03 Feb 2015
(MENAFN) A number of Saudi biggest companies stated that they are planning to spend hundreds of millions of dollars in bonuses, copying the kings orders to handout Saudi state employees, reported the Gulf Times.
Shakeel Sarwar, head of asset management at Securities & Investment Co in Bahrain said ‘I expect almost all Saudi listed and non-listed companies to make such payments, which will have a short-term impact on their operating profitability.’
Saudi Electricity Co. plans to distribute USD149 million for all its Saudi employees, sated in a bourse statement, bonuses will not exceed USD13,298 for each employee.
Many banks will also distribute two-month bonuses. The government possess major stakes in National Commercial Bank, SAMBA, and Riyad Bank.
‘Saudi companies don’t pay income tax, so these occasional one-off payments can be construed as indirect taxes for the benefit of the overall society and population,’ said Sarwar.
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
19 Feb 2025
Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more