeover by UBS.
Its investment in Credit Suisse accounts for less than 0.5 per cent of the Saudi Arabian bank's total assets and 1.7 per cent of its investments portfolio as of December 2022. SNB's total assets exceed 945 billion riyals.
The lender said the impact on its capital adequacy ratio from the mark-to-market decline in Credit Suisse was 15 basis points as of December 2022, with “nil impact on profitability”.
Mr Al Khudairy has more than 30 years of experience, previously holding roles in various Saudi financial institutions including Riyad Bank, United Saudi Bank and Banque Saudi Fransi, according to the SNB website.
He previously served as the chairman of Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia and Allianz Saudi Arabia.
He also founded Riyadh-based Amwal AlKhaleej and Dubai-based Amwal Capital Partners.
Mr Al Ghamdi, who was appointed as SNB's chief executive and managing director in April 2021, earlier served as the chief executive and chairman of Saudi Arabian lender National Commercial Bank.
He also worked with Al Rajhi Bank and the Ministry of Defence and Aviation.
SNB's acting chief executive, Mr Al Khereiji, was also appointed as the lender's deputy chief executive in April 2021 after serving as NCB's acting chief executive.
He also previously worked at the Saudi Central Bank.
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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