Closing Bell: Saudi main index closes in green at 12,254

The total trading turnover of the benchmark index was SR6.43 billion ($1.71 billion), with 116 of the stocks climbing and 104 retreating. Shutterstock

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Updated 01 October 2024

Nirmal Narayanan

October 01, 2024 16:05

Closing Bell: Saudi main index closes in green at 12,254

Updated 01 October 2024

Nirmal Narayanan

October 01, 2024 16:05

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 27.44 points or 0.22 percent to close at 12,253.54.

The total trading turnover of the benchmark index was SR6.43 billion ($1.71 billion), with 116 of the stocks climbing and 104 retreating.

The Kingdom’s parallel market, Nomu, declined by 0.53 percent to 25,309.05.

The MSCI Tadawul Index edged up by 0.38 percent to close at 1,533.79.

The best-performing stock on the main market was Al-Baha Investment and Development Co. The firm’s share price surged by 9.09 percent to SR0.24.

Other top performers were Middle East Specialized Cables Co. and CHUBB Arabia Cooperative Insurance Co., whose share prices soared by 7.79 percent and 7.69 percent, respectively.

The worst performing stock of the day was Salama Cooperative Insurance Co., as its share price declined by 3.55 percent to SR27.15.

Al Mohafaza Co. for Education and Ghida Alsultan for Fast Food Co. were the top performers in Nomu, with their share prices climbing by 11.16 percent and 10 percent, respectively.

On the announcements front, the Capital Market Authority said it has approved Lamasat Co.’s application for the registration and offering of 6 million shares representing 7.41 percent of the firm’s capital in the parallel market.

In another statement, CMA added that it approved Hedab Alkhaleej Trading Co.’s request to float 800,000 shares representing 10.67 percent of the company’s capital on Nomu.

The authority also added that it green lighted the request of Arabian Company for Agriculture and Industrial Investments to register and float nine million shares, representing 30 percent of the company’s share capital on the main market.

Almoosa Health also received a positive nod from the CMA to float 13.29 million shares on the Kingdom’s main index, which represents 30 percent of its share capital.

“The CMA’s approval on the application shall be valid for six months from the CMA Board resolution date. The approval shall be deemed canceled if the offering and listing of the company’s shares are not completed within this period,” said the authority on all the approvals it made.

Topics: TASI NOMU

Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

Updated 23 sec ago

Nirmal Narayanan

February 17, 2025 15:12

Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

Updated 23 sec ago

Nirmal Narayanan

February 17, 2025 15:12

RIYADH: Fragmentation in global trade can be resolved only if emerging economies gain access to international markets and contribute to discussions shaping the economic landscape, several finance ministers said.

During a panel discussion at the AlUla Conference for Emerging Market Economies organized by the Saudi Ministry of Finance and the International Monetary Fund, Nigeria’s Minister of Finance and Coordinating Minister of the Economy Wale Edun said that emerging economies should also try to create a friendly environment to attract domestic and international investments.

According to the EU, global trade fragmentation in the form of increased barriers and higher trade policy uncertainty could significantly reduce global output in the long term, with low-income countries likely to be more negatively affected.

“We need world trade; we need open markets. As emerging economies, and developing countries, we need access to markets for our products, particularly for value-added manufacturing products. World trade growth is a tide that leads to all boats. It is definitely something which we advocate and which we look forward to achieving,” said Edun.

He added: “This is a wake-up call. We need to reform our economies, need to stabilize, reduce inflation and create a conducive environment for investment, particularly domestic investment as well as foreign direct investments.”

Morocco’s Minister of Economy and Finance Nadia Fettah said that emerging economies are less capable of formulating strategies to combat issues surrounding trade tensions.

“I think we have been going through several trade shocks last year, and we saw the beginning of fragmentation and tension for many reasons. I think, in emerging markets, we have more poor pockets than in these big countries that are designing the rules of trade and dynamics of the trade,” said Fettah.

She added: “I think this fragmentation is beneficial to the biggest players in the economy and not for the middle class and the lowest in crisis.”

Fettah said that emerging market economies need globalization much more than advanced economies.

During the same panel discussion, Ukraine’s Finance Minister Sergii Marchenko stated that trade tensions are one of the most pressing and uncertain issues emerging market countries are working to resolve.

He added that emerging markets are less capable of formulating strategies to combat trade tensions as they have limited opportunities and resources.

The Ukrainian minister also praised Saudi Arabia and said that the Kingdom is a good example of how an emerging economy can successfully combat trade disruptions and march ahead in the journey in a resilient manner.

“The Kingdom is a good example for all of us to be tested and prove that we are good enough and strong enough to trade and be resilient,” said Marchenko.

Edun further said that reduced financial inflows into emerging economies are one of the crucial factors that negatively impact these nations’ economic conditions.

“I think the latest figures show that there is net outflow from emerging economies of $50 billion. For African economies, the latest figures show a deficit of $20 billion, and that is a very worrying trend, alongside the closing down and the tightening of world trade,” said the Nigerian minister.

The vitality of participating in trade conversations

Fettah also emphasized that emerging markets should have opportunities to participate in international talks that shape global trade rules and regulations.

“In this fragmentation, many emerging markets are not part of the conversation of the changing regulations and rules. We need to ask for permission to be part of the conversation. We never have a chance to have a transition or an adaptation plan to these new rules, and this needs to be changed,” she said.

Edun echoed similar views and said that emerging economies still need to seek permission to enter such conversations despite the crucial importance of these countries in the global trade landscape.

Marchenko supported the views of both the Nigerian and Moroccan ministers and said that world trade discussions are necessary and that Ukraine would like to be part of such conversations.

Edun further said that emerging economies in Africa should increase trading with countries on the continent to boost development and the economy.

“There have been huge inflows, relatively cheap and competitive Chinese products in our markets. In Africa, intra-African trade is just 14 percent of the total trade. I think the figure for other emerging markets is higher. In Asia, it is 40 percent. And that is where we look to find our response and increase the capacity to trade with each other.”

Geopolitical tensions

During the talk, Marchenko said the ongoing war with Russia negatively impacted Ukraine’s export trading capacity.

“The impact of war is very devastating. For our exports to Nigeria, the impact was very huge. We lost up to 60 times our potential for exports in 2023. Nigeria did not receive wheat from Ukraine. The same with Morocco, 12 times decrease of our exports,” said the Ukrainian minister.

Fettah also underscored the importance of global stability and peace and said that uncertainty due to geopolitical issues is affecting investments in emerging economies.

“The most difficult thing is the uncertainty, which affects local investors but also all the FDIs. Everyone is waking up in the morning and seeing what has been announced the night before and how it will affect the future. We need peace to trade and we need peace to develop. We need visibility,” said Fettah.

She added that countries should plan for mid and long-term goals, and they should develop a discipline to achieve this.

“Day-to-day shocks and crises need immediate and expensive responses,” said Fettah.

Future outlook

Regarding the future outlook, Edun said that Africa could become the workforce of the world, considering its growing population and the availability of young talents.

“Africa, in particularly countries like Nigeria, we have a very young population that is going to export services, and that will in fact be the workforce of the world because the population in Nigeria is expected to double from 200 million now to 400 million by 2050,” said the Nigerian minister.

Marchenko said that Ukraine has shown its strengths both in the military and economic sectors during the tough times of war, adding that the IMF has provided the country with the necessary support whenever needed.

“I want to praise our cooperation with the IMF. It provides us with necessary relief and it provides us anchor for any possible negotiations with our partners. We would like to have solutions through free flow of goods and services,” said Marchenko.

Regarding the present and future outlook, Marchenko said: “Ukraine is trying hard to stabilize and manage to provide some kind of support for our business which operates in Ukraine. We are also trying to attract foreign direct investments.”

Topics: AlUla Conference for Emerging Market Economies

Egypt’s official reserve assets soar 36% annually to reach $45bn

Updated 17 February 2025

Dayan Abou Tine

February 17, 2025 13:34

Egypt’s official reserve assets soar 36% annually to reach $45bn

Updated 17 February 2025

Dayan Abou Tine

February 17, 2025 13:34

RIYADH: Egypt’s official reserve assets surged by nearly 36 percent year on year, reaching $45.05 billion in January, according to recent data.

Figures from the Central Bank of Egypt show that the increase was primarily driven by a sharp rise in the value of gold reserves, which grew by 37 percent over the year, reaching $11.42 billion.

Gold now represents around 25 percent of Egypt’s total reserves, reinforcing its role as a key hedge against global economic volatility and a valuable buffer for the country’s foreign exchange position.

The growth in Egypt’s reserves was not limited to gold. A significant 70 percent rise in other reserve assets also contributed to the overall increase, representing approximately 49 percent of the total reserves.

Data also showed that foreign currency reserves in convertible currencies remained relatively stable, edging up by just 1.05 percent to $11.2 billion in January.

Special Drawing Rights, a form of international reserve asset issued by the International Monetary Fund, witnessed a dramatic decline of 91.55 percent, falling to just $31 million.

This sharp drop suggests that Egypt has likely tapped into its SDR holdings to meet urgent liquidity needs, further highlighting the strain on the country’s foreign exchange resources.

Meanwhile, other foreign currency assets, which include securities and deposits not classified as part of the Central Bank’s official reserve holdings, increased by 18.65 percent, reaching $14.06 billion.

The rise was primarily driven by a surge in foreign deposits outside the official reserves, which rose by 53 percent to $10.17 billion.

The need for enhanced liquidity in Egypt became especially pronounced throughout 2024. The country faced severe foreign exchange shortages, a sharp devaluation of the Egyptian pound, and mounting structural economic pressures.

The Egyptian pound’s decline to a record low on the parallel market exacerbated trade disruptions and investor uncertainty, prompting urgent economic reforms.

In response to these challenges, Egypt secured a landmark $35 billion agreement with Abu Dhabi’s ADQ in February, injecting critical reserves.

In March, the country also received an $8 billion package from the International Monetary Fund, which provided essential support for fiscal and structural adjustments.

The central bank’s decision to float the currency and implement interest rate hikes further helped restore stability.

These policy measures not only helped attract foreign inflows but also boosted remittances, which contributed to the recovery of Egypt’s reserve levels.

Topics: Central Bank of Egypt Egypt economy

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists

Updated 17 February 2025

MIGUEL HADCHITY

February 17, 2025 12:59

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists

Updated 17 February 2025

MIGUEL HADCHITY

February 17, 2025 12:59

February 16-17RIYADH: Technology adoption, institutional capabilities, and entrepreneurship are crucial for driving productivity across developing economies, government and industry leaders insisted at the AlUla Conference for Emerging Market Economies.

The event highlighted artificial intelligence, digital transformation, and global cooperation as key to strengthening financial stability, promoting sustainable growth, and enhancing economic resilience in these regions.

This comes on the back of the growing importance of these technologies in enhancing financial decision-making, reducing risks, and increasing economic resilience by improving transparency and access to financial services.

Reflecting on previous discussions around the topic, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim, said: “We talked about diversification, but it was hard to get the political will and the whole-of-government and whole-of-nation action behind it. Today, we’re seeing it, and we’re trying to make it count.”

Al-Ibrahim emphasized that while transformative technologies play a crucial role in boosting productivity, their adoption is not a straightforward process.

He noted that emerging economies cannot simply implement a technology support package and expect immediate results. Instead, he stressed the importance of developing the necessary capabilities and foundational elements to effectively integrate and benefit from these technologies.

Saudi Arabia’s Vision 2030 initiative has positioned both the private and public sectors to capitalize on artificial intelligence.

“There are institutional capabilities in the private sector and, with Vision 2030, even in the public sector. Because of that, we’re seeing companies in generative AI flocking to companies such as Aramco and the energy sector because the use cases are clear, and the data is structured and ready to be used,” Al-Ibrahim added.

Argentina’s Minister of Deregulation and State Transformation, Federico Sturzenegger, shared an optimistic perspective on AI’s impact, adding that the technology will accelerate economic transformation, affecting labor markets and commodity prices.

Brookings Senior Fellow Santiago Levy pointed out structural challenges in emerging economies, particularly the lack of mid-sized firms capable of adopting technology, saying: “There are very few firms that can actually engage in technology adoption,” he said.

Looking ahead, Al-Ibrahim stressed the importance of bold leadership and policy decisions to accelerate transformation.

“We want to see more innovation-driven entrepreneurship activity commensurate with the level of activity at Vision 2030. It attracts innovators and creates high-value jobs in the long term,” he said.

Global collaboration was another key theme of the discussion. Al-Ibrahim urged stakeholders to shift their approach, saying: “It needs to move away from trying to please everyone at the cost of offering a meaningful, serious solution to the problem.”

Topics: AlUla Conference for Emerging Market Economies

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Updated 17 February 2025

MIGUEL HADCHITY

February 17, 2025 12:07

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Updated 17 February 2025

MIGUEL HADCHITY

February 17, 2025 12:07

RIYADH: Saudi Arabia is set to host the fifth edition of the Capital Markets Forum from Feb. 18 to 20 in Riyadh, uniting leading financial experts in the capital and highlighting the Kingdom’s position as a key economic hub.

Organized by the Saudi Tadawul Group and held under the patronage of the Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, the forum will convene top policymakers, business leaders, and industry experts to discuss key trends and developments shaping the nation’s capital markets.

With a strong focus on the evolving financial landscape, the event will be held under the theme “Powering Connections,” and is set to unlock new investment opportunities, foster strategic partnerships, and further position the Kingdom as a key player in the global capital markets ecosystem.

Saudi-based economist Talat Hafiz told Arab News that the forum “provides a vital platform for stakeholders to engage in meaningful discussions, explore emerging market opportunities, and shape the future of capital formation.”

He added: “Saudi Arabia’s capital market continues to demonstrate strong momentum, with increasing investor participation and a dynamic regulatory environment that supports the sustainable growth of the financial market.”

Hafiz also underlined the increasing global interest in the Kingdom’s market: “Saudi Arabia’s capital market continues to attract global demand, driven by its market depth, regulatory advancements, and strong investor participation.”

Agenda for 2025 Forum

The 2025 forum will feature three days of discussions, presentations, and networking.

Day one will commence at the KAFD Conference Center with an official opening and welcome address, followed by sessions including “The Annual Economic Sprint: Navigating New Economic Frontiers,” where experts will analyze macroeconomic trends and growth trajectories.

Additional key discussions will include “The Capital Horizon: The Middle East as the New Capital Market Nexus” and “The Capital Crystal Ball: The Future Landscape of Capital Markets.”

The inaugural day will conclude with the 2024 Saudi Capital Market Awards presentation, recognizing the achievements and contributions of market participants across various categories.

The second and third days will occur at the Four Seasons Hotel, featuring sessions on capital management systems, market insights, and investment strategies. Industry leaders from DirectFN, Awqaf Investment, Nahdi Medical Co., and Sahm Capital will discuss how companies adapt to economic shifts.

Key projects such as Liqaa and Edaa Connect will be highlighted, providing attendees with insights into emerging financial technologies and data-driven investment approaches.

The final day will focus on data access, financial analytics, and transparency in capital markets, featuring presentations from Wamid and S&P Global.

Additional discussions will explore global economic outlooks, fintech advancements, and the increasing significance of environmental, social, and governance considerations in investment strategies.

The gathering will feature a distinguished lineup of speakers, including high-ranking government officials, top executives, and global financial leaders. Among them is Khalid Al-Faleh, minister of investment of Saudi Arabia, who will provide insights into the Kingdom’s economic strategies and monetary policies.

The event will also welcome Poppy Gustafsson, the UK minister of investment, and Sarah Al-Suhaimi, chairperson of Saudi Tadawul Group, alongside Khalid Al-Hussan, CEO of the group.

International financial leaders such as Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Limited, and Nandini Sukumar, CEO of the World Federation of Exchanges, will contribute their expertise on global market integration and regulatory advancements.

Additionally, key figures from major financial institutions, including Roland Chai, president of European Market Services at Nasdaq, and Scott O’Malia, CEO of the International Swaps and Derivatives Association, will share their perspectives on capital market trends and investment opportunities.

Highlights from the 2024 Forum

The Saudi Capital Markets Forum 2024 was one of the largest conferences in the sector globally, with 4,200 participants and 640 investors from 41 firms.

Themed “Powering Growth,” it emphasized Saudi Arabia’s role as a financial hub and provided a platform for major industry discussions and announcements.

The event facilitated 15,000 meeting requests between investors, issuers, and market participants, reinforcing its role as a premier networking and investment platform.

Several memorandums of understanding were signed, including collaborations to enhance environmental awareness, promote sustainability initiatives, and foster cultural development.

A significant announcement was made on the launch of a Social Responsibility Index in collaboration with the Ministry of Human Resources and Social Development, further strengthening the Kingdom’s commitment to responsible investing.

Regulatory advancements were a key focus, with discussions addressing the potential introduction of a framework for follow-on share offerings, signaling progressive reforms in the nation’s financial ecosystem.

Additionally, Saudi Tadawul Group revealed the first-ever international edition of the forum, CONNECT Hong Kong, which took place on May 9, 2024. The event focused on strengthening ties between Saudi Arabia and Asian capital markets, fostering international collaboration, and advancing market connectivity.

Over the past three years, the event has generated over 25,000 meeting requests, attracted over 10,000 attendees, and drew more than 4,000 investors.

Topics: Saudi Capital Markets Forum

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Updated 17 February 2025

Reuters

February 17, 2025 10:27

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Updated 17 February 2025

Reuters

February 17, 2025 10:27

SINGAPORE: Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.

Brent crude futures was up 7 cents at $74.81 a barrel at 7:30 a.m. Saudi time, while US West Texas Intermediate crude was stable at $70.75 a barrel.

The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.

“If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Despite bearish developments, the near-term for oil looks somewhat supported by positive signs on the demand side,” said Sachdeva, pointing to largely stable forecasts for oil demand.

US President Donald Trump said on Sunday he believes he could meet “very soon” with Russian President Vladimir Putin to discuss ending the war in Ukraine.

His comments come as the US and Russia are preparing for initial talks in Saudi Arabia in the coming days.

US Secretary of State Marco Rubio also said on Sunday Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signalling that US talks with Russia this week were a chance to see how serious Putin is about peace.

Sanctions by the US and EU on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows.

Meanwhile, the risk of a global trade war is capping prices after Trump last week ordered commerce and economic officials to study reciprocal tariffs against countries that place tariffs on US goods and to return their recommendations by April 1.

US energy firms last week added oil and natural gas rigs for a third week in a row for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to Feb. 14.

Topics: Oil Updates oil prices

Closing Bell: Saudi main index closes in green at 12,254

Closing Bell: Saudi main index closes in green at 12,254

Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Financial discipline crucial while pursuing economic diversification efforts: Qatari minister

Egypt’s official reserve assets soar 36% annually to reach $45bn

Egypt’s official reserve assets soar 36% annually to reach $45bn

IMF’s support for Egyptian economy to remain a priority, Georgieva says

Egypt projects 4% growth in 2025 amid strong economic reforms

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists

Economic cooperation centerstage in Pakistan’s discussion with GCC nations at AlUla conference

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Arabia’s capital markets surge with $274bn raised in 5 years, fueled by Vision 2030 growth: S&P Global

Saudi Tadawul Group eyes M&As to strengthen capital markets: Bloomberg

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Oil Updates — crude to snap 3-week losing streak amid US tariff delays

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Closing Bell: Saudi main index closes in green at 12,254

Closing Bell: Saudi main index closes in green at 12,254

Emerging economies need access to world markets to avoid trade fragmentation, global leaders say

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