Multi-investment sector tumbles 3.5%

Updated 01 April 2013
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Multi-investment sector tumbles 3.5%

The Saudi stock market was in the red yesterday, extending losses for the second consecutive session and dropping 0.45 percent further.
Saudi Arabia’s benchmark stock index after spending entire day in the downward territory ended lower to 7,125.73 points, down 31.9 points, from its previous day close at 7,157.64 points.
It went to a maximum of 57.34 points down from the level of opening bell yesterday.
TASI’s year-to-date gains again reached below five percent.
Only micro cap indices moved upward slightly.
Six out of Tadawul’s 15 sectors witnessed a positive change, accumulating less than 70 points jointly. Remaining 9 sectors closed in the downward territory, trimming an aggregate of 447 points.
Multi-investment and Transport sectors continued to perform worst for the second straight day, slipping 3.5 percent and 1.7 percent respectively.
Most of heavy weights closed lower from previous day’s levels, with Kingdom holding dipping by 8.2 percent, Al-Rajhi Bank 1.13 percent and the bellwether SABIC (Saudi Basic Industries Corp.) 1.04 percent.
Only Saudi Arabia Fertilizers Co. (SAFCO) turned green, moving up slightly 0.15 percent to close at SR158.75.
The total number of falling stocks exceeded to the total number of rising stocks by a margin of 74 to 56 and the prices of 27 companies remained unchanged.
Saudi Land Transport Co. (MUBARRAD) turned in a splendid performance among all Saudi stocks, soaring up nearly six percent to close the day at SR 75.25.
Al-Rajhi Co. for Cooperative Insurance and Wafa Insurance followed it, advancing more than five percent.
Share trading activity remained low yesterday as compared to previous day; turnover went down by 24.8 percent in terms of volume and 13.3 percent in terms of value.
Allied Cooperative Insurance Group remained significant decliner among most active stocks, going down by 2.7 percent and closing at SR 46.9.


Saudi Arabia has lion’s share of regional philanthropy

Updated 26 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.