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The tipping scandal
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08 Nov ' 09 at 13:01
This is such a shame. These poeple will never realise the grave human rights violations they are committing. I am sure that it was the... More » -
UAE to be among top tourist hubs in 5 years - survey
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08 Nov ' 09 at 09:05
It just boils down to one thing- There are countries who try to market their toursim potential. And there are countires who do not... More » -
Abu Dhabi to ban all plastic bags in shops by mid-2010
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08 Nov ' 09 at 11:40
Paper bags also harm the environment (maybe worse than plastic). Paper bags cause the destruction of trees (not in great supply in the... More »
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Moody's upbeat on Saudi banking sector
Wednesday, 27 May 2009
BANKING VIEW: Moody's remains upbeat on Saudi Arabia's banking sector despite reports questioning its robustness. (Getty Images)
A financial analyst has dismissed reports that Saudi Arabia’s banking sector is in crisis, insisting the industry is profitable and well capitalised.
Speaking to Arabian Business on Wednesday, Constantinos Kypreos, an analyst from corporate finance firm Moody’s, said the industry was in better shape than most banking sectors around the globe.
“The government has prudently invested its oil revenue windfalls in the past few years, so it has strengthened its financials and is in a position to have this expansionary budget, which will help the economy and banking sector,” he said. “The [banking] regulator has been prudent in requiring the banks to have a good asset quality and liquidity.”
An AFP news report last week claimed Saudi banks can no longer afford to finance various projects across the Kingdom, forcing the government to step in.
The state recently took over the multi-billion dollar Mecca-Medina high-speed railway after the project struggled to find private funding, Abdullah Dabbagh, president of the Ma’aden mining group, reportedly said.
He was also quoted by AFP as saying the $5.5bn Ras al Zour water and power generation project could fall into government hands after bidders for the development failed to provide financing.
But Kypreos questioned claims that Saudi banks would struggle to finance local developments.
“I’m not sure if they cannot finance projects. I think the Saudi banks are liquid and they can finance projects but they are selective, so I don’t think it’s an issue of being unable to fund projects,” he said.
“Having said that, risk appetite among some of the foreign banks that used to finance these projects has gone away, and this has put more strain on the local banking sector to fill in that gap.”
While relatively positive about the industry’s health, Kypreos admitted Saudi banks were not immune to the global downturn.
“These are much more challenging times, so Saudi banks will be affected,” he said. “It’s going to be much more challenging like everywhere else in the world, but Saudi banking is in a relatively better position than many other banking systems.
“2008 was an exceptionally good year, with oil prices hitting almost $150, but I don’t know when it will come back to that level. I expect the banking sector as a whole to remain profitable and adequately capitalised, and show asset quality even though we will see some deterioration in the current year. But I am confident that none of the banks will face serious problems like some of the other countries.”
View Saudi Rich List
Ethiopia?????
Posted by Nasir, singapore, Singapore on 17 October 2009 at 13:20 UAE time
'The man was born and raised in Ethiopia' i think Chris needs to get his facts right :) bcos Ethiopia doesnt make Al Amoudi into billionaire! Let alone millionaire :)
Posted by Nasir, singapore, Singapore on 17 October 2009 at 13:20 UAE time
'The man was born and raised in Ethiopia' i think Chris needs to get his facts right :) bcos Ethiopia doesnt make Al Amoudi into billionaire! Let alone millionaire :)
MBI Al Jaber
Posted by Ronnie, LOndon, UK on 22 September 2009 at 14:16 UAE time
Way off the mark - you really have to do your homework better as corporatioinssuch as MBI are not very transparent and the so called profitable operations of Ajwa in SAudi are not operating in their core activities of rice and oil for many years with employees not being paid for months. Ask them instead of publishing anything said . As for the European real estates and hotels are you seriously saying that MBI with a leveraged portfolio did not suffer from the downturn ? The Gosaibi and Maan al sanei fiasco is a reminder to take what these self lauded billionaires say with a pinch of salt . JUst revisit what you said about al Sanai Saad GRoup yourselves.Your magazine's credibility is at stake here .
Posted by Ronnie, LOndon, UK on 22 September 2009 at 14:16 UAE time
Way off the mark - you really have to do your homework better as corporatioinssuch as MBI are not very transparent and the so called profitable operations of Ajwa in SAudi are not operating in their core activities of rice and oil for many years with employees not being paid for months. Ask them instead of publishing anything said . As for the European real estates and hotels are you seriously saying that MBI with a leveraged portfolio did not suffer from the downturn ? The Gosaibi and Maan al sanei fiasco is a reminder to take what these self lauded billionaires say with a pinch of salt . JUst revisit what you said about al Sanai Saad GRoup yourselves.Your magazine's credibility is at stake here .
add to the list
Posted by ali, riyadh, saudi arabia on 14 September 2009 at 18:42 UAE time
what about "Omar Kasem Alesayi 's family
Posted by ali, riyadh, saudi arabia on 14 September 2009 at 18:42 UAE time
what about "Omar Kasem Alesayi 's family
Saudi Rich List
Posted by barrett hays, san antonio, USA on 13 September 2009 at 19:19 UAE time
The list as compiled is very accurate. The individual and families that make up the list are well known and respected in the West. It is a source of pride that so many people have turned resourcefulness, hardwork, generosity and character into sizeable fortunes. This is wonderful, and well deserved. May the exploits of these individuals and families continue for one hundred thousand years!
Posted by barrett hays, san antonio, USA on 13 September 2009 at 19:19 UAE time
The list as compiled is very accurate. The individual and families that make up the list are well known and respected in the West. It is a source of pride that so many people have turned resourcefulness, hardwork, generosity and character into sizeable fortunes. This is wonderful, and well deserved. May the exploits of these individuals and families continue for one hundred thousand years!
What is rich
Posted by Nazeem, Jubail, Saudi Arabia on 10 September 2009 at 12:21 UAE time
Rich is not only having money, but there should be also included, civilization, wisdom, hospitality, etc
Posted by Nazeem, Jubail, Saudi Arabia on 10 September 2009 at 12:21 UAE time
Rich is not only having money, but there should be also included, civilization, wisdom, hospitality, etc
But How many the Top 100 of the world
Posted by Kishore Abid Abdulla, Chennai, India on 8 September 2009 at 15:11 UAE time
i See that lot of saudi guys in the rich list.But except for Prince talal I dont see anybody in the worlds 25 richest men, why is that.Even a poor country like India has 7-8 people in the Top 25.Does that mean even if you have lot of resources and people who have control over those resources making a lot of money, still they are not as reach as the self made people from India, Asia or America
Posted by Kishore Abid Abdulla, Chennai, India on 8 September 2009 at 15:11 UAE time
i See that lot of saudi guys in the rich list.But except for Prince talal I dont see anybody in the worlds 25 richest men, why is that.Even a poor country like India has 7-8 people in the Top 25.Does that mean even if you have lot of resources and people who have control over those resources making a lot of money, still they are not as reach as the self made people from India, Asia or America
millionaires
Posted by Ilyas G on 4 September 2009 at 13:04 UAE time
One thing is for sure. There is enough money in the country and wealth belonging to the country for every saudi to be well off, educated, free health care and housing plus a fat pension, and generally happy. I have not been there, is this the case ? are the people happy ?
Posted by Ilyas G on 4 September 2009 at 13:04 UAE time
One thing is for sure. There is enough money in the country and wealth belonging to the country for every saudi to be well off, educated, free health care and housing plus a fat pension, and generally happy. I have not been there, is this the case ? are the people happy ?
Accuracy
Posted by Mohammed Al-Bakri, Jed, KSA on 3 September 2009 at 21:40 UAE time
Way off the mark.
Posted by Mohammed Al-Bakri, Jed, KSA on 3 September 2009 at 21:40 UAE time
Way off the mark.
Qeustionable list!
Posted by Hamad Alwashmi, Riyadh, Saudi on 2 September 2009 at 17:15 UAE time
as far as I know, there are many rich people in Saudi who do not like to disclose their wealth to media and/or they don't give exact numbers about it. very famous names and families are excluded from this list, where is Aljeraisi, Abdulaziz Alothaim, Alsaif family, and the list goes on and on
Moreover, I'm not sure weather the calculation of the assets is based on the current market price or not? as we all know some people such as Saleh Alrajhi have increased their wealth significantly though real estate. for example, Alrajhi has one piece of land that is worth more than $500 million nowadays and who knows how much he paid for it!
Posted by Hamad Alwashmi, Riyadh, Saudi on 2 September 2009 at 17:15 UAE time
as far as I know, there are many rich people in Saudi who do not like to disclose their wealth to media and/or they don't give exact numbers about it. very famous names and families are excluded from this list, where is Aljeraisi, Abdulaziz Alothaim, Alsaif family, and the list goes on and on
Moreover, I'm not sure weather the calculation of the assets is based on the current market price or not? as we all know some people such as Saleh Alrajhi have increased their wealth significantly though real estate. for example, Alrajhi has one piece of land that is worth more than $500 million nowadays and who knows how much he paid for it!
if we add the total and have collected ZAKAT2.5%
Posted by صالح بن حنيتم الغامدي, Dhahran, KSA on 2 September 2009 at 11:17 UAE time
Just imagine if all these billons was added and 2.5% out of it were given to needy people, poor people etc, do you think we will still find poor people around us?
Posted by صالح بن حنيتم الغامدي, Dhahran, KSA on 2 September 2009 at 11:17 UAE time
Just imagine if all these billons was added and 2.5% out of it were given to needy people, poor people etc, do you think we will still find poor people around us?
'The man was born and raised in Ethiopia.
Posted by christian on 2 September 2009 at 01:07 UAE time
Al Amoudi become a man that he is today becouse of Ethiopia, He has done a lot of things which are good for the country and also whhic is not good, however this man has become a billionair becouse of the most beautyful country in the world ETHIOPIA.
God bless Ethiopia,
Chris
Posted by christian on 2 September 2009 at 01:07 UAE time
Al Amoudi become a man that he is today becouse of Ethiopia, He has done a lot of things which are good for the country and also whhic is not good, however this man has become a billionair becouse of the most beautyful country in the world ETHIOPIA.
God bless Ethiopia,
Chris
Show all comments
Thanks Alhamudin
Posted by Elias, London, UK on 1 September 2009 at 13:14 UAE time
The man is a God sent messenger to change the shattered image of his motherland as a land of man made famine, and he is working hard on that. He has done so much for ethiopia and he will continue to do so regardless of what every hater says. god bless him.
Posted by Elias, London, UK on 1 September 2009 at 13:14 UAE time
The man is a God sent messenger to change the shattered image of his motherland as a land of man made famine, and he is working hard on that. He has done so much for ethiopia and he will continue to do so regardless of what every hater says. god bless him.
Mr. Maan Sanea
Posted by Michael on 31 August 2009 at 21:14 UAE time
Nothing much surprising about the list....othe then ...I wonder WHY MR. MAAN SANEA IS NOT IN THE LIST AND its automatically taken off the list just cos of some financial issues which most of the 50 on the list are having....i mentioned that why Mr. MAAN SANEA CHAIRMAN Of SAAD GROUP is not on the list!!!!!!!! on what "" FACTS" and bases SAAD GROUP IS NOT ON THE LIST~~~~Thats a example on how unprofessional such list is .... and as u see no exact statistics are shown nor baseline of how things are calculated.
Posted by Michael on 31 August 2009 at 21:14 UAE time
Nothing much surprising about the list....othe then ...I wonder WHY MR. MAAN SANEA IS NOT IN THE LIST AND its automatically taken off the list just cos of some financial issues which most of the 50 on the list are having....i mentioned that why Mr. MAAN SANEA CHAIRMAN Of SAAD GROUP is not on the list!!!!!!!! on what "" FACTS" and bases SAAD GROUP IS NOT ON THE LIST~~~~Thats a example on how unprofessional such list is .... and as u see no exact statistics are shown nor baseline of how things are calculated.
Saudi rich list
Posted by Jens Cramer, Naples, Florida, USA on 31 August 2009 at 18:01 UAE time
At least it seems so that this work is well done. Congratulation. It give us a glimpse into these market.
Posted by Jens Cramer, Naples, Florida, USA on 31 August 2009 at 18:01 UAE time
At least it seems so that this work is well done. Congratulation. It give us a glimpse into these market.
The list is utter nonsense! Figures are MUCH higher in many cases!
Posted by Kiram Tuyedahanet, Tehran, Iran on 31 August 2009 at 15:01 UAE time
This list isn't worth the paper it's printed on!
The Jufalis, e.g., are worth at least 12 Bilion, currently and many others, such as the Radjhis are not too far off....
Posted by Kiram Tuyedahanet, Tehran, Iran on 31 August 2009 at 15:01 UAE time
This list isn't worth the paper it's printed on!
The Jufalis, e.g., are worth at least 12 Bilion, currently and many others, such as the Radjhis are not too far off....
rich list
Posted by w.loarch, detroit, usa on 31 August 2009 at 11:57 UAE time
Mohammad Al Ali Al Abdullatif has only $ 374. 567 !!!!!
And you forgot Said Ali Al Yumani with 324. 4567 Billion and 55 Cent!
Posted by w.loarch, detroit, usa on 31 August 2009 at 11:57 UAE time
Mohammad Al Ali Al Abdullatif has only $ 374. 567 !!!!!
And you forgot Said Ali Al Yumani with 324. 4567 Billion and 55 Cent!
Information accurecy
Posted by Warda, Alkhobar, Saudi Arabia on 31 August 2009 at 10:40 UAE time
ArabianBusiness refer in the Saleh Al Rajhi section to Forbes Magazine that Saleh "owns one of the largest poultry processing plants in Middle East "!!! If ArabianBusiness did their due delegence to calculate the wealth of Saleh Al Rajhi, they would have found that this Poultry farm is not for him but for his brother Sulaiman!!
How much real effort was done by ArabianBusiness to get the real wealth of those people when they do not know if it is Saleh or Sulaiman that owns the largest poultry farm!!!!!!!????????
Posted by Warda, Alkhobar, Saudi Arabia on 31 August 2009 at 10:40 UAE time
ArabianBusiness refer in the Saleh Al Rajhi section to Forbes Magazine that Saleh "owns one of the largest poultry processing plants in Middle East "!!! If ArabianBusiness did their due delegence to calculate the wealth of Saleh Al Rajhi, they would have found that this Poultry farm is not for him but for his brother Sulaiman!!
How much real effort was done by ArabianBusiness to get the real wealth of those people when they do not know if it is Saleh or Sulaiman that owns the largest poultry farm!!!!!!!????????
There are more
Posted by aslam, Dubai, UAE on 31 August 2009 at 09:12 UAE time
Its seems these 50's are too small from the stars in the sky!
There are lot more standing behind. To reach such height they must have definately worked hard in the extreme weathers and have choose straight way to come up.
Posted by aslam, Dubai, UAE on 31 August 2009 at 09:12 UAE time
Its seems these 50's are too small from the stars in the sky!
There are lot more standing behind. To reach such height they must have definately worked hard in the extreme weathers and have choose straight way to come up.
Great Stuff
Posted by Sridhar Kadambi, Mississauga, Canada on 31 August 2009 at 02:33 UAE time
It is nice to see this list after such an extensive exercise that Arabian Business has conducted with regard to research and investigation. As a person who has lived in Saudi Arabia for 10 years and (actually) enjoyed every bit of it, and also in UAE for 5 years, I love to keep in touch with what is going on in that part of the world, and you guys seem to be really doing a great job at that! Keep up the good work, guys, and GBU!
Posted by Sridhar Kadambi, Mississauga, Canada on 31 August 2009 at 02:33 UAE time
It is nice to see this list after such an extensive exercise that Arabian Business has conducted with regard to research and investigation. As a person who has lived in Saudi Arabia for 10 years and (actually) enjoyed every bit of it, and also in UAE for 5 years, I love to keep in touch with what is going on in that part of the world, and you guys seem to be really doing a great job at that! Keep up the good work, guys, and GBU!
The changes
Posted by Mamdooh Al-Radadi, Jeddah, Saudi Arabia on 30 August 2009 at 17:25 UAE time
It's always intriguing and uplifting to see the end results of a hard years work on your list.
The list is starting to take a new shape in terms of who is on it and what he has got in it! We were used to see certain names and eventually got bored, now we see some new ones entering slowly yet steadily from below, some of the wealth( in billions) was swept away after the last world crisis, but these people know what they are doing and continue to battle for their mark.
Prince Alwaleed in my opinion will be there for many years to come due to his vast investment wallet which is spread over many sectors, giving him adequate momentum and serving at the same time as a soft cushion in down time.
Great to see and know, as i said before this is a great way to dream bigger than your average dreams, keep up the good work.
Posted by Mamdooh Al-Radadi, Jeddah, Saudi Arabia on 30 August 2009 at 17:25 UAE time
It's always intriguing and uplifting to see the end results of a hard years work on your list.
The list is starting to take a new shape in terms of who is on it and what he has got in it! We were used to see certain names and eventually got bored, now we see some new ones entering slowly yet steadily from below, some of the wealth( in billions) was swept away after the last world crisis, but these people know what they are doing and continue to battle for their mark.
Prince Alwaleed in my opinion will be there for many years to come due to his vast investment wallet which is spread over many sectors, giving him adequate momentum and serving at the same time as a soft cushion in down time.
Great to see and know, as i said before this is a great way to dream bigger than your average dreams, keep up the good work.
