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    SABB/HSBC PMI Index:

    The Saudi British Bank “SABB” has published the results of the headline SABB/HSBC Saudi Arabia Purchasing Managers’ Index™ (PMI™) for Septem...
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    The Saudi higher education ministry has blacklisted seven academics from Prince Salman bin Abdulaziz University, following the termination of their co...
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    Saudi investors more

    Volatility came to a standstill on Thursday in Riyadh, as the Tadawul All-Share Index closed 0.04% higher at 8,017.77. The gauge's relative strength, ...
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    Head of Aramco’

    Mohammed Al-Madi, the head of Saudi Aramco's South Korean unit is set to replace Yasser Mufti as Saudi Arabia's OPEC governor, Bloomberg has reported,...
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Press Release

Extra announces the results of its General Assembly of approves cash dividend of 12.5% for the H1 of 2013

The cash dividend is equivalent to SAR37.5m or 12.5% of the company’s …

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Saudi Cancer Foundation launches its fifth national breast cancer awareness campaign

Dr. Abdulaziz Alturki, President Saudi Cancer Foundation, said the campaign, organized by …

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STC offers pilgrims ‘SAWA Visit’ with Nokia cell phone

SAWA cards, SAWA Visit and recharge vouchers have been provided in all …

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Analysis

Abu Dhabi Global Market forms expert panel of 16 international financial institutions to support the development of new regulatory framework

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, announced that its Pre-Open Market Consultation is underway and that ADGM has formed an expert panel of 16 leading international financial institutions to support the development of the draft regulatory framework, which will govern the operations of institutions licensed to operating from ADGM.

Guidance and input from members of the expert panel, which so far includes senior representatives from National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Mubadala Development Company, ADS Securities, Goldman Sachs, J.P. Morgan, HSBC, Standard Chartered, Pacific Investment Management Company) PIMCO (Lazard, Credit Suisse, International Swaps and Derivatives Association (ISDA) and Man Group, will be instrumental in tailoring the regulations to be adopted by ADGM to ensure that they create an environment to attract global players in the financial industry.

Ahmed Ali Al Sayegh, Chairman of ADGM, said: “The Pre Open Market Consultation process is a major step in preparing Abu Dhabi Global Market to receive its first licence applications from financial institutions in 2015. Consultation and collaboration are at the core of ADGM’s ambition to become a global financial centre and we are delighted to be working with our panel of renowned global financial institutions to ensure that when ADGM launches, it will offer a regulatory regime that provides maximum support and protection for business and is also completely compatible with the leading financial centres in the world.”

ADGM will be a broad based financial services centre which will, …

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