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Bank ielths revaluations are due in the second half of the year and the kingdom has now released details of the bank’s test bank and the revaluating process.
In a press release on its website, Saudi Bank said it had started a series of tests in February and would revaluate the iel th bank “by the end of the calendar year”.
It said the revalued bank will be a private holding company with limited exposure to the Kingdom.
The announcement comes as the kingdom is struggling to cope with the economic and social challenges caused by the Saudi war on the kingdom.
The kingdom has been hit hard by the war, which has killed thousands of civilians.
It also has a large population of foreign workers who are mainly from the Middle East and North Africa, including some who are in Saudi Arabia.
The country has seen the closure of over 1,500 public sector jobs since last September, with many expats leaving the country.
The revaluated bank will have a total assets of more than $20 billion, including assets in the form of state-owned assets.
The bank has been revalued several times, but this is the first time that it has been made public.
The Saudi government has announced plans to privatise some of the country’s private companies, including those owned by state oil company Aramco and state-run utility Saudi Aramco.