UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF

UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF
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Updated 19 January 2022

UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF

UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF
  • The United Arab Emirates, Saudi Arabia, and Qatar were ranked the most competitive Arab economies

RIYADH: The United Arab Emirates, Saudi Arabia, and Qatar were ranked the most competitive Arab economies for the period between 2017 until 2020, according to a report launched by the Arab Monetary Fund.

The fifth Arab economies competitiveness report showed that the UAE maintained its top ranking in the general index as it benefited from high scores in the business environment and infrastructure category as well as the organizational and government governance category.

The Kingdom ranked second after having performed well in the overall economic index, the external activities sector and the official reserves index.

Qatar followed in third place, after attaining first place in the real economy sector, the inflation index and GDP per capita index.

Four Arab nations advanced in terms of competitiveness compared to the previous period, including Sudan, Egypt, Morocco, and Mauritania.

Arab states and other non-Arab countries — such as Singapore, Malaysia, Turkey — are included also in the calculation of the index.

The report monitors the economic competitiveness of Arab countries and sheds light on the economic and political measures applied by decision makers for that purpose.


TASI gains on optimism among investors: Opening bell

TASI gains on optimism among investors: Opening bell
Updated 17 sec ago

TASI gains on optimism among investors: Opening bell

TASI gains on optimism among investors: Opening bell

RIYADH: Saudi stocks extended their gains on Thursday as investor optimism increased following a strong earnings season.

The main index, TASI, gained 0.53 percent to reach 12,656, while the parallel market, Nomu, started flat at 22,020, as of 10:08 a.m. Saudi time.

Buruj Cooperative Insurance Co. gained 2.39 percent, leading the market gainers; Wataniya Insurance Co. fell 4.23 percent, leading the fallers.

Ataa Educational Co. gained 1.98 percent, after it received Capital Market Authority approval to increase capital to $112m for the acquisition of Naba'a.

Among the gainers on the list, the Saudi Industrial Export Co. rose 1 percent, and Elm Co. edged up by 0.41 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.85 percent, while Alinma Bank climbed 0.79 percent.

Among the telecom giants, stc added 0.38 percent and Zain KSA was down 0.15 percent

In the pharmaceutical sector, Aldawaa Medical Services Co. and Nahdi Medical Co. both opened flat.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.37 percent.

The energy market saw Brent crude trading at $114.46 a barrel and US West Texas Intermediate crude reached $110.85 a barrel, as of 10:10 a.m. Saudi time.


Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries

Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries
Updated 2 min 28 sec ago

Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries

Commodities Update — Gold dips; Wheat, corn fall; Copper extends losses on global recession worries

RIYADH: Gold prices edged lower on Thursday as Treasury yields gained after the appeal of bullion was somewhat restored by minutes of a US Federal Reserve policy meeting that showed the central bank was unlikely to get more aggressive on interest rate hikes.

Spot gold dipped 0.2 percent to $1,849.75 per ounce, as of 0220 GMT. 

US gold futures gained 0.1 percent to $1,848.20. 

Silver down

Spot silver dipped 0.5 percent to $21.86 per ounce, while platinum eased 0.1 percent to $943.15. 

Palladium was little changed at $2,006.61.

Grains ease

US corn and wheat futures fell on Thursday on hopes that stuck grain supplies from the Black Sea region could start moving, while soybean eased on concerns over demand from top consumer China.

The most-active corn contract on the Chicago Board of Trade fell 1.39 percent to $7.61-half a bushel as of 0445 GMT, after falling to the lowest level in seven weeks on Wednesday.

Wheat was down 2.07 percent at $11.24- half a bushel and soybeans edged 0.28 percent lower to $16.76- quarter a bushel.

Copper falls

Copper extended losses to a third session on Thursday as concerns grew that the global economy might plunge into a recession and dampen demand for industrial metals.

Three-month copper on the London Metal Exchange was down 0.5 percent at $9,328.50 a ton, as of 0536 GMT. The most-traded July contract on the Shanghai Futures Exchange fell 0.2 percent to $10,581.78 a ton.

(With input from Reuters)


Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 
Updated 14 min 26 sec ago

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

Insurance firm Saudi Re gets central bank’s approval to raise capital to $356m through rights issue 

RIYADH: Saudi Reinsurance Co. has received the necessary approval from the Kingdom’s central bank to increase its capital to SR1.34 billion ($356 million), it said in a bourse filing.

Saudi Re, as the company is known, is looking to boost its capital, which currently stands at SR891 million, in a bid to support future expansion activities and strengthen its capital base.

The process will be carried out by offering a rights issue valued at nearly SR445 million, which will increase the company’s shares from 89.1 million to 134 million.

Saudi Re is among the first companies in Saudi Arabia to offer both life and non-life reinsurance products.


Here’s what you need to know as Tadawul wraps up the trading week

Here’s what you need to know as Tadawul wraps up the trading week
Updated 30 min 39 sec ago

Here’s what you need to know as Tadawul wraps up the trading week

Here’s what you need to know as Tadawul wraps up the trading week

RIYADH: Saudi Arabia’s main stock market notched its second day of gains on Wednesday, after listed companies concluded a strong earnings season.

TASI surged 2.3 percent to close at 12,588, whereas the parallel market Nomu slipped 1 percent to 22,020.

TASI led the gains in the Gulf, followed by Abu Dhabi’s stock market with a 0.9 percent gain and Kuwait’s BKP, up 0.6 percent.

Stock exchanges of Qatar and Bahrain edged 0.1 percent lower, while those of Dubai and Oman ended almost flat.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 dropped 1.6 percent.

Oil prices rose on Thursday, with Brent crude trading at $114.29 a barrel and US West Texas Intermediate reaching $110.69 a barrel as of 9:14 a.m. Saudi time.

Stock news

Saudi Reinsurance Co. obtained approval from the Saudi central bank to raise capital from SR891 million ($238 million) to SR1.34 billion

Maharah Human Resources’ unit Growth Avenue Investment Co. closed a deal to acquire 40 percent of the shares in Salis for Trading & Marketing

Naqi Water Co. got the Capital Market Authority’s approval for an initial public offering of a 30 percent stake on the Saudi Exchange

Saudia Dairy and Foodstuff Co.’s board recommended a dividend payout of SR3 per share for the second half of the fiscal year ended March 31, 2022

Academy of Learning Co. and Keir International Co. received the CMA’s approval for direct listing on the parallel Nomu market

Batic Real Estate Co., a unit of Batic Investments and Logistics Co., obtained a loan valued at SR200 million to finance potential investments

Ataa Educational Co. got CMA’s nod to increase capital to SR421 million in order to fully acquire Naba’a Educational Co.’s shares

Salama Cooperative Insurance Co. submitted a filing to the CMA, seeking to reduce capital by 60 percent to SR100 million

Calendar

May 26, 2022

National Environmental Recycling Co., better known as Tadweeer, will start trading on the parallel market Nomu

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

May 31, 2022

End of Retal Urban Development Co.’s IPO book-building

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription 


Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis

Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis
Updated 38 min 42 sec ago

Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis

Saudi Maharah’s unit acquires 40% stake in digital marketing firm Salis

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., has finalized a deal to acquire 40 percent of the shares in Salis for Trading & Marketing.

Riyadh-based digital marketing firm Salis owns Soror application, which is an on-demand home services application.

The two parties completed the due diligence process and signed a sales and purchase agreement, Maharah said in a bourse filing without disclosing the value of the transaction.

Subject to approval by Saudi Arabia’s General Authority for Competition, the deal comes as GAC is expanding its reach through a number of acquisitions.

Most recently, it signed an agreement to buy a 40 percent stake in Saudi Medical Systems Co., after taking a majority stake of 85 percent in Alshifa Al Arabia Medical Co. last year.