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Kuwait Finance House Considering Expansion in Saudi Arabia

The Saudi flag
The Saudi flag
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Kuwait Finance House Considering Expansion in Saudi Arabia

The Saudi flag
The Saudi flag

Kuwait Finance House (KFH), the Gulf country's largest lender, is looking at opportunities to expand in Saudi Arabia, it said in a bourse filing on Tuesday, following a report that it was considering taking a stake in peer Saudi Investment Bank.

Trading in the company's shares, which were suspended before the market open, resumed after KFH issued a statement in response to the report.

KFH said it was conducting studies on the potential expansion and that these were in line with the bank strategy envisioning potential investments in the region, including in Saudi Arabia.

“Regarding the news published by Bloomberg, KFH confirms that it is still studying the available opportunities in more than one bank, and no memorandum of understanding or any agreement has been signed with any bank in the Kingdom of Saudi Arabia,” the lender said.

Amid news of the potential deal, shares of Saudi Investment Bank (SAIB) jumped as much as 4% in Riyadh trading Tuesday.

On Tadawul, the shares of SAIB, the second smallest listed bank in the Saudi financial market in terms of assets and capital following Bank AlJazira, ranged between 13.26 Riyals and 12.78 Riyals, closing on the latest figure.

Meanwhile, the share of KFH Bank, which is the largest in Kuwait in terms of assets and capital, rose by less than 0.50% at 0.717 Kuwaiti dinars.

The Kuwaiti government and the Public Authority for Minors Affairs own 31.5% of KFH’s shares. Vanguard Group owns 2.45% of the Bank’s shares and BlackRock owns 1.75%.

As for the Saudi Investment Bank, it is owned by the General Organization for Social Insurance - Saudi Arabia (25.6%), Yasser Mohammed Al Jarallah (4.6%), Vanguard Group (2%) and BlackRock (1.2%).

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China Planning 'Major' Reforms Ahead of Key Political Meeting

Chinese President Xi Jinping arrives for a ceremony in Beijing marking the 70th anniversary of the Five Principles of Peaceful Coexistence /AFP
Chinese President Xi Jinping arrives for a ceremony in Beijing marking the 70th anniversary of the Five Principles of Peaceful Coexistence /AFP
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China Planning 'Major' Reforms Ahead of Key Political Meeting

Chinese President Xi Jinping arrives for a ceremony in Beijing marking the 70th anniversary of the Five Principles of Peaceful Coexistence /AFP
Chinese President Xi Jinping arrives for a ceremony in Beijing marking the 70th anniversary of the Five Principles of Peaceful Coexistence /AFP

Chinese President Xi Jinping said Friday the ruling Communist Party was planning and implementing "major" reforms, ahead of a closely watched political conclave that is expected to put economic recovery high on the agenda.

Chinese policymakers have struggled to reignite growth since the end of strict Covid-19 pandemic health curbs in late 2022.

The world's second-largest economy is beset by a debt crisis in the property sector, persistently low consumption and high youth unemployment, according to Reuters.

Xi said in a speech on Friday policymakers "are planning and implementing major measures to further deepen reform in a comprehensive manner".

"We will... form a more market-oriented, legal and international business environment," he said.

"China's door will only open wider and wider, and will never be closed."

Xi has touted the promise of significant reform several times this year and the government has already enacted measures in key sectors such as real estate to try to address critical issues.

It was announced on Thursday that the delayed Third Plenum -- a meeting historically watched for signals on economic policy direction -- will take place in Beijing in mid-July.

The key meeting of top officials, originally expected last autumn, is highly anticipated in the hopes it might resolve the uncertainty that has weighed on China's economy.

The People's Bank of China (PBOC), the country's central bank, pledged later on Friday to "promote the implementation of the financial policies and measures already issued, and push for the stable and healthy development of the real estate market".

"(We will)... promote the accelerated construction of a new model for real estate development," the PBOC said in a statement.

Xi's address at Beijing's opulent Great Hall of the People, delivered in front of a high-profile international audience, marked the 70th anniversary of some of China's foundational diplomatic tenets.

The Five Principles of Peaceful Coexistence include mutual respect for territorial integrity, mutual non-aggression, mutual non-interference in internal affairs, equality and cooperation for mutual benefit, and peaceful coexistence.

Xi hailed China as a force for global peace, saying in his speech Beijing would continue to play "constructive roles" in international conflicts such as Gaza and Ukraine.

China has been criticized by Ukraine's allies for failing to condemn Russia's 2022 invasion and accused of favouring Moscow. Beijing insists it is a neutral party.

In the Middle East, China has advocated for decades for a two-state solution to the Israel-Palestinian conflict.

Xi called for greater cooperation between China and developing countries in his speech.

"Engaging in small yard, high-wall decoupling practices is to move against the tide of history," Xi said.

"It will only harm the common interests of the international community."