Wednesday, June 3, 2020

Intellihot offers companies free water heater diagnostic in response to COVID-19

Intellihot is doing its part to keep water safe, and not just for its current customers. This COVID-19 initiative allows businesses with any...

SAMA says plans to establish independent insurance authority ‘unlikely’

Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, has ruled out plans to establish an independent insurance authority, Alriyadh newspaper reported, citing SAMA governor, Ahmed Alkholifey.

“The rumours disseminated as regards establishing an independent insurance authority are invalid,” said Alkholifey on the sidelines of the recently-held first Joint Conference between Saudi and UAE bank officials in Riyadh.

“We currently have no potential plans for mergers between UAE and Saudi banks, except for the ongoing studies between National Commercial Bank (NCB) and Riyad Bank,” Alkholifey noted.

Alkholifey said that the Kingdom’s central bank is open for foreign ownerships, adding that there are no pending investment requests at present.

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