Saudi Stock Exchange Main Index Ends Trading Lower at 11863.81 Points

Riyadh — Saudi Stock Exchange’s main index (TASE) ended trading lower today, losing 130.91 points, to close at 11863.81 points.

The total value of the trading reported was SAR 5.5 billion, while the toll of shares traded was 131 million, divided into over 360,000 deals.

The Saudi Parallel Market Index (NOMU) ended the day losing 322.71 points, to close at 20528.68 points, with a valuation of more than SAR 60 million and an overall tally of more than 1,000,000 stocks traded and divided into as many as 4361 deals.

Source: Saudi Press Agency

Future Investment Initiative Institute Reviews New York and Riyadh Conferences in Press Conference

Riyadh — The Future Investment Initiative (FII) Institute will hold a press conference tomorrow at Crowne Plaza Hotel in Riyadh, in the presence of CEO of the FII Institute Richard Attias, its leaders, and a number of representatives of its strategic partners.

The press conference will review the most prominent achievements in the previous period, and will highlight the two upcoming conferences that the FII Institute will hold in New York on 22 September, 2022, on the sidelines of the UN General Assembly (UNGA), entitled “PRIORITY”, in addition to the sixth edition of the Future Investment Initiative to be held from 25 to 27 October, 2022, entitled “Investing in Humanity: Enabling a New Global Order”.

It is worth mentioning that among the most important achievements of the FII Institute during the past year were the launch of Inclusive ESG Framework and Scoring Methodology, the launch of Global Infectious Disease Index, and the launch of the first edition of FII Award for Humanity during the fifth edition of the Future Investment Initiative.

Source: Saudi Press Agency

Ministry of Economy and Planning Concludes Training Program in Cooperation with Harvard University

Riyadh — Ministry of Economy and Planning staff members participated in an executive two-week education program with Harvard University’s Kennedy School of Government to accelerate capability-building. The group undertook tailored economic and fiscal policy teaching at the Ivy League institution.

As part of the Ministry of Economy and Planning’s partnership with the Center for International Development (CID), established in 2016, researchers focused on studies in the areas of macroeconomic policy, revenue policy, sustainable development and productive transformation alongside world-renowned academics at the historic campus in Cambridge, Massachusetts.

As part of the scheme, Saudi researchers completed a two-week rotating training program with the CID over four months. They focused on economic planning, public financial management, tax policy, sustainable development, and how to create policies that drive growth, job-creation and productivity. They were also able to deepen engagement with CID’s research team with one-on-one interaction with the faculty, as well as contribute to a number of economic seminars.

“We continue to build the best in-house capabilities by providing our highly-skilled team with excellent opportunities for learning and development across economic policy and planning”, Minister of Economy and Planning Faisal bin Fadhil Alibrahim said.

“Our close and long-standing partnership with the Center for International Development at Harvard University’s Kennedy School of Government is a clear demonstration of this unwavering commitment to capability-building”, he added.

This program is part of the Ministry of Economy and Planning’s aim to support Saudis and enhance their participation in the job market. It also follows the launch of the ministry’s capability development initiative, which aims to equip the nation’s youth with training and upskilling opportunities across economics, taxation, administration, public policy, and social sciences.

Source: Saudi Press Agency

Saudi Arabia to Participate in G20 Development Ministerial Meeting

Riyadh — Minister of Economy and Planning Faisal bin Fadhil Alibrahim will lead a senior delegation to the island of Belitung, Indonesia, to participate in the G20 Development Ministerial Meeting tomorrow, 8 September.

The high-level forum will provide a platform for G20 development ministers to reinvigorate multilateralism and renew the momentum behind the 2030 Agenda for Sustainable Development. Progress on the plans and commitments made after the first G20 Development Ministerial Meeting took place in Matera, Italy, last year will also be reviewed.

“Saudi Arabia remains committed to advancing practical and collaborative solutions to enable developed and developing economies alike to make meaningful progress towards achieving the SDG Agenda”, Alibrahim said ahead of the meeting.

“We must take this moment to raise the bar on our sustainable development and strengthen global systems by improving public healthcare infrastructure, enabling inclusive digital transformations and safeguarding global food and energy security. We must also protect the environment, invest in the energy system of today and explore greener, cleaner fuels for the future”, he added.

The Kingdom’s delegation led by the Minister of Economy and Planning will demonstrate Saudi Arabia’s unwavering commitment to driving sustainable development – at home and abroad – through an agile approach to policy making across all economic, social and environmental sectors.

With less than a decade left to realize the SDGs, Alibrahim will highlight Saudi Arabia’s progress in achieving sustainable economic growth, social wellbeing and prosperity, environmental protection, and an inclusive digital transformation under Vision 2030. The Minister will also emphasize the importance of safeguarding global energy security by ensuring access to reliable and sustainable power.

Source: Saudi Press Agency

Saudi Arabia Strengthens its Partnership with Singapore in Digital Innovation, Economy and Entrepreneurship

Riyadh — Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha, concluded his Asian tour by visiting a number of Singaporean government agencies, universities, major technology companies, and investment capital funds.

This visit aimed to highlight the investment opportunities in the digital economy and innovation in the Kingdom of Saudi Arabia, and to shed light on the Kingdom’s Vision 2030, and its role in acceleration of the transformation towards a vital digital society, a thriving digital economy, and a pioneering and ambitious digital government.

During the visit, the Minister of Communications and Information Technology and his accompanying delegation met with the Singaporean Minister for Manpower and Second Minister for Trade and Industry; the President of the Enterprise Singapore; the leaders of the Action Community for Entrepreneurship (ACE) in Singapore; the President of the JTC; the CEO of the INSIGNIAVC; the CEO of the Jungle Ventures; the CEO of the VERTEX; and the President of the NTU Singapore.

During the meetings, Eng. Al-Swaha and his accompanying delegation discussed highlighting the investment opportunities in the digital economy and innovation; enhancing cooperation; transferring and localizing expertise to suit the business environment in the Kingdom of Saudi Arabia; the opportunities for cooperation and expansion in the Kingdom’s market in the digital fields; the development of Saudi talents; and cooperation in the areas of government digital transformation and innovation.

Source: Saudi Press Agency

DCO Releases First Digital Prosperity Report to Highlight Digital Economy Development Issues

Riyadh — The Digital Cooperation Organization (DCO) launches the first issue of the Digital Prosperity Report, to highlight some of the most pressing issues for digital economic development and report on DCO initiatives and programs that support the DCO member states in developing their own digital economies.

The Digital Prosperity Report is intended to share updates on the latest activities of the DCO, an international non-profit organization focused on enabling digital prosperity for all, through initiatives to develop policies and best practices that member states can apply to their own programs to create equitable and sustainable digital economies that empower their citizens.

The first issue of the report features an introduction by Borge Brende, President of the World Economic Forum (WEF), where he talks about the Digital FDI Initiative launched by WEF and the DCO to support FDI in the digital economy, and the global rebound in FDI post-COVID-19. The report also features an exclusive interview with HE Paula Ingabire, Minister of ICT & Innovation of Rwanda, in which the Minister discusses the country’s digital economic policy, the role of ICT in Rwanda’s development, and how DCO membership will help further Rwanda’s strategic goals in the digital sphere.

Other features include discussions of the gender gap in the startup sector and how the gap can be addressed to empower women with better opportunities; an examination of the challenges of effective end-user data protection legislation; and a report on the new Digital FDI Initiative that was recently launched by the DCO and the World Economic Forum.

The report also includes insights into upcoming DCO activities, including the DCO Global Round Table Series, the STRIDE initiative to support digital startups, the Digital Economy Maturity Index (DEMI), and the DCO Center of Excellence for Data Flows.

DCO Secretary-General Deemah AlYahya said on the launch of the report: “The DCO was founded to enable digital prosperity for all and to support our member states by enabling knowledge sharing and collaboration on the development of best practices, policies, and strategies to accelerate their digital transformation and therefore, support the development of an inclusive, thriving, and sustainable national digital economy. The Digital Prosperity Report is an important part of this knowledge-sharing commitment, which highlights the activities of the DCO and our member states, the report delivers expert commentary from high-profile stakeholders and draws attention to important issues such as tackling gender inequality in the digital economy, and the challenges of end-user data protection. This first edition of the report is a must-read for anyone interested in staying informed about the latest developments in the global digital economy, particularly in DCO member states”.

The DCO Digital Prosperity Report is available now: Digital Prosperity Report (dcoinsights.com)

Source: Saudi Press Agency

Women in the Middle East Top New Industry Report on Cybersecurity

Riyadh– A new global report from The Global Cybersecurity Forum (GCF), has found that 94% of women in the Middle East would be interested in pursuing a degree in cybersecurity.

“The Empowering Women to Work in Cybersecurity is a Win-Win”, report is a collaboration between the Boston Consulting Group and The Global Cybersecurity Forum (GCF) focused on the key actions that need to be taken to meet the growing gender divide in cybersecurity.

The study targeted female undergraduate students studying Science, technology, engineering, and mathematics (STEM) across six regions and 26 countries. The survey aims to provide insight into the potential challenges facing women entering STEM studies, as well as women’s long-term career prospects in cybersecurity.

Women currently make up only 25% of the global cybersecurity workforce. This comes at a time where 57% of organizations report unfulfilled position within the industry. The report found that 70% of those surveyed stated a key driver for them choosing a degree in cybersecurity was due to a role model encouraging them to enter the field and learn more about the industry.

Initiatives & Partnerships Lead at GCF Alaa AlFaadhel commented on the report: “The results of this report have shown that women are ready and prepared to fill the talent gap in the cybersecurity workforce. With the right encouragement from a young age, women can not only begin to enter the industry, but can also become leaders in their field. By bringing together the leading voices and minds of the cyberspace at the GCF, we are confident that we can bridge this gap and action impactful change for women in cybersecurity.”

BCG Managing Director and Senior Partner Leila Hoteit commented on the report: “Closing the gender gap in cybersecurity would fulfill an urgent demand in the field that is only going to get bigger. It would also strengthen cyber resilience by bringing in diverse perspectives and would improve business performance. But at the current pace, it will take 130 years to achieve gender parity in the industry. The escalation in cybersecurity threats and their economic impact make it imperative that urgent action is taken to address this mismatch.”

MENA:

94% of respondents from the Middle East expressed an interest in pursuing a cybersecurity degree, the highest percentage across all six regions. The region also leads in cybersecurity awareness with 88% of women sharing they are aware of cybersecurity programs offered in their institution.

Europe:

European respondents also presented strong results with 89% of those surveyed expressing an interest in pursuing a cybersecurity degree and 82% already active in cybersecurity courses. However, European respondents ranked the highest globally in terms of perception of STEM, with an overwhelming 77% believing the industry is male dominated and 48% perceiving the industry as a difficult field for women to achieve work-life balance.

Asia-Pacific:

Only 35% of those surveyed in the Asia-Pacific felt the industry was male dominated, a stark difference compared to markets such as Europe. In fact, 41% Asia-Pacific respondents expressed that woman who work within the field are perceived positively.

North America:

As a hub for many leading cybersecurity firms, respondents from North America surprisingly rated low with regards to prospects in the industry. Only 45% of North American women were aware of cybersecurity programs at their institution and only 61% expressed a desire to pursue a degree in cybersecurity, considerably lower than the Middle East (94%) and Europe (89%).

Latin America:

Latin America showed the most drastic differences across the areas in question, although ranking highest in terms of having some knowledge of cybersecurity at 70%, only 9% were able to say they had perused any further study, considerably lower than other markets surveyed.

Sub-Saharan Africa:

The region scored highly with regards to the appetite of female students looking to pursue a degree in the field, 84% confirmed an interest and 73% explained that their interest developed during their years at high school.

The survey encompasses an overall appetite for women to enter the field of cybersecurity at an incredibly crucial time for the industry. The role of education and educators are crucial in empowering women to pursue careers and breakdown gender barriers currently present.

Under the theme ‘Rethinking the Global Cyber Order’, the GCF will bring together key decision-makers and executives from around the globe to discuss the growing opportunities for women in cybersecurity. Action-oriented, the GCF, will return between 9-10 November for a two-day event.

Source: Saudi Press Agency

Basra, the medium and heavy crudes, rose by more than 1%

Baghdad The prices of Basra’s medium and heavy crudes rose today, Wednesday, by more than 1%.

Basra medium crude, exported to Asia, rose 0.99, with a change of 1.05%, to reach $95.19 per barrel.

Basra Heavy crude, exported to Asia, rose 0.99, or 1.10 percent, to reach $90.59.

Meanwhile, the prices of OPEC crudes fluctuated, as Saudi Arabian crude recorded 102.16 dollars per barrel, an increase of 57 cents, and the UAE Murban mix recorded 94.40 dollars per barrel, a decrease of 2.57 dollars per barrel.

International oil prices witnessed yesterday, Tuesday, an increase after the Organization of the Petroleum Exporting Countries agreed to reduce its production for the month of October by 100,000 barrels per day. Prices fell again today, Wednesday, with growing concerns about demand.

Source: National Iraqi News Agency

Preparatory Meeting for the 5th Session of the “Islamic Conference of Youth and Sports Ministers” Kicks off in Jeddah

The Senior Officials Meeting preparatory for the 5th Session of the Islamic Conference of Youth and Sports Ministers of the Organization of Islamic Cooperation (OIC) Member States (ICYSM), kicked off today, September 7, 2022.

The 5th ICYSM is hosted by the Kingdom of Saudi Arabia in Jeddah, on September 7-9, 2022 under the theme: “Youth and Sports Development for a Solidarity-based Ummah”.

The Ministerial Meeting will be held tomorrow, September 8th, under the chairmanship of HRH Prince Abdulaziz bin Turki Al-Faisal, Minister of Sports of the Kingdom of Saudi Arabia.

The Secretary-General of the Organization of Islamic Cooperation, H.E. Mr. Hissein Brahim Taha, will deliver a speech in which he will highlight the relevant efforts of the OIC which attaches high priority to youth and sports issues and to the need to enhance youth’s participation in the development of their communities.

Speakers at the opening session of the preparatory meeting included Mr. Ali Kadyrov, Representative of the Republic of Azerbaijan, Chair of the 4th Session of the ICYSM, Mr. Abdulaziz bin Abdulrahman Al-Massad, Under-Secretary for Sports and Youth Affairs at the Ministry of Sport of the Kingdom of Saudi Arabia, Chair of the 5th Session of the ICYSM, and Ambassador Tarig Ali Bakheet, Assistant Secretary-General for Humanitarian, Cultural and Family Affairs at the Organization of Islamic Cooperation.

In his statement on behalf of the OIC General Secretariat, Amb. Bakheet underlined that Saudi Arabia’s hosting of this session, after having previously hosted the first and second sessions of the conference in 2005 and 2014, reflects the Kingdom’s great interest in supporting the activities of the OIC, as well as the increased attention it attached to the issues pertaining to youth and sports development in Member States. He also indicated that the convening of this session at a time when the world is beginning to recover from COVID-19 reflects the OIC’s commitment to promoting youth and sports in Member States, and its efforts to enhance cultural pluralism, foster dialogue among cultures and civilizations, and promote the dissemination of Islamic values through sports.

Amb. Bakheet added that the meeting offers an opportunity to address issues related to youth and sports development, driven by the aim of building a solidarity-based Ummah, to discuss the challenges that hinder youth capacity-building and sports development in Member States, and to develop adequate ways, solutions and mechanisms to enhance intra-OIC cooperation in this regard.

Amb. Bakeet expressed the General Secretariat’s thanks to all the OIC institutions active in the field of youth and sports, especially the Islamic Development Bank (IsDB), the Islamic World Educational, Scientific and Cultural Organization (ISESCO), the Women Development Organization (WDO), the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), the Islamic Centre for Development of Trade (ICDT), the Islamic Solidarity Sports Federation (ISSF), the Islamic Cooperation Youth Forum (ICYF), and the International Union of Muslim Scouts (IUMS), all for their efforts to promote youth and sports development in the Member States and to follow up the implementation of the resolutions emanating from previous ICYSM sessions.

The current session discusses the situation of youth in the OIC Member States, and the importance attached by the OIC and its relevant organs and institutions to youth and sports development. It explores the ways and means of strengthening youth capabilities and enhancing their role in development, with the aim of providing conditions conducive to stability, progress, and prosperity, to combating extremist and violent ideas advocated by terrorist organizations, as well as to promoting dialogue, moderation, tolerance and respect for others. It also addresses the commitment of Member States to implementing the OIC’s guiding strategies for youth and sports development in order to promote joint Islamic action in this regard.

Source: Organization of Islamic Cooperation

Four Saudi Universities are among the Top 100 Universities Internationally Scoring Records of Patent in 2021 Compared to Three Universities in 2020

Riyadh — The Kingdom’s education has made a new scientific progress in its continuous series of achievements at the global level. Four Saudi universities were ranked among the top 100 world universities to register patents in 2021, compared to 3 universities in 2020, according to the annual report issued by the National Academy of Inventors in cooperation with the Intellectual Property Owners Association.

King Abdulaziz University achieved the 4th place globally with 187 patents in one year, King Fahd University of Petroleum and Minerals achieved the 25th place globally with 91 patents, Imam Abdulrahman bin Faisal University achieved 58th with 45 patents while King Saud University ranked the 68th with 40 patents.

The results of Saudi universities underscore the excellence achieved by the education system throughout the recent years, which is one of the Ministry of Education’s efforts to develop research and innovation, its preparation for strategic plans in terms of regulations, legislative and legal procedures, financial and funding policy regulations, as well as identifying challenges and presenting qualitative initiatives that support and strengthen the research and innovation system in the universities to meet the objectives of Kingdom’s Vision 2030.

Source: Saudi Press Agency

Custodian of the Two Holy Mosques Congratulates President of the Federative Republic of Brazil on Independence Day

Jeddah — The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of congratulation to President Jair M. Bolsonaro of the Federative Republic of Brazil on the anniversary of his country’s Independence Day.

The Custodian of the Two Holy Mosques expressed his best felicitations and wished the President constant good health and happiness and the government and people of the Federative Republic of Brazil steady progress and prosperity.

Source: Saudi Press Agency

FORBES MIDDLE EAST REVEALS TOP 100 ARAB FAMILY BUSINESSES 2022

Forbes Middle East has revealed its annual list of the Top 100 Arab Family Businesses for 2022, honoring the region’s most successful legacy businesses, many of whom have been handed down through several generations. The ranking reveals the conglomerates moving into new-age industries and technologies under the leadership of the second and third generations.

Saudi headquartered family businesses reign with 37 entries, followed by the U.A.E. with 25, and Kuwait with eight entries. Together, these three countries constitute 75% of the top 20 in the list. All family businesses in the top 10 are diversified companies with operations in multiple sectors.

Saudi’s Olayan Financing Group (OFC) tops the ranking for the second consecutive year. In 2021, OFC joined the World Economic Forum’s coalition for stakeholder capitalism metrics. Egypt’s Mansour Group and U.A.E.-based Al-Futtaim Group round up the top three.

At ninth position, Al Faisal Holding is the only newcomer to this year’s top 10 businesses, up from 11th place in 2021. In May 2022, it launched a new subsidiary offering production services, Metaserra, a joint venture with Turkey’s Doludizgin.

Diversified business corporations—groups that invest in various sectors and geographies—dominate the ranking with 89 entries. Three retail firms and two investment companies are the next most populated sectors. Of the top 100 family family-run companies in 2022, eight are owned by Arab billionaires. Algeria-based Cevital Group’s founder Issad Rebrab had a net worth of $5.1 billion as of August 2022, making him the second richest Arab in the world.

To construct this list, Forbes Middle East only considered private businesses or holding companies that are jointly owned or operated by Arab families. The conglomerates were ranked on their holding’s size and performance, business activity, age, legacy, and how diversified the business is in terms of geography and sector.

Country Breakdown

Saudi Arabia

37

Egypt

6

Morocco

2

U.A.E.

25

Oman

6

Algeria

1

Kuwait

8

Bahrain

4

Lebanon

1

Qatar

7

Jordan

2

Yemen

1

Sector Breakdown

Diversified

89

Food & Beverage

1

Medical Services

1

Retail

3

Jewelry

1

Oil & Gas

1

Investments

2

Manufacturing

1

Real Estate & Construction

1

Top 10 Arab Family Businesses In The Middle East 2022

1| Olayan Financing Company (OFC)

Country: Saudi Arabia

Established: 1947

Sector: Diversified

2| Mansour Group

Country: Egypt

Established: 1952

Sector: Diversified

3| Al-Futtaim Group

Country: U.A.E.

Established: 1930

Sector: Diversified

4| Al Muhaidib Group (AMG)

Country: Saudi Arabia

Established: 1943

Sector: Diversified

5| Al-Ghurair Investment

Country: U.A.E.

Established: 1960

Sector: Diversified

6| Majid Al Futtaim Holding

Country: U.A.E.

Established: 1992

Sector: Diversified

7| Abdul Latif Jameel

Country: Saudi Arabia

Established: 1945

Sector: Diversified

8| Al Ghurair Group

Country: U.A.E.

Established: 1960

Sector: Diversified

9| Al Faisal Holding

Country: Qatar

Established: 1964

Sector: Diversified

10 | Rashed Abdul Rahman Al Rashed & Sons Group

Country: Saudi Arabia

Established: 1950

Sector: Diversified

Source: National News Agency