Saudi Arabia records largest jump in CFA candidates

Updated 17 June 2019

Saudi Arabia records largest jump in CFA candidates

  • egistrations grew by 21 percent in Egypt, 26 percent in Jordan and 25 percent in Saudi Arabia

LONDON: The number of Saudis enrolling for chartered financial analyst (CFA) exams has jumped by a quarter — more than in any other Gulf state.

It coincides with a push to develop the Kingdom’s financial services sector as part of the Vision 2030 blueprint for economic and social reform.

CFA Institute, the global association of investment management, said that more than 250,000 candidates have registered for the upcoming Level I, II and III CFA exams — one of the most popular qualifications for investment professionals.

 “Pursuing the CFA credential is a very rigorous process, with less than one in five candidates successfully completing the process to earn the charter,” said Paul Smith, CFA, president and CEO, CFA Institute. “We are gratified to see the record number of candidates willing to put in the work continue to grow each year. Especially in new markets around the world where finance plays such a vital role in building strong economies.” 

The Middle East had a strong representation in the global mix, with 6,004 investment professionals from eight GCC and Middle East countries enrolling for the CFA exams — up 5 percent on last year.

Registrations grew by 21 percent in Egypt, 26 percent in Jordan and 25 percent in Saudi Arabia. 

The UAE continues to see the largest number of new candidates in the Middle East, with 2,136 individuals registering for the exam.

 

 

 


Middle East chief executives share global gloom on economic prospects

Updated 21 January 2020

Middle East chief executives share global gloom on economic prospects

  • Only China and India among the major economic blocs were less pessimistic on average
  • Trade wars, geopolitical tensions and climate change threats were the factors weighing most heavily on executive minds

DAVOS: Global business chiefs are more pessimistic about prospects for the world economy than for many years, and senior executives in the Middle East are among the most gloomy, according to the annual survey of chief executive officers’ opinion released at the World Economic Forum annual meeting in Davos.

The poll — by consulting firm PwC — showed that a record number of CEOs were pessimistic about the international economy, with an average of 53 percent predicting a decline in the rate of growth in 2020.

While bosses in North America and Europe were particularly downbeat about prospects, with 63 percent and 59 percent saying they thought things would get worse this year, CEOs in the Middle East were also more gloomy than average, with 57 percent predicting lower growth this year.

Only China and India among the major economic blocs were less pessimistic on average, but there was a sharp decline in the number of Chinese executives who wanted to do business with the US — just 11 percent identified the US as their most attractive market, compared with 59 percent two years ago.

Trade wars, geopolitical tensions and climate change threats were the factors weighing most heavily on executive minds — apart from the standard complaints about over-regulation by governments.

Unveiling the 2020 results, PwC chairman Bob Moritz said: “Given the lingering uncertainty over trade tensions, geopolitical issues and the lack of agreement on how to deal with climate change, the drop in confidence in economic growth is not surprising – even if the scale of the change in mood is.”

Last year, there was a record number of CEOs who said they were optimistic about global economic growth, and only 29 percent said they were pessimistic.

“These challenges facing the global economy are not new. However, the scale of them and the speed at which some of them are escalating is new, the key issue for leaders gathering in Davos is: How are we going to come together to tackle them,” Moritz added.

The poll of 1,600 CEOs in 83 countries was taken toward the end of last year, before tensions in the Middle East escalated in the Arabian Gulf, but before the tentative “phase one” agreements on world trade between the US and China.

The poll was also taken before the Australian wildfires further highlighted fears of climate change — a major focus of the WEF meeting.

The poll also found CEOs less confident than ever in their own companies’ prospects, with only 27 percent of CEOs saying they are “very confident” in their own organization’s growth over the next 12 months – the lowest level PwC has recorded since 2009 and down from 35 percent last year.