Women achievers honored at Abu Dhabi business show

Updated 02 February 2014

Women achievers honored at Abu Dhabi business show

Two popular and influential Emirati women executives have received prestigious ‘Excellence Awards’ which applaud best-in-class American and Emirati individuals and businesses for their achievements in the local business community.
Michael H. Corbin, US ambassador to the UAE, presented the awards to Sheikha Lubna bint Khalid Al-Qasimi, UAE minister of development and international co-operation and Noura Al-Kaabi, CEO of Abu Dhabi Media Zone Authority (twofour54).
They were honored at the AmCham Abu Dhabi’s Annual Excellence Awards and Annual Charity Gala tin Abu Dhabi.
More than 300 top business executives and government officials gathered to recognize leading UAE companies, institutions and entrepreneurs for their dedication to strengthening US-UAE commercial relations.
While Sheikha Lubna received the AmCham Abu Dhabi’s Falcon Individual Award which recognizes an individual demonstrating an outstanding commitment to sustainable US-UAE business relations, the Young Achiever Award went to Noura Al-Kaabi.
Sheikha Lubna is the first woman in the UAE to hold a cabinet position, where she had major impact on enhancing UAE economic and foreign trade relations with the US.
In 2013, Sheikha Lubna was appointed the minister of international cooperation and development.
She joined the federal government in 2004 as minister of economy, becoming the first woman to assume a cabinet position in the UAE.
She was later appointed in 2008 as minister of foreign trade.
She founded Tejari, the Middle East’s first business-to-business online marketplace in 2000. Currently the successful firm has branches across the region.
Sheikha Lubna has been honored by several countries for her role in enhancing their relations with the UAE.
In 2013, Forbes Magazine recognized her as the most powerful Arab woman and the world’s 67th most powerful women.
Besides her ministerial responsibilities, she also a board director at the Emirates Nuclear Energy Corporation, a member of the Governing Board of the Lee Kuan Yew School of Public Policy — National University of Singapore, a member of the Board of Trustees for Thunderbird, The American Graduate School of International Management, Phoenix Arizona, a Board Director at the Emirates Foundation for Youth Development, a member of the Board of Trustees of the Dubai School of Government and Co-Founder and Board Member of the Friends of Cancer Patients.
Noura Al-Kaabi, CEO of twofour54, leads the Media Zone Authority and its subsidiaries, whose primary objectives are to foster Arab-focused media and digital businesses in the UAE.
Noura is the first Emirati who ranked on Foreign Policy magazine’s ‘Top 100 Global Thinkers List’, an honor she received in 2013. Pope Francis, John Kerry, Vladimir Putin, Hassan Rouhani, Angela Merkel, Dilma Rousseff and Mark Zuckerberg were some other names in the global thinkers list.
Also in 2013, France’s leading weekly news magazine, Le Nouvel Observateur, named Noura one of the 50 individuals who contribute to changing the world.
She was named Forbes Middle East’s 30 Most Influential Women in Government in 2013, Arabian Business’ 100 most powerful Arab Women in 2011 and 2012 and CEO Middle East’s 100 most powerful Arab Women in 2012.
Noura, who is a member of the Federal National Council (FNC), also oversees Abu Dhabi Film Festival, the Abu Dhabi Film Commission, and the Abu Dhabi Media Summit and sits on the board of Abu Dhabi Media, Abu Dhabi Chamber of Commerce, Image Nation and the Abu Dhabi Sports Council. She is also a member of the Advisory Board for Abu Dhabi Music & Arts Foundation and a member of the Scientific Committee of the Sheikh Zayed Book Award.
“AmCham Abu Dhabi is proud to recognize the winners of the 2014 Annual Excellence Awards,” said Matthew E. Byrd, chairman, AmCham Abu Dhabi.
“This year’s Excellence Awards winners are truly outstanding individuals and organizations; they embody excellence in their business by demonstrating passion and dedication to their work while continuing the strong bilateral commercial relationship between the US and UAE,” he added.

Tadawul launches derivatives trading

Updated 14 July 2020

Tadawul launches derivatives trading

  • It is part of the Financial Sector Development Program initiative of the Vision 2030 strategy to diversify the economy
  • Derivatives trading is common in many of the world’s biggest stock exchanges, but is rare in the Middle East

DUBAI: Tadawul, the Saudi Arabian stock exchange, is to launch trading in derivative products at the beginning of next month in a bid to further enhance growth of the Kingdom’s capital markets.

Khalid Al Hussan, chief executive of Tadawul, said the move was “further evidence of our commitment to providing our investors with diversified, innovative products and services to meet all their needs.”

The first derivative that will be traded will be an index futures product, the Saudi Futures 30, based on the MSCI Tadawul 30 index launched last year. Other sophisticated financial instruments will be gradually introduced, Al Hussan said.

“Today, we can proudly say that our capital market is not only the largest in the region but also developing faster than most exchanges in terms of both the products and the services we offer,” he added. 

Derivatives trading is common in many of the world’s biggest stock exchanges, but is rare in the Middle East.

Derivatives traders deal in comparatively complicated instruments like futures, options and swaps which allow them to hedge equity trading risk, expand investment opportunities and enhance liquidity.

Al Hussan acknowledged that they do, however, introduce their own element of risk, compared with traditional equity trading.

“That is why we did not launch derivatives products before the full operation of our clearing house, which will act as an intermediary between sellers and buyers.

“We believe that the regulations and the procedures of Muqassa (the securities clearing centre) that are in place today are there to protect, or at least to manage, these types of risks,” he said.

He added that Tadawul had launched an education program for investors in the new products, especially for retail investors, who would be able to experience real-time simulated trading in derivatives via a training program.

The derivatives launch is part of the Financial Sector Development Program initiative of the Vision 2030 strategy to diversify the economy away from oil dependency.

“It is a significant step in introducing sophisticated market products and creating a trading environment attractive to local as well as international headers and traders,” Al Hussian said.

The move was welcomed by professional investors. Tarek Fadlallah, chief executive of Dubai-based Nomura Asset Management, told Arab News: “This is a major milestone in the development of the Saudi capital markets. It is likely to encourage greater participation by both local and foreign institutional investors.”