US firm Franklin Templeton planning to establish office in Saudi Arabia

US firm Franklin Templeton planning to establish office in Saudi Arabia
Saudi Arabia is an important market in the region for Franklin Templeton (Shutterstock)
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Updated 29 June 2022

US firm Franklin Templeton planning to establish office in Saudi Arabia

US firm Franklin Templeton planning to establish office in Saudi Arabia

RIYADH: US multinational holding company Franklin Templeton could transfer employees from Dubai to a new office in Saudi Arabia, Bloomberg reported, quoting people familiar with the matter. 

People who wished to stay anonymous revealed that Franklin Templeton’s CEO Jenny Johnson considers Saudi Arabia as a potential market for a major expansion. 

The report further added that the asset management company is planning to start the regulatory process to affirm its presence in Riyadh. 

The office in Riyadh will have investment teams and some sales and support on the ground, the people said. 

The workforce will be a mix of new recruits and internal transfers from the company’s employees in Dubai. 

Responding to the Bloomberg report, a spokeswoman for Franklin Templeton said: “While we have not announced any new office openings, we are currently exploring options to grow our regional footprint and will share details in due course.” 

She also added that Saudi Arabia is an important market in the region.

 


‘Saudization’ in the insurance sector at 77%, says Bupa Arabia chairman

‘Saudization’ in the insurance sector at 77%, says Bupa Arabia chairman
Updated 51 min 33 sec ago

‘Saudization’ in the insurance sector at 77%, says Bupa Arabia chairman

‘Saudization’ in the insurance sector at 77%, says Bupa Arabia chairman

RIYADH: The share of Saudi employees in the Kingdom’s insurance sector has hit 77 percent, according to Loay Nazer, chairman of Bupa Arabia.

Speaking at the Saudi Insurance Symposium in Riyadh on Sept. 28, Nazer said the insurance sector has created 17,000 jobs in the Kingdom, while Bupa’s market size has reached SR42 billion ($11.16 billion) since its launch 18 years back.

Saudi Arabia launched the ‘Saudization’ labor market strategy to enhance the economic participation of its citizens, with the aim of reaching 60 percent by 2030.

Nazer pointed out that Saudi Central Bank’s cooperation has helped elevate Saudization in the executive category of the insurance sector from 90 to 95 percent.

Nazer added that Bupa was the first in the Kingdom to introduce a 24/7 call center for customers around 17 years ago.

The Saudi Insurance Symposium is one of the largest forums for insurance companies across the Middle East.

The event will be conducted from Sept. 28 to 29, with more than 1,000 insurance specialists, local officials, international managers and executives gathering to discuss developments in the sector.

 


Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m
Updated 28 September 2022

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed the acquisition of a 41 percent stake in Care Shield Holding Co. in a deal valued at SR307 million ($90 million).

The title to the shares was transferred to the buyer, Maharah said in a bourse filing.

The deal was financed in part by the company’s own resources and in part by a loan from Al Rajhi Bank.

Growth Avenue Investment qualifies for a profit share from the acquired stake as of Jan. 1, 2022.

In August, Maharah announced that Growth Avenue had received the General Authority of Competition’s nod to proceed with acquiring Care Shield Holding.


LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022
Updated 28 September 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

RIYADH: Professional networking solution provider LinkedIn has revealed the annual ranking of the top 10 startups based in Saudi Arabia that have demonstrated growth in 2022.

The annual ranking has been analyzed on the basis of the companies’ interactions with LinkedIn members. They are measured through employment growth, company and employee engagement, job interests, and talent attraction.

The top startups in Saudi Arabia for 2022: 

  1. Tamara
  2. Sary
  3. Nana
  4. Zid
  5. Tweeq
  6. Gathern
  7. Lendo
  8. Qawafel
  9. Resal
  10. Shgardi

“KSA’s Top Startups List 2022 reflects the current state of the startups and VC space in the country while also offering insights into the prevailing market trends influencing the community,” said Salma Altantawy, senior news editor at LinkedIn.

The announcement also indicated that fintech witnessed huge traction in the Kingdom with three startups — Tamara, Tweeq, and Lendo — in the sector making to the list.

Delivery services have also grown in popularity with platforms like Nana and Shgardi recording good traction. This is in addition to a rise in B2B solutions as companies like Sary and Qawafel found second and eighth positions, respectively.

“This year’s list sees the emergence of many startups from financial backgrounds. This signifies the increased popularity and growing need for simplified and innovative fintech solutions by consumers in Saudi Arabia,” she added.

To be eligible, LinkedIn said, companies must be independent and privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the country on whose list they appear.


TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell
Updated 28 September 2022

TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell

RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share
Updated 28 September 2022

Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share

RIYADH: Arabian Drilling Co. has set its price range for its initial public offering at SR90-100 ($24-$27) per share, as it kicks off the book-building period on Wednesday.

The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.