SAMI to add 1,500 jobs in 2022 with focus on hiring more women, says CEO

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Updated 18 March 2022

SAMI to add 1,500 jobs in 2022 with focus on hiring more women, says CEO

SAMI to add 1,500 jobs in 2022 with focus on hiring more women, says CEO

RIYADH: Saudi Arabia’s national defense company plans to add an additional 1,500 employees this year with a focus on hiring more women to support diversity and inclusion.

“We believe that one of the key diversities is having females to empower females within the company and the Kingdom is moving in that direction,” Walid Abukhaled, CEO of the Saudi Arabian Military Industries, told Arab News.

At the end of last year, SAMI had about 2,500 employees, with 82 percent Saudization and females representing 22 percent of the workforce.

“This is a very new industry in the Kingdom of Saudi Arabia, specifically for females, (who) were not allowed to be part of this industry before, so within a very short period, to have 22 percent females, this is a huge number (and) it’s on par with any Western defense company,” Abukhaled said.

He added that as part of SAMI’s growth portfolio it is also expecting to continue to qualify, train and develop the right talents to lead the company for the future, with women holding senior leadership positions.

Abukhaled was speaking on the sidelines of the World Defense Show in Riyadh where SAMI announced that it signed contracts exceeding SR10 billion ($2.665 million) with around 14 international defense companies to form joint ventures in 2021 and also secured further deals worth SR6 billion this year.

At the end of 2021, SAMI was among the top 85 defense companies in the world, Abukhaled said of the Public Investment Fund-owned company that was established four years ago.

“As one of the largest 85 defense companies in the world, our objective is by 2030 to be one of the top 25 defense companies globally,” he added.

Abukhaled said their plans for job creation and the local, regional and international joint ventures will help achieve the 50 percent localization target by 2030.

“Now it’s the year of delivery. I want to deliver to my customers first-class products, first-class service, and solutions, so our focus in 2022 is ensuring that we have a very professional and straightforward delivery to our customers that meets their timeline, expectation, and we will ensure we deliver to time and cost,” he said.

Regarding listing on Tadawul, Abukhaled said there are long-term plans in place, but they are waiting for the right time.

However, he also said that they have to support the small and medium enterprises to strengthen the Saudi supply chain so they can also handle sophisticated technology and products in the defense sector to ensure that the ecosystem can function properly.

Abukhaled said, with the help of the Kingdom’s regulator, the General Authority for Military Industries, known as GAMI, they will ensure contracts have the right terms and conditions that help the defense industry.

Also, the armed and security forces are keen to ensure that the objective of localizing 50 percent by 2030 is achievable, so they are getting humongous support from all the stakeholders, he said.

“The ultimate goal is to be the top in everything we do globally (and) after 2030 I can assure you there will be nothing but continuous growth and continuous improvement for SAMI.”


TASI gains ahead of OPEC+ meeting: Opening bell

TASI gains ahead of OPEC+ meeting: Opening bell
Updated 15 sec ago

TASI gains ahead of OPEC+ meeting: Opening bell

TASI gains ahead of OPEC+ meeting: Opening bell

RIYADH: The Saudi main index rose in Monday’s trading session as investors awaited the meeting of the Organization of the Petroleum Exporting Countries Plus to be held later in the week.

The Tadawul All Share Index started the session 0.53 percent higher to reach 11,548; the parallel market Nomu started almost flat at 19,956, as of 10:06 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.42 percent increase, while Rabigh Refining and Petrochemical Co. was up 1.44 percent.

The Saudi National Bank, the Kingdom’s largest lender, added 1.12 percent, while Saudi British Bank increased by 2.12 percent.

The Kingdom’s most valued bank Al Rajhi gained 0.61 percent, while Alinma Bank gained 0.68 percent.

Mouwasat Medical Services Co. gained 0.69 percent, after completing the acquisition of 51 percent of Jeddah Doctors Co. in a SR102 million ($27 million) deal.

Najran Cement Co. grew 1.26 percent, after declaring cash dividends of SR0.25 per share to shareholders in the first half of 2022.

Leejam Sports Co. added 0.64 percent, following the opening of a new Ladies Xpress Fitness Center in Riyadh on Oc. 2, bringing the total number of its centers inside and outside the Kingdom to 154.


Credit Suisse fights for survival as default swaps hit highest level in 10 years

Credit Suisse fights for survival as default swaps hit highest level in 10 years
Updated 44 sec ago

Credit Suisse fights for survival as default swaps hit highest level in 10 years

Credit Suisse fights for survival as default swaps hit highest level in 10 years

RIYADH: Switzerland-based global investment bank and financial services firm Credit Suisse is fighting for its survival after the credit default swaps jumped 6 basis points to close to 247 basis points on Friday, the highest level in at least 10 years. 

According to a Financial Times report, Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors and have requested less than 100 days to deliver a new turnaround strategy. 

Credit Suisse has been facing turbulence in the market for at least one year. In March 2021, the company had a market capitalization of 30 billion Swiss francs ($30.35 billion), while it is just 10 billion Swiss francs now. 

On Friday, Credit Suisse CEO Ulrich Koerner reassured staff that the bank has a strong capital base and told the employees that he will send regular updates on the progress until it announces its new strategic plan on Oct. 27. 

“I am conscious that there is lots of uncertainty and speculation both outside and within the company. While you will appreciate that I am unable to share details of our transformation plans before Oct. 27, I also want to make sure that you hear from me directly during this challenging period,” Korner told employees in a memo dated Sept. 30. 

According to a Bloomberg report, Credit Suisse is now busy finalizing plans that will likely see sweeping changes to its investment bank and may even result in cutting its workforce by thousands. 

Last week Credit Suisse revealed that it is considering a possible sale of some assets and business as part of its strategic plan. Bloomberg reported that the bank is eyeing selling its securitized products trading unit, and is weighing the sale of its Latin American wealth management operations excluding Brazil. 

The report added that Credit Suisse is also considering reviving the First Boston brand name. 


Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday
Updated 17 min 9 sec ago

Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday

RIYADH: The Saudi main index ticked up in its first trading session of October as investor recession fears subsided.

The Tadawul All Share Index ended 0.72 percent higher to reach 11,487 on Sunday; the parallel market Nomu edged 0.34 percent higher to 19,939.

The main index of Oman also ended Sunday’s session in green, adding 1 percent. 

However, the remaining Gulf stock markets ended in the red, led by the main index of Kuwait which fell 2.7 percent, followed by the Qatari index dropping 1.2 percent.

Outside the Gulf, Egypt's blue-chip index fell 1 percent, with the majority of its stocks falling.

In the energy sector, Brent crude reached $87.57 per barrel, while WTI crude traded at $81.87 per barrel as of 9:16 a.m. Saudi time.

Stock news

Mouwasat Medical Services Co. has completed the acquisition of 51 percent of Jeddah Doctors Co. in a SR102 million ($27 million) deal.

Najran Cement Co. said it will distribute cash dividends of SR0.25 per share to shareholders in the first half of 2022.

Unitholders of Derayah Financial are set to receive SR0.16 per share in cash dividends for the third quarter of 2022.

Arab National Investment Co. has changed its name to ANB Capital Co. in compliance with Capital Market Law issued by Royal Decree.

Leejam Sports Co. opened a new Ladies Xpress Fitness Center in Riyadh on Oct. 2, bringing the total number of its centers inside and outside the Kingdom to 154. 

Sumou Real Estate Co. signed an agreement to develop an over 3 million square meter plot of land in Riyadh with Adeer Asar Real Estate Co.

Calendar

October 5, 2022

End of of IPO book-building process

OPEC+ meeting


Market capital of Saudi Exchange jumps 8% to hit $3tn in first 9 months

Market capital of Saudi Exchange jumps 8% to hit $3tn in first 9 months
Updated 03 October 2022

Market capital of Saudi Exchange jumps 8% to hit $3tn in first 9 months

Market capital of Saudi Exchange jumps 8% to hit $3tn in first 9 months

RIYADH: Saudi Exchange’s market capitalization jumped over 7.5 percent to reach SR10.8 trillion ($2.8 trillion) at the end of the first nine months of the year compared to a year earlier.

This comes despite the total value of shares traded during the first nine months falling by 21.5 percent from the previous year to SR1.4 trillion, while the total volume traded decreased by 37 to reach SR35.35 billion, the latest Saudi Exchange data revealed.

Tadawul All Share Index closed at 11,405 points at the end of the first nine months of 2022, down 90.44 points or 0.79 percent from last year’s close.

The highest close level for the index during the period was 13,820.35 points on May 8.

The total number of transactions executed decreased by 4.25 percent during the same period and reached SR68 million compared to 2021.

The Number of trading days during the third quarter of 2022 was 184, compared with 185 during the first nine months of 2021.


OPEC+ may consider output cut of more than 1 million bpd

OPEC+ may consider output cut of more than 1 million bpd
Updated 02 October 2022

OPEC+ may consider output cut of more than 1 million bpd

OPEC+ may consider output cut of more than 1 million bpd
  • The figure is slightly above estimates for a cut given last week

RIYADH:  The Organization of the Petroleum Exporting Countries and its allies led by Russia, also known as OPEC+, will consider an oil output cut of more than a million barrels per day when it meets on Oct. 5, OPEC sources told Reuters on Sunday.

The figure is slightly above estimates for a cut given last week, which ranged between 500,000 bpd and 1 million bpd.

OPEC+ is meeting in person in Vienna for the first time since March 2020. “It is a meeting that is taking place at a very interesting global time,” one of the sources said.

The output cuts are being considered on the back of a slide in oil prices from multiyear highs reached in March and market volatility. Saudi Arabia first flagged the possibility of cuts to correct the market in August.

Earlier this week, a source familiar with Russian thinking said Moscow could suggest a cut of up to 1 million bpd, while an OPEC source put the likely figure closer to 500,000 bpd. Talks are expected to continue ahead of the meeting.

FASTFACTS

OPEC+ is meeting in person in Vienna for the first time since March 2020.

Saudi Arabia first flagged the possibility of cuts to correct the market in August.

The output cuts are being considered on the back of a slide in oil prices from multiyear highs reached in March and market volatility.

India cuts tax

The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 ($97.99) rupees per ton from 10,500 rupees per ton from Sunday, after a decline in global oil prices.

India has also scrapped an export tax on jet fuel and halved export duties on diesel to 5 rupees per liter from Sunday, a government notification said.

NNPC transaction

Nigeria’s state-owned oil company NNPC Ltd. has bought the marketing business of unlisted OVH Energy, giving it access to 380 fuel stations in Africa’s largest oil producer and Togo, among other assets, the two companies said on Saturday.

OVH Energy Marketing, the owner and operator of Oando branded retail service stations, said the outlets would be rebranded NNPC and full integration is expected by the end of 2023.

The deal also gives NNPC access to eight liquefied petroleum gas plants, three aviation depots and 12 warehouses.

NNPC, which became a commercial entity in July, already owns more than 500 fuel stations across Nigeria and said it would be ready for an initial public offering by mid-next year.