Market cap rises to SR 1.45 trillion

Updated 16 February 2013
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Market cap rises to SR 1.45 trillion

Saudi Arabia’s benchmark stock index turned green last week, recovering entirely from previous week’s losses and again crossing 7,000-points mark.
The TASI continued stepping its way higher throughout the week to close in the green at 7,062.98 points, up 80 points or 1.15 percent, from its previous weekend close at 6,982.89 points. It performed within a trading range of 88.6 points last week. On year-to-date basis, the index showed a collection of 262 points or 3.85 percent.
Total market capitalization of Saudi stock exchange increased to SR 1.45 trillion as compared to previous week’s value, an increase of 1.2 percent. Med cap outperformed among the market cap indices, posting a weekly growth of 1.7 percent.
All sectors extended weekly gains except Insurance, which pared 23.4 points or 1.86 percent to close at 1,232.38 levels. Wataniya Insurance, Gulf Union Insurance and Amana Cooperative Insurance were major decliners, going down by 16.4 percent, 7.3 percent and 7.2 percent respectively.
Remaining 14 sectors accumulated more than 1,183 points last week. Hotel & Tourism sector continued its upward march for the third consecutive week, surging over three percent to 9,259.1. Media and Real Estate sectors were other significant gainers, advancing 2.7 percent and 2.4 percent respectively.
Most of heavyweights marched higher from previous week’s level, with SABB rising by 6.33 percent, Kingdom Holding 3.41 percent and Saudi Arabia Fertilizers Co. (SAFCO) 3.14 percent.
Weekly market breadth remained favorable as the total number of rising stocks exceeded to the total number of falling stocks by a margin of 91 to 55 and the prices of 10 companies remained unchanged.
Allied Cooperative Insurance Group stepped up to occupy the top position at Tadawul, surging SR 9.0 or 15.6 percent further to SR 66.75. Tourism Enterprises Co. also continued to show a tremendous performance for the fifth straight week, marching higher by 13.6 percent further.
Investors continued to flow an optimal level of turnover; specifically, 1.1 billion shares worth SR 28 billion changed hands on the Saudi stock market last week. Furthermore, upside-downside volume ratio of 1.03:1 remained positive.
New player Northern Region Cement with trades over 268.8 million shares worth SR 6.3 billion remained as the most active stock of the week. But the company posted the largest weekly losses, falling 21.5 percent and closing at SR 21.2.
All benchmark indices at GCC stock markets ended the week in green.
The benchmark GulfBase GCC General Index closed the week higher at 4,096.25 points level, adding 31.6 points or 0.78 percent for the entire week.


Saudi Arabia has lion’s share of regional philanthropy

Updated 27 April 2018
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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.