Al-Mirsal

Tag Archives: Saudi Arabia

How Oil and Gas Companies can Optimize Technology Performance and Costs During Oil Price Volatility

An unexpected surge in production coupled with weakened global demand has resulted in a 50 percent drop in the price of crude oil since June 2014 and currently averaging US$50 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) announced it would leave market forces to determine crude oil price and would not cut … Continue Reading

Is Green Sukuk a Viable Option for Clean Energy Initiatives in the GCC?

A number of GCC governments, including those in the UAE and Saudi Arabia, have set ambitious clean energy and energy efficiency targets. As the fastest growing region in the world, the GCC’s population is expected to grow more than 53 million by 2020. Substantial amounts of investments will be required to finance the clean energy … Continue Reading

Saudi Capital Market Authority Publishes Draft Rules for Qualified Foreign Financial Institutions Investment in Listed Shares

Following last month’s announcement by the Saudi Arabian Capital Market Authority (the CMA) of its proposal to permit participation by qualified financial institutions directly on the Kingdom’s stock exchange (the Tadawul), the CMA has now published its Draft Rules for public consultation. The Draft Rules include detailed provisions relating to qualified foreign investor (QFI) eligibility, … Continue Reading

Saudi Opens Market to Foreign Financial Institutions

In a long anticipated measure, the Saudi Council of Ministers (which is the highest authority in the Kingdom) issued a resolution on 21 July, 2014 authorizing foreign financial institutions to directly buy and sell stocks listed on the Saudi Stock Exchange (Tadawul). The resolution also authorized the Saudi Capital Market Authority (the “CMA”) to set … Continue Reading

How #Saudi New Weekend Impacts Legacy #Financing Agreements

The Custodian of the Two Holy Mosques, King Abdullah, announced on Sunday June 23, 2013 that the official working days in Saudi Arabia will change to Sunday to Thursday and the weekend to Friday to Saturday, with effect from June 29, 2013 (the “Royal Decree”).  The change aligns Saudi Arabia with the other members of … Continue Reading

Basel III Implementation Update

The Basel Committee on Banking Supervision has issued a Report to the G20 Finance Ministers and Central Bank Governors on Basel III Implementation.  The implementation period for Basel III capital requirements starts from 1 January 2013 and includes transitional arrangements until 1 January 2019.  At the time of the report, 8 of the 27 member jurisdictions of … Continue Reading

Reforms to Banking Disputes in Saudi Arabia

Several new laws have taken effect in recent months in the Kingdom of Saudi Arabia from arbitration to the establishment of a centre for registration of lien and the long awaited mortgage law. As part of the restructuring underway in the Saudi Arabian judiciary system, long standing regulations for the resolution of banking disputes in the … Continue Reading

Current Challenges for GCC Family-Owned Businesses

Family-owned businesses continue to drive commercial activities in the economies of the Middle East. According to recent statistics, in the Gulf Cooperation Council (GCC) region alone, family businesses control over 90% of commercial activity. Today, family businesses are confronted with numerous challenges in the changing economic environment, including governance, globalisation, technology, generational change and innovation. … Continue Reading

Sipchem Mudaraba Sukuk–A Transfer of Beneficial Rights

Sipchem’s recent Mudaraba Sukuk is notable as an economic success and also for its structure.  The financing represented a great addition to the tool kit available to corporate treasurers in Saudi Arabia. A Sukuk financing typically requires that: An issuer has unencumbered tangible assets available; The assets are Shari’ah compliant (i.e not related to alcohol, … Continue Reading
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