CMA: Market Value of Tadawul Increases by 476% over Past 5 Years

Capital Market Authority (CMA)’s Undersecretary for Strategic and International Affairs Yazeed bin Saleh Al-Dumaiji said that hosting the International Conference of the Financial Sector in the Kingdom reflects the significance of the Saudi Stock Exchange (Tadawul) as the largest of its kind in the region.

Al-Dumaiji said that CMA ranked the 9th globally in 2022 in terms of market value of all shares traded on Tadawul. and the 4th among the G20 members.

He also highlighted the fact that Tadawul has undergone a significant growth over the past years with the number of listed companies increasing from 188 in 2017 to 269 in 2022.

In line with this growth, he said that the Tadawul’s market value has increased by 476.5% to reach SAR9.9 trillion ($2.6 trillion) by the end of 2022 during the past five years.

Al-Dumaiji explained that CMA has improved Tadawul through upgrading the work mechanisms and regulations which have had their contributions to improving performance at the sectors and companies levels.

He also indicated that the value of money collected from Sukuk and bond trading activities has increased from SAR37.2 billion in 2021 to SAR53.9 billion in 2022.

Al-Dumaiji added that the growth and development witnessed by Tadawul have had their positive impact on the market institutions which increased by 63% from 86 establishments in 2017 to 141 ones in 2022 with an increase in their net revenues of 144% to reach SAR12.2 billion.

In terms of investment volume, He also explained that foreign investments have achieved “record increase” by 388% from SAR71 billion in 2017 to SAR347 billion in 2022.


Source: Saudi Press Agency

IsDB President Receives Egyptian Minister of Finance

President of the Islamic Development Bank (IsDB) Dr. Muhammad Al-Jasser received Minister of Finance and Alternate Governor of the Arab Republic of Egypt Muhammad Maait in Jeddah yesterday.

The two officials discussed the social, economic and development challenges facing Egypt, the economic expectations for the next stage, and the importance of enhancing cooperation.

They emphasized the importance of creating a favourable investment environment, lending support to the private sector, strengthening key sectors, and creating and developing job opportunities in Egypt.

Al-Jasser renewed the IsDB Group’s commitment to support development plans in Egypt and respond to its development needs.


Source: Saudi Press Agency

SAMA Licenses Finance Aggregation Service Provider

The Saudi Central Bank (SAMA) granted “Creative Future for Digital Brokerage” a license to carry out finance aggregation services pursuant to the Rules of Licensing Finance Support Activities for providing services through an electronic platform to connect finance companies with clients based on their credit obligations and solvency, and offer them customized finance solutions.

This initiative is aimed at enticing a new segment of investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA.

SAMA reiterates its commitment to supporting the financial sector and FinTech for enhanced operational efficiency, to promote financial inclusion for the various segments of the society in the Kingdom.

Granting licenses to Finance Aggregation Service Providers is a step towards achieving the objectives of the FinTech Strategy in its pursuit to be among the leading countries in FinTech.


Source: Saudi Press Agency

Ministry of Economy and Planning and EXPRO Sign MoU to Support Achieving National Development Priorities

The Ministry of Economy and Planning has signed a memorandum of understanding with the Government Expenditure and Projects Efficiency Authority (Expro), to align the efforts of developing and harmonizing the strategic direction of national development priorities and economic policies, and support the decision-making process through adopting and applying best practices and methodologies.

The memorandum was signed by Assistant Deputy Minister for Economic Policies and Programmes at the Ministry of Economy and Planning Dr. Anwar bin Ahmed Hammad and Expro Executive Vice President of Planning and Project Management Eng. Khalid bin Fahd Al-Arik during the Financial Sector Conference in Riyadh.

The memorandum will work on integrating the roles of the two parties, agreeing on the requirements needed to assess the economic and social impacts, and the methodologies used with the purpose of achieving sectoral and regional economic development goals.

The memorandum details the tasks and responsibilities assigned to both parties, which will help achieve fruitful cooperation in the service of all beneficiaries and achieve the national goals, in accordance with Saudi Vision 2030.


Source: Saudi Press Agency

Uzbek Trade Delegation Specializing in Textiles Visits Riyadh Chamber

An Uzbek trade delegation specializing in the textile sector has discussed with the business sector in the Riyadh Chamber aspects of cooperation and strengthening commercial ties between companies operating in the textile sector in the two countries. The delegation also expressed its desire to benefit from investment opportunities in the Saudi market.

During his meeting with the delegation, the Chairman of the Textile Committee at the Riyadh Chamber, Musaed bin Hamad Al-Yahya, said that the Kingdom of Saudi Arabia is the largest market in the field of textiles, calling on Uzbek companies to take advantage of the opportunities in the Saudi market, which is growing in light of the Kingdom’s Vision 2030.

He stressed the desire of the Saudi business sector to strengthen cooperation relations with its Uzbek counterpart, pointing out that there is a tendency to deal with new markets in the field of textiles and expressing the desire of the business sector to establish partnership relations with Uzbek companies specialized in the textile and clothing sector.

For his part, the First Vice President of the Uzbek Textile and Garment Association, Mirmokhsin Sultanov, confirmed the desire of Uzbek textile companies to establish investment relations with their Saudi counterparts, noting that their visit comes within the framework of strengthening trade relations between the business sectors of the two countries.


Source: Saudi Press Agency

GCC Secretary General Stresses Importance of Strengthening Prospects for Gulf-Malaysian Relations

Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohammed Albudaiwi met here today with the Ambassador of Malaysia to the Kingdom of Saudi Arabia Datuk Wan Zaidi Wan Abdullah.

During the meeting, the GCC Secretary General stressed the importance of strengthening relations between the GCC and Malaysia in all political, economic and cultural fields, noting the framework agreement for economic, commercial, technical and investment cooperation signed between both sides in 2011, which included the establishment of a joint committee to follow up on its implementation.

The two officials also discussed strengthening the strategic dialogue between the GCC and the Association of Southeast Asian Nations (ASEAN), as Malaysia is currently playing the role of the Association’s coordinator and is responsible for relations with the Cooperation Council.

The meeting was attended by GCC Assistant Secretary General for Political and Negotiation Affairs Dr. Abdulaziz Hamad Aluwaisheg.


Source: Saudi Press Agency

Chairman of Capital Markets Authority: Financial Sector Conference Reflects Strength of Saudi Economy, Stresses Kingdom’s Importance as New Financial Services Hub

Chairman of Capital Markets Authority Mohammed bin Abdullah El-Kuwaiz has stressed that the Financial Sector Conference held in Riyadh on March 15 and 16, as an international regional platform, reflects the strength of Saudi Arabia’s economy, the largest in the region, and underscores its importance as the new financial services hub.

He said that the conference is organized by Financial Sector Development Programme partners as one of the main programs of the Saudi Vision 2030, represented by the Ministry of Finance, Saudi Central Bank and the Capital Markets Authority. More than 3,000 local and international decision makers in the financial sector took part in the conference, discussing renewed challenges, including the development of the sector, and keeping up with changes through innovative debates, discussions and opinions.

The chairman stressed that when talking about Security Token Offering (STO), it should be noted that in a short period of time it had multiple uses, adding that the question is how the size of this market has reached over $1 trillion and more than 300 million investors globally.

El-Kuwaiz said: “We have seen rapid growth in the past five years from approximately zero to 150 companies in the financial technology sector, worth SAR4 billion, which has contributed to providing more than 2,000 jobs in the Saudi economy.”

He added that since the launch of the Saudi Vision 2030, “we have been aiming to be one of the largest financial markets in the world”, and that has been achieved with the listing of Aramco shares, through which “we are ranked ninth globally”, which underscored the importance of expanding such listings. He also noted that the authority currently has about 80 applications for new submissions.


Source: Saudi Press Agency

CEO of SFD Receives Head of Iraqi National Investment Commission

The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, received an Iraqi delegation today in Riyadh, led by the Chairman of the National Investment Commission, Dr. Haider Muhammad Makiya, in the presence of the Iraqi Ambassador to the Kingdom, Dr. Abdul Sattar Al-Janabi.

During the meeting, the two sides discussed the development, progress, and implementation stages of SFD-funded projects and programs in Iraq, as well as ways to enhance development cooperation between the two countries in various sectors that contribute to social growth and economic prosperity in Iraq.

Dr. Makiya expressed his profound appreciation to Saudi Arabia for the development efforts provided through the SFD by financing development projects and programs that contribute to the development of infrastructure and basic services for the Iraqi people. He noted the importance of the Kingdom’s great role in international development.

The two sides have signed development agreements worth more than USD 40 million to finance two projects that include the establishment of the Al-Saqlawiya Hospital in the western Iraqi Governorate of Al-Anbar, as well as in the agricultural sector to include the construction of a metal grain silo for storing wheat in the Diwaniyah Governorate, as these projects contribute to the development of health services and the achievement of food security and sufficiency. In addition, the Fund will provide a grant from Saudi Arabia to Iraq in order to finance renovation work at an Iraqi hospital in Baghdad, which was badly damaged in a fire.


Source: Saudi Press Agency

Main Race of Formula 1 STC Saudi Arabian Grand Prix 2023 to Kick off Today, Sunday

Eyes of the world will be on Jeddah, the bride of the Red Sea, which will witness the main race of the Formula 1 STC Saudi Arabian Grand Prix 2023, as part of the second round of the 2023 Formula 1 World Championship for 2023. The race will kick off later today, Sunday at 8:00pm in the Kingdom of Saudi Arabia’s local time.

On this occasion, Prince Khalid bin Sultan Al-Abdullah Al-Faisal, Chairman of the Board of Directors of Saudi Automobile & Motorcycle Federation (SAMF) and President of the Saudi Motorsports Company, expressed his happiness at the return of one of the greatest motorsport races in the world to the Kingdom, stressing that hosting this event for the third time marks the culmination of the great successes that have been achieved by the sports sector in the Kingdom. The Prince also indicated that the Kingdom has become a leading destination in hosting the world’s largest events and prestigious championships, given the generous support that the sports sector enjoys from the prudent leadership and the trust and directives of Prince Abdulaziz bin Turki Al-Faisal, Minister of Sports in line with the plans and objectives of Saudi Vision 2030.

He added, “Jeddah Corniche Circuit is fully prepared to welcome the Kingdom’s guests from all over the world, and we look forward to recording new success in the Saudi motorsports sector, in a way that embodies the Kingdom’s thriving present, aspirations and vision for the future, and we hope that all our guests will have happy times in Jeddah, and enjoy the main race.”

The qualifying round that preceded the upcoming event concluded on Saturday, as Mexican Sergio Perez, the Red Bull team’s driver, took the first starting position in today’s race, after achieving the best lap with a time of 1 minute, 28 seconds and 256 parts of a second, ahead of Ferrari driver Charles Leclerc, who finished second by 0.155 seconds, while Spanish Fernando Alonso, driver of Aston Martin team, finished third, by 0.465 seconds.

British George Russell, driver of Mercedes-AMG team, finished fourth, followed by Spanish Carlos Sainz, the Ferrari driver, who will start the final race in fifth place on the starting grid, while the rest of the results of the qualifying round were as follows:

6- Lance Stroll – Aston Martin Team

7- Esteban Ocon-Alpine

8- Lewis Hamilton – Mercedes-AMG

9- Oscar Piastri – McLaren Team

10- Pierre Gasly – Alpine

11- Nico Hulkenberg – Haas Team

12- Guanyu Zhou – Alfa Romeo Team

13- Kevin Magnussen – Haas Team

14- Valtteri Bottas – Alfa Romeo

15- Max Verstappen – Red Bull Racing

16- Yuki Tsunoda – AlphaTauri

17. Alexander Albon-Williams

18- Nyck de Vries – AlphaTauri

19- Lando Norris – McLaren

20. Logan Sargeant-Williams

The session of qualifying trials had witnessed the exit of the Dutch Max Verstappen, the driver of the Red Bull team and the world champion from topping the general ranking in the second section of the round, due to a mechanical failure, to start from the 15th place, while the runner-up in the qualifying round, Charles Leclerc will start from the 12th place, after he was punished by retreating 10 places because he bypassed the electronic power control unit components allocated to him in his car.


Source: Saudi Press Agency

Year of Arabic Poetry 2023 Activated at Third Formula 1 stc

The Ministry of Culture has launched the Year of Arabic Poetry 2023 initiative by setting up an interactive pavilion at the Formula 1 stc Saudi Arabian Grand Prix from March 17 to 19, in collaboration with the Literary, Publication, and Translation Commission. The initiative aims to introduce visitors to Arabic poetry, including poets and poems from pre-Islamic times to the present day.

The pavilion features a poetic mural that reflects the initiative’s visual identity, along with an artwork comprising 36 cubes spread over four columns inscribed with poetic verses by prominent poets from various eras. The pavilion also exhibits interactive screens displaying works that form an amalgam of poems and visual representations.

The initiative aims to utilize the radiance of the world’s finest drivers’ challenge competition at the Formula 1 STC Saudi Arabian Grand Prix 2023, which is being held for the third time at the Jeddah Corniche Circuit, to promote diversity, uniqueness, and development in various artistic and creative fields on a larger scale. The pavilion also distributes flyers about the Year of Arabic Poetry and provides visitors with information about the initiative, its objectives, and ways to get involved.

The Year of Arabic Poetry 2023 pavilion offers an educational and interactive journey in line with the initiative’s vision of “Authentic Arabic poetry with a deep-rooted past, a vibrant present, and a prosperous future.” The initiative is held within the framework of cooperation between government sectors to boost cultural presence at the events hosted by the Kingdom.


Source: Saudi Press Agency