KSA debt capital marketbenefits to be discussed

Updated 07 April 2013
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KSA debt capital marketbenefits to be discussed

A forum by Standard & Poor’s, the world's major provider of independent credit risk research, analytics and benchmarks, will explore the role of rating agencies in supporting the development of Saudi Arabia’s debt capital markets. The event is set to take place in Riyadh on Tuesday (April 9).
It will discuss the opportunities and challenges of conventional and Islamic bond issuance in the context of key rating analytical, process and criteria developments. It is sponsored by the Capital Market Authority (CMA) of Saudi Arabia and the Institute of Banking (IOB), and supported by the Gulf Bond and Sukuk Association (GBSA),
The event is designed for CEOs, CFOs, treasurers, advisers, bankers, financial intermediaries and institutional investors.
Stuart Anderson, managing director and regional head, Middle East at Standard & Poor’s said: “The development of Saudi Arabia’s debt capital markets is playing an important role in the effective allocation of capital in supporting broad economic growth. Further development of debt capital markets, including greater sukuk issuance, is a key to supporting the Kingdom’s extensive investment plans and infrastructure projects. Against this background, we see the S&P Forum in Riyadh as an important event that will generate valuable insights on how ratings can support the growth of a deep and liquid debt capital market.”
He added: “Ratings greatly enhance the transparency and efficiency of debt capital markets, generating greater local, regional and global exposure for issuers, and contributing significantly to their development and diversification for the benefit of investors and financial market intermediaries.”
A panel of senior industry experts will discuss the Saudi funding environment and implications for balance sheet structuring. Panelists include senior executives from Saudi Basic Industries Corporation, Ernst & Young, JP Morgan and Al Bilad Investment Company.
Hugh Baxter, S&P’s vice president and global head of client business management, will speak on the relevance of ratings to the development of financial markets. Other S&P officials who will address the forum include Kai Stukenbrock and Andreas Kindahl, both senior directors, and Emmanuel Volland and David Anthony, both directors.


Dubai’s Majid Al Futtaim to open 600 VOX cinema screens across Saudi Arabia over five years

Updated 6 min 15 sec ago
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Dubai’s Majid Al Futtaim to open 600 VOX cinema screens across Saudi Arabia over five years

  • Biggest cinema rollout yet in Kingdom
  • Plan will create 3,000 jobs

Majid Al Futtaim (MAF), the UAE-based malls and leisure group, is to open 600 cinema screens in Saudi Arabia over the next five years to tap the booming entertainment market in the Kingdom.

The first cinema — a four-screen multiplex showing mainly “animation, family-friendly films and educational movies — will open at Riyadh Park Mall in the capital in the coming days though MAF’s Vox Cinema’s brand, the company said.

Vox also announced that it is investing SR2 billion ($533 million) to open 600 further screens between now and 2023. This is the biggest cinema roll-out plan yet in Saudi Arabia, and will create 3,000 direct jobs, MAF said.

Through its partnership with 20th Century Fox, the distribution arm of Majid Al Futtaim Cinemas will also be exclusively distributing Fox content to all cinemas across Saudi Arabia.

In 2018, the company is planning to release anticipated hits including “The Darkest Minds,” “The Predator” and the James Cameron produced “Alita: Battle Angel,” the company added.

Alain Bejjani, chief executive of the Dubai-based company, said: “Majid Al Futtaim is proud to be one of the largest private sector investors in the Kingdom and Vision 2030, with an investment commitment now increasing to SR16 billion.”

In addition to cinemas, MAF is also building malls in the Kingdom and a version of the Ski Dubai indoor snow attraction.