AMMAN: Jordan’s largest lender, Arab Bank Group, said 2018 net profit jumped 54 percent to $820.5 million after transferring $325 million in surplus provisions it had put aside after the bank settled a major legal case.
Operational profit rose 8 percent, the bank said in a statement on Saturday. Total deposits rose to $34.3 billion compared with $33.8 billion in the same period the previous year.
A US appeals court last year threw out a 2014 jury verdict finding Arab Bank liable for knowingly supporting militant attacks in Israel linked to Hamas, a decision that triggered a settlement agreement with hundreds of plaintiffs.
The ruling ended more than 13 years of litigation over Arab Bank’s liability for 24 attacks in and around Israel in the early 2000s. The lender disputed the claims.
CEO Nemeh Sabbagh said with the case now finalized the bank was able to transfer $325 million in surplus provisions held for the case to its 2018 profits.
The bank also said that it put aside $225 million in provisions for investments in Turkey due to currency depreciation.
Jordan’s Arab Bank 2018 profit jumps 54% after legal win
Jordan’s Arab Bank 2018 profit jumps 54% after legal win
Saudi Arabia opens real estate market to foreign buyers
RIYADH: Saudi Arabia’s Real Estate General Authority has announced that the regulatory system governing property ownership by foreigners officially came into effect on Jan. 22, with all provisions now enforceable under the national real estate framework.
The authority said applications for property ownership by non-Saudis can be submitted through the official digital platform, Saudi Arabia Real Estate. The system applies to residents and non-residents, as well as foreign companies and entities, in accordance with established legal procedures.
According to the authority, the application process varies by ownership category. Foreign residents in Saudi Arabia may apply directly through the portal using their residence permit, with legal requirements verified automatically and the process completed electronically.
Non-residents are required to initiate their applications through Saudi embassies and consulates abroad to obtain a digital identification number, which enables them to finalize the process via the platform.
Foreign companies and entities without a presence in the Kingdom must first register with the Ministry of Investment through the “Invest Saudi” platform and obtain a unified registration number (700) before completing ownership procedures electronically.
The authority confirmed that the system allows foreign individuals, companies, and entities to own property across Saudi Arabia, with ownership permitted in major cities including Riyadh and Jeddah.
However, property ownership in Makkah and Madinah remains restricted to Saudi companies and Muslim individuals, in line with a regulatory framework based on the Geographic Zones document, which is scheduled to be announced in the first quarter of 2026.
The authority noted that the Saudi Arabia Real Estate portal serves as the official digital gateway for all ownership procedures, ensuring regulatory compliance and direct integration with the national real estate registry to enhance transparency and protect property rights.
It added that the new system is expected to improve the quality of real estate projects by attracting international developers and specialized firms, stimulating growth in the residential, commercial, industrial, and tourism sectors, and creating employment opportunities for Saudi citizens.
The initiative is also expected to strengthen the real estate sector’s sustainable contribution to the Kingdom’s non-oil gross domestic product.
