Kingdom Holding, the Saudi Arabian conglomerate owned by the billionaire Prince Alwaleed bin Talal, has struck a deal to buy a 16.2 per cent stake in Banque Saudi Fransi from Credit Agricole Corporate and Investment Bank at 29.5 Saudi riyals per share, valuing the transaction at about 5.76 billion riyals ($1.54bn).
The sale is subject to regulatory approvals and is expected to be completed in the second half of 2017, according to a statement on the web site of the Saudi Arabian stock exchange. The change in ownership of Banque Saudi Fransi will leave Credit Agricole Corporate and Investment Bank with a 14.9 per cent stake and Kingdom Holding with 16.2 per cent.
While Credit Agricole Corporate Investment may sell a further 5 per cent stake in Banque Saudi Fransi, it will remain a strategic investor in the bank and is committed to keeping a 9.9 per cent stake in the lender for at least a year after the deal goes through.
Shares of Banque Saudi Fransi were down around 2.9 per cent in early afternoon trading.
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Saudi prince Alwaleed to invest $800m in Egypt hotels
Saudi billionaire Prince Al Waleed and Daimler invest in Dubai’s Careem
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The bank had revenues of 6.4bn riyals in 2016 and assets of more than 203bn riyals at the end of 2016 .
Moody’s Investor Service earlier this year upgraded the outlook for Saudi Arabia’s banking industry to stable from negative, on expectations of a pickup in non-oil economic growth and an improvement in the levels of cash available for lending following a spate of sovereign bond sales.
The world's biggest exporter of crude oil has been taking measures to shore up its finances in the wake of the steepest drop in oil prices since the financial crash of 2008. As part of that effort, the government sold $17.5bn in bonds in its first international sale last year.
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 Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Read more about the coronavirus
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Victims%20of%20the%202018%20Parkland%20school%20shooting
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2021 World Triathlon Championship Series
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
COMPANY%20PROFILE
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'The%20Alchemist's%20Euphoria'
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Getting%20there%20
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
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- That's about it
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
