London, UK; August 5, 2018: Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank – a leading financial institution, has closed a commercial financing transaction for the acquisition of a Travelodge Hotel, located at London’s Heathrow Airport. The property was acquired by a Saudi based client for £40.3 million (AED 194.6 million), with ADIB providing £26 million (AED125.7 million) of Sharia’a-compliant financing.

Source: ADIB finances AED 195 million acquisition of Travelodge Hotel at London’s Heathrow Airport | Press Release | Salaam Gateway />

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Saudi sovereign fund PIF buys stake in Tesla The fund has bought a minority stake in Tesla at just below 5 per cent

Source: Saudi sovereign fund PIF buys stake in Tesla – Gulf Business

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SoftBank to hire Deutsche Bank’s Saudi Arabia head – report Saudi Arabia’s Public Investment has a $45 billion stake in the SoftBank-managed Vision Fund. According to the report, Saudi national Ziyad Al Ashaikh has already quit Deutsche Bank, although it remains unclear when he will begin working with SoftBank.

Source: SoftBank to hire Deutsche Bank’s Saudi Arabia head – report –

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Credit Suisse applies for Saudi banking licence Foreign banks and funds are increasingly searching for opportunities in Saudi Arabia since the kingdom unveiled a far-reaching privatisation programme earlier this year

Source: Credit Suisse applies for Saudi banking licence –

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Challenger banks and specialist lenders took a bigger share of the mortgage market in 2017 compared to the year before, UK Finance figures show. Lenders that saw their lending levels increase include Paragon, which climbed from the 21st biggest lender to the 19th after upping gross lending by 78%.

Source: UK Finance: Challengers and specialist lenders take a greater share of the market | Mortgage Introducer

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The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.

Source: Awards for Excellence 2018: Who you gonna call? How Citi became clients’ go-to global investment bank | Euromoney

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June 28 (Reuters) – Birmingham-based Al Rayan Bank, Britain’s oldest and largest Islamic lender, said on Wednesday it had appointed Paul McMillan as chief operating officer as part of the bank’s expansion efforts.

Source: MOVES-Britain’s largest Islamic bank Al Rayan appoints new COO | Reuters

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RIYADH (Reuters) – MSCI’s move to add Saudi Arabia to its benchmark emerging markets index could help attract $40 billion from foreign funds and boost the appeal of oil giant Saudi Aramco’s proposed initial public offering, a Saudi official said on Thursday.

Source: Saudi regulator expects $40 billion foreign fund inflows after MSCI | Reuters

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KUALA LUMPUR (Reuters) – Malaysia named its new central bank governor on Friday, choosing a woman who had been a former deputy governor assisting investigations into the 1MDB scandal, and who has most recently held a senior role at the International Monetary Fund.

Source: Malaysia picks new central bank chief, she puts focus on stability | Reuters

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The Bank of England has voted to hold the base rate at 0.5% with a 6-3 MPC split, indicating that the rate could rise in August. Three Monetary Policy Committee members, including the Bank’s chief economist, Andrew Haldane, voted to raise rates to 0.75%. Governor of the Bank of England Mark Carney voted to hold rates at 0.5%.

Source: Bank of England votes 6-3 to hold base rate at 0.5% | Mortgage Introducer

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Things have been on the up for the GCC’s banks, which collectively recorded a better year in 2017 despite slowing economic growth in the region as a whole.Banking activity was supported by a higher oil price and continued infrastructure investment as Gulf states diversify their economies in various ways. Commercial activity in the region expanded in 2017 and consumer confidence grew, albeit slightly. As a result, our list of the region’s 50 leading banks – ranking institutions in Bahrain, Kuwait, Oman, Saudi Arabia and the UAE – recorded higher net profit in 2017.

Source: Revealed: Top 10 banks in

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UK-based real estate advisory firm Savills has announced its acquisition of consultancy Cluttons Middle East.Savills said the business employs 190 staff in seven cities across the UAE, Bahrain, Egypt, Oman and Saudi Arabia and provides agency, management and consultancy advice in the commercial and residential sectors.

Source: UK real estate firm Savills acquires Cluttons Middle East – Gulf Business

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The chief financial officer of Royal Bank of Scotland (RBS) has resigned after four years in the job.The bank, which is 72% owned by UK taxpayers, said Ewen Stevenson would “take up an opportunity elsewhere”.

Source: RBS finance chief quits the bank – BBC News

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