Saudi financial conference to attract hundreds of regional and international experts

A press conference at the Ministry of Finance in Riyadh gave details of the Financial Sector Conference to be held this month. (Supplied)
Updated 17 April 2019
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Saudi financial conference to attract hundreds of regional and international experts

JEDDAH: A major conference taking place in Saudi Arabia this month will attract 2,000 business and financial leaders from the Kingdom, the region and across the world.

The Financial Sector Conference (FSC) is to be held on 24 and 25 April at the King Abdul Aziz International Conference Center in Riyadh.

The event is being organized by the Ministry of Finance, the Saudi Arabian Monetary Authority  (SAMA) and the Capital Market Authority (CMA). It is the latest high-profile conference hosted in the Kingdom as part of an effort to attract investment, share expertise and develop Saudi Arabia’s financial sector.

Khalid Al-Homoud, member of the CMA Board of Directors and the FSC Supervision Committee, said the event was among the most prominent financial conferences in the world and will be attended by “international corporations, international rating agencies, experts and specialists in finance, investment, banking and insurance.”

“The FSC highlights the Kingdom’s position as the largest financial market in the Middle East, as it provides a single platform for all Saudi financial sector stakeholders to engage in fruitful dialogue,” Al-Homoud, said during a press conference at the Ministry of Finance Monday.

Fahad Al-Saif, Head of the Debt Management Office, Advisor to the Finance Minister and chairman of the FSC technical committee, said sessions at the conference will cover the Saudi financial sector, Islamic finance and FinTech.

“We envision the FSC being the largest platform for financial dialogue in the Middle East and among the top financial sector events in the world, serving as a key catalyst for innovation, forging partnerships and building relationships between financial institutions and investors,” Al-Saif said.

The conference will be held under the patronage of King Salman and attended by Finance Minister Mohammed Al-Jadaan, SAMA governor, Ahmed Al-Kholifey, and Energy Minister Khalid Al Falih, among others.


Boeing abandons 2019 outlook after 737 MAX aircraft groundings

Updated 24 April 2019
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Boeing abandons 2019 outlook after 737 MAX aircraft groundings

  • Boeing’s core earnings fell to $1.99 billion, or $3.16 per share
  • The planemaker said it faced $1 billion in increased costs in the first-quarter ended March 31

Boeing missed sharply-lowered Wall Street estimates for revenue and cashflow in the first quarter and suspended its 2019 outlook, as the world’s largest planemaker continued to suffer from the grounding of its 737 MAX jets.

The company said it faced $1 billion in increased costs in the first-quarter ended March 31, related to the 737 aircraft as it halted deliveries of the grounded planes to customers around the globe.

The company also said it was halting share buybacks.

The fallout of a second deadly crash within months in March has seen Boeing cut production of the jets to 42 aircraft per month, down from 52, and its operating cash flow in the first quarter was around $350 million lower than a year earlier.

Boeing is also spending on developing a fix for an anti-stall software known by the acronym MCAS, which has been a common link in the separate chains of events leading to the two crashes within a span of five months.

The company said it would be issuing a new forecast in the future when it has more clarity around the issues surrounding the 737 MAX.

First-quarter operating cash flow declined to $2.79 billion, from $3.14 billion, missing the Wall Street’s average estimate of $2.82 billion.

Revenue fell 2 percent to $22.92 billion, below analysts’ average estimate of $22.98 billion.

Excluding certain items, Boeing said its core earnings fell to $3.16 per share, in the quarter from $3.64 per share, a year earlier. Analysts had expected Boeing to earn $3.16 per share.