Bank Albilad plans to buy back 10M shares for ESIP
In a statement to Tadawul today, July 28, Bank Albilad said the share repurchase will be funded through its own resources, noting that treasury shares currently account for 0.61% of the total shares subject to the buyback.
The bank added that the repurchased shares will not carry voting rights at general shareholder meetings.
The proposed buyback is subject to approval by the upcoming extraordinary general meeting (EGM), the date of which will be announced later, in compliance with the implementing regulations of the Companies Law for listed joint stock companies.
The bank is required to meet all required solvency conditions. A report from the bank's external auditor will also be submitted in accordance with these regulations.
According to data available with Argaam, the 10 million shares allocated for the ESIP represent approximately 0.67% of the bank's total outstanding shares, which stand at 1.5 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
11 hours ago
- Leaders
Saudi Arabia Unveils Strict Rules for Domestic Labor Ads
The Saudi Ministry of Human Resources and Social Development has proposed tough new regulations for advertising domestic labor services, with the aim to protect worker dignity, eliminate misleading promotions, and ensure market transparency. The Ministry published the draft 'Regulations for Advertising Domestic Labor Services' on the 'Istitlaa' public platform. Significantly, this draft prohibits advertisements using words or phrases that undermine foreign or domestic workers' dignity, banning false or misleading claims that could deceive customers, either directly or indirectly. Furthermore, the rules explicitly ban false or misleading claims that could deceive customers. Enforcing Transparency and Language Rules Advertisements must prominently display the licensed service provider's name, logo, and registered trademark. A clear statement confirming the provider holds a valid license is also mandatory. Crucially, all ads must appear primarily in Arabic with additional languages are permissible only if the content exactly matches the Arabic version. The draft also prohibits unauthorized use of ministry names or logos, nor those of related platforms like 'Musaned' or 'Ajeer.' The regulations strictly protect worker privacy as ads cannot show individuals or use caricatures without explicit consent, prohibiting posting photos or videos of workers seeking job transfers on social media, allowing only resumes, and with the worker's approval. The new rules banned group interviews, permitting only individual interviews. Additionally, Advertisements must not discriminate based on nationality, religion, cost, or salary, with phrases like 'best nationality,' 'lowest salary,' or 'preferred religion' are strictly forbidden. Ads cannot suggest workers bear financial costs for service transfers, or that intermediaries can charge fees outside official payment channels. The draft mandates all payments flow exclusively through the Musaned platform, whether for recruitment mediation or service transfers. Broad Applicability of the Regulations These regulations apply to recruitment agencies, labor service providers, advertisers, and all individuals or entities—citizens, residents, or businesses—advertising through any medium. This includes social media, marketing platforms, mobile messages, email, electronic apps, and roadside billboards. The ministry emphasizes that these proposed regulations aim to establish clear standards for advertising content. By reducing random and misleading ads, the ministry seeks to protect both consumers and workers while reinforcing compliance with Saudi labor laws governing domestic labor recruitment and services. Short link : Post Views: 233
Leaders
11 hours ago
- Leaders
Saudi Arabia Rolls Out Robotaxi Service in Riyadh
Riyadh, Saudi Arabia's capital, has deployed a Robotaxi pilot fleet, developed by Chinese tech firm WeRide in collaboration with Uber and local partner AiDriver. WeRide has recently obtained Saudi Arabia's first Robotaxi autonomous driving permit, which allows it to operate self-driving vehicles business in the Kingdom and deploy Robotaxis across Saudi regions. Robotaxi in Riyadh This permit makes WeRide the only tech firm in the world that has autonomous driving permits in six countries: Saudi Arabia, China, the UAE, Singapore, France, and the US. On July 23, 2025, the Chinese company, in cooperation with Uber and AiDrive, launched its pilot operations across key locations in Riyadh, including at King Khalid International Airport, major highways and selected city center hubs. The Robotaxi service will have designated pick-up and drop-off stations to streamline travel to and from the airport. It will boost transport efficiency, sustainability, and safety across Riyadh, easing traffic congestion in the Saudi capital. The Robotaxi is set to expand into full-scale commercial service by the end of 2025. WeRide is the first company to get a permit for its Robotaxi in Saudi Arabia, after completing a rigorous approval process, including testing, assessments, and technology validation, to meet the highest safety and performance standards set by the Kingdom's Transport General Authority (TGA). Major Milestone The tech company received the permit during an official ceremony, with the participation of the Saudi Minister of Transport and Logistics Services and Chairman of the TGA, Saleh bin Nasser Al-Jasser, and CFO and Head of International at WeRide, Jennifer Li, alongside other Saudi senior officials. On this occasion, Li said: 'This permit marks a major step in our global expansion, enabling us to scale Robotaxi services and unlock new commercial opportunities in Saudi Arabia.' Meanwhile, the Saudi Transport Minister hailed the initiative. 'The pilot launch of autonomous taxi services reflects the kingdom's forward-looking vision and strategic investment in future mobility,' he said. 'This step reinforces our commitment to fostering innovation, enabling cutting-edge technologies, and creating a globally competitive, efficient, and sustainable transport sector that supports economic growth and enhances the quality of life for all,' Al-Jasser added. WeRide Services in Saudi Arabia In addition to Robotaxi, WeRide, which entered Saudi Arabia in May 2025, has been testing and operating Robobus service in key locations, such as King Fahad Medical City, Aramco residential communities, AlUla, and the Ritz-Carlton in Riyadh. It is also operating Robosweeper S1 at King Fahad Medical City, Riyadh Second Health Cluster, marking the first paid autonomous sanitation project in both Saudi Arabia and the wider Middle East. Short link : Post Views: 7
Arab News
14 hours ago
- Arab News
Pakistan places sugar import order to ease prices, first shipment due next month
ISLAMABAD: Pakistan has placed the procurement order for 200,000 metric tons of sugar from the international market, an official statement said on Saturday, adding the first shipment was expected to arrive in the beginning of next month. The announcement came amid growing concerns over a sugar crisis that has gripped parts of the country, with prices surging to Rs200 ($0.71) per kilogram in many areas, which is well above the government's official cap of Rs173 ($0.61). The situation occurs frequently in Pakistan amid accusations of hoarding and cartelization. It also leads to public outrage and criticism from opposition parties. Last month, leading Pakistani economists told Arab News the crisis owed to weak regulatory enforcement and a lack of industrial transparency, both of which hamper effective market oversight. 'The final order for sugar imports has been placed,' the Ministry of National Food Security and Research said in a statement. 'The first shipment of imported sugar will arrive in Pakistan in early September 2025.' The ministry said the procurement process entered its final phase after the government floated a tender, and successfully secured a discount through international negotiations. 'The purpose of the import is to ensure the availability of sugar in the market and maintain price stability,' the statement said. 'The arrival of imported sugar will help keep prices balanced in the local market and directly benefit consumers.' However, experts warned last month such measures only offered temporary relief. Dr. Khaqan Najeeb, Pakistan's former finance adviser, told Arab News in a recent conversation the sugar sector's persistent crises underscore the urgent need to move beyond 'reactive firefighting' and adopt structured, technology-enabled and market-aligned regulatory frameworks. 'Addressing this challenge requires deep policy expertise and a commitment to serious, evidence-based reform,' he continued Najeeb outlined several critical reforms for the sugar sector, including improving per-acre crop yields, deregulating the market, enforcing anti-cartel legislation, using digital tools to monitor the supply chain, and setting transparent, formula-based pricing mechanisms that ensure timely payments to farmers. 'These are not quick fixes — they demand consistent, hard work,' he added. 'But after years of misaligned interventions through poorly timed exports and imports, one thing is clear: there is no easy solution, only the hard path of structural reform.'
