JEDDAH: Three women have been appointed to top jobs in Saudi Arabia’s male-dominated financial sector in the space of just one week, in what marks a historical moment for both the industry and wider society.
Sarah Al-Suhaimi is now the chair of Saudi Arabia’s stock exchange, the Tadawul; Rania Nashar became the CEO of Samba Financial Group; and on Tuesday it emerged that Latifa Al-Sabhan has been appointed chief financial officer of Arab National Bank (ANB).
Al-Suhaimi is now chairing the largest bourse in the Middle East, and replaces Khalid Al-Rabiah, the Tadawul announced on Thursday. She is expected to keep her position as CEO of the investment-banking unit at National Commercial Bank (NCB) Capital.
Under Al-Suhaimi’s leadership, NCB Capital has over 1 million clients and SR77 billion ($20.5 billion) of assets under management, which made it the largest asset manager in the Kingdom, according to a statement on the official website.
Following the move by the Tadawul, Samba Financial Group on Sunday named Rania Nashar as CEO, in a move that will see her continue her 20 years of experience in banking.
And just yesterday, Al-Sabhan became the chief financial officer of ANB.
The moves come in line with a goal outlined in the Saudi Vision 2030 reform plan to increase the participation of women in the workforce from 22 percent to 30 percent.
Suhaila Zain Al-Abideen, a Saudi social activist and senior member of the National Society for Human Rights, said this is a good initiative. “It is the least that can be given to Saudi women because they deserve much better. It is a step toward seeing women leaders in other sectors,” Al-Abideen said.
Hatoon Al-Fassi, a Saudi writer and visiting professor at Qatar University, also praised the appointments and said it is a step forward. “It shows the country (government) is serious in dealing with offering women leading positions and it shows that when the government wants something and gives promises, the change comes to reality immediately,” she told Arab News.
Despite the recent wave of optimism among women in Saudi Arabia, there are still obstacles and challenges facing working women.
“You give these women trust to handle the country’s fortune, while (others are seen as) incompetent. It is somewhat (contradictory),” said Al-Fassi, who was general coordinator of the Baladi Initiative, an advisory body for women candidates and voters in the 2015 municipal elections.
Both Al-Fassi and Al-Abideen believe that working toward better empowerment of women requires a change of many rules.
Al-Fassi said she is also waiting to see rapid changes in rules that affect the daily lives of women. “The main issue when it comes to empowerment is that there are still rules which discriminate against women and make them... incapable of taking important life decisions,” she said.
Al-Abideen told Arab News: “The fact that women have reached these positions but still do not have the freedom to move or travel… these things have to change. Women are fully competent just like men. Guardianship should only be practiced over minors and incapacitated people.”
Other reactions were reflected on micro-blogging service Twitter, which is actively used by 20 percent of the Saudi population.
A few users remarked that women should only stick to lower positions in the workplace, so they do not neglect their homemaking duties — views that provoked a strong reaction from Al-Abideen.
“I was shocked by a wave of criticism that are against the appointment of women in leading positions managing men. Some said this would lead to ruining the women’s morals and hence will negatively affect the society and that these are Westernized ideas. This reaction is sadly coming from academics!” Al-Abideen said.
Saudi Arabia has been appointing more women in decision-making positions in the past few years.
“Saudi women are yet another great asset. With over 50 percent of our university graduates being female, we will continue to develop their talents, invest in their productive capabilities and enable them to strengthen their future and contribute to the development of our society and economy,” the Vision 2030 reform plan states.
In 2011, the late King Abdullah announced that women would have the right to join the Shoura Consultative Council and the right to run and vote in the municipal elections. “We refuse to marginalize women in society in all roles that comply with Shariah,” he said at the time. Today, the representation of Saudi women on the Shoura Council stands at 20 percent.
Remarkable week for Saudi women as females conquer top financial jobs
Remarkable week for Saudi women as females conquer top financial jobs
Date announced for Modon Excellence Award winners reveal
- The initiative reflects Modon’s ambitions of cultivating a world-class industrial environment
RIYADH: The Saudi Authority for Industrial Cities and Technology Zones, known as Modon, has announced the winners of the Modon Excellence Award will be revealed on Dec. 22.
The initiative, under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef, reflects Modon’s ambitions of cultivating a world-class industrial environment, embracing best practices in digital transformation, research and innovation, and promoting business sustainability.
It also aims to empower women in the workplace and enhance the leadership role of factories by adopting Fourth Industrial Revolution technologies and developing innovative products.
Deputy Minister of Industry and Mineral Resources for Human Capacity Development Faris Al-Saqabi said the Modon Excellence Award was designed to inspire positive competition among factories and individuals in the industrial sector.
He added innovation and collaboration were pivotal in driving societal progress and cultivating a sustainable, thriving industrial environment. The award highlights groundbreaking initiatives that reflect creativity and dedication while promoting innovation and raising industrial standards.
Mamdooh Al-Drees, Modon’s deputy CEO, said the award was launched to promote healthy competition within the industrial sector and encourage excellence among participants. He added it also sought to foster an environment that nurtured creativity and innovation, ultimately improving operational efficiency and boosting production.
Ultimately, it seeks to enhance the ecosystem of industrial cities and technology zones by promoting sustainable environmental practices in production, advancing adoption of cutting-edge industrial technologies, and encouraging improvements in product and service quality. It also aims to drive the integration of automation across diverse operations and processes.
The first edition of the award, launched under the theme “Makers of Excellence,” features three main categories: Individuals, with subcategories for Leadership Excellence and Promising Woman; Small Enterprises; and Medium and Large Industrial Enterprises.
These recognize excellence in several key areas including environmental sustainability, innovation and leadership in industry, digital transformation, social responsibility, and human capacity development.
Sri Lanka to build on, maintain relations with Saudi Arabia: envoy
- Sri Lanka, Saudi Arabia celebrate 50 years of diplomatic relations
- Commemoration of anniversary will serve as a catalyst to further consolidate bilateral relations
- Two countries to issue a postage stamp, unveil a logo besides other cultural activities
RIYADH: Sri Lankan Ambassador in Riyadh Omar Lebbe Ameer Ajwad expressed his desire to elevate bilateral relations to new heights as Saudi Arabia and Sri Lanka celebrate 50 years of diplomatic ties.
In an exclusive interview with Arab News, Ajwad said: “Saudi Arabia and Sri Lanka are celebrating the 50th anniversary of the establishment of diplomatic relations.”
He added: “Sri Lanka and Saudi Arabia have a very long background of ties. According to the history books, it started in the seventh century … when Sri Lankan King Aggrabodhi III dispatched a delegation on a fact-finding mission to Saudi Arabia, on the request of the Arab people who were living in Sri Lanka at that time. The king sent an envoy to Madinah to learn about Islam from Prophet Muhammad.”
This ancient trade and people-to-people relationship between Saudi Arabia and Sri Lanka flourished over time. The two established formal diplomatic relations in 1974. The first Saudi ambassador to Sri Lanka was appointed in August 1977. The Sri Lanka mission was established in Jeddah in 1983. The Embassy of Sri Lanka was established in Jeddah with M.R.M Thassim as the first accredited ambassador, and shifted to Riyadh in 1985.
“We are celebrating this historic moment. It’s a milestone in our bilateral relations. We have decided on a logo to be unveiled soon to mark this occasion, both countries have agreed on that. We will soon launch it both in Saudi Arabia as well as Colombo. The logo will demonstrate the close bilateral relations,” said the ambassador.
“We will issue a postal stamp to mark the occasion. Both countries are now working on that to release a stamp to demonstrate the depth of relations,” Ajwad told Arab News.
“We also took some initiatives to mark the golden jubilee occasion such as the green initiative with the tree planting campaign in Riyadh in collaboration with the Saudi Ministry of Foreign Affairs and the Riyadh municipality — we have already planted trees in four parks with our community. It is aligned with the Saudi Green Initiative that aims to plant 10 billion trees,” he said.
“(We) also initiated planting campaign in the Sri Lankan Schools in Riyadh and Jeddah to mark the 50th anniversary,” he added.
“We initiated an Ambassadors Cup cricket tournament among our community to mark this occasion. We already had it in Jeddah, and now we have a final on Dec. 27 in Riyadh,” he said.
“We have also launched events to boost cultural cooperation between the two countries.”
Ajwad noted that Saudi Arabia under the visionary leadership of King Salman and Crown Prince Mohammed bin Salman has embarked on an ambitious Vision 2030 program.
“We witness Saudi Arabia’s fastest developments in all spheres,” he said, adding that Sri Lanka was one of the first countries which pledged support for Saudi Arabia hosting Expo 2030. He also said Sri Lanka is proud of the Kingdom winning the bid to host the FIFA World Cup in 2034.
“I believe the commemoration of the 50th anniversary of the diplomatic relations will serve as a catalyst to further consolidate our bilateral relations in all areas of mutual interest in the years ahead,” said Ajwad.
Following the commemorative year, “we are planning to initiate the first political consultation meeting between the foreign ministries of both countries, finalizing the roadmap for economic cooperation between the Ministry of Economy and Planning of Saudi Arabia and the relevant ministry in Sri Lanka, and activating the MoU on foreign investment signed this year between Sri Lanka and the Ministry of Investment of Saudi Arabia,” he added.
On diplomatic ties with Saudi Arabia, the ambassador said: “We are very closely working on all aspects.”
He added that the Saudi-Sri Lanka Joint Committee was established under the General Cooperation Agreement signed between the two countries in 2003.
The committee held its first session in 2023 in Riyadh. The Saudi delegation was led by Dr. Abdullah Nasser Abu Thnain, deputy minister of human resources and social development, while the Sri Lankan delegation was headed by Tharaka Balasuriya, former minister of state for foreign affairs.
“We have identified around 63 items for economic cooperation under the Joint Committee. We have also set up an economic roadmap under the framework of the Joint Committee,” said the ambassador.
“It’s a very promising roadmap. So we will build on the relations that we have already maintained, to elevate it to the new heights,” said Ajwad.
Saudi Arabia’s assistance to Sri Lanka is broad and diverse. The Kingdom has provided assistance to the tune of $455 million to implement over 15 development projects in education, irrigation, agriculture and road networks, including the establishment of Medical Faculty at the University of Sabaragamuwa, the development of the Wayamba University township and the Kurinchakerni Bridge project.
The Saudi aid agency KSrelief has also implemented 18 projects including shelter, food security, and humanitarian operations at a cost of more than $15 million.
Formation of a Parliamentary Friendship Committee between the two countries has further strengthened bilateral ties, said the envoy.
“We are also focused on the private sector interactions between the two countries,” he added.
Tourism is a very promising area for Sri Lanka. “We saw an increased number of Saudi tourists visiting Sri Lanka. Saudis are placed third in number of tourists visitng Sri Lanka,” said Ajwad, adding: “We are working closely on promoting tourism. It’s a promising area. We can work in the hospitality sector as well. There is a big interest.”
Saudi crown prince checks on health of Morocco’s king during phone call
- The king had successful surgery earlier in December
RIYADH: Crown Prince Mohammed bin Salman made a phone call on Friday to King Mohammed VI of Morocco to check on the king's health and wish him continued good health and wellbeing, the Saudi Press Agency reported.
King Mohammed thanked the crown prince for the call and kind wishes, SPA added.
The king had successful surgery earlier in December on his left shoulder after suffering a fall while working out, state media said.
Japan looks forward to strengthening relations with ‘major power’ Saudi Arabia as 70th anniversary nears
DUBAI: Japan Foreign Minister Takeshi Iwaya told a press conference on Friday that Saudi Arabia is a “major power” in the Middle East and plays a significant role in peace and stability in the region.
“Saudi Arabia is an important country for Japan, especially when it comes to energy and security. The country is an important partner,” he said.
Responding to a question about next year’s 70th anniversary celebrations between the two countries, Iwaya explained that Japan, on a broader and deeper scope, wants to “promote cooperation and understanding” with Saudi Arabia.
Iwaya said that Japan was soliciting public proposals for commemorative events between the two countries. “Between the governments, we are moving forward with certain plans,” he added.
In October, a commemorative logo was released, which features a combination of a palm tree, a symbol of Saudi Arabia, and cherry blossoms, a flower synonymous with Japan.
The foreign minister also spoke about Japanese boxing champion Naoya Inoue’s sponsorship contract with Riyadh Season.
“(The contract) is something that we should be very happy about, we are proud of this super champion. So, we hope that he will be very active and successful in Saudi Arabia as well. We welcome this,” he told the press conference.
Inoue announced the sponsorship deal in November, which is reported to be worth about $20 million. The boxing champion will have the Riyadh Season logo displayed on the branding for his fights.
During the press conference, Iwaya also announced newly designed Japanese passports in 2025 as well as Prime Minister Ishiba Shigeru’s potential meeting with US president-elect Donald Trump.
Diriyah Season 24/25 launches celebration of history, culture and arts
- Diriyah Season 24/25 will kick off with the Enduring Resilience Exhibition
RIYADH: The Diriyah Company has announced the launch of Diriyah Season 24/25, which begins on Friday, Dec. 20 with a display of Diriyah’s heritage, hospitality, and immersive cultural experiences through various programs.
Jerry Inzerillo, CEO of the Diriyah Company, said: “We anticipate welcoming three million visitors to At-Turaif district, the birthplace of the Kingdom, by Founding Day on Feb. 22, 2025.
“We are breaking records in visitor numbers and forming numerous partnerships for ground and tour operations, with new flights already arriving from countries like China. The international presence in Bujairi is evident every night, making it one of the world’s premier gathering spots.”
Under the theme “Entertain Your Cultural Curiosity,” Diriyah Season 24/25 will kick off with the Enduring Resilience Exhibition, honoring the legacy of Imam Turki bin Abdullah, who founded the Second Saudi State 200 years ago. The much-anticipated Layali Diriyah returns with innovative experiences, while Minzal invites visitors to appreciate the natural beauty and heritage of Diriyah in a winter wonderland.
Guests can engage with the “850” interactive experience, immersing themselves in the narratives of significant historical figures. The Diriyah Storytelling Festival will celebrate literature and promote cultural exchange. Additionally, the Tyn Festival will bring together architects, academics and enthusiasts to celebrate the region’s tradition of mud architecture.
In the historic At-Turaif district and Bujairi Terrace, visitors will embark on a journey filled with cultural and artistic expression. The Souq program combines performing arts with a heritage backdrop enriched by modern elements. Lastly, the Samri Art Activities will offer interactive performances of Samri folk music and dance at various locations in Diriyah throughout the season.
