Saudi Capital Market Forum to host CONNECT Hong Kong edition in May 

Saudi Capital Market Forum to host CONNECT Hong Kong edition in May 
Khalid Al-Hussan, CEO of Saudi Tadawul Group, speaking at the Capital Market Forum. Shutterstock
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Updated 20 February 2024
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Saudi Capital Market Forum to host CONNECT Hong Kong edition in May 

Saudi Capital Market Forum to host CONNECT Hong Kong edition in May 

RIYADH: Saudi Arabia’s Capital Market Forum is set to enhance ties with China’s capital markets by venturing beyond borders to host the next edition in Hong Kong.

The Capital Market Forum — CONNECT Hong Kong, set for May 9 in the port city, was announced by Khalid Al-Hussan, CEO of Saudi Tadawul Group, during a fireside chat at the Riyadh forum. 

Al-Hussan said: “I’m very delighted to announce today, and for the first time, we will be taking the Capital Market Forum beyond Saudi borders in collaboration with the Hong Kong Exchange on May 9. We will be conducting the Capital Market Forum in Hong Kong, under what we call CMF Connect.” 

He added: “The event will help integrate the Saudi capital market with the rest of the world. This is the first step for us to take it outside Saudi, so that would be also an additional value to the forum in the future.”

The forum, designed to facilitate cross-border investments and foster collaboration, will feature a series of strategic discussions and networking platforms, inviting key financial minds and decision-makers.

It is also the first Asian edition and is poised to contribute to economic growth, enhance the integration of global financial markets, and further elevate the interconnectivity of the Saudi capital market with essential hubs in line with Vision 2030’s Financial Sector Development Program.

Al-Hussan also outlined the reasons behind diversifying their offerings to serve additional clients, highlighting three key motivations, including enabling the reforms of the country and the economy, strengthening the company’s position and deliverables to clients, and providing additional products.

He further elaborated that various economic sectors, such as minerals and other initiatives, require commodity markets to serve their needs.

“Today, most of these are using international markets for picking up that reference. We do think that we got the opportunity to enable that to happen within the Kingdom,” Al-Hussan said.

He added: “Second, for diversification purposes, we want to strengthen our position, strengthen our offering for our clients.”

Al-Hussan went on to say: “The third, as a listed entity, we want to grow our business by offering further products and grow our business lines, and this is one of the business lines we’re focusing on.”

Furthermore, he underscored the significant growth in registered qualified foreign investor files in Saudi Arabia’s financial system. As of 2017, there were only 50 registered QFI files.

“Today we have more than 3,700 QFI registered in the system owing roughly around $85 billion positions in the Saudi exchange or in the Saudi corporates actually,” Al-Hussan said.

He added: “There is also an advantage of promoting the Kingdom overall. I think the government has made over 700 regulatory and business reforms over the course of the last few years, and all of these are focused on opening up the economy, Opening up the market, and promoting investments to the Kingdom.”

Al-Hussan went on to say: “We continue to do the same. We continue to do this in two legs; one, continue to do and diversify our offering to the market or to the investors. Second, we continue our promotion and indication efforts.”


Saudi Arabia ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

Saudi Arabia ranks highest in personal satisfaction amid global dissatisfaction: FII survey 
Updated 29 October 2024
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Saudi Arabia ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

Saudi Arabia ranks highest in personal satisfaction amid global dissatisfaction: FII survey 
  • Citizens in the Global South are almost twice as likely to be satisfied with the situation in their country compared to citizens in the Global North  

DUBAI: As global dissatisfaction with current events rises, Saudi Arabia stands out with the highest personal satisfaction rate among surveyed countries, according to the latest FII Priority Global Survey.  

While 52 percent of people globally express frustration with the state of world affairs, 84 percent of Saudis report satisfaction with their personal lives — the highest recorded in the survey — underscoring the region’s resilience against broader global discontent. 

Conducted across 24 countries representing over 62 percent of the world’s population, the survey reveals stark contrasts in regional outlooks.  

“When we look at satisfaction at a country level, we see a great deal of variation. Satisfaction with citizens’ own lives is highest in Saudi Arabia on 84 percent and lowest in South Korea on 39 percent,” the FII survey report stated.  

However, the findings noted that it is only in South Africa, the Ivory Coast, Argentina, Japan, Turkiye and South Korea that less than half of citizens are satisfied with their lives.  

“Turning to dissatisfaction, there is less of a range, with a low of 7 percent in Saudi Arabia compared to 38 percent in Turkiye, which has the highest levels of dissatisfaction measured,” the report added. 

In the Global South, 34 percent of respondents express satisfaction with their country’s direction, nearly triple the 12 percent recorded in the Global North. However, within their own countries, Saudi citizens are notably optimistic, with many expressing confidence in their future as geopolitical and economic tensions persist worldwide. 

Satisfaction rates across other countries vary widely, with South Korea reporting the lowest personal satisfaction at 39 percent. Looking to the future, economic optimism remains tempered in the Global North, where only 22 percent expect improvement, compared to a more positive 51 percent in the Global South. 

On a global scale, economic conditions dominate concerns, with 40 percent of respondents highlighting economic stability as their primary issue, followed by political stability at 19 percent and healthcare at 17 percent.  

In contrast to the broad decline in environmental concern, Japan and South Korea have high levels of concern, with 72 percent and 63 percent respectively, while Saudi Arabia registers lower-than-average concern for climate risks, at 41 percent. 

Financial stability is another top priority, with 53 percent identifying it as essential for quality of life and 48 percent citing it as critical for future health. Inflation and rising living costs remain a significant concern, with 57 percent of respondents reporting worsening conditions.  

While social inclusion ranks fifth among global issues, concerns over tolerance, economic equity, and the risk of class-based tension were more prominent in Europe at 9 percent than Asia at 5 percent.  

Despite these concerns, social cohesion — defined as local ties and community engagement — remains strong in Saudi Arabia, India, and Indonesia. 

Technology, though lower in priority, plays an increasingly vital role in daily life, with 63 percent of respondents feeling prepared for the digital era.  

African and Middle East and North Africa regions report the highest preparedness rates, while Europe lags at 50 percent. Among technology concerns, artificial intelligence ranks highest, especially in the Global South, where respondents worry about job displacement and control over digital tools. 

Saudi Arabia and India are among the Global South countries where technology is viewed as a pressing issue, with AI’s implications prompting concern. When asked if technologies like ChatGPT and AI pose a societal risk, 37 percent of respondents agreed, 24 percent disagreed, and 39 percent remained neutral. 

The FII Priority Global Survey offers a snapshot of the priorities, concerns, and aspirations of citizens worldwide, with insights for policymakers navigating these evolving challenges across the global economic, technological, and social landscape.


Oil Updates – prices little changed though US reserve bid lends support

Oil Updates – prices little changed though US reserve bid lends support
Updated 29 October 2024
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Oil Updates – prices little changed though US reserve bid lends support

Oil Updates – prices little changed though US reserve bid lends support

TOKYO: Oil prices were little changed on Tuesday after falling in the previous session as a US plan to buy oil for the Strategic Petroleum Reserve provided some support though wider concerns about weaker future demand growth exerted pressure.

Brent crude futures climbed 3 cents to $71.45 a barrel by 7:15 a.m. Saudi time, while US West Texas Intermediate crude was up 7 cents at $67.45 a barrel.

Both contracts tumbled 6 percent on Monday to their lowest since Oct. 1 after Israel’s retaliatory strike on Iran at the weekend bypassed Tehran’s oil infrastructure.

With signs that neither country seemed likely to escalate the conflict after the attack, investor concerns about flagging global oil demand growth for this year and next rose to the fore.

“While outlook for the Middle East situation remains alarming, the market is expecting a temporary lull in retaliatory strikes between Israel and Iran,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“The US plan to refill the SPR provided some support to the market,” he said, but predicted a downward trend ahead as peak winter kerosene demand season in the Northern Hemisphere was still some way off while demand in China remained sluggish.

The US on Monday said it was seeking up to 3 million barrels of oil for the SPR for delivery through May next year, a purchase that would leave the government with little money to buy more until lawmakers approve more funds.

On Saturday, scores of Israeli jets completed three waves of strikes against missile factories and other sites near Tehran and in western Iran, the latest exchange between the Middle Eastern rivals.

The attacks were more tailored toward military targets, easing fears that Israel might attack Iran’s nuclear facilities or oil infrastructure.

“The targeted response from Israel does leave the door open for de-escalation, which would allow fundamentals once again to be the dominant driver for the market,” said ING Economics analysts in a report, adding that fundamentals are expected to be bearish through 2025.

Tensions in the Middle East remain high, however, as Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that Iran will “use all available tools” to respond to Israel’s weekend attack.

The US warned Iran at the UN Security Council of “severe consequences” if it undertakes any further aggressive acts against Israel or US personnel in the Middle East.

In the US, crude oil and gasoline stockpiles likely rose last week, while distillate inventories were seen down, a preliminary Reuters poll showed on Monday.

The American Petroleum Institute industry group is scheduled to release a weekly report on Tuesday and the Energy Information Administration, the statistical arm of the US Department of Energy, will issue one on Wednesday. 


United Bank for Africa plans to operate in Saudi Arabia, chairman says

United Bank for Africa plans to operate in Saudi Arabia, chairman says
Updated 28 October 2024
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United Bank for Africa plans to operate in Saudi Arabia, chairman says

United Bank for Africa plans to operate in Saudi Arabia, chairman says

RIYADH: United Bank for Africa Group is set to open its first presence in Saudi Arabia early next year, pending regulatory approval from the Kingdom, according to its chairman

Speaking to Arab News at the FII New Africa Summit in Riyadh, Tony Elumelu highlighted that they are exploring business opportunities within the Kingdom.

UBA operates 24 branches across multiple continents and countries, including the US, Europe, and Dubai, but establishing a presence in Saudi Arabia will further consolidate economic ties between the Kingdom and Africa.

“We are trying to open a bank in Saudi Arabia. We have applied to the Central Bank of Saudi Arabia, and we hope that will be successful soon. So that we can be the only first African bank with a presence in Saudi Arabia,” Elumelu said. 

He continued: “You might ask me: ‘Why am I interested in having United Bank for Africa operate in Saudi Arabia?’ Because of the trade opportunities, because of investment opportunities, because we like what is happening in Saudi Arabia.”

The chairman underlined that this is an opportune time for the private sector to foster more robust trade and stronger investment ties between the Kingdom and Africa.

The frequent visits and business delegations between Saudi Arabia and the continent demonstrates a strong commitment to strengthening these connections.

Elumelu highlighted the growing interest from the Kingdom and its Public Investment Fund in investing in Africa, and he believes they see the continent’s infrastructure development as a promising opportunity.

He reflected on how the Kingdom’s authorities are working to connect Saudi investors eager to capitalize on the continent’s potential and facilitate the necessary financing for development with African projects.

“I listened to your finance minister who said there’s times they will feel that they are Africans. It was so exciting to hear him say that,” Elumelu said.

He added: “Let’s put resources together and bring to fruition those projects that we see on the African continent that have high returns, high return potential, as well as catalytic impact in helping to develop Africa.”

Elumelu went on to say: “Today’s world, people are not interested in profit taking. People want to make a profit at the same time; if making that profit can help to improve lives, they are happy to do so.”

The chairman concluded the interview by expressing his wish for a stronger economic relationship with Saudi Arabia.

“The bilateral relationship is growing. There’s room for significant improvement. But I look beyond today’s levels. I want to see deeper outcomes of that partnership, and that is why I keep talking about investment in infrastructure in Africa,” he said.


Closing Bell: Saudi main index slips to close at 12,053 

Closing Bell: Saudi main index slips to close at 12,053 
Updated 28 October 2024
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Closing Bell: Saudi main index slips to close at 12,053 

Closing Bell: Saudi main index slips to close at 12,053 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 15.82 points, or 0.13 percent, to close at 12,053.15. 

The total trading value of the benchmark index was SR5.42 billion ($1.44 billion), as 106 stocks advanced, while 111 retreated.   

The MSCI Tadawul Index decreased by 4.31 points, or 0.28 percent, to close at 1,513.26. 

The Kingdom’s parallel market, Nomu, declined by 114.24 points, or 0.42 percent, to close at 26,802.7. This comes as 31 stocks advanced, while 34 retreated. 

The best-performing stock of the day was Red Sea International Co., with its share price surging by 8.32 percent to SR70.30.  

Other top performers included Zamil Industrial Investment Co., which saw its share price rise by 5.59 percent to SR27.40, and Arabian Contracting Services Co., which saw a 4.33 percent increase to SR178.4. 

Etihad Etisalat Co., also known as Mobily, and Abdulmohsen Alhokair Group for Tourism and Development also saw a positive change at 3.65 percent and 3.6 percent to SR54 and SR2.88, respectively. 

The worst performer of the day was Al-Baha Investment and Development Co., whose share price fell by 7.69 percent to SR0.24. 

Saudi Manpower Solutions Co. and Nama Chemicals Co., also saw declines, with their shares dropping by 3.03 percent and 3.02 percent to SR8.31 and SR25.7, respectively.  

Miahona Co. and MBC Group also saw negative change today at 2.99 percent and 2.84 percent to SR27.55 and SR41.1, respectively. 

On the announcements front, Saudi Ceramic Co. reported its interim financial results for the nine months ending Sept. 30, with a net profit of SR10.78 million, a recovery from a SR120.56 million loss in the same period last year. 

The improvement was attributed to increased sales that bolstered gross profit, along with the absence of a SR165 million provision for fire-related losses recorded last year. The company’s stock closed at SR31.75, up by 0.79 percent. 

Balady Poultry Co. announced a net profit of SR99.98 million for the nine-month period ending Sept. 30, marking a 55.72 percent increase from the previous year. 

According to the statement, the increase was linked to a rise in production from 156,000 to 192,000 birds during this period. The stock closed the session at SR389, reflecting a 0.92 percent decline. 

The National Co. for Glass Industries reported net profits of SR74.8 million for the same period, a 244.7 percent increase year over year. 

The growth is largely due to increased profit contributions from joint ventures in the float glass sector, notably from The Saudi Guardian International Float Glass Co. Ltd., which is now fully operational. The company’s shares ended the session at SR55.2, a rise of 2.79 percent. 


Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema

Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema
Updated 28 October 2024
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Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema

Vision 2030 reshaping women’s lives in Saudi Arabia, says Princess Reema

RIYADH: Saudi Vision 2030 has reshaped women’s lives in the Kingdom, as regulatory reforms help females pursue more opportunities in the public and private sectors, according to Riyadh’s ambassador to the US. 

Speaking at a panel discussion in the inaugural edition of the HERizon Summit, on the sidelines of the eighth Future Investment Initiative, Princess Reema bint Bandar said that the right policies should be implemented to accelerate the progress of females in the business and entrepreneurial landscape. 

Launched under the theme “Invest in Women,” the event aims to bridge the gender gap and empower females to become a formidable force in the global workforce.

A report released by the World Bank earlier this month affirmed Saudi Arabia’s progress in ensuring gender parity and highlighted that the Kingdom successfully raised female labor participation from 22 percent in 2016 to 34 percent by the end of 2023.

“The Kingdom’s progress since Vision 2030 is quite astounding. The biggest change has been made is the regulatory frameworks and the laws that have been implemented, which allowed not just the government to push forward on the inclusion of women, but it also created a framework for the private sector to understand their responsibilities,” said Princess Reema. 

She added: “When we talk about the accelerators for the inclusion of women, more policies and investments have to be made. It is not just the policy on paper; it is all about the implementation, the follow through, and the creation of a space where the woman herself understands what proportion of resources she needs.” 

According to the top diplomat, mentorship, internship, and investment in training and education could help women in the Kingdom explore unique job opportunities in new sectors. 

“Our women do need the exposure to help them level up. The more we engage with women from other countries and men from other countries and learn and expose ourselves, these Saudi women will be women who can work anywhere in the world. That’s the goal,” added Princess Reema. 

She emphasized placing the right woman in the proper role to fully leverage their expertise and achieve the best results.

“I would really employ the due diligence to hire ‘the’ right women, not just ’a woman’. ‘The’ woman that you are looking for does exist. You just need a little time to look for them and find them,” she said. 

She added: “The women in the Kingdom of Saudi Arabia, we are not tokens, we are not a box to tick. We are women who are dedicated to the development, not just about the country, but about families, nations, and our neighborhood.” 

During the event’s opening ceremony, Richard Attias, CEO of FII Institute, said that the first edition of the HERizon Summit is a gathering dedicated to highlighting the limitless potential of women worldwide. 

He added that the event aims to discuss transforming women’s lives and igniting that change.

“We must acknowledge that the past has not been easy for women, where too many voices remained unheard. Today, we are here to break down those barriers. We should envision a world where opportunities are boundless and equal for all. This is a movement toward inclusion, innovation, and unity,” said Attias. 

He added that the summit will work to ensure that women will get equal opportunities like men in all sectors, breaking the barriers of borders and therefore allowing females to reach their highest potential. 

The FII CEO added: “We believe that when women rise, a nation prospers. When women lead, society is transformed, and when women’s voices are amplified, our shared future becomes brighter and stronger. We believe in that.” 

In the panel discussion, Cecilia Attias, founder and president of Cecilia Attias Foundation for Women said that females should be given specific quotas in the board of companies to ensure gender parity. 

“I am surprised we still have a panel for women. We should be part of the other panels. We are in the 21st century. We should have the same opportunities like men,” said Cecilia. 

Jenny Johnson, president and CEO of Franklin Templeton said that women are more talented than men in handling venture capital funds, despite the less support they receive. 

“In the US, less than 2 percent of venture capital have been given to women entrepreneurs, yet they have twice the returns of the average venture capital funds,” said Johnson.