Saudi stocks continue to rise, Qatar down after fighter jet report

Saudi Arabian stocks continued rising, while Qatar’s bourse fell steeply after the United Arab Emirates said Qatari fighter jets intercepted an Emirati civilian aircraft. (AFP)
Updated 15 January 2018
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Saudi stocks continue to rise, Qatar down after fighter jet report

DUBAI: Saudi Arabian stocks continued rising on Monday, while Qatar’s bourse fell steeply after the United Arab Emirates said Qatari fighter jets intercepted an Emirati civilian aircraft.
The Saudi index rose 0.6 percent, outperforming the rest of the region, after surging 1.4 percent on the previous day.
Shares in Kingdom Holding rose 2.7 percent on Monday after jumping 7.0 percent on Sunday.
Petrochemical blue chip Saudi Basic Industries climbed 2.6 percent, buoyed by high oil prices. PetroRabigh , which has been aided by the start-up of its Phase II petrochemical complex, soared 9.1 percent to its highest level since August 2015 in its heaviest trade since last May.
But Bank Albilad fell 2.4 percent after proposing a 0.4 riyal dividend for the second half of 2017, up from 0.3 riyal for the first half; the stock had risen sharply in recent weeks in anticipation of such news.
Qatar’s index tumbled 2.5 percent on heavy selling in the final half-hour of trade, ending a seven-day rising streak. It had soared 19 percent from its November low as investors chased dividends.
Stocks dropped after the UAE said Qatari fighter jets had intercepted an Emirati civilian aircraft during a routine flight to Bahrain. Qatar denied this, but the accusation appeared to add to regional tensions.
Among major losers, Islamic bank Masraf Al Rayan plunged 4.9 percent and Gulf Warehousing tumbled 6.1 percent after saying its annual net profit rose to ‍​215.4 million riyals ($58.7 million) from 205.0 million, and proposing a dividend of 1.70 riyals for 2017 after 1.60 riyals for 2016.
Dubai’s index fell 0.5 percent as blue chip Emaar Properties dropped 1.4 percent. But smaller real estate developer Deyaar was the most heavily traded stock and added 1.2 percent.
Despite strength in emerging markets globally, Egypt’s index dropped 0.8 percent as the biggest bank, Commercial International Bank, retreated 1.8 percent.


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.