National Commercial Bank is the biggest lender by assets in Saudi Arabia. Michael Bou-Nacklie / The National
National Commercial Bank is the biggest lender by assets in Saudi Arabia. Michael Bou-Nacklie / The National

Saudi Arabia's biggest lender NCB in merger talks with rival Riyad Bank



National Commercial Bank, the biggest lender by assets in Saudi Arabia, is in preliminary talks to merge with rival Riyad Bank, a move that could create a financial institution worth $182 billion (Dh668bn) in assets.

The talks are at an initial stage and may not result in a merger, NCB said in a statement to the Saudi Stock Exchange, where its shares are traded. Riyad Bank, which is also listed on the bourse, confirmed discussions in a separate statement.

“If the merger is agreed upon, this shall be subject to the terms and approvals of the relevant regulatory authorities in the kingdom of Saudi Arabia and the approval of the extraordinary general assembly of both banks,” both lenders said.

The two financial institutions have sought consultations on the merger from the kingdom’s financial regulator Saudi Arabian Monetary Authority prior to discussions. Both banks do not expect “forced dismissal” of employees if the deal is finalised and approved by the regulator, they said, adding that shareholders will be informed regarding further developments.

The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, owns about 44 per cent of NCB and 22 per cent of Riyad Bank, according to Bloomberg data. An agreement could create the third-biggest lender by assets in the GCC.

The potential deal would be the second merger of Saudi Arabian banks, the biggest banking market in the Arabian Gulf, and is the latest in the string of consolidations happening across the six-member economic bloc of GCC.

The boards of Saudi British Bank (Sabb) and Alawwal Bank, subsidiaries of the HSBC and Royal Bank of Scotland, respectively, had started merger talks in May. The tie-up was formally approved in October and will create a financial entity worth $73bn in combined assets. The transaction is still subject to shareholder and regulatory approval.

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Banks in the Gulf states have struggled to maintain profitability and credit growth as economies slowed on the back of three-year oil price slump that began in the middle of 2014. Oil prices, which slumped to below $30 a barrel in the first quarter of 2016 have since recovered to hover around $60 a barrel mark. Financial institutions are increasingly looking to consolidate their balance sheets in a bid to gain scale and cope in tougher operating conditions.

Regional banks are set to see stronger performance going forward as macroeconomic conditions improve and demand for credit grows, according to analysts and reports by rating agencies Moody’s Investors Service and S&P Global Ratings.

Elsewhere in the Gulf, consolidation activity is also heating up.

Abu Dhabi Commercial Bank, the second-largest lender in the UAE's capital, in September said it was exploring the possibility of a merger with Union National Bank and Sharia-compliant lender Al Hilal Bank, which could create a banking entity worth about $114bn in assets.

The latest consolidation move in the UAE, the second biggest Arab economy, follows the successful merger of National Bank of Abu Dhabi and First Gulf Bank to create First Abu Dhabi Bank, a $188bn banking powerhouse.

The National Bank of Bahrain is also in talks to buy Islamic Development Bank’s 14.4 per cent stake in the Sharia-compliant Bahrain Islamic Bank. This comes after merger talks between Omani lenders Bank Dhofar and National Bank of Oman to create a lender worth $20bn in combined assets. Muscat-listed Alizz Islamic Bank and Oman Arab Bank, a subsidiary of Omani conglomerate Ominvest, have also agreed to merge their balance sheets.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Results:

5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)

5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi

6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel

6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard

7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia

7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle

Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
Getting%20there
%3Cp%3EGiven%20its%20remote%20location%2C%20getting%20to%20Borneo%20can%20feel%20daunting%20even%20for%20the%20most%20seasoned%20traveller.%20But%20you%20can%20fly%20directly%20from%20Kuala%20Lumpur%20to%20Sandakan%20and%20Sepilok%20is%20only%20half%20an%20hour%20away%20by%20taxi.%20Sandakan%20has%20plenty%20of%20accommodation%20options%2C%20while%20Sepilok%20has%20a%20few%20nature%20lodges%20close%20to%20the%20main%20attractions.%3C%2Fp%3E%0A
While you're here ...

Damien McElroy: What happens to Brexit?

Con Coughlin: Could the virus break the EU?

Andrea Matteo Fontana: Europe to emerge stronger

Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars

 

 

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

Dubai Women's Tour teams

Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport 
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club 
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

UAE gold medallists:

Omar Al Suweidi (46kg), Khaled Al Shehhi (50kg), Khalifa Humaid Al Kaabi (60kg), Omar Al Fadhli (62kg), Mohammed Ali Al Suweidi (66kg), Omar Ahmed Al Hosani (73), all in the U18’s, and Khalid Eskandar Al Blooshi (56kg) in the U21s.

'Nightmare Alley'

Director:Guillermo del Toro

Stars:Bradley Cooper, Cate Blanchett, Rooney Mara

Rating: 3/5

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%2C%20352%20x%20430%3B%2045mm%2C%20396%20x%20484%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%2C%20always-on%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S8%2C%20W3%20wireless%2C%20U1%20ultra-wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2032GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%209%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%203rd-gen%20heart%20rate%20sensor%2C%20temperature%20sensing%2C%20ECG%2C%20blood%20oxygen%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%208%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C999%20(45mm)%3C%2Fp%3E%0A
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 
How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.

Normal People

Sally Rooney, Faber & Faber
 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5