Same story at Arabian Business.
Same story at NASDAQ.
The announcement comes as the world’s biggest oil exporter prepares to sell its first international bonds to finance a budget deficit that the International Monetary Fund expects to reach about 13 percent of economic output this year. The economy will likely expand 1.1 percent in 2016, according to a Bloomberg survey, the slowest pace since 2009.
The Saudi index for banking shares has declined 17.6 percent this year, compared with a 14.4 percent drop for the benchmark Tadawul All Share Index.