Category: Business

Cairo, The Saudi Grant Management Committee at the Saudi Fund for Development (SFD) has signed three agreements in Egypt to contribute to the financing of the small, medium, and micro-enterprises, worth 300 million Egyptian pounds, at the end of its meetings in Cairo, which took place over three days at the Egyptian Ministry of International Cooperation during the period from December 28-30, 2021.

The agreements included 100 million Egyptian pounds with the Industrial Development Bank, 100 million Egyptian pounds with the Banque du Caire, and 100 million Egyptian pounds with the Enmaa Finance Company.

The signing ceremony was attended by the Head of the Saudi side of the Saudi Grant Management Committee for Egypt Engineer Hassan Al-Attas, and Counselor Mohammed Al-Tamimi, deputizing for the Saudi Ambassador in Egypt, and Saudi Commercial Attaché in Cairo, Zayed Al-Asmari.

The Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat praised in a statement today the distinguished Egyptian-Saudi strategic ties, which are reflected in the provision of development funds for projects in various fields, especially through the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud program, which aims at enhancing the country’s efforts to develop the Sinai Peninsula, as well as the grant for small and medium enterprises development, adding that she is looking forward to opening new horizons for partnership with the Kingdom in the framework of supporting Egypt’s national development agenda.

Source: Saudi Press Agency

Riyadh, Saudi Stock Exchange’s main index ended trading higher here today, gaining 81.87 points to close at 11,281.71 points.

The total value of the trading reported was SAR 5 billion, while the toll of shares traded was 130 million, divided into over 240,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day gaining 23.39 points, to close at 25,975.83 points, with a valuation of SAR 72 million and an overall tally of more than 400,000 stocks traded and divided into as many as 3,344 deals.

Source: Saudi press Agency

Seoul, Seoul shares closed lower Wednesday on ex-dividend date and profit-taking amid lingering concerns over the economic implications of the omicron strain, Yonhap reported.

The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.95 points, or 0.89 percent, to 2,993.29 points.

Trading volume was moderate at about 536.6 million shares worth some 10.8 trillion won (about US$9 billion), with decliners outnumbering gainers 439 to 438.

Institutions and foreigners sold a combined 1.86 trillion won worth of stocks, while individuals purchased a net 1.84 trillion won. The main KOSPI index rose 6.4 percent this month through Tuesday.

Tech and auto stocks were lead decliners. Market bellwether Samsung Electronics Co. fell 1.9 percent to 78,800 won, No. 2 chipmaker SK hynix Inc. dipped 0.4 percent to 127,000 won, top carmaker Hyundai Motor Co. dropped 0.9 percent to 212,000 won, and Hyundai’s affiliate Kia Corp. shed 1.3 percent to 83,400 won.

Among gainers, national flag carrier Korean Air Lines Co. jumped 3.3 percent to 29,950 won and No. 2 carrier Asiana Airlines Inc. climbed 4.1 percent to 20,350 won, and leading refiner SK Innovation Co. gained 5.8 percent to 239,000 won. The local currency closed at 1,186.50 won against the U.S. dollar, up 1.50 won from the previous session’s loss.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.3 basis point to 1.783 percent, and the return on the benchmark five-year government bond declined 1.7 basis points to 1.974 percent.

Source: Saudi Press Agency

Riyadh, Saudi Stock Exchange’s main index ended trading lower here today, losing 115.48 points to close, at 11,199.84 points.

The total value of the trading reported was SAR 7 billion, while the toll of shares traded was more than 220 million, divided into over 360,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 752.32 points, to close at 25,952.44 points, with a valuation of SAR 170 million and an overall tally of more than 1,000,000 stocks traded and divided into as many as 6,219 deals.

Source: Saudi Press Agency

Tokyo, Asian shares rose Tuesday, although optimism set off by a rally on Wall Street was dampened by concerns over the potential impact of the omicron variant of the coronavirus, the Associated Press reported.

Japan’s benchmark Nikkei 225 jumped 1.4% to finish at 29,069.16. South Korea’s Kospi gained 0.5% to 3,015.63. Hong Kong’s Hang Seng recouped early losses to edge up 0.2% to 23,269.36, while the Shanghai Composite gained 0.4% to 3,628.77. Trading was closed in Australia for Boxing Day.

In energy trading, benchmark U.S. crude added 34 cents to $75.91 from $75.57 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.78 on Monday to $75.57 per barrel.

Brent crude, the international standard, rose 13 cents to $78.73 a barrel.

In currency trading, the U.S. dollar was unchanged at $114.87. The euro cost $1.1328, inching up from $1.1327.

Source: Saudi Press Agency

Riyadh, A Saudi Fund For Development (SFD) delegation has inaugurated a $ 40 million project to rehabilitate the water and sanitation system in Camaguey, Cuba, which was financed by the Fund and aims to enhance the efficiency of drinking water systems, improve health and environmental levels and support social and economic development, through providing clean potable water to more than 270,000 people in Camaguey and neighboring cities.

The ceremony was attended by Saudi Ambassador to Cuba Faisal bin Falah Al-Harbi, and from the Cuban side, the Vice-Governor of Camaguey, Carmen Maria Hernandez Requejo, the Vice-President of the National Institute of Water Resources Bladimir Catos Moya, and several senior officials in the city.

The city’s Vice-Governor commended the Kingdom’s contributions through SFD in supporting and developing infrastructure projects in Cuba, and the positive impact of this vital project, which will contribute to improving living conditions, enhancing sustainable food security, and reducing the spread of diseases caused by unclean water.

On the sidelines of the visit to Cuba, the delegation engaged in several meetings with the Deputy Prime Minister of Cuba, Ricardo Caprisas Ruiz, and other Cuban officials, where the two sides discussed means to follow up on the progress of implementation of the development projects financed by SFD.

SFD has contributed to providing support to the Cuban economy through the Saudi Export Support Program during the program’s work under the Fund’s umbrella, where an agreement was signed in 2016 by the Cuban Ministry of Foreign Trade and Foreign Investment valued at $ 50 million to import plastic, mineral, agricultural materials, and equipment.

Source: Saudi Press Agency

Riyadh, Mohammed bin Abdullah Al-Jadaan, the Minister of Finance and Chairman of the Board of Directors of the National Debt Management Center (NDMC), announced the conclusion of the annual borrowing plan proposed by NDMC for the year 2021, with financing amount around SAR 125 billion. The plan is part of the public debt strategy adopted to meet the financing needs, and seize the opportunities available in local and global markets, and manage potential risks.

Al-Jadaan highlighted that NDMC’s board of directors has approved the proposal of the annual borrowing plan at the beginning of the year. The plan covered the financing needs by issuing debt instruments for about SAR 125 bn, including Sukuk and bonds, which focused on fixed-rate instruments to hedge against risks of potential interest rate fluctuations. Al-Jadaan indicated that NDMC succeeded in arranging the issuance of sovereign bonds worth EUR 6.8bn, with the largest negative yield issuance ever out of the EU, with a coverage ratio of 3.3 times (equivalent to 11.3bn euros) of the total issuance, which displays the leading position of the Kingdom in global markets. On another front, NDMC successfully arranged for financing of USD 3 bn provided by Korea Trade Insurance Corporation (KSURE) earlier this year. Additionally, NDMC arranged as well the second early repurchase of part of bonds and sukuk maturing next year (2022) of a value exceeding SAR 33 billion.

Al-Jadaan added that 2021 financing was comprised into (60.5%) locally and (39.5)% international in accordance with the approved annual borrowing plan of the year, indicating that a suite of financing channels have been developed, including, government alternative funding, early repurchase of local government issuances, and structuring the green financing framework are within the new initiatives and financing channels that the Ministry of Finance and NDMC are working to launch during next year. His excellency concluded by highlighting the Kingdom’s credit rating, which Has been revised in terms of outlook by credit rating agencies to be “stable”. This testifies to the efficiency of fiscal system, its ability to overcome challenges, its forward-looking approach, and its efforts in developing plans to address these challenges.

In this regard, the Acting CEO of NDMC, Hani bin Medaini Al-Medaini, stated that NDMC is working to broaden the investor base, open communication channels with the investors locally and internationally, and to penetrate to new geographical regions. He added that NDMC is working with international financial institutions for joining the Primary Dealers Program of the Government Local Debt Instruments, and attracting new foreign capitals to utilize the opportunities available in debt instruments arranged by NDMC, and seizing opportunities in local and international markets.

Source: Saudi Press Agency

Beijing, Asian stock markets followed Wall Street higher Wednesday, the Associated Press reported.

The Shanghai Composite Index declined to 3,623.14 while the Nikkei 225 in Tokyo advanced 0.2% to 28,562.21. The Hang Seng in Hong Kong rose 0.2% to 23,004.11.

The Kospi in Seoul added 0.3% to 2,984.48, while Sydney’s S&P-ASX 200 edged 0.1% higher to 7,364.80. India’s Sensex rose 0.7% to 56,699.01.

In energy markets, benchmark U.S. crude climbed 12 cents to $71.24 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.89 on Tuesday to $71.12. Brent crude, the price basis for international oils, slipped 2 cents to $73.96 per barrel in London. It gained $2.46 the previous session to $73.98.

The dollar rose to 114.16 yen from Tuesday’s 114.12 yen. The euro fell to $1.1267 from $1.1282.

Source: Saudi Press Agency

Riyadh, Saudi Stock Exchange’s main index ended trading higher here today, losing 90.80 points to close, at 11261.28 points.

The total value of the trading reported was SAR 5.5 billion, while the toll of shares traded was 142 million, divided into over 290,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 220.89 points, to close at 27156.16 points, with a valuation of SAR 116 million and an overall tally of more than 830,000 stocks traded and divided into as many as 4563 deals.

Source: Saudi Press Agency

Riyadh, SABIC, chemicals world leading company, has won the platinum medal from EcoVadis, awarded to distinguished companies that are among the highest 1% in the evaluation of sustainability practices.

Bo van Zeeland, General Manager and Chief Counsel Compliance and Litigation at SABIC, stressed that this entitlement comes at a time that stakeholders, through the global value chain, expect compliance of companies that work with them to show concern of their employees, the societies in which they operate and the entire planet.

Zeeland added that SABIC’s presence in more than 60 countries makes it inevitable to offer sustainable value, noting that this classification is a certificate for the ongoing efforts of the company to develop its practices to meet the sust

In 2020, SABIC received the platinum medal for sustainability from EcoVadis, which, in 2019 classified the Saudi conglomerate among the best 1% in terms of performance in the industrial category “Companies of basic chemicals, fertilizers, plastic and industrial rubber”.

Source: Saudi Press Agency

Riyadh, The Saudi Central Bank (SAMA) has announced the launch of the first version of its Open Data Platform, which contains economic, financial and monetary statistics and indicators for Saudi Arabia.

The step comes as part of SAMA’s commitment to providing accurate and up-to-date information and data for specialists and stakeholders; via upholding highest levels of transparency and benefiting from international best practices.

The Open Data Platform offers a number of features, including displaying data, indicators and charts directly on the platform as well as browsing detailed data in a tree data structure and enabling users to select a set of data and indicators from various sectors onto one page. Additionally, the Open Data Platform allows downloading the available information in various formats, such as Excel and CSV, as well as specifying the time period and periodicity of the data and indicators to be viewed or downloaded. Moreover, the platform provides time series for data and indicators, in addition to the quick search feature.

SAMA clarified that it will develop and improve the services and features of the Open Data Platform. A Programming Interface Application will be added to the platform. Users will also be able to request data. Furthermore, downloading data in XML format will be supported. The Open Data Platform can be accessed via the following link: https://www.sama.gov.sa/en-us/economicreports/pages/database.aspx.

Source: Saudi Press Agency