Misk Foundation, Bloomberg partner to provide financial training in Saudi Arabia

Bader Al Asaker, Chairman of the Board of Misk Initiatives Center and Joshua L. Steiner, Head of Industry Verticals, Bloomberg L.P., after signing a memo of understanding at Bloomberg L.P. Headquarters in New York. March 27, 2018. (Photo credit: MiskKSA)
Updated 28 March 2018
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Misk Foundation, Bloomberg partner to provide financial training in Saudi Arabia

LONDON: The financial information provider Bloomberg is set to provide financial training to young Saudis in universities as well as those already employed in companies.
The training program was announced on Tuesday following a meeting between Michael Bloomberg, the founder of Bloomberg LP, and Saudi Crown Prince Mohammed bin Salman in New York.
It will be delivered in partnership with the Misk Foundation, a not-for-profit organization founded by the crown prince to help develop Saudi youth in order for them to play an active role in the Kingdom’s so-called “knowledge economy,” based on education, creative and digital media, technology, culture and arts.
The training will also help to fulfill the Kingdom’s Vision 2030, which aims to build a diversified economy and reduce the country’s reliance on oil.
Bloomberg will be working with 30 Saudi universities aiming to provide financial training for 262,000 students, which will include providing Bloomberg terminals as well as support for professors and staff to integrate capital markets content into their educational material.
Under a memorandum of understanding between Bloomberg and the Misk Foundation, the partnership will also work with 250 Saudi companies to help them understand and connect to global financial markets.
It will provide investor relations professionals, CFOs, treasury and finance departments at corporations with hands-on training and access to Bloomberg terminals.
“I applaud the vision of the crown prince and the Misk Foundation for taking concrete actions to diversify and further grow their economy,” said Michael Bloomberg.
“Saudi Arabia is the first country in the world to create a top-down, country-wide financial training program that fully leverages Bloomberg’s resources, and I’m confident it will empower the region and advance Saudi Arabia’s global competitiveness.”
Bader Al-Asaker, chairman of the Misk Initiatives Center, said: “Bloomberg has already been a dedicated partner on this journey by helping educate young Saudis about economics and finance and we are thrilled to be deepening our partnership with a true leader in world business and financial information.”
“Through the projects mentioned in this MoU, we can build capabilities, better link our universities and corporations, and ultimately accelerate the growth opportunities across the Kingdom. This will help our young people lead our economic development and meet the challenge of change,” he said.
In January, Bloomberg and the Misk Foundation also hosted a week-long financial journalism training program in Dubai for 30 Saudi Arabia-based students.
 


Major projects, investments worth over $685bn unveiled on Saudi National Day

A photo taken on July 5, 2018, shows Bader al-Ajmi, 38,(L) owner of "One Way Burger" serving customers from his truck at a main street in the capital Riyadh. (AFP)
Updated 22 September 2018
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Major projects, investments worth over $685bn unveiled on Saudi National Day

  • The private sector’s contribution to the GDP at constant prices doubled to around SR1236.6 million in 2017

JEDDAH: A major economic boost in the form of 10 major projects and investments exceeding SR685 billion ($183 billion) were unveiled as celebrations of the 88th Saudi National Day got under way.
The Council of Saudi Chambers released a report focusing on great economic achievements in 2017.
These projects reflect the Kingdom’s vision under the wise leadership of King Salman and that of Crown Prince Mohammed bin Salman to provide a brighter future through diversifying sources of national income, tackling environmental challenges and increasing investment and prosperity.
The report summarized the most important events and economic developments in the Kingdom over the past year. These include the lifting of the ban on women driving in June, and the establishment of the General Authority for Cyber Security, in addition to the numerous royal decrees providing financial support to Saudis.
It also noted the important decisions related to the Saudi business sector. These include the launch of a private sector incentive program with a value of SR72 billion, the privatization of 10 government sectors and the establishment of the General Authority for Real Estate. The private sector is still showing a strong performance as an efficient partner in the inclusive development process and in the achievement of the Kingdom’s 2030 Vision, the report noted, as it contributes 39 percent to the Saudi gross domestic product (GDP).
The private sector’s contribution to the GDP at constant prices doubled to around SR1236.6 million in 2017. There has been increased contribution to GDP from non-oil private sector streams.
The private sector also witnessed an increase in the number of workers, in its capital, in the number of shares on the Saudi market, in the cumulative number of establishments operating in the Kingdom, and in non-oil exports.
Continued growth of the private sector was attributed by the report to the Saudi government’s support. This support comes through initiatives such as the removal of obstacles to financial development, improvements to the working environment and policies adopted to boost investment.
It also reviewed the private sector’s efforts to support diversification of the economy and lower unemployment rates.
The importance of the measures taken to prioritize the employment of qualified Saudi workers over the employment of expatriates in the private sector were stressed, as well as the sector’s role in providing education and health services.