The Sukuk (Islamic instruments) Conference, organized by the Capital Market Authority (CMA) in collaboration with the World Bank, titled "Sukuk market — Challenges and opportunities," will discuss the role of the debt markets in supporting economic growth. This conference will be held next Tuesday in Riyadh.
The conference aims to discuss the challenges facing the Kingdom’s sukuk markets in particular and in the GCC states in general as well as the mechanisms and ways to develop capital markets in the region, and to reflect the development of debt markets so that they are able to provide the necessary finance to both the public and private sectors.
The conference will also discuss the incentives of demand for Islamic debt instruments and the most prominent international experiences and practices.
The conference, through its five sessions, will have presentations by government officials and representatives from the World Bank as well as the private sector, economists and financial partners in the financial market.
The first session of the conference titled, "The ingredients of sukuk markets," will discuss linking the sukuk market with economic development in the long term, the sukuk market’s contribution in providing the required funding in the Gulf region, the development of the primary and secondary instrument markets, and Islamic financial markets in organized exchanges compared to trading outside the platform.
The second session, titled "Dynamics of sukuk market," will deal with methods to develop new products that strengthen Islamic funding on the long term, the behavior of institutional investors in Islamic finance, the degree of risk-taking for investors in Islamic finance, and incentives that can be utilized to attract institutional investors over the long run.
During the third session, titled "How to create effective environment for sukuk market," speakers, will deal with major challenges in the issuance of sukuk infrastructure, infrastructure instruments, the role of sukuk in development projects, and legal aspects of sukuk.
CMA, World Bank’s Sukuk Conference to discuss challenges facing markets
CMA, World Bank’s Sukuk Conference to discuss challenges facing markets
King Hussein Cancer Research Award recipients honored
Prince Talal bin Muhammad, deputizing for King Abdullah II, honored the awardees of the 2023 and 2024 King Hussein Cancer Research Award, in the presence of Princess Ghida Talal, chairperson of the King Hussein Cancer Foundation and Center.
In her speech, Princess Ghida said: “We established the King Hussein Cancer Research Award with a specific goal in mind: to launch Arab scientific initiatives that will be the cornerstone for regional advancement, and lessen our reliance on Western research. Tonight, we celebrate Arab scientists and researchers who have excelled in cancer research, honoring them as symbols of perseverance, creativity and innovation.”
Thirteen Arab medical scientists from across the world were selected from a pool of 472 researchers from more than 20 countries, in recognition of their influential contributions to cancer research.
2024 winners: Lifetime Achievement Awardees were Prof. Mohamad Mohty from Saint Antoine Hospital in France (International track), and Prof. Randah Hamadeh from Arabian Gulf University in Bahrain (Regional track). The Young Investigator Awardees included Dr. Bishoy Faltas from Weill Cornell School of Medicine in the US (International track) and Dr. Mohammad Abufaraj from the University of Jordan in Jordan (Regional track), and the Promising Researcher Grantees were Dr. Ola Sabet from the Children Cancer Hospital 57357 in Egypt and Dr. Adhari Al-Zaabi from Sultan Qaboos University in Oman.
2023 winners: Lifetime Achievement Awardees were Dr. Toni Choueiri from Dana-Farber Cancer Institute in the US (International track) and Prof. Ali Shamseddine from the Naef K. Basile Cancer Institute at the American University of Beirut in Lebanon (Regional track). The Young Investigator Awardees included Prof. Hatem Azim from Monterrey Institute of Technology in Mexico (International track) and Dr. Yacoub Yousef from KHCC in Jordan (Regional track), and the Promising Researcher Grantees were Dr. Hadeel Halalsheh from KHCC in Jordan and Dr. Hiba El-Hajj from the American University of Beirut in Lebanon. KHCC’s Hospital Based Health Technology Assessment Program received the 2023 Academic Program Excellence award.
The awards ceremony was attended by the award’s board of directors, which includes leading doctors, researchers, and oncologists from across the world, media figures, partners, and sponsors.
GWM celebrates 27 years in Middle East with key milestones
To celebrate its 27-year presence in the Middle East, GWM organized three major events in Saudi Arabia: GWM DAY at the Jeddah International Motor Show, GWM Partner Day for the Regional Dealer Conference, and GWM Family Day for the opening of its flagship store in Riyadh.
The events highlighted GWM's strategic position in the region and its commitment to technological innovation, cooperation, and brand development.
GWM has been working with users and partners in the Middle East to build a promising future through diverse strategies and strong products.
On Oct. 29, GWM made a stunning appearance at the Jeddah International Motor Show.
In front of media, dealer partners, and over 200 guests, GWM's International President, Parker, launched the Home Care plan, highlighting GWM's commitment to treating the Middle East as home and prioritizing care and service for local users.
The flagship models — the GWM Tank 700 and the all new HAVAL H9 — gained attention, underscoring GWM's leadership in the off-road market.
Also, GWM set up an outdoor area for rugged off-roading and family outings, drawing many eager spectators and families.
At the Jeddah motor show, GWM held the Middle East and Africa regional Dealer Conference, attracting over 80 partners from the region.
Dealers engaged in in-depth discussions with GWM management about the brand's future development strategy and the importance of parts support and service operations in enhancing market share and brand reputation.
The following day, dealer representatives visited a 11,000-square-meter warehouse in southern Jeddah to learn more about the parts policies.
The warehouse ensures quick repairs and efficient after-sales service while serving as a key pillar of GWM's localized operations, reflecting its strong commitment to users.
Meanwhile, on Oct. 31, 2024, GWM held a grand opening ceremony for its flagship store in Riyadh, covering 6,000 square meters.
This store is GWM's largest in the Middle East and serves as a platform for deep interaction between the brand and its users.
GWM hosted the GWM Family Day at the flagship store, uniting users and guests to share their experiences with the brand.
Influencers from automotive, photography, and outdoor fields shared their journeys with GWM vehicles.
They also engaged users in an interactive quiz about the brand, strengthening the emotional connection with customers.
This event enhanced brand recognition and a sense of belonging, creating unforgettable experiences for users and fans.
Under the slogan "Go with Middle East, Go with More," GWM is building a stronger brand ecosystem.
The Jeddah motor show showcased GWM's robust products, the Dealer Conference advanced regional cooperation, and the opening of the Riyadh flagship store elevated the co-creation experience with users.
GWM looks forward to exploring new possibilities with Middle Eastern customers and sharing exciting journeys together.
UAE Consensus serves as beacon for multi-stakeholder climate action
The COP29 Presidency hosted the Business, Investment & Philanthropy Climate Platform to harness the collective power of the private sector and drive progress for climate action.
This year’s event marked the second edition of the inaugural Business and Philanthropy Climate Forum, which was first held during COP28 last year in the UAE.
The convening continues to serve as the primary platform for private sector engagement inside the COP process.
The event gathered over 900 global leaders from the business, finance and philanthropic communities to drive practical and sustained action towards achieving the goals of the Paris Agreement and the UAE Consensus.
The agenda featured a range of high-profile speakers including COP29 President, Mukhtar Babayev, minister of ecology and natural resources, Azerbaijan; Mikayil Jabbarov, minister of economy, Azerbaijan; Nigar Arpadarai, COP29 UN climate change high-level champion; Makhtar Diop, managing director, IFC; Alok Sharma KCMG, COP26 president; Majid Al-Suwaidi, CEO, Alterra Fund; and Badr Jafar, special envoy for business and philanthropy, UAE.
In his keynote address, Jafar, who chaired the inaugural Business & Philanthropy Climate Forum at COP28, shared a profound perspective on the urgent need for global cooperation in climate finance.
"The UAE Consensus serves as a beacon for multi-stakeholder climate action, and we stand at a critical juncture where the power of public-private partnerships must be harnessed to unlock the vast resources required to address the escalating challenges of climate change."
Building on the foundations laid during COP28 Business & Philanthropy Climate Forum in Dubai which saw over $7 billion in private capital commitments, the Baku edition focused on finance and real economy actors for progress with attendees from around the world keen to advance the integration of the private sector in climate action.
Emphasizing the role of the private sector, Jafar said: "Governments alone cannot shoulder this responsibility; we need the innovation, resources, and commitment of the private sector more than ever.
“As businesspeople, as philanthropists, as investors, we can and must take this long-term approach, transcending short-term politics. That is what will drive consistent progress that builds and scales impact."
The event’s discussions referred to the trillions of dollars per year needed to deliver net zero and nature positive outcomes across the developing countries of the world.
However it was also highlighted that there is well over $100 trillion in assets under management, between sovereign wealth, pensions, insurance and family offices.
Worldwide net private wealth stands at over $450 trillion and it is set to increase more than 6 percent annually to the end of the decade.
Therefore the availability of capital is not necessarily the issue – what is urgently required are the mechanisms to channel this capital toward investments in climate solutions across the so-called Global South.
The sessions also dedicated significant attention to advancing public-private collaboration, specifically targeting the acceleration of foreign direct investment for climate action.
Discussions pinpointed the key enablers of FDI for developing countries and highlighted the importance of consistent, scaled-up financial flows to emerging markets.
The various messages delivered at the forum resonated with urgency and optimism.
Collaborative efforts showcased at the event set the stage for ongoing and scaled action at future COP meetings.
The Business & Philanthropy Climate Forum remains a critical platform for integrating business and philanthropic leadership into the global climate action framework.
By bringing together leaders from all key sectors, the forum fosters multi-stakeholder discussions and action, driving progress toward global climate and nature targets.
MG RX9: A perfect blend of modern design and versatility
MG Motor has announced the launch of the new MG RX9, following the global premiere of the model during the Jeddah International Motor Show. A premium SUV that combines elegant design, advanced technology, and powerful driving performance, the MG RX9 is available in three distinct trim levels: the entry-level STD 2.0 Turbo, the mid-tier COM 2.0 Turbo, and the top-tier LUX 2.0 Turbo. The vehicle is designed to meet the needs of modern families, travel enthusiasts, and drivers who desire comfort and capability in a seven-seater configuration.
Prices for the new MG RX9, which offers a blend of modern design, power, and versatility, start from $26,000 (excluding VAT), ensuring the new model offers remarkable value for its class. Additionally, customers will benefit from a six-year/ 200,000 km manufacturer’s warranty, providing exceptional peace of mind.
Tom Lee, managing director of MG Motor Middle East, said: “The launch of the MG RX9 marks a new chapter in our journey to provide customers with modern, premium, and capable vehicles. The RX9 is designed for those who expect more from their SUV, offering space, power, and advanced features. Whether for family outings or off-road adventures, the MG RX9 delivers an exceptional driving experience, while embodying the latest in automotive design and technology.”
The MG RX9’s robust and striking exterior design ensures it stands out on the road. At 1,967 mm wide, it has the widest body in its class, providing a powerful yet elegant presence on the road. The vehicle’s Starburst Wing Grille, integrated with the sleek headlight design featuring 245 laser-engraved LED light units, further enhances its striking front profile. Complementing this dynamic front face are 21-inch wheels, which not only elevate the vehicle’s look but also ensure stability and performance on various terrains. The MG RX9 comes in six exterior colors inspired by nature, offering a choice to suit all drivers’ preferences.
Inside the MG RX9, drivers are greeted by a luxurious and spacious cabin, crafted for comfort and functionality. This seven-seater SUV offers generous legroom and headroom for passengers and drivers alike, boasting the largest three-row seating space in its class. The boot space, which can expand to accommodate 1,026 liters in the five-seat configuration, provides plenty of room for luggage, making it ideal for long trips.
In the front, the dashboard features premium materials, including high-quality wood grain or aluminum dashboard trim and soft-plated keys, adding an additional touch of elegance. Features such as the 12.3-inch touch screen, virtual cluster, and hidden intelligent air-conditioning controls ensure drivers are equipped with all the latest features. Available in black or two-tone beige and brown leather, the cabin maintains a sophisticated yet practical design. Seating comfort is further enhanced by the eight-way electrically adjustable driver’s seat (with memory function in the LUX trim) and the four-way electrically adjustable passenger seat, providing personalized comfort for all.
The MG RX9 is designed for exceptional performance across all terrains. Powered by a new Net Blue 2.0 Turbo super-efficient engine and paired with a nine-speed automatic transmission, it delivers smooth, responsive handling in any environment. With five adaptive driving modes — Auto, Eco, Sport, Snow, and Off-road — drivers can easily adjust settings to suit road conditions. Whether in the city, on the highway, or off-road, the MG RX9 offers a seamless driving experience, enhanced by its advanced intelligent driving system and all-road intelligent cruise assist.
Safety is at the forefront of the MG RX9’s design. Equipped with Bosch’s 3rd Generation Intelligent Front View Camera and 5th Generation Millimeter Wave Radar, the RX9 offers advanced driver-assistance systems for all-around protection. The SUV also features HD 360-degree surround view cameras, allowing drivers to have complete visibility, whether parking or maneuvering in tight spaces.
The MG RX9 will be available soon in all GCC markets, as well as Jordan, Iraq and Lebanon markets.
GESALO awards celebrate Saudi-German trade ties
The German Saudi Liaison Office for Economic Affairs, known as GESALO, held its first awards event on Nov. 6 in Riyadh.
The 1st GESALO Award Gala honored outstanding company achievements and the enduring bilateral economic relationship between Saudi Arabia and Germany. The leadership of 30 companies and institutions were awarded in the categories: Innovation and Technology, Saudi German Business Partnership, Excellence in Customer Interaction and Responsibility for the Future. GESALO Delegate Dr. Dalia Samra-Rohte congratulated the winners in the presence of German Ambassador to Saudi Arabia Michael Kindsgrab.
GESALO is a vital link between businesses in the Kingdom and Germany, promoting trade and investment. By facilitating dialogue and collaboration, GESALO has played a crucial role in strengthening the bilateral economic relationship over the last 45 years.
“We are thrilled to launch this award gala as a platform to celebrate the strong economic partnership between Germany and Saudi Arabia. German companies are participating in numerous megaprojects and infrastructure development, contributing to the national objectives of Vision 2030,” said Samra-Rohte.
“We see a constant increase in the export numbers with a plus of 20 percent compared to last year. While German companies focused solely on exporting in the past, we are also seeing more German companies creating their value chain locally,” she added.
The continuous interest of German companies in the region is also illustrated by the visit of several German delegations. “Just in November, four German delegations are expected — among them are companies from the aviation and food sector,” said Samra-Rohte.
At the awards event, attendees had the opportunity to network with leaders from various industries, enhancing connections that could lead to fruitful collaborations and partnerships.
