Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Al Rajhi Bank to provide digital guarantee service in Saudi Arabia

Al Rajhi Bank was one of the 10 banks analyzed by Alvarez & Marsal.
  • The new service intends to ensure smooth financial operations for beneficiaries, according to a bank statement
  • Al Rajhi Bank customers in the corporate sector will be able to issue digital guarantees and easily link them to the beneficiary electronically via the platform

Al Rajhi Bank of Saudi Arabia will start providing a digital guarantee service through the electronic financial services platform called Etimad.

The new service intends to ensure smooth financial operations for beneficiaries, according to a bank statement. It will all be done in partnership with the Ministry of Finance’s National Center for Government Resources Systems.

Al Rajhi Bank customers in the corporate sector will be able to issue digital guarantees and easily link them to the beneficiary electronically via the platform.

The service will entail electronic management of bank guarantees, automatic linkage of them with government competition for issuance, and the automatic cancellation of preliminary guarantees for non-winning competitors.

The steps come in line with Saudi Vision 2030, in building digital governance, improving work efficiency, and increasing the effectiveness of projects.