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Saudi Banks Returning to Normal Business

Riyadh, Saudi Arabia : 18 May

Saudi Arabia, the Arab world’s biggest economy, is returning to normal business operations after being ‘spared the worst’ of the consequences of the global financial crisis.

Mohamed Al Jasser, Governor of the central bank said today that their banks had recognized losses and improved provisions which meant that their ‘balance sheets’ were in better shape for resuming ‘normal business’ in the period ahead.

The Kingdom has seen inflation increase over the past four months, now sitting at 4.9% which is the highest rate in a ten month period.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
15 May

‘Gold to Go’ in Abu Dhabi

Abu Dhabi has opened the Gulf’s first ever gold vending machine in the Emirates Palace Hotel in Abu Dhabi.
The machine, which dispenses bars of gold weighing one, five or ten grams looks very much like an ordinary cash kiosk, except for its rather glitzy gold plated veneer.  But this is no ordinary ATM.  Passing visitors [...]

15 May

UAE Central Bank Shows Reason To Be Cheerful

The Central Bank of the UAE has released figures that indicate that the region’s banks might have weathered the storm of the global crash and are now bouncing back.
Governor of the UAE’s Central Bank, Sultan bin Nasser Al Suwaidi, said that the UAE’s banking sector was ‘very solid’ and had ‘high liquidity.’  The bank’s total [...]

06 May

UAE Banking Jobs on the Increase as More Branches Open in the United Arab Emirates

Recent figures just released indicate that although there was a slight drop in employment in the banking sector last year lay-offs were not as high as many reports had recently indicated. While there was substantial growth in the sector between 2004 and 2008 the decrease in 2009 was only said to be marginal.
The Central Bank’s [...]

04 May

2nd Annual World Islamic Retail Banking Conference to be held in Dubai

Following the success of last year’s first conference, Fleming Gulf have announced the 2nd gathering of the world Islamic retail bankers. The conference, which heralds the consolidated growth of the Islamic banking market, will be held in Dubai between 25 – 27th October 2010.
Islamic banking operates according to the principles of Sharia law and prohibits the charging [...]

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