Five-day surge ends at Tadawul

Updated 19 December 2012

Five-day surge ends at Tadawul

After five consecutive days of trading in the green, the Saudi stock market took a reversal yesterday, dropping a few points merely.
The Tadawul All-Share Index (TASI) started a sideways walk along the break even line earlier yesterday, abruptly changed its direction toward south just before the closing bell and finally closed in the red territory at 6,858.24 points, down 12.74 points or 0.19 percent over the previous close.
Surprisingly, its trading range (33 points) remained nearly unchanged from previous day.
Only Med cap indices moved upward slightly.
Four out of Tadawul's 15 sectors witnessed a positive change, accumulating roughly 105 points. Remaining eleven sectors closed in the downward territory, paring an aggregate of over 200 points. Insurance sector continued its downward fall for the third consecutive day, turning down 1.51 percent further.
Decliners outnumbered the advancers by a margin of 94 to 41 and the prices of 21 companies remained unchanged.
New player Dallah Healthcare Holding Company made the biggest jump among all Saudi equities, surging by 6.52 percent to close at SR 61.25.
The heavyweight Kingdom Holding Co. continued its upward march, advancing 1.12 percent further. Etihad Etisalat Co. (Mobily), on the other hand, turned red, going down 1.33 percent to close the day at SR 74.75.
Market activity was high, specifically SR 7.7 billion were poured into the market. Trading volume was impressive, with about 281.7 million shares changed hands in the market, a remarkable 38.3 percent growth when compared with Monday's trading.
Bank AlJazira appeared to be the most active stock for the day. Its volume set sold about 55.8 million shares, a relative market share of 19.8 percent.

Saudi Arabia has lion’s share of regional philanthropy

Updated 27 April 2018

Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.

In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.