AMMAN/DUBAI: A Jordanian consortium has bid for Saudi Oger’s 20 percent stake in Arab Bank Group after the family of Saudi Arabia’s Fawaz Alhokair dropped its own $1.1 billion (SR4.13 billion) offer, banking sources said.
A deal with investors led by Arab Bank Group’s chairman Sabih Al-Masri, a leading Jordanian businessman with extensive holdings in banking and hotels, could be imminent, they said.
The Alhokair family was in talks to buy the stake in the Jordan-based bank, one of the Arab world’s largest privately owned banks, after Saudi Oger began seeking buyers to help ease cashflow problems.
The Arab Bank sale was expected to help Saudi Oger repay a $1.03 billion loan from regional and international banks due to mature in February. The Alhokair family and Saudi Oger were not immediately available for comment.
“A transaction has been finalized. Sabih Masri has put together a Jordanian led deal to purchase the shares from Oger after the Alhokair offer played itself out,” one source said, adding that the valuation was based on the bank’s share price.
Arab Bank’s shares closed at 6.06 dinars ($8.5) on Monday and bankers said the Alhokair family’s bid had been driven by the bank’s stock market value being well below its book value.
The banks’ 40 percent stake in Saudi Arabia’s Arab National Bank, was also a major attraction for the Alhokair family group, which is best known for its fashion retailing business. Two sources said the Jordanian consortium was not bidding with Alhokair and there was no auction.
“Alhokair is out for whatever reason and Sabih Al-Masri is in... it’s not a competition. The Jordanian group did not come in with a higher price,” one said.
It was not clear what had ended an Alhokair deal, but Jordanian authorities, who consider Arab Bank a pillar of the country’s economy, had resisted any non-Jordanian investor becoming the single largest shareholder in the bank.
“There has historically been a battle to keep the bank as Jordanian as possible. Whoever buys 20 percent and becomes the largest shareholder surely would influence it. This would have be alarming to the Jordanians,” a senior financial source said.
Some board members had questioned why a foreign investor should buy the stake at a fire sale price, a third source said.
Local investors were also angry that Alhokair was not seeking to buy the stake with its own money but mostly with cash raised from a banking syndicate, with the shares as collateral.
Arab Bank has assets of more than $46 billion, 600 branches on five continents and a reputation for withstanding political upheaval.
Jordan investors set to buy Arab Bank stake
Jordan investors set to buy Arab Bank stake
Building bridges: Saudi Arabia leads Gulf-Asia tech leap
ALKHOBAR: Saudi Arabia is forging new academic connections with Asia as the Kingdom’s Vision 2030 accelerates reforms in education and innovation.
Two academics — Prof. Eman AbuKhousa, a data science professor at the University of Europe for Applied Sciences in Dubai, and Prof. Hui Kai-Lung, acting dean of the HKUST Business School in Hong Kong —emphasize that the Kingdom’s transformation is reshaping the development of artificial intelligence and fintech talent across the region.
For AbuKhousa, responsible AI is not just about technology; it is fundamentally about intention. “It is about aligning technology with human values: ensuring fairness, transparency, and accountability in every system we build.”
She highlighted that the Middle East’s heritage of trust and ethics gives the region a competitive advantage. “Institutions should embed ethics and cultural context into AI education and create multidisciplinary labs where engineers collaborate with social scientists and ethicists,” she said.
At the University of Europe for Applied Sciences in Dubai, AbuKhousa trains students to question data, identify bias, and integrate integrity into innovation.
“Educators must model responsible use by explaining how data is sourced and decisions are made,” she explained. “Ultimately, responsible AI is less about algorithms than about intention; teaching future innovators to ask not only ‘Can we?’ but ‘Should we?’”
She further noted:“Saudi Arabia’s Vision 2030 has turned digital education into a national movement placing technology and innovation at the heart of human development.”
AbuKhousa emphasized the transformative opportunities for women in the Kingdom: “Today, Saudi female students are designing models, leading AI startups, and redefining what digital leadership looks like.”
Prof. Hui views this transformation through the lens of fintech. “Fintech is deeply embedded in Vision 2030, serving as a key enabler of its three pillars: a vibrant society, a thriving economy, and an ambitious nation,” he said.
Hui stressed that Saudi Arabia’s investment capacity and modern regulatory framework “create a conducive environment for innovation.” Having collaborated with Aramco, The Financial Academy, and Prince Mohammed Bin Salman College of Business and Entrepreneurship, he highlighted the strategic potential of the Kingdom’s young population. “The Kingdom has one of the youngest populations in the world, with a median age below 30,” he said.
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“This demographic presents a tremendous opportunity for higher education to shape future leaders, and our collaborations in Saudi Arabia are highly targeted to support this goal.”
AbuKhousa argued that universities must lead innovation rather than follow it. “Universities must evolve from teaching institutions into innovation ecosystems,” she said. “The real bridge between research and industry lies in applied collaboration: joint labs, shared data projects, and co-supervised capstones where students solve live industry challenges.”
“At UE Dubai, we’ve introduced an Honorary Senate of Business Leaders to strengthen that bridge, bringing decision-makers directly into the learning process,” she added.
DID YOU KNOW?
Vision 2030 has made digital education central to Saudi Arabia’s development strategy.
Women in Saudi Arabia are now designing AI models and leading startups.
Universities are transforming into innovation ecosystems bridging research and industry.
Cross-border collaborations with Hong Kong and Dubai are accelerating fintech and AI growth.
Hui noted that cross-border cooperation between Hong Kong and Saudi Arabia is growing rapidly. “Saudi Arabia’s scale, strategic location, and leadership in the Arab world offer Hong Kong an ideal partner,” he said. “Hong Kong’s academic and regulatory experience can help the Kingdom fast-track its digital transformation.”
He highlighted lessons from Hong Kong’s fintech journey. “Hong Kong’s fintech journey offers critical lessons for Saudi Arabia, particularly in creating a balanced ecosystem for innovation,” he said. “Education and regulation are both important. We need education at all levels and beyond schools to expose people to these ideas; having diverse and rich experiences also helps, as the education needs to be supplemented by real-life implementation and usage experience. That is what Hong Kong can offer.”
AbuKhousa emphasized that women’s participation in technology must extend beyond access to influence. “Empowering women in technology begins with reimagining representation: from inclusion to influence,” she said. “We need more women not only learning tech, but leading teams, designing systems, and shaping AI policy. Institutions must normalize women’s presence in decision-making spaces and provide visible mentorship networks to counter imposter syndrome.”
Both experts agreed that innovation must remain human-centered and accountable. “As AI becomes integral to financial systems, governments must strike a careful balance between innovation, data ethics, and compliance,” Hui said. “Establishing clear regulatory frameworks and transparency standards is crucial.”
AbuKhousa concurred, emphasizing the role of education in AI adoption: “Educators must position generative AI as a thinking partner, not a shortcut. The goal is to teach students how to use AI critically, not merely that they can.”
Hui predicts that “AI, blockchain, and cybersecurity will be transformative forces in the region’s financial sector.” AbuKhousa sees a similar momentum in education: “The Gulf is entering a defining phase where AI becomes the backbone of education and workforce development.”
The experts concluded that the Kingdom’s digital transformation, anchored in Vision 2030, is connecting classrooms, industries, and continents through human-centered innovation.
