MADRID: Spain’s Caixabank, Catalonia’s largest lender, and the country’s economy minister reassured bank customers that their deposits are secure from a growing crisis in the region.
“Catalan banks are Spanish banks and European banks are solid and their clients have nothing to fear,” Luis de Guindos, Spain’s Economy Minister said after mass protests during a banned independence vote in the northeastern region.
He made those comments after Caixabank told staff in a memorandum reviewed by Reuters that they should proactively communicate to our clients “our commitment to the defense of their interests”.
In the note, sent to staff late on Tuesday, the bank “reiterated that the sole objective of the entity is to protect at all times the interests of its customers, shareholders and employees, guaranteeing the integrity of deposits”.
A spokesman for the bank, which has its headquarters in Barcelona, declined to comment further.
The referendum and its aftermath have plunged Spain into its worst constitutional crisis in decades, and are a political test for Prime Minister Mariano Rajoy, a conservative who has taken a hard line stance on the issue.
Spain’s Banco Sabadell, the country’s fifth-largest bank with a large business in Catalonia, also attempted to calm jitters.
“(Sabadell) has the mechanisms and will take the necessary measures to continue operating normally inside the Euro zone, guaranteeing the interests of its shareholders, clients and employees, in whatever scenario,” Josep Oliu, its chairman, said on Tuesday.
Both banks have seen their share price fall in recent days amid the turmoil. On Wednesday, Sabadell’s stock price was down almost 4 percent, while Caixabank had slipped by slightly more.
Tens of thousands of Catalans demonstrated in the streets of the northeastern region against action by the police, who tried to disrupt Sunday’s vote by firing rubber bullets and charging into crowds with truncheons. The protests shut down road traffic, public transport and businesses.
Pro-independence parties who control the regional government staged Sunday’s referendum in defiance of the Constitutional Court, which had ruled that the vote violated Spain’s 1978 constitution which states the country is indivisible.
Catalonia, Spain’s richest region, has its own language and culture and a political movement for secession that has strengthened in recent years.
Those who participated in Sunday’s ballot voted overwhelmingly for independence, a result Catalan leader Carles Puigdemont said is valid and must be implemented.
Catalan savers reassured that Spanish bank deposits are safe
Catalan savers reassured that Spanish bank deposits are safe
Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah
RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences.
The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan.
The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses.
Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia.
This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector.
Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels.
“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added.
Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date.
Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.
It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.
