Tadawul wins Best Managed Stock Exchange accolade

Updated 21 November 2014
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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 indicates full compliance with US sanctions on Iran

Updated 19 November 2018
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UAE indicates full compliance with US sanctions on Iran

  • The US announced on Nov. 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals
  • UAE’s trade with Iran, which is expected to decline further, fell to $17 billion in 2017 from a peak of $20 billion in 2013

DUBAI: The United Arab Emirates is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, said a UAE economy ministry official.

Abu Dhabi, the political capital of the UAE federation, has taken a tough stand on Tehran, although Dubai, the country’s business hub, has traditionally been a major trading partner with Iran.

Washington announced on Nov. 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals after President Donald Trump pulled the United States out of an international nuclear deal with Tehran.

“We are implementing the sanctions,” Abdullah Al-Saleh, undersecretary for foreign trade and industry, said in an interview in Dubai.

 

The UAE is enforcing the US sanction regime “as it is published by the United States,” Al-Saleh said, adding that the relevant authorities would ensure compliance.

Al-Saleh said the UAE’s trade with Iran is expected to decline this year and next year due to the sanctions, after falling to $17 billion in 2017 from a peak of $20 billion in 2013.

Most trade consists of re-exports via Dubai to Iran, which lies across the Gulf.

The sanctions are part of a wider effort by the Trump administration to diminish Iranian influence in the Middle East.

The UAE is among US allies in the Gulf region that staunchly oppose Iranian foreign policy and swiftly backed Washington’s decision. It is also a member of a coalition that is opposing the Iran-aligned Houthi group in Yemen’s civil war.

Compliance will mean UAE companies do not face difficulties in the United States, and the UAE government will look to boost trade with other markets such as Africa and Asia to offset the impact of the sanctions on its own economy, Al-Saleh said, repeating an existing government policy to diversify trade.

Trump’s administration has threatened those who continue to do business with Iran with the prospect of losing access to the US market, although it has given temporary exemptions to eight importing countries to keep buying Iranian oil.

The European Union, France, Germany and Britain, which are trying to save the nuclear deal, have said they regret the US decision and will seek to protect European companies doing legitimate business with Tehran.

FACTOID

The US has given temporary exemptions to eight importing countries to keep buying Iranian oil.