Standard Chartered received approval from Saudi Arabia's regulator to establish banking operations in the kingdom. AFP
Standard Chartered received approval from Saudi Arabia's regulator to establish banking operations in the kingdom. AFP

Standard Chartered receives banking licence to operate in Saudi Arabia



British bank Standard Chartered received approval from Saudi Arabia's regulator to start operations in the kingdom, the biggest banking market in the Arabian Gulf.

"The council of ministers' approval today of the Standard Chartered Bank to operate in the kingdom confirms the kingdom's position on the international map and reflects the strength of the growing Saudi economy," said a statement carried by the Saudi Press Agency. No details about the services the lender will offer in the country were provided.
Standard Chartered is the latest among international lenders to establish presence in Saudi Arabia, the largest Arab economy and the world's biggest oil exporting country that has undertaken an economic over haul.

Standard Chartered started talks for getting a banking licence with Saudi regulators in 2017 as it looked to add the market to the list of more than 70 countries where it already operates. The bank already has a licence from the Capital Markets Authority to offer securities services in the country.

Read More

Saudi Arabia’s push to transform its economy, and it's plans to sell stakes in state-owned entities including Saudi Aramco, the world’s biggest oil producing company, has opened up new business avenues for banks.

Last year, Saudi Arabian Crown Prince Mohammed Bin Salman, who is driving the economic reforms of the country, said about 20 state-controlled companies will be privatised.

The kingdom, which relies heavily on the sale of hydrocarbons for revenues, has turned to debt markets in the wake of a three-year oil price slump, and a low interest rate environment, making it the most attractive market for advisory business for banks.

Only a handful of international banks such as JP Morgan, Deutsche Bank and BNP Paribas, have licences to operate in the kingdom. Others including HSBC have maintained presence through minority stakes in local lenders.

Largest Japanese lender Mitsubishi UFJ Financial Group, Abu Dhabi’s FAB and Dubai's Emirates NBD are among other international banks that received licences to launch operations in Saudi Arabia.

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
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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 
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young