LONDON: London Stock Exchange Group said Thursday that its chief executive, French national Xavier Rolet, would leave the company by the end of 2018 after almost a decade in charge.
“The board is now initiating a process to find a successor and will work closely with Xavier to ensure a smooth transition process as the group continues to execute on its successful growth strategy,” a statement said.
It did not give any indication about the reason for Rolet’s departure.
Rolet joined LSEG in 2009 and since then, the company’s market value has rocketed to nearly £14 billion from £800 million, the statement said.
Rolet said he was “extremely proud” to have helped “turn LSEG into a truly global financial market infrastructure group.”
Under his stewardship, the company bought US asset manager Russell for $2.7 billion to diversify and boost its business in the United States.
It also bought LCH.Clearnet, the British clearing house.
But also on his watch, the LSEG — which additionally operates Italy’s Borsa Italiana — failed in separate attempts to merge with the Toronto stock exchange and earlier this year with Germany’s Deutsche Boerse.
The EU in March blocked a proposed blockbuster tie-up of the London and Frankfurt stock markets owing to competition concerns and fallout from Brexit.
Speaking on Wednesday, Rolet warned that more British firms would move business to EU countries should Britain fail to hammer out a post-Brexit transition deal by the end of the year.
“In the absence of certainty in the next few months, the businesses, the CEOs, the boards the executive committees of many companies that are based here will have to start acting on worst case scenarios,” the 57 year-old said in a speech made at Britain’s parliament.
London Stock Exchange says CEO Xavier Rolet to depart
London Stock Exchange says CEO Xavier Rolet to depart
Qatar welcomes over 1.5m international visitors in Q1 2025
RIYADH: Qatar received more than 1.5 million international visitors in the first quarter of 2025, according to newly released figures, as the country continues to push forward with its comprehensive tourism strategy anchored in major events, strategic partnerships, and diverse travel offerings.
While slightly below the 1.6 million visitors recorded during the same period in 2024, the latest numbers highlight Qatar’s sustained momentum in attracting global travelers.
Visitors from Gulf Cooperation Council countries accounted for 36 percent of arrivals, followed by Europe at 28 percent and Asia and Oceania at 20 percent, underscoring Qatar’s growing appeal across varied markets.
The increase aligns with the nation’s long-term objective of drawing six million visitors annually by 2030. It also coincides with the third phase of the Qatar National Development Strategy (2024–2030), launched in January 2024, which designates tourism as a critical pillar in the country’s economic diversification agenda.
“The achievements of the first quarter of 2025 demonstrate some of the planned outputs of our long-term approach to tourism development,” said Saad Bin Ali Al-Kharji, chairman of Qatar Tourism and chair of the board of directors of Visit Qatar.
“Part of the development transcends into deepening collaboration across local, regional and international markets and continue to diversify source markets, enhance visitor experiences, and reinforce Qatar’s position as a dynamic, year-round destination. We are excited to have welcomed 1.5M in Q1 and look forward to welcoming more guests throughout this year,” he added.
Qatar’s multi-access strategy also appears to be paying off. Of the total visitors, 51 percent arrived by air, 34 percent by land, and 15 percent by sea.
During the Eid Al-Fitr holidays, the country recorded its highest holiday visitor count in three years, attracting 214,000 travelers over an eight-day period — a 26 percent increase from 2024. Nearly half (49 percent) of those visitors came from GCC countries, representing an 18 percent year-on-year rise. Hotel occupancy during this period reached 77 percent, up from 67 percent the previous year.
The hospitality industry reported robust performance overall in Q1, with an average hotel occupancy rate of 71 percent and 2.6 million room nights sold. Key drivers included major international events such as Web Summit Qatar, the Doha Jewellery & Watches Exhibition, and the Qatar International Food Festival.
Reinforcing its position as a regional tourism hub, Qatar also hosted the 51st UN Tourism Regional Committee for the Middle East. The gathering focused on leveraging the country's strengths in sports, innovation, and infrastructure to promote sustainable tourism across the region.
Looking ahead, Qatar is set to continue its tourism push with a strong slate of upcoming events. The country will annually host the T100 Triathlon World Championship Final in partnership with the Professional Triathletes Organization through 2030. Additional highlights include the FIFA Arab Cup Qatar 2025, the Visit Qatar E1 Grand Prix of Electric Boats, and a series of high-profile festivals and sports events, all aimed at enriching Qatar’s tourism offerings and supporting its continued growth.
Syria to sign deal to import electricity from Turkiye, minister says
CAIRO: Syria is set to sign a deal to import electricity from Turkiye through a 400-kilovolt transmission line between the two countries “soon,” the Syrian state news agency cited the country’s energy minister as saying on Sunday.
Syria is also working on establishing a natural gas pipeline connecting the Turkish border town of Kilis and Syria’s northern city of Aleppo, minister Mohamed Al-Bashir said.
“The pipeline will allow the supply of 6 million cubic meters of gas per day to power plants in Syria which will contribute in improving the country’s energy situation,” he added.
Syria has suffered from severe power shortages. On separate occasions, the country said it was working with partners including Gulf states, in the energy and electricity sectors.
OPEC+ members to raise oil output by 411,000 bpd in June
RIYADH: Eight OPEC+ member states, including Saudi Arabia, have agreed to raise oil production by 411,000 barrels per day in June as part of a gradual rollback of voluntary output cuts, the group has announced.
The decision was reached following a virtual meeting on May 3 and builds on an agreement made on Dec. 5 to gradually and flexibly restore 2.2 million bpd of voluntary cuts starting April 1, the Saudi Press Agency reported.
The June increase is equivalent to three monthly increments and reflects improving market conditions, including declining oil inventories.
The meeting included the Kingdom, Russia, and Iraq, as well as the UAE, Kuwait, Kazakhstan, Algeria, and Oman, all of whom had previously announced additional voluntary reductions in April and November 2023.
In a joint statement, the countries emphasized that the planned increases remain subject to change or temporary suspension depending on market developments, allowing the group to retain flexibility in supporting price and market stability, according to SPA.
The members also reiterated their full commitment to the Declaration of Cooperation, including the additional voluntary cuts agreed during the 53rd meeting of the Joint Ministerial Monitoring Committee held on April 3, 2024.
The statement affirmed that participating countries are determined to fully compensate for any excess production recorded since January 2024.
OPEC+ said it would hold monthly meetings to track market conditions, compliance levels, and progress of the compensation plan. The next meeting is scheduled for June 1 to set production targets for July.
Saudi Arabia opens May round of Sah savings sukuk with 4.66% return
RIYADH: Saudi Arabia launched the May issuance of its Sah savings sukuk, offering retail investors a fixed return of 4.66 percent as the government continues to push savings participation.
The sukuk, part of the country’s broader local bond program, is issued by the Ministry of Finance and managed by the National Debt Management Center. It is available for subscription from May 4 at 10:00 a.m. until May 6 at 3:00 p.m. local time, the NDMC said in a statement.
As part of the Vision 2030 Financial Sector Development Program, the initiative aims to boost personal savings by encouraging regular fiscal habits, expanding product access, and promoting financial literacy to support future goal planning.
The offering, denominated in riyals, also supports the goal of raising the national savings rate from 6 percent to 10 percent by the decade’s end.
The sukuk carries a one-year maturity and can be purchased in increments of SR1,000 ($266), with a cumulative cap of SR200,000 per individual across all program issuances.
Allocation is scheduled for May 13, with redemption occurring between May 18 and 20. Payments will be disbursed on May 25.
The Sah sukuk is accessible through digital platforms operated by SNB Capital, Al Rajhi Capital, and AlJazira Capital, as well as Alinma Investment and SAB Invest.
The May issuance of the Sah savings product follows the fourth round issued in April, which offered a 4.88 percent return under the Ijarah sukuk structure. Available through the digital platforms of approved financial institutions, the bonds featured a one-year savings term with fixed returns payable at maturity. The minimum subscription was SR1,000, with a maximum cumulative limit of SR200,000 per user across all issuances during the program period.
Sah is Saudi Arabia’s first Shariah-compliant savings instrument for individuals. Structured under the Ijarah model — where returns are derived from leasing-based assets — the product is designed to offer a low-risk, fixed-income alternative with no fees and exemption from Zakat.
Returns are paid upon maturity, with early redemptions allowed during set windows but without profit entitlement.
NDMC CEO Hani Al-Madini said in March that Sah that the sukuk serves as a catalyst for private sector cooperation and participation in developing and launching various savings products tailored to diverse demographics. These initiatives could involve partnerships with banks, fund managers, financial technology companies, and more.
In late February, the NDMC confirmed it would continue using the Ijarah format for future issuances to provide accessible, low-risk savings solutions.
Saudi fintech startup Nqoodlet secures $3m in seed funding
RIYADH: Saudi fintech firm Nqoodlet has announced the successful closure of a $3 million seed funding round aimed at accelerating its mission to streamline financial operations for small and medium-sized enterprises.
The round was led by Waad Investments, with participation from Omantel, Sanabil 500 Investment, OQAL, Seed Holding, and a group of strategic investors.
Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet offers an integrated digital platform that includes smart corporate cards, real-time expense tracking, and financial automation tools. The startup is focused on transforming financial management for SMEs across Saudi Arabia and the wider Gulf Cooperation Council region.
According to the company, more than 600 SMEs have already adopted the platform, resulting in reported gains such as an 80 percent improvement in process efficiency and average annual cost savings of SR200,000 ($53,330) per business.
“This funding gives us the rocket fuel to scale faster, go deeper with banks, and bring financial clarity to thousands of businesses who deserve better,” said Milyani.
Yaser Al-Ghamdi, chief investment officer at Waad Investment, said the firm backed Nqoodlet because “they are not just building a product — they are building an entirely new future for financial technology.”
With the new capital, Nqoodlet plans to enhance its technology infrastructure, launch open banking integrations, develop automated tax solutions, and expand strategic partnerships within the regional fintech ecosystem.
“This isn’t just a funding round. It’s a statement: GCC is ready for the next generation of fintech,” said Ghouth.
