It is no longer business as usual; it is business as never before at Arab News. Keeping pace with the Kingdom’s economic transformation, the “Business” section of Arab News has undergone constant growth and development over the past three decades of the paper’s history. Size and content have changed — and they have not been the only things; business coverage has grown to encapsulate the whole world of finance and trade.

When Arab News was launched on April 20, 1975, the Saudi economy was just beginning to start its heady ascent following the sudden rise in the price of oil, the main source of the country’s income. The surge in economic growth opened the floodgates to a tidal wave of infrastructural projects, with a resulting mass influx of foreign expertise and labor, of almost every nationality.

For most of these incomers, TV was not exactly popular at the time, with only limited local and international channels available; there was an need for an English-language newspaper. So the daily Arab News was launched and since then it has not looked back, except with immense pride.

The continual strong growth in Saudi economy created ever more scope for business coverage, although right from the paper’s start, Arab News was keen to ensure that business coverage be a major feature of the paper.

Business coverage is, however, both Saudi-based and international. Until the development of the Internet, the latter was always very popular with readers. The expatriate community, to put it bluntly, came here in almost all cases for one reason only — to earn good money. Money — earning it, spending it and investing it — has always been an important consideration in their thinking — in other words, in readers’ thinking. There was a market for extensive coverage of business news from their home countries and Arab News provided it from the start, often written by correspondents stationed in those home countries.

Arab News’ Currencies and Bullion column has also been very popular, particularly among expatriates, because it gives the latest and reliable currency rates of different countries. Indeed, most foreign workers make it a habit to turn to Arab News’ business section to check currency rates on a regular basis.

It was the brainchild of Editor in Chief Khaled Almaeena to start World Stock Market Service, publishing daily prices from the New York Stock Exchange, American Stock Exchange, NASDAQ and European and Asian markets.

They are now permanent features of the newspaper and a valuable source of information for investors in the Kingdom, not just expats. The Investment section, which appears weekly, likewise gives indepth analysis of major stock markets, mutual funds, currencies, commodities and real estate.

Arab News also has analysts, bankers, economists and financial experts in the Kingdom and abroad who provide their opinions on different subjects. They include the National Commercial Bank’s Chief Economist Dr. Said Al-Shaikh, NCB Senior Economist Dr. Naher Taher, Samba Financial Group Chief Economist Brad Bourland, Riyad Bank Vice President and Chief Economist Khan H. Zahid, Jordinvest Chief Executive Officer Henry Azzam, Islamic banking expert Mushtak Parker, investment analyst Salim J. Ghalayini and Clariden Bank (London) Vice President Habib Faris.

Arab News also has devoted an entire page for local and international mutual funds which appears on weekly basis.

The focus is now changing as more and more Saudis become hooked on to Arab News in general and business in particular, and as they become more investment-oriented. The recent successful IPOs (initial public offerings) of some local companies have created what can only be described as investment fever among Saudis, as more and more — men, women and even children — look to investment to make quick profits. Arab News has become a valuable source of information for such people.

Nowadays, the local stock market is much in focus. But when Arab News was launched stock market concept did not exist. All that is changing as more and more family-owned companies go public, thus providing an opportunity for small and medium investors. That makes for constant news. Readers want to check how their investment is doing on a daily basis and Arab News provides them with their daily dose of up-to-date information on Saudi stock prices.

With the Kingdom now gearing up to launch a full-fledged stock exchange, we at Arab News are preparing to provide more and more coverage on stock market developments. The scale of what is happening here is hardly understood by people abroad with little or no knowledge of the Kingdom. There may be recessions elsewhere; growth may be measured in a meager one percent or two percent; but here the economy is booming and will continue to boom. The sky seems to be the limit for nascent Saudi stock market, with both big and small investors showing almost foolhardy interest in any IPO going. They have money to invest in billions (dollars, not riyals). The economy is awash with liquidity, looking for a home, and large numbers of investors want that home to be at home — here in Saudi Arabia. They feel safer that way. The Saudi domestic investment market is going to be big, because there is big money there, and for Arab News that means big coverage in future.

Strictly Business column, which appears twice a week, is another popular feature for which advertisers and major PR companies from Saudi Arabia, Dubai and Bahrain have shown immense preference. This column is such a sell-out that Arab News gets numerous requests from PR companies to somehow include their news in Strictly Business.

Another development is Oil Scene, a weekly column, which gives an insight into the oil market as it unfolds in the region and the wider world. Arab News is the only daily in the Kingdom, and indeed one of the few in the Middle East, to provide this regular analysis of the oil market — a remarkable situation, given the overwhelming importance of oil to the economy.

Real estate is big business too in the Kingdom. Saudis like to invest in property anywhere (the lions’ share of Saudi investments in the US are in real estate) — but again, since Sept. 11, 2001, they are increasingly investing back home. Being the barometer of Saudi business, Arab News covers the real estate boom in Saudi Arabia and the Gulf region — Dubai, Bahrain, Qatar and Kuwait in particular.

The paper continues to publish its immensely popular weekly Wall Street Journal pages for those readers looking for incisive economic reports. It also gives news from specialized business agencies such as Dow Jones, Barron’s and Smartmoney. Arab News has covered extensively the rise and fall of the Internet bubble which surfaced first in the 1990s.

As we enter the fourth decade, we are more mature but certainly not without our youthful ebullience. Maturity breeds introspection and small wonder that we are turning inward, shifting our focus to the Saudi and regional economy.

Local business stories will now take center stage, although not at the cost of international stories. There will also be expert commentaries and analyses to deepen our business coverage. It will be our endeavor to seek to record the pulse of the Saudi economy through the years to come.

Arab News made tremendous improvements year on year over the past 30 years. The newspaper has become truly international. Because of its wide range of coverage it is now on a par with any leading daily in the world. That opens the door to another area for business coverage. Today, thanks to the Internet edition, our readers are no longer necessarily Saudi-based. There is a world out there looking for business and investment news and opportunities in the Kingdom, hoping to beat a path to safe, secure profit here. Arab News can and will provide that news. This is still early days in the history of Saudi economic development. The industrialization of Saudi Arabia is still in its infancy. There is a mass of stories and developments waiting to happen. Arab News will be there to report them. Business is increasingly going to be the hallmark of the newspaper.

(Business Editor Khalil Hanware has been with the newspaper since 1981.)