Young Saudi CEO says making money shouldn’t be No. 1 priority

Adwa Al-Dakheel, CEO of Direct Influence, at the ‘Youth in Business’ panel discussion at the Saudi-US CEO Forum in Riyadh Saturday.
Updated 20 May 2017
0

Young Saudi CEO says making money shouldn’t be No. 1 priority

RIYADH: Disregarding the singular quest of making money when starting a business is the top advice offered to entrepreneurs by Adwa Al-Dakheel, the 25-year-old CEO of the Direct Influence media agency.

Society today needs businesses that can cater straight to its needs, the young Saudi executive said on the sidelines of the Saudi-US CEO Forum on Saturday.

“Today if you want to succeed; if you want your business to become a billion-dollar business, you need to think of the society first,” she told Arab News.

“I think the old theory of (starting) a business just to make a profit is over,” she added, adding that money will come eventually if you’re doing the right thing and if the idea is beneficial.

Al-Dakheel, who is also a stock analyst, triple majored in business management, entrepreneurship and psychology in Boston, Massachusetts. She said the educational infrastructure in Saudi Arabia is “booming and is becoming bigger and better,” something that calls for knowledge transfer between Saudi and foreign students.

“I think the idea and theory of knowledge transfer between Saudi Arabia and the US is extremely needed. In the past it has been one-sided, but in today’s age it is actually moving in both directions.”

She hopes to see more students coming to study in Saudi Arabia from the US. A current example of that are students coming from abroad to study at King Abdullah University of Science and Technology (KAUST) in Thuwal and Mohammed Bin Salman College (MBSC) in King Abdullah Economic City (KAEC).

The young businesswoman, who became a CEO at the age of 23, said that Saudi Arabia needs to invest more in employment, job development, and education as well. “It’s not right for us to just employ people, get them a salary and just ask them to work. We should give them knowledge; we should educate them because a year later, we don’t want them to be the same people.”


Saudi banks, Dubai shares give Gulf markets a timely boost

Updated 24 January 2019
0

Saudi banks, Dubai shares give Gulf markets a timely boost

  • The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent
  • Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit

DUBAI: The Dubai stock market snapped a three-day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent. Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies. Amlak Finance rose 2.2 percent after announcing a renegotiation of restructuring terms with its financiers to allow more flexibility in adapting to “current market conditions.” Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit.
The port operator will spend at least $250 million buying back some shares in its Australian port terminals unit. Saudi Arabia’s index rose 0.8 percent, with nine out of 10 banks rising.
Al Rajhi Bank was up 0.6 percent and Samba Financial Group closed 1.7 percent higher. Petrochemical investor Alujain added 1.5 percent after an update on the fire at its affiliate’s plant.
The company said it now expects the NATPET plant to start operating all units by the end of September.
The Egyptian blue-chip index was up 0.2 percent with its largest listed bank Commercial International Bank gaining 4.2 percent.
The Egyptian Exchange on Wednesday canceled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).
The move followed SODIC’s decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices. Global Telecom Holding jumped by 10 percent before trading on its shares were suspended, pending a statement from the company after VEON Ltd, a major shareholder in the firm, said it was considering taking it private.