Souhail's Feed
Feb 10, 2011

Saudi king alive and well: foreign minister

RABAT (Reuters) – Saudi Arabia’s King Abdullah bin Abdul-Aziz is alive and in “excellent shape,” its foreign minister said on Thursday after rumors about the king’s health triggered a spike in the price of oil.

Abdullah, around 87, has been resting in Morocco since January following a two-month stay in the United States where he underwent surgery twice after a blood clot complicated a slipped disc, state media have said.

Feb 7, 2011
via FaithWorld

Banned Islamists say time for change in Morocco

Photo

(A mosque in Ksar el Kebir February 5, 2008/Rafael Marchante)

The banned Islamist group Justice and Charity, believed to be Morocco’s biggest opposition force, has said “autocracy” will be swept away unless the country pursues deep democratic reform.

The group of Sufi inspiration is believed to have 200,000 members, most of whom are university students, and is active mainly in the poor districts of some cities. Banned from politics, its avowed aim is to achieve a peaceful transition to a pluralist political system inspired by Islam.

Feb 4, 2011

Q+A:Will other North African states go way of Egypt and Tunisia?

ALGIERS/RABAT (Reuters) – After popular uprisings in Egypt and Tunisia, what about the other three countries in the turbulent swathe of land along Africa’s northern coast?

Analysts are now scrutinizing whether Libya, Algeria or Morocco could be the next domino to fall.

Feb 4, 2011

Q+A-Will other N.African states go way of Egypt and Tunisia?

ALGIERS/RABAT, Feb 4 (Reuters) – After popular uprisings in
Egypt and Tunisia, what about the other three countries in the
turbulent swathe of land along Africa’s northern coast?

Analysts are now scrutinising whether Libya, Algeria or
Morocco could be the next domino to fall.

Oct 20, 2010

Reuters Summit-Provisions to remain on Saudi banks’ 2011 agenda

RIYADH, Oct 20 (Reuters) – The Saudi central bank’s demand
for 100 percent-plus provisions from banks reflects concern that
the spectre of a return to recession and subsequent rise in
non-performing loans still haunts the region, analysts said.

Speaking at the Reuters Middle East Investment Summit in
Riyadh, analysts said that these profit-sapping provisions may
return to Saudi banks in 2011 amid doubts over the strength of
the recovery of global markets but may not be as high as they
were at the height of the financial crisis.

Oct 19, 2010

Saudi’s Mobily may expand abroad

RIYADH (Reuters) – Saudi telecoms firm Mobily (7020.SE: Quote, Profile, Research, Stock Buzz) still sees promising potential in the world’s top oil exporter but might also look abroad for acquisitions at some point, a senior executive said on Tuesday.

“There is still a huge upside in the Saudi market … The market is big and is growing,” Hisham Zaki El-Jamal, Director strategic finance planning and investment, said at the Reuters Middle East Investment Summit in Riyadh.

Oct 18, 2010

Saudi sukuks seen doubling in 2011: Saudi Holland Bank

RIYADH (Reuters) – Saudi firms may launch 10 Islamic bonds, or sukuk, in 2011, more than double their number this year, but they will be dominated by private placements, a specialist at Saudi Hollandi Bank 1040.SE said on Monday.

“The market confidence is coming back … We should probably see two or three (sukuk issues) every quarter over the next year … Ten more issues coming in 2011,” Haroon Nisar, senior manager for Islamic banking at the Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) affiliate told the Reuters Middle East Summit in Riyadh.

Oct 18, 2010

Insurance M&A needs Saudi central bank’s nod

RIYADH (Reuters) – The Saudi insurance market is ripe for mergers and acquisitions but these await a nod from the central bank, the chief executive of the kingdom’s biggest insurance firm Tawuniya 8010.SE said.

Ali Al-Subaihin also told the Reuters Middle East Investment Summit that Tawuniya does not plan to tap the debt market after Standard & Poor’s Ratings Services revised its outlook on the firm to stable from negative earlier this week.

Oct 13, 2010

Profits fall at more Saudi banks on lending woes

RIYADH, Oct 13 (Reuters) – Four of Saudi Arabia’s biggest
banks on Wednesday posted bigger-than-expected drops in
third-quarter earnings due mainly to lower lending incomes and
provisions for non-performing loans.

The majority of Saudi banks have had to book higher
provisions for the previous four quarters to cover defaults by
some family owned firms.

Oct 12, 2010

Saudi banks see Q3 profits fall on provisions

RIYADH, Oct 12 (Reuters) – Two of Saudi Arabia’s biggest
banks posted lower than expected third-quarter earnings on
bad-loan provisions on Tuesday as the central bank urged them to
be more conservative in the amounts they were setting aside.

Provisions for non-performing loans and a low-interest rate
environment have been hitting the profitability of Saudi banks
since early 2009 and so far those that have reported on the
third quarter have shown falls in earnings and attributed it to
bad loan provisions.