Zain Group wins second Best Corporate Governance Award

Zain Group wins second Best Corporate Governance Award
Zain’s corporate governance framework assists the company in mitigating risks and facilitating effective board oversight over the company’s executive management. (Zain Group)
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Updated 02 August 2022

Zain Group wins second Best Corporate Governance Award

Zain Group wins second Best Corporate Governance Award
  • World Finance magazine lauds Kuwait operation’s transparency and disclosure
  • ‘Highest standards of ethical behavior overseen by the directors’

KUWAIT: Zain Group has won the World Finance Best Corporate Governance Award 2022 for Kuwait for the second year in a row.

World Finance is a print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy.

The World Annual Finance Awards select and analyze some of the most diverse and succinct governance platforms and recognize leading organizations in that area.

As a leading entity listed on the Premier Market, Zain maintains regular contact with the country’s Capital Markets Authority, as it abides by and strives to exceed all fully financial regulatory bodies in Kuwait, including the Ministry of Commerce and Industry, the CMA, and Boursa Kuwait, the magazine stated.

“It is an outstanding achievement to be recognized as possessing the Best Corporate Governance practice in Kuwait for two years in a row, and this milestone just rewards our Investor Relations and Corporate Governance team’s high standards, professionalism and diligence,” the company’s Group CEO Bader A-Kharafi said.

Al-Kharafi added: “As a publicly traded organization, it is necessary for us to disclose certain information, though in Zain’s case we proactively seek to go beyond this minimum disclosure requirement. The publication of our annual and sustainability reports, regulatory disclosures, Corporate Governance framework, as well as our operational and financial reporting results, all point to our goal to be as informative, transparent, and supportive as possible to all stakeholders, that require company and financial information from us.”

By monitoring policy implementation while daily operations are running, Zain’s corporate governance framework assists the company in mitigating risks and facilitating effective board oversight over the company’s executive management, the group said.

Zain’s board of directors played a critical role in ensuring that the company conducts its operations in accordance with the highest standards of governance and ethical behavior, and that it contributes positively to society, the company added.

Zain Group has also expressed its concern with environmental, social, and governance indicators and ensures that ESG issues are incorporated into business strategy.


Saudi budget surplus is calculated on $76 for brent price

Saudi budget surplus is calculated on $76 for brent price
Updated 42 min 46 sec ago

Saudi budget surplus is calculated on $76 for brent price

Saudi budget surplus is calculated on $76 for brent price
  • Real GDP growth is forecasted to increase by nearly 8 percent year-on-year in 2022 and 3.1 percent year-on-year in 2023

RIYADH: Based on the government budget figures, Al-Rajhi Capital assessed the government's 2023 budgeted revenues to likely be based on Brent at $76 per barrel.

Real GDP growth is forecasted to increase by nearly eight percent year-on-year in 2022 and 3.1 percent year-on-year in 2023, according to Al-Rajhi Capital.

Inflation is expected to be 2.6 percent and 2.1 percent in 2022 and 2023 respectively, Al-Rajhi said.

Revised 2022 revenues are mostly in line with estimates, however, the expenditure budget is much higher than from an earlier announcement, it said.

The 2023 spending budget was raised by 18 percent, with a slight fiscal surplus of SR9 billion expected for 2023.


Saudi Arabia to record a budget surplus of $24b in 2022

Saudi Arabia to record a budget surplus of $24b in 2022
Updated 38 min 51 sec ago

Saudi Arabia to record a budget surplus of $24b in 2022

Saudi Arabia to record a budget surplus of $24b in 2022

RIYADH: Saudi Arabia is expecting its budget surplus in 2022 to hit SR90 billion ($24 billion), and another SR9 billion next year, the Ministry of Finance announced on Friday.

Looking at the full year 2022 projections, real GDP is expected to grow by 8 percent, while the inflation in 2022 may record about 2.6 percent.

Looking at the next years projections, Saudi total revenues are expected to reach about SR1.12 trillion in 2023, while reaching about 1.21 trillion in 2025, according to the Ministry of Finance's preliminary statement of the state's general budget for the year 2023.

Total expenditures are expected to reach about SR1.11 trillion in the next fiscal year 2023, and that the expenditure ceiling will reach about SR1.13 trillion in 2025.

The objectives of the state's general budget for the fiscal year 2023 come as a continuation of the process of work to strengthen and develop the financial position of the Kingdom, the finance minister said.

“The government attaches great importance to enhancing the support and social protection system and accelerating the pace of strategic spending on Vision programs and major projects to support economic growth,” Mohammed Al-Jadaan said.

The Kingdom's economy has demonstrated its strength and durability by achieving high growth rates, after taking many policies and measures with the aim of protecting the economy from the repercussions of inflation and supply chain challenges, he added.


Deals worth over $27bn available for Saudi businesses with leading national firms

Deals worth over $27bn available for Saudi businesses with leading national firms
Updated 30 September 2022

Deals worth over $27bn available for Saudi businesses with leading national firms

Deals worth over $27bn available for Saudi businesses with leading national firms

RIYADH: Saudi companies are being encouraged to tap into investment deals and contracts worth more than SR100 billion ($26.62 billion) with two of the Kingdom’s biggest firms.

Representatives from the Saudi Electricity Co. and the Saudi Basic Industries Corporation — also known as SABIC — unveiled various opportunities for firms in the Kingdom to work with them during workshops organized by the Federation of Saudi Chambers, according to Saudi Press Agency.

The Saudi Electricity Co. set out its strategy for the localization of the electricity industries, known as ‘Bena’, which aims to encourage and support local manufacturing.

It also includes three initiatives: to raise the percentage of localization in the company's projects; increase the purchases of materials from national factories; and identify investment opportunities required to be localized.

The firm indicated the volume of future demand for or purchases and contracts is expected to reach SR100 billion.

SABIC explained that the investment opportunities under the umbrella of its Nusaned initiative to enhance local content, contributed to supporting economic development with more than $1 billion of gross domestic product.

The company approved 43 investment opportunities, with the total investment opportunities amounting to 351 opportunities.

The number of investors has reached 183, while the number of feasibility studies has hit 74.

 


Recycling in Saudi Arabia to pull in $32bn income by 2035: minister

Recycling in Saudi Arabia to pull in $32bn income by 2035: minister
Updated 30 September 2022

Recycling in Saudi Arabia to pull in $32bn income by 2035: minister

Recycling in Saudi Arabia to pull in $32bn income by 2035: minister

RIYADH: Recycling in Saudi Arabia will generate an annual income of SR120 billion ($32 billion) by 2035, according to the minister of environment, water and agriculture.

Speaking at an event organized by the Riyadh Economic Forum, Mansour Al-Mushaiti said the forecast is based on estimates made by the National Center for Waste Management.

Al-Mushaiti also used his speech to flag up a study by the World Bank which warns the cost of the annual environmental burden on the economy comes in at SR86 billion a year, of which SR8 billion comes from poor waste management.

The minister talked-up the Kingdom’s sustainability policies, including the Crown Prince’s pledge to plant 10 billion trees in the coming decades.

He also flagged up the move to zero carbon neutrality by 2060, as well as seeing 94 percent of waste recycled by 2035 instead of being taken to landfills.


Saudi, Oman investment ministers visit clean energy facility at Alfanar Industrial City in Riyadh

Saudi, Oman investment ministers visit clean energy facility at Alfanar Industrial City in Riyadh
Updated 30 September 2022

Saudi, Oman investment ministers visit clean energy facility at Alfanar Industrial City in Riyadh

Saudi, Oman investment ministers visit clean energy facility at Alfanar Industrial City in Riyadh

RIYADH: Investment ministers from Saudi Arabia and Oman were given a tour of one of the largest private industrial cities in the Middle East in a move to highlight the Kingdom’s clean energy projects.

The Saudi Minister of Investment Khalid bin Abdulaziz AlFalih and his Omani counterpart Qais bin Muhammad AlYousef visited Alfanar Industrial City in Riyadh, where they met leading figures from the company

Amer AlAjmi, executive vice president of Alfanar Development, gave a presentation focusing on the firm's clean energy projects around the world, as well as the full range of services and products the company offers and information about Alfanar’s investment portfolio. 

During the tour, the ministers were shown the women’s section, which began in 2003 with four women, and currently has more than 700 female Saudi employees.

Abdulsalam AlMutlaq, chairman of Alfanar, said: “This visit at the level of ministers from Saudi Arabia and Oman, and in the presence of officials from both parties, comes from their belief in the role of the private sector as a successful partner in localizing the industry and promoting local content in line with the Kingdom’s Vision 2030.”

He added: “Alfanar Company has a distinguished experience and accumulated experience gained over the years in the localization of the energy industry, as it had a leading role in the infrastructure work, as well as transferring the techniques of manufacturing electrical and construction products to the Kingdom, in order to invest in the development of clean energy projects around the world.”