Middle-east Arab News Opinion | Asharq Al-awsat

Little Improvement in Saudi Banks | ASHARQ AL-AWSAT English Archive 2005 -2017
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A Saudi man walks at the Tadawul Saudi Stock Exchange, in Riyadh, Saudi Arabia, Monday, June 15, 2015. Saudi Arabia’s stock market, valued at $585 billion, opened up to direct foreign investment for the first time Monday, as the kingdom seeks an economic boost amid low global oil prices. (AP Photo/Hasan Jamali)

Riaydh – In a new development that reveals the strength of financial structure of Saudi banks, Saudi Arabian Monetary Agency (SAMA) issued its annual study which showed a little increase of 2% of deposits in local banks during 2015.

Based on the study, the bank deposits jumped to 1.6 trillion Saudi Riyals at the end of the last year.

Saudi banks are considered one the most capable banks in the region that are able to overcome financial crisis due to the high precautions that SAMA requires from banks, at a time when all Saudi local banks became part of the Saudi stock market.

As a part of its incessant efforts toward enhancing and development of disclosure and transparency procedures and principles of listed companies’ announcements, the Capital Market Authority board (CMA) has approved a series of amendments to the instructions about announcements of listed companies. The changes are available on CMA’s website and are in conformity with the regulations issued by the CMA.

These instructions set the basic elements that companies’ announcements must include and were announced through Tadawul system and published on Saudi Stock Exchange Website. The instructions include that the title of the announcement published on Tadawul should be clear and not misleading.

Other instructions are available for companies to insure the safety of their announcements on Tawadul website.

CMA published its first companies’ announcements in 2006. It was then altered in 2008 and 20012. These instructions cover companies’ announcements in case of any news or expected event or development.