Tadawul wins Best Managed Stock Exchange accolade

Updated 21 November 2014

Tadawul wins Best Managed Stock Exchange accolade

The Saudi stock exchange (Tadawul) has been voted the Best Managed Financial Exchange in the Middle East 2014, for the 3rd consecutive year, according to Euromoney Group.
The award follows Euromoney’s annual best managed companies’ survey, which canvasses bank analysts, fund managers and equity investors in the financial markets around the region.
In response to receiving the award, Adel Al-Ghamdi, CEO of the Saudi stock exchange commended his team, in an internal communique, for their contribution to another significant year in the history of the exchange.
The number of noteworthy events and continuing trading levels over the first 10 months of 2014 suggest that the exchange will end the year registering the second highest trading value in its history in excess of SR2 trillion ($533 billion) reinforcing our position as the most liquid platform in the Middle East and North Africa, and one of the most liquid platforms worldwide (in relative terms), he added.
The recent listing of the National Commercial Bank (NCB), the world’s second largest IPO this year (after Alibaba), added around SR120 billion ($32 billion) in market capitalization to our platform since its listing. “This has strengthened our position as the 21st largest stock market in World Federation of Exchange rankings ahead of Bursa Malaysia, the Mexican Exchange and the Moscow Exchange, which we only recently overtook,” Al-Ghamdi said.
“Recent regulatory policy initiatives are also set to have a transformational impact on our local and global identity;
The implementation of the ongoing project to activate our regulatory responsibilities, pursuant to the Capital Market Law, will transform the exchange into a self-regulating organization (SRO), reinforcing our enshrined duty to continue to carefully balance our commercial aspirations with our responsibilities to act in the public interest,” he said.
The expected approval of the qualified foreign institutional investor framework will transform the Saudi stock exchange from a local platform to a truly international exchange. “This will elevate both our global standing and our opportunity set, but it will also bring us into direct competition with our international peers and position us under the global spotlight — a challenge that we welcome and will grow from,” Al-Ghamdi said.
Successful execution of our 5 year strategic plan will ensure that the organization is aligned and focused on delivering tangible and measurable achievements to harmonize our promise with our aspirations and honor our privilege as the national securities exchange efforts.
Al-Ghamdi added that being granted this award for the 3rd consecutive year, only fueled the need to continue to optimize the way the exchange conducts its business with the aim of becoming a nimbler, more focused organization able to efficiently respond to the demands of the local and global marketplace and the needs of its stakeholders.

UAE passenger jet makes long haul journey on locally produced biofuel

Updated 54 min 30 sec ago

UAE passenger jet makes long haul journey on locally produced biofuel

  • The biofuel was produced from plants grown in a local saltwater ecosystem in Abu Dhabi
  • It can be refined using existing infrastructure and used with current engines and airport fueling systems

DUBAI: Etihad Airways flew the first commercial flight powered by locally produced sustainable fuel Wednesday, Emirati airlines Etihad Airways reported on their website from an announcement by the Sustainable Bioenergy Research Consortium (SBRC).

The Boeing 787, flying from Abu Dhabi to Amsterdam, used biofuel produced from the oil of Salicornia plants, which are grown in the Seawater Energy and Agriculture System (SEAS), in Masdar City near the UAE capital - Abu Dhabi.

The SEAS project is the world’s first desert ecosystem made specially to produce fuel and food in saltwater.

While Etihad is not the first airline to use biofuel in its aircraft, it is the first time in the UAE for the source of the biofuel to be grown and produced in the country.

“Etihad’s flight proves SEAS is a game-changer that can substantially benefit air transport and the world,” said Vice President of strategy and market development for Boeing International Sean Schwinn.

“The research and technology being developed shows significant promise to transform coastal deserts into productive farmland supporting food security and cleaner skies.”

The biofuel can be produced using existing refinery facilities, it can be blended with regular jet fuel, and used with existing aircraft, engines and airport fueling delivery systems

Biofuels were introduced for commercial flight use in 2011.

Since then nearly 160,000 passengers have flown on flights powered by a blend of sustainable and traditional jet fuels.

The water used for the SEAS project is drawn from fish and shrimp farmeries that produce food for the UAE.

The system is expected to expand to cover 2 mln square meters over the course of the next few years.