National Commercial Bank (NCB)

ICIEC, NCB sign deal to support Saudi SMEs

On Saturday, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the National Commercial Bank (NCB) signed a Memorandum of Understanding (MOU) at the Jeddah Chamber of Commerce and Industry (JCCI). The purpose of the Memorandum is to encourage the export in small and medium enterprises (SMEs) in Saudi Arabia. According to the agreement, the signatories are to cooperate on finding solutions for the funding problems of SMEs. The agreement was signed under the auspices of JCCI's Chairman, Sheikh Saleh Abdullah Kamel.

Challenge of entrepreneurship in GCC

SMEs move from their entrepreneurial phase to a professionally-managed phase. As a result, there is a huge necessity for them to adopt the concept of corporate governance. According to a report by Capita Group International (CGI), Gulf SMEs are not particularly efficient. There is a huge difference between their share of employment and their share of gross domestic product (GDP) to GDP's disadvantage. National Commercial Bank (NCB) shows in a report that the majority of GCC businesses, especially SMEs, demonstrate low efficiency, low growth, little innovation and weak management.

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GCC issues $3.2b sukuk in third quarter

A study conducted by National Commercial Bank (NCB) showes that Gulf Cooperation Council member countries launched bonds worth around $20.9 billion in the first nine months of 2011, slightly lower than their value in the same period of 2010.
It added that even though the general mood of the sukuk market has turned very positive, new mainstream primary activity (closed issuances) in the Gulf was still restricted to four corporate issuances with an aggregate value of just under $1.6 billion, not an impressive figure by historical standards but more than 10 times the total conventional issuance seen during the quarter.

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