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Jeddah - Yasmine El Tohamy - RIYADH: The UAE’s Abu Dhabi Commercial Bank has become yet another player to have obtained a permit to operate in the fast-expanding financial market of Saudi Arabia.
Among other decisions, the Kingdom’s Cabinet on Tuesday licensed Abu Dhabi Commercial Bank to open a branch, the Saudi Press Agency reported.
This development also signifies an expansion of economic collaboration between the two Gulf nations.
According to its website, ADCB is a full-service commercial bank offering a wide range of products and services, such as retail banking, wealth management and private banking.
It also provides corporate and commercial banking services and cash management, as well as property handling and other financial services.
Additionally, the Council of Ministers authorized the Minister of Environment, Water, and Agriculture, or his delegate, to negotiate with the Dutch Ministry of Agriculture, Nature, and Food Quality pertaining to the adoption and localization of innovations and advanced technologies in the environment, water, and agriculture sectors.
Moreover, the Minister of Industry and Mineral Resources was given the go-ahead to discuss and sign the textile industry agreement with the Indian Ministry of Textiles.
Meanwhile, the Cabinet approved the amended protocol to the Marrakesh Agreement, which led to the creation of the World Trade Organization on the support of fisheries subsidies within the framework of the multilateral agreements of the WTO.
The Minister of Foreign Affairs was authorized to sign the document accepting the mentioned amended protocol.
Meanwhile, the Minister of Commerce, who also serves as the chairman of the General Authority for Foreign Trade or a representative, was given the green light to conclude negotiations on the additional provisions of the agreement.
Furthermore, the governor of the Saudi Central Bank, or his designee, has been granted authorization to engage in negotiations with the Turkish side concerning central banking cooperation between SAMA and the Central Bank of Turkiye. The governor has also received approval to sign the agreement.
Moreover, the Council of Ministers has also endorsed the framework for cross-listing financial products among the authorities overseeing the financial markets in the GCC countries.
Alinma Bank announced on Tuesday the signing of an agreement to purchase the shares of Tokio Marine & Nichido Fire Insurance within Arabian Shield Cooperative Insurance Co. amounting to 5.75 percent of the company’s capital.
In a statement on Tadawul, the bank said that the agreement came after it had obtained a non-objection to the purchase request from the Saudi Central Bank and the Insurance Authority.
The bank added that the transaction reinforces its commitment to enhancing the financial sector and expanding its footprint through diversifying its investments, as well as reflecting the bank’s confidence in the future growth of the insurance sector.
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