Saudi stocks open higher amidst preparation for Future Minerals Forum: Opening bell

Saudi stocks open higher amidst preparation for Future Minerals Forum: Opening bell
Getty Images
Short Url
Updated 09 January 2022

Saudi stocks open higher amidst preparation for Future Minerals Forum: Opening bell

Saudi stocks open higher amidst preparation for Future Minerals Forum: Opening bell

RIYADH: The Saudi stock exchange opened the trading week higher as investors await the kickoff of the Kingdom’s Future Minerals Forum later this week.

As of 10:15 a.m. Saudi time, TASI, the main index, added 0.5 percent to 11,487 points, while the parallel Nomu market edged down by 0.8 percent to 25,419 points.

Among the top five gainers, the Gulf’s mining champion, Saudi Arabian Mining Co., known as Ma’aden, saw a 2.4 percent increase in its share price, reaching SR82 ($21.8).

Saudi Cable Co. recorded the highest gains in early trading, up 7 percent, after its application to reduce its capital to SR262 million was approved by the Capital Market Authority.

In the banking sector, Saudi's largest bank by market cap, Al Rajhi Bank, was up 0.3 percent to SR143, and the Saudi National Bank added 1.6 percent to reach SR68.6.

The Kingdom’s oil giant Saudi Aramco edged up by 0.3 percent to SR35.6.

Shares in Saudi National Co. for Learning and Education, or NCLE, rose 2.7 percent upon a 378 percent profit increase during the quarter ended Nov. 30, 2021, compared to the same quarter last year.

Leading the losses, shares of Saudia Dairy and Foodstuff Co., or SADAFCO, dropped 2.2 percent, despite the board’s proposal to payout SR3 per share for the first half of the fiscal year ended Mar. 31, 2022.


Commercial Bank of Kuwait plans to digitize, says CEO

Commercial Bank of Kuwait plans to digitize, says CEO
Updated 26 sec ago

Commercial Bank of Kuwait plans to digitize, says CEO

Commercial Bank of Kuwait plans to digitize, says CEO

DUBAI: Elham Mahfouz, the chief executive officer of the Commercial Bank of Kuwait, said that robots will play a major role in the future, with 85 million jobs expected to be taken over in the next two to three years.

Speaking to Arab News at the Arab Women Forum, Mahfouz said that the bank’s next plan is digitization and that, in the next two to three years, the look of banks will be different.

CBK is the only bank to have SwatchPAY, which is a smart-watch payment service, she informed.

Beginning her journey in banking around 35 years ago, Mahfouz climbed up the ladder after starting as a credit analyst. She has been the CEO of the bank for the last eight years, she informed.

“Being in a high position can favor the institution if you want to implement certain kinds of dreams that you have to get the institution in a certain way and pave the way with the team,” she added.

Mahfouz told Arab News that one of the things that stood out to her as a woman working in the banking sector was getting more support from males than females.

Self-development, focus, and patience are factors that have influenced her journey to reaching the top post, Mahfouz said.

She added that the following generations are tech-savvy and are very smart when it comes to technological advances. However, Mahfouz said they have to have patience and read more.


Women should not relinquish their rights in business, says Suzy Kanoo

Women should not relinquish their rights in business, says Suzy Kanoo
Updated 9 min 40 sec ago

Women should not relinquish their rights in business, says Suzy Kanoo

Women should not relinquish their rights in business, says Suzy Kanoo

DUBAI: When it comes to taking a huge step like running a family business, most entrepreneurs would flinch, especially in a male-dominated industry. Female successors would instead pass their rights to a male than take the path of leadership.

In an exclusive interview with Arab News, the CEO and president of Khalil bin Ebrahim Kanoo Co. and International Motor Trading Agency, Suzy Kanoo, shared her advice on what women should do when put in that position, and it’s not relinquishing their rights.

Speaking on the sidelines of the Arab Women Forum event in Dubai, Kanoo, who has also authored “Hear Us Speak: Letters from Arab Women,” expressed that one of the main obstacles women face in the business world is not believing in themselves.

“The Japanese call it Ikigai. Find a purpose and passion, do it well, and make sure it benefits society. Whatever it is, anything that you think is insignificant isn’t insignificant for that individual. So, find that purpose and do it well,” she added.

Kanoo has been the voice of the Arab world, and her book discusses real-life stories about Arab women that have experienced physical or emotional abuse but outlived their circumstances.

“My book emphasizes that never let a male, whether a cousin or a brother, force you or coerce you into signing documents asking you to relinquish your rights of the family business,” she said.

Her book brought to light the circumstances of the marginalized women who succumbed to male domination and gave away what was rightfully theirs.

However, Kanoo feels those were different times. She finds Gen Z is the most empowered generation. They believe that nothing should stop them from achieving their goals. In addition, they understand technology better than the previous generations.

But the struggle is not over. Even emancipated women have to fight on multiple fronts. An accomplished writer and businesswoman, Kanoo is currently facing problems with the automotive business. Her production declined by 50-60 percent.

Does that mean she is letting off the reins? No chance. The feisty lady is expanding into different sectors, opening a restaurant from personal investments and launching an advisory company for blockchain technology.

 

 

 

 

 


Egypt expects $8bn investments in energy sector this year, minister says 

Egypt expects $8bn investments in energy sector this year, minister says 
Updated 33 min 37 sec ago

Egypt expects $8bn investments in energy sector this year, minister says 

Egypt expects $8bn investments in energy sector this year, minister says 

RIYADH: Egypts expects that the value of investment in the energy sector would range between $7 to $8 billion during the current fiscal year, the minister of petroleum and mineral resources told Alarabiya. 

Tarek El-Molla added that the figures were under review with international companies, noting that changes in global oil prices require increased investment plans.

He said the government is currently focusing on maximizing the use of natural resources, confirming that Egypt aims to return to the oil production levels of 5 years ago.

 


UAE to build LNG plant to double its export capacity 

UAE to build LNG plant to double its export capacity 
Updated 44 min 3 sec ago

UAE to build LNG plant to double its export capacity 

UAE to build LNG plant to double its export capacity 

RIYADH: The Abu Dhabi National Co. plans to construct a new liquefied natural gas plant that would more than double its export capacity amid a growing demand. 

To be built at Fujairah, the plant will be able to produce as much as 9.6 million tons a year, Bloomberg reported. 

Currently, the UAE has three liquefaction plants with a total capacity of 5.8 million tons per annum at Das Island, located inside the Gulf. 

This comes as the UAE races to expand its exports amid a growing demand following Russia’s invasion of Ukraine. 


Saudi Arabia advances 40 ranks in communication infrastructure index 

Saudi Arabia advances 40 ranks in communication infrastructure index 
Updated 52 min 11 sec ago

Saudi Arabia advances 40 ranks in communication infrastructure index 

Saudi Arabia advances 40 ranks in communication infrastructure index 

RIYADH: Saudi Arabia has jumped 40 ranks in the communications infrastructure index, which measured the number of Internet users and mobile phones for the year 2020.

The Kingdom is now ranked 27th globally out of 193 countries, the Saudi Press Agency reported.

In the e-government development index, Saudi Arabia also witnessed progress as it advanced nine ranks.

It now ranks 43rd globally out of the 193 countries, which raises the Kingdom’s classification from high-ranking countries to very high-ranking.

The indicators are monitored by the Saudi National Center for Performance Measurement, known as Adaa, that publishes reports on the initiatives of public entities.