Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

Saudi Arabia's Central bank Ahmed al-Kholifey gestures during a news conference in Riyadh, Saudi Arabia. (Reuters)
Updated 24 October 2018
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Saudi Arabia will not penalize banks that boycotted conference: Central bank chief

  • Institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom
  • The current pressure to the peg was much lower than in the past when oil prices crashed

DUBAI: Saudi Arabia’s central bank governor said the kingdom will not penalize foreign banks that boycotted an investment conference in Riyadh and reiterated the country’s commitment to defend its currency peg to the dollar.
Saudi Arabian Monetary Authority (SAMA) Governor Ahmed Al-Kholifey said in an interview with Al Arabiya TV on Wednesday that institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom.
He also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.

"We, at the central bank, deal in complete professional manner whether with local or international banks," al-Kholifey said when asked if the banks that decided not to participate in the event will be penalized.


Closing Bell: Saudi main index closes in green at 11,382 

Updated 6 sec ago
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Closing Bell: Saudi main index closes in green at 11,382 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 111.21 points, or 0.99 percent, to close at 11,381.83. 

The total trading turnover of the benchmark index was SR6.37 billion ($1.70 billion), as 204 of the listed stocks advanced, while 56 retreated. 

The MSCI Tadawul Index also rose, adding 13.85 points, or 0.91 percent, to close at 1,533.33. 

The Kingdom’s parallel market Nomu gained 8.39 points, or 0.04 percent, to close at 23,749.38. This came as 30 of the listed stocks advanced, while 45 retreated. 

The best-performing stock was East Pipes Integrated Co. for Industry, with its share price surging 9.94 percent to SR146. 

Other top performers included Tourism Enterprise Co., which saw its share price rise by 9.93 percent to SR14.17, and Thob Al Aseel Co., which saw a 7.84 percent increase to SR3.99. 

On the downside, Saudi Arabian Mining Co. was among the weaker performers, with its share price falling 2.64 percent to SR77.40. 

Saudi Paper Manufacturing Co. saw its shares fall 2.54 percent to SR57.50, while Yamama Cement Co. declined 2.07 percent to SR27.40. 

On the announcements front, Future Vision for Health Training Co. signed a two-year cooperation agreement with King Saud University aimed at strengthening links between academia and professional readiness. 

According to a Tadawul statement, the partnership focuses on the joint development and execution of specialized training programs for university students, aiming to enhance their practical skills and employability. 

The initiative includes coordinated efforts in training design, academic supervision, and program evaluation, with the goal of better preparing graduates for the labor market. 

The agreement, which is renewable by mutual consent, is expected to start generating a positive financial impact in the second half of 2026. The company said no related parties are involved in the deal. 

The company’s share price closed at SR7.30 on Nomu, marking a 1.39 percent decrease.