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Pakistan, Saudi Arabia vow to increase cooperation between small and medium enterprises

Pakistan, Saudi Arabia vow to increase cooperation between small and medium enterprises
Pakistan’s Minister for Industries and Production Rana Tanveer Hussain and Saudi Arabia’s Governor of the Small and Medium Enterprises General Authority, Sami bin Ibrahim Al-Husseini, on the sidelines of the two-day UN Multilateral Industrial Policy Forum (MIPF) in Riyadh on October 24, 2024. X/@Pak_MoIP
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Updated 25 October 2024
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Pakistan, Saudi Arabia vow to increase cooperation between small and medium enterprises

Pakistan, Saudi Arabia vow to increase cooperation between small and medium enterprises
  • Pakistan’s minister for industries and production is in Saudi Arabia to attend two-day UN industrial policy forum
  • Both sides discuss matters of mutual interest, agree to increase visits by business professionals to their countries
Updated 25 October 2024
Arab News Pakistan
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ISLAMABAD: Pakistan’s Minister for Industries and Production Rana Tanveer Hussain met with Saudi Arabia’s Governor of Small and Medium Enterprises General Authority Sami bin Ibrahim Al-Husseini on Thursday agreed to enhance cooperation between the two countries in the SME sector.

Hussain departed for the Kingdom this week to attend the two-day UN Multilateral Industrial Policy Forum being held in Riyadh from Oct. 23-24. 

The Pakistani minister engaged with international delegates to discuss strategies for enhancing industrial growth and sustainable practices during his visit. On Thursday, he met Saudi Arabia’s governor for small and medium enterprises general in Riyadh, Pakistan’s ministry of industries and production said.

“Both sides discussed matters of mutual interest,” the statement said. “Cooperation among small and medium enterprises will be increased.”

The ministry said both sides also agreed to increase the number of visits by business professionals to their countries. 

Pakistan has been seeking to strengthen trade and investment ties, particularly with the Kingdom, whose leadership reaffirmed its commitment this year to expedite a $5 billion investment package for the South Asian country.

Topics: Saudi-Pakistan ties small and medium enterprises (SMEs)

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Closing Bell: Saudi main index closes in green at 11,502 

Closing Bell: Saudi main index closes in green at 11,502 
Updated 21 sec ago
Miguel Hadchity
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Closing Bell: Saudi main index closes in green at 11,502 

Closing Bell: Saudi main index closes in green at 11,502 
Updated 21 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 405.89 points, or 3.66 percent, to close at 11,502.54. 

The total trading turnover of the benchmark index was SR8.32 billion ($2.21billion), as 244 of the listed stocks advanced, while only 7 retreated. 

This aligns with the rebound in global stock markets following US President Donald Trump’s announcement of a 90-day pause on the reciprocal tariffs introduced earlier this month. The pause applies to all US trade partners except China, which now faces a tariff rate of 125 percent — up from 104 percent. 

The MSCI Tadawul Index increased by 53.37 points, or 3.79 percent, to close at 1,462.83. 

The Kingdom’s parallel market Nomu also rose, gaining 554.66 points, or 1.96 percent, to close at 28,924.55. This came as 68 of the listed stocks advanced, while 22 retreated. 

The best-performing stock was Saudi Paper Manufacturing Co., with its share price surging by 10 percent to SR66. 

Other top performers included Saudi Chemical Co., which saw its share price rise by 9.99 percent to SR8.26, and Ataa Educational Co., which saw a 9.95 percent increase to SR69.60. 

The National Co. for Learning and Education saw the largest decline of the day, with its share price easing 0.86 percent to SR160.60. 

SEDCO Capital REIT Fund fell 0.55 percent to SR7.29, while Al-Jouf Agricultural Development Co. slipped 0.22 percent to SR46.25. 

On the announcements front, the Ordinary General Assembly of SABIC approved the business and contracts between SABIC Industrial Investments Co., an affiliate of the company, and Ma’aden. 

The deal involved SABIC Industrial Investments Co. selling its 20.62 percent stake in ALBA Co., totaling 292.8 million common shares, to Ma’aden for 363.08 million Bahraini dinar ($963.2 million), with no preferential terms. 

Additionally, the Assembly authorized the board to distribute interim dividends quarterly or semi-annual for the fiscal year 2025. 

SABIC’s shares traded 0.83 percent higher today on the main market to reach SR60.60. Similarly, Ma’aden’s shares traded 4.63 percent higher on the main market, reaching SR42.90 

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

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CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors

CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors
Updated 5 min 41 sec ago
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CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors

CEO says PIA’s first annual profit in decades to attract ‘favorable valuation’ from investors
  • Islamabad’s attempt to privatize PIA last year fell flat when it received a single offer, well below asking price of over $300 million
  • This week, PIA reported $33.1 million earnings from operations last year ended December, made net profit of $93.3 million in 2024
Updated 5 min 41 sec ago
Ismail Dilawar

KARACHI: Pakistan International Airlines expects to attract “more favorable valuation” from investors after the national carrier posted an annual profit for the first time in more than two decades ahead of a second attempt by the government to sell the airline, CEO Amir Hayat said this week.
Islamabad’s attempt to privatize PIA last year fell flat when it received only a single offer, well below the asking price of more than $300 million. The cash-strapped government of Prime Minister Shehbaz Sharif is struggling to privatize several loss-making public enterprises, including PIA, as part of conditions under a $7 billion International Monetary Fund’s loan program approved last year. 
This week, PIA reported Rs9.2 billion ($33.1 million) earnings from its operations last year ended December and made a net profit of Rs26.2 billion ($93.3 million) in 2024, a development described by analysts as “good optics” for the privatization push. 
“This landmark operational profit of 26 billion rupees fundamentally strengthens PIA’s position in the context of the government’s privatization plan,” Hayat told Arab News in a written response to questions. 
“It demonstrates the inherent value and turnaround potential of the airline, making it a significantly more attractive proposition for potential investors.”
He said the results would positively influence investor confidence and potentially lead to a “more favorable valuation” during the privatization process.
Pakistan had offloaded nearly 80 percent of the airline’s legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline’s accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country’s privatization ministry.
The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs.
Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year.
Hayat said the latest profit was because of “a comprehensive reforms program” executed over the past few years.
“Key drivers include maintaining strict financial discipline by implementing stringent cost control measures across the board, scrutinizing every expense, creating operational efficiencies in every aspect of flight operations, reducing ground times, and enhancing fuel efficiency,” Hayat said.
Other measures included route optimization by curtailing non-productive routes and capitalizing on profitable ones, and revenue enhancement by creating opportunities in neglected segments such as cargo, ancillary sales and codeshares and alliance partnerships.
“We view this profit not as a one-off anomaly, but as the foundational result of deep, structural changes within the airline,” Hayat added. 
While the aviation industry remained vulnerable to external variables like fuel prices and geopolitical factors, PIA had developed internal mechanisms that provided a “strong basis for continued positive performance.”
“Our clear intent and strategy are geared toward maintaining profitability moving forward and our budget for 2025 is already planned on net profitability,” the PIA CEO said. 
Muhammed Sohail, the chief executive officer at Topline Securities, said the latest profits would provide “good optics to attract more investors” to buy the airline.
Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.

Topics: Pakistan International Airlines (PIA)

Saudi finance minister calls for flexible Arab cooperation amid global challenges

Saudi finance minister calls for flexible Arab cooperation amid global challenges
Updated 12 min 9 sec ago
Nadin Hassan
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Saudi finance minister calls for flexible Arab cooperation amid global challenges

Saudi finance minister calls for flexible Arab cooperation amid global challenges
Updated 12 min 9 sec ago
Nadin Hassan

RIYADH: Saudi Arabia has reaffirmed its commitment to strengthening joint Arab financial cooperation, with a leading minister emphasizing the Kingdom’s support for regional bodies.

At the annual meetings of the joint Arab financial institutions held in Kuwait, Mohammed Al-Jadaan highlighted the pivotal role of financial bodies in enhancing regional collaborative efforts.

The Kingdom’s finance minister called for strategic flexibility in their operations to better align with the evolving economic needs of member states amid shifting global economic conditions.

“During these meetings, I affirmed Saudi Arabia’s support for these institutions to achieve the common interests of Arab countries while emphasizing the importance of working according to flexible strategic directions that reflect the needs of member states in light of global economic conditions,” Al-Jadaan said on X.

The minister also took part in the 16th meeting of the Arab Finance Ministers Council, where he stressed the importance of assessing the impact of mounting financial, economic, and trade pressures.

He further called for the development of comprehensive frameworks to address these global challenges effectively.

“I highlighted the role of Arab Financial Institutions in providing technical support and developing studies and research to assist Arab countries in confronting these challenges,” Al-Jadaan said on X.

The minister spoke of the crucial contribution of Arab financial institutions in offering technical assistance and spearheading research efforts to support member countries in navigating economic uncertainties.

Al-Jadaan’s involvement in the meetings underscores the Kingdom’s commitment to strengthening the voice of emerging markets within influential financial forums.

Under Al-Jadaan’s chairmanship, the International Monetary and Financial Committee has prioritized amplifying the perspectives of developing economies, reflecting the Kingdom’s dedication to fostering inclusive global financial stability.

The establishment of the first joint Saudi-Kuwaiti Business Council in December exemplifies the region’s efforts to bolster economic ties and facilitate investment opportunities.

This initiative aims to enhance trade relations and economic integration between Saudi Arabia and Kuwait, aligning with broader objectives of regional cooperation. ​

Assistant Governor for Executive Affairs at the Saudi Central Bank Abdulelah Al-Deheem also participated in the joint annual meetings, and posting on X said: “The areas of development, finance, and economic impact were discussed during the meetings. Future plans that contribute to achieving the sustainable development objectives were also reviewed.”

Topics: Saudi Finance Minister Mohammed Al-Jadaan Arab Finance Ministers Council

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Saudi Arabia introduces 5% tax on real estate transactions

Saudi Arabia introduces 5% tax on real estate transactions
Updated 26 min 26 sec ago
MOHAMMED AL-KINANI
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Saudi Arabia introduces 5% tax on real estate transactions

Saudi Arabia introduces 5% tax on real estate transactions
Updated 26 min 26 sec ago
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia has introduced a 5 percent Real Estate Transaction Tax, effective from April 10, as part of its economic diversification efforts.

The new tax, the Zakat, Tax and Customs Authority said, will apply to all real estate transactions across the Kingdom, including residential, commercial, and industrial properties.

It will be imposed regardless of the property’s development status, usage, or whether the transfer involves full or partial ownership. It will also apply to undocumented transactions.

To comply with the new regulation, all property transfers must be registered through the RETT platform on ZATCA’s official website.

Parties involved in a transaction will need to declare property details and any applicable exemptions before formalizing the transfer at a notary or legal authority.

The introduction of the RETT is part of Saudi Arabia’s broader strategy to foster growth in the real estate market, with expectations for significant expansion in 2025.

In a recent report, real estate services firm JLL highlighted strong economic growth across the Gulf region, with Saudi Arabia leading the way.

The Kingdom’s non-oil sector is expected to grow by 5.8 percent in 2025, up from 4.5 percent in 2024. The construction sector performed well in 2024, with project awards totaling $29.5 billion. Furthermore, the Saudi real estate market is projected to reach $101.62 billion by 2029, growing at an annual rate of 8 percent from 2024.

ZATCA stated on its official X account that the RETT regulation is designed to create a clear legal framework, foster growth in the real estate sector, attract investment, and enhance tax exemptions for economic, social, and regulatory goals. The new rules also aim to address challenges specific to the real estate industry.

The newly approved regulations provide clarity on property transactions subject to tax, establish mechanisms for tax calculation, and outline payment procedures.

They also introduce measures to ensure fair market value verification. Notably, the fine for delayed tax payments has been reduced from 5 percent to 2 percent.

Exemptions include property transfers resulting from inheritance divisions, registered public and private endowments, and transfers between spouses or relatives up to the third degree.

Topics: real estate diversification

Saudi CMA proposes new rules to enhance disclosure requirements

Saudi CMA proposes new rules to enhance disclosure requirements
Updated 10 April 2025
Nadin Hassan 
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Saudi CMA proposes new rules to enhance disclosure requirements

Saudi CMA proposes new rules to enhance disclosure requirements
Updated 10 April 2025
Nadin Hassan 

RIYADH: Saudi Arabia plans to enhance disclosure requirements for various share classes as part of a proposed regulatory overhaul to boost transparency and broaden funding options in the Kingdom’s capital markets. 

The Capital Market Authority has opened a 30-day public consultation, starting April 9, on a draft framework that introduces stricter reporting rules for traditional, redeemable, and convertible share classes. 

Under the draft rules, listed companies would be allowed to increase their capital through the registration and offering of new types or classes of shares not previously listed on the market. It also includes provisions for raising capital, offering issuers greater flexibility in their financing strategies. 

According to a statement, the proposed amendments include an update to ownership disclosure thresholds. The new rules would require any person holding or having an interest in 5 percent or more of a company’s voting rights — rather than total shares, as currently mandated — to notify the exchange. 

The move is part of the CMA’s strategy to support capital formation, facilitate fundraising for companies, and improve the overall regulatory environment. 

In a post on X, the authority said the new proposals were made “with the aim of enhancing the capital market’s role in capital formation.”

The draft framework builds on the Companies Law, which allows firms to issue different classes of shares with specific rights and privileges, as well as its implementing regulations for listed joint-stock companies. 

Earlier this week, the CMA launched a public consultation on allowing special purpose acquisition companies to list on the parallel market, Nomu, as part of efforts to boost private sector participation. 

The proposed regulatory framework would permit SPACs to be formed as joint stock companies under the Companies Law, with the primary goal of acquiring or merging with unlisted Saudi firms, in line with the Rules on the Offer of Securities and Continuing Obligations. 

In March, the CMA proposed amendments to expand the range of eligible issuers and align regulations for Special Purpose Entities. 

SPEs, established and licensed by the CMA, are independent financial and legal entities created for specific financing purposes, and are dissolved once their objectives are fulfilled. 

This initiative aims to strengthen the sukuk and debt instruments market, supporting the continued growth of the Kingdom’s asset management industry.

Topics: Capital Market Authority (CMA) Saudi Stock Exchange (Tadawul)

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