China-backed insurer Sinosure opens first regional office in Dubai

China-backed insurer Sinosure opens first regional office in Dubai
Sinosure is a state-funded and policy-oriented insurance company. (File/Reuters)
Short Url
Updated 27 June 2021

China-backed insurer Sinosure opens first regional office in Dubai

China-backed insurer Sinosure opens first regional office in Dubai

DUBAI: State-backed China Export and Credit Insurance Corporation (Sinosure) has opened a regional office in Dubai.
The office is located at the Dubai International Financial Centre, the first to be opened by a Chinese insurer in the Middle East, state news agency WAM reported.
Sinosure, a state-funded and policy-oriented insurance company, was established to promote China’s foreign economic and trade development on a non-profit basis.
Berne Union, a global association for export credit and investment insurers, has ranked Sinosure on top among other agencies based on total insured amount.
The new regional headquarters will work to boost the Asian giant’s foreign trade and investment, and promote the Belt and Road initiative.
“Dubai is the ideal ecosystem for Chinese businesses looking to expand in the region and we are confident that our presence at DIFC will unlock a vast array of opportunities,” Song Shuguang, chairman of Sinosure, said.


The Tadawul All Share Index, up 0.5 percent at 11,851 points in early trade

The Tadawul All Share Index, up 0.5 percent at 11,851 points in early trade
Getty Images
Updated 13 sec ago

The Tadawul All Share Index, up 0.5 percent at 11,851 points in early trade

The Tadawul All Share Index, up 0.5 percent at 11,851 points in early trade
  • Fertiglobe shares start trading on Abu Dhabi Securities Exchange (ADX) today

Here’s a wrap of market movements and key earnings as of 10:30am Riyadh time:

SABIC Agri-Nutrients net profit more than doubled to SR2.47 billion ($658.6 million) in the first nine months of 2021. 

Banque Saudi Fransi net profit rose by 69 percent to SR2.457 billion in the first nine months of 2021.

Ash-Sharqiyah Development widens net loss to SR3.5 million in the first nine months of 2021.

Saudi Automotive Services Co. (SASCO) saw profits decline by 34.5 percent to SR11.4 million in the third quarter of 2021.

Bank AlJazira posted net profit of SR204.5 million in Q3 2021 and for the first nine months of 2021 saw profits rise by 47 percent to SR777.3 million.

Fertiglobe shares start trading on Abu Dhabi Securities Exchange (ADX) today. 

Alahli Takaful Co. (ATC) and Arabian Shield Cooperative Insurance Co. received a no-objection letter from the Saudi Central Bank (SAMA) on their merger deal.

Saudi Automotive Services Co. (SASCO) announced an update on amending Zakat declarations for the 2014-2018 period.

Saudi Basic Industries Corp. (SABIC) to release third quarter 2021 financial results Thursday 28 October.


Riyadh now home to 44 regional HQs of global firms, reveals city's ‘attraction’ czar

Riyadh now home to 44 regional HQs of global firms, reveals city's ‘attraction’ czar
Updated 26 min 19 sec ago

Riyadh now home to 44 regional HQs of global firms, reveals city's ‘attraction’ czar

Riyadh now home to 44 regional HQs of global firms, reveals city's ‘attraction’ czar

RIYADH: Riyadh is now home to the regional headquarters of 44 multinational companies — an increase of 20 since a drive was launched in January to attract more firms to Saudi Arabia’s capital city.

Hosam Alqurashi, director of the Regional Headquarters (RHQ) Program, made the announcement at the Future Investment Initiative Forum in Riyadh, as he claimed the city is “witnessing the greatest art movement since the Renaissance”.

The RHQ Attraction Program was put into action at the beginning of the year, and its ultimate aim is to tempt 480 global companies to make Riyadh its home in the region.

Some 24 companies signed up initially, and that figure has now ballooned to 44.

“Riyadh is changing every single minute,” said Alqurashi, adding: “If you had come to Riyadh three months ago you wouldn’t recognize the city today.”


Saudi Arabia retail sales fall for third week in a row: SAMA

Saudi Arabia retail sales fall for third week in a row: SAMA
A woman walks along a promenade outside a shopping centre in Saudi Arabia's capital Riyadh. Getty Images
Updated 41 min 11 sec ago

Saudi Arabia retail sales fall for third week in a row: SAMA

Saudi Arabia retail sales fall for third week in a row: SAMA
  • Falls were steepest in the education, telecommunication, and recreation and culture sectors

Riyadh: The value of point-of-sale transactions in Saudi Arabia fell 7.6 percent in the week ending 23 October, the third week in a row of decline, according to Saudi's Central Bank (SAMA).

Bank data showed that PoS transactions fell to SR 8.02 billion ($2.14 billion) last week, down from SR 8.68 billion ($2.31 billion) in the previous week, a 5.2 percent slide. Before that shop sales tumbled 17 percent in the week ending 9 October.

In the latest report, falls were steepest in the education, telecommunication, and recreation and culture sectors, which dropped by 26.5 percent, 23.8 percent, and 13.6 percent, respectively.

Construction and building materials was the only sector to post an increase, with sales edging up by 0.4 percent.


Tech revolution needed to help achieve net zero by 2060, says Saudi energy minister

Tech revolution needed to help achieve net zero by 2060, says Saudi energy minister
Updated 27 October 2021

Tech revolution needed to help achieve net zero by 2060, says Saudi energy minister

Tech revolution needed to help achieve net zero by 2060, says Saudi energy minister

Saudi Arabia’s ambition to cut carbon emissions to net zero by 2060 is dependent on a revolution in technology, the country’s energy minister has said.

Speaking at the Future Investment Initiative Forum in Riyadh, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud indicated the goal could be achieved earlier than planned if there are sufficient developments in the technology sector.

“The Circular Carbon Economy depends on revolution of tech,” he said, adding: “If technology evolves faster we don't have to wait till 2060, we could reach it earlier.”

Despite the pledges to reach net zero and become a global leader in renewable energy, Saudi Arabia wants to stay as one of the leading oil producing countries in the world, according to a strategy released by the minister.

The “claim and retain leadership” blueprint shows the Kingdom aiming to continue its dominance in oil, with “preeminence in energy markets” listed as one of its top goals.

Energy security, economic prosperity, and the well-being of people are the three key pillars of Saudi Arabia’s circular carbon economy agenda, the minister added.


AS IT HAPPENED: Future Investment Initiative 2021, Day Two

AS IT HAPPENED: Future Investment Initiative 2021, Day Two
Updated 12 min 6 sec ago

AS IT HAPPENED: Future Investment Initiative 2021, Day Two

AS IT HAPPENED: Future Investment Initiative 2021, Day Two

DUBAI: The Future Investment Initiative in Riyadh is on its second day with scheduled discussions on a plethora of subjects from the circular carbon economy, green economy, sustainable tourism to investing in equality.

Watch the livestream of FII 2021’s second day:

With more than 250 expert speakers delving on ‘Investing in Humanity’ at the three-day Davos of the Desert, the second day’s opening plenary tackled the concept of circular carbon economy — an integrated and inclusive approach to transitioning toward more comprehensive, resilient, sustainable and climate-friendly energy systems that support and enable sustainable development.

Discussions revolved on how the investment community, business and government work together to achieve progress towards the G20 recommendations of the circular carbon economy.

The scheduled speakers included Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister; Lorenzo Simonelli, chairman and CEO of Baker Hughes; Matt Harris, founding partner of Global Infrastructure Partners and Dr. Jennifer Holmgren, CEO of LanzaTech.

(All times in GMT) ­­

08.16 — Riyadh is  “witnessing the greatest art movement since the Renaissance”, according to Hosam Alqurashi, director of the Regional Headquarters (RHQ) Program. He made the claim as he announced 44 multinational companies had chosen the Saudi capital as the location for their regional bases

07.44 Here's a write up of the energy minister's remarks, including his claim that developments in tech could see Saudi Arabia could reach net zero before 2060

06:57 – “We are suggesting a $500 million program that will take care of about 750 million people, like a micro-financing scheme for energy projects, where other lending agencies can join to form a total of $2 billion,” the Saudi energy minister says.

06:45 – Prince Abdulaziz talks about the Kingdom’s consolidated efforts in pursuit of sustainability, adding “we’ll be issuing our own energy strategy soon.”

06:37 – Energy security, economic prosperity, and the well-being of people are the three key pillars of Saudi Arabia’s circular carbon economy agenda, Prince Abdulaziz bin Salman says.

06:24 – Prince Abdulaziz bin Salman opens the discussion on investing in the circular carbon economy.