KSA anti-corruption campaign a positive step forward, says CEO-elect of advisory firm Grant Thornton

Updated 04 December 2017
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KSA anti-corruption campaign a positive step forward, says CEO-elect of advisory firm Grant Thornton

I suppose it is a bit unfair to grill an executive just a few hours after he has got off an airplane on his first ever trip to the Middle East, but Peter Bodin was happy to meet and to give his views of the region, from the point of view of the global chief executive of one of the top-10 biggest accounting and professional advisory firms in the world — Grant Thornton International (GTI).
Or rather, as his card insisted, CEO-elect, because Bodin does not formally take up his duties until January, after an election process last May chose him over other contenders for the role as head of the international umbrella organization that covers more than 2,500 member partners in 130 countries across the world.
GTI’s 16-member board elects its CEO in a process that involves a manifesto, hustings and presentation by existing and external candidates. “But I was not exactly unknown to them, having been CEO of Grant Thornton’s Swedish business for 16 years and global chairman between 2010 to 2015,” said Bodin.
He has not had the opportunity to sit back and celebrate his election victory, however. “I’ve been using the transition period to get to know the global business, meeting firms and clients and getting a fresh view of the business,” he said.
He was speaking on the latest leg of a global tour that has taken in his native Sweden, London, France, Germany, China, Canada and the US.
“And now Dubai. I’ve only been off the plane for a few hours, but I see a vibrant, opportunistic, entrepreneurial business environment, open and energetic,” he said.
What has emerged as the common theme on his travels around the upper echelons of the global business community?
“All clients are going through a period of disruption, inspired by technology, and even small businesses have to have an agenda to deal with it. I know there has been a lot of talk about it, but it is real. I think the way it’s been described — the Fourth Industrial Revolution — is the right way to talk about it. It is a revolution,” Bodin explained.
The Fourth Industrial Revolution (4IR) is the term coined by Klaus Schwab, founder of the World Economic Forum, and describes the fusion of technologies in the physical, digital and biological spheres that is in the process of radically altering everyday life and business, leading to the increased use of computer power, robotics and artificial intelligence in society and economies.
GTI finds itself advising on the long-term business effects of the 4IR, but also having to respond to the transformations itself as a business that is in the grip of rapid change.
The trend among the global advisory firms — most of which grew out of big accounting practices — is toward higher-end value-added advisory work, rather than relatively simple accounting and audit functions. Clients want top-level strategic advice — “human intelligence” — as well as bean-counting services, and are willing to pay more for it. But even here the 4IR will have a profound effect.
“A lot of ‘commodity’ work in future will be done by automated processes, like accounting and audit functions. Our clients of course are going through this too, but it affects our firm just as much, and we’ve got to keep pace with it. Even consulting, which you might see as the ultimate in human intelligence processes, will be affected,” he said.
“Information processing, analyzing markets and trends for example, can all be done automatically. For example, corporate valuations are normally done by a human, but automated processes will make them cheaper and faster.
“There will still be a role for human intelligence in final decision-making, but a lot of the functions that lead to that stage will be automated in the future.
“Advisory skills will always be needed, and it is part of our culture and model to give business advice.”
Does this all mean that in future robots will be consulted before business decisions are taken? “The people side of the business is all-important for us, and we will continue to invest in that. Our strong brand makes it easier to recruit top talent and hire top expertise and talent. People and leaders change organizations,” Bodin said.
The transformation underway presents opportunities as well as challenges, be believes, and his global tour is proving to him that there is real economic growth to be tapped into around the world.
“There are a lot of good things going on, potential growth in all markets. In Asia, our Chinese firm is growing very fast, but I also see growth in the US market, for example.
“In Europe, there is an increasing amount of entrepreneurial activity in Sweden and Germany. One of GTI’s strengths over the years has traditionally been as a provider of services to middle-ranking and family businesses, and this is a strong part of the European business environment, especially in Germany. The ‘mittelstand’ (the German term for the small- to medium-sized businesses that have traditionally made up a large part of the economy) is alive and well, and they are great manufacturers and exporters,” he said.
But there is a shadow looming over European business in the shape of Britain’s referendum decision to leave the EU — Brexit — which threatens to have serious repercussions for continental economies as well as the more obvious effect on the UK.
GTI is London-based, so Bodin is in a good position to judge the potential threat to the British and European economies as the UK’s departure from the EU gets closer and messier.
“I can see signs of stress in the UK economy, where people are worried about what will happen in the future. A lot of businesses are just waiting to see exactly what will happen, what kind of regulations they will have to live with in the future. I know the UK government is trying to provide a good environment for business when it leaves the EU, but there is still a lot of uncertainty,” he said.
But, so far, GTI is sticking to its British roots. “We have no plans to move from London. We have a really strong firm in the UK, with 2,500 in London and 6,000 nationally, and we have confidence in London,” Bodin said.
“The City of London has been able to adapt to changing financial and economic circumstances for 500 years, and I don’t see why it should not be able to do that now. But our model in any case is to have lots of strong offices around the world, all working together. That will continue to be the case no matter what happens with Brexit.”

Focus on MENA region
The Middle East and North Africa region has been assuming greater importance for GTI for some time. It is involved in the long-running saga in Saudi Arabia involving the Al-Gosaibi family and Maan Al-Sanea, and is contesting a multibillion-dollar lawsuit in the Cayman Islands as part of its role as liquidator to Al-Sanea’s companies there.
GTI recently appointed Hisham Farouk, its Dubai-based UAE chief executive, to the full board, with Farouk the first Arab to hold that position.
Farouk “brings a lot of experience to the global board and has personally enthused me about the Middle East. I decided, mainly because of talking to Hisham, that I wanted to come to the Gulf early on, and that’s why I’m here,” Bodin said.
The firm has been active in the region since the 1970s, when it also first got involved in Saudi Arabia. It now has three offices in the Kingdom — in Riyadh, Jeddah and Dammam. It looks well-placed to exploit an opportunity in the region to expand its valuable tax advisory business, as Arabian Gulf economies move toward next year’s introduction of value-added tax.
“We have some big government-related clients in Riyadh, and we do accounting and consulting for them, including due diligence and compliance work. In Jeddah the focus of the work is with family businesses.
“In addition, we service the Saudi clients also through the Dubai office, where there is a strong capital markets team. The UAE and Saudi practices almost operate like a joint venture, coming together frequently to provide growth opportunities to families and other clients,” Bodin said.
He had only been in the region a few hours, but was able to paint some broad-brush impressions of how he saw it.
“Of course, there has been a lot of noise around the world about (Saudi) Aramco, so I’m hoping to find out more about that. I see the anti-corruption campaign in Saudi Arabia as a positive step forward and a sign the government is targeting corruption and going for transparency, and that is a good thing. It’s an accelerative, radical approach, and maybe that is what is required to open up the economy, build new business and modernize.
“On privatization and stock market flotations, there has been a long-running trend in the region, as I understand it, for family businesses to want to go public, and we of course want to encourage that,” he said.
His and GTI’s interest in the region looks certain to lead to a new commitment to help train the next generation of Emirati and Saudi finance professionals, he explained. “We’re firm believers in hiring local talent wherever possible. In the UAE business we have a number of full-time Emirati employees who are also being trained and qualified for higher executive roles.
“In Saudi Arabia, it is all run by Saudi nationals. There is a greater economic need for local employment in the Kingdom because of the big population and strong youthful demographic,” he added.
“I live in Sweden and work in London and all over the world, but Saudi Arabia will be my next visit here,” he said as we parted.


Saudi Arabia adds MEDEX service to Jeddah Port, linking 12 global hubs

Updated 11 June 2025
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Saudi Arabia adds MEDEX service to Jeddah Port, linking 12 global hubs

  • New service connects Jeddah to Abu Dhabi and Jebel Ali in the UAE
  • It also connects to Karachi in Pakistan, and Colombo in Sri Lanka

RIYADH: Saudi Arabia has expanded its maritime connectivity with the addition of the MEDEX shipping service at Jeddah Islamic Port, linking the Kingdom to 12 regional and international ports. 

Operated by global logistics firm CMA CGM, the new service connects Jeddah to Abu Dhabi and Jebel Ali in the UAE, Karachi in Pakistan, and Colombo in Sri Lanka, according to a release by the Saudi Ports Authority, or Mawani. 

The move is part of Mawani’s broader efforts to improve operational efficiency at Jeddah Islamic Port and raise Saudi Arabia’s standing in global port performance rankings. 

It also supports the Kingdom’s National Logistics Strategy, which aims to increase the sector’s contribution to gross domestic product from 6 percent to 10 percent by 2030, positioning Saudi Arabia as a strategic logistics hub connecting three continents.

“This service enhances the port’s competitive advantage, facilitates global trade, opens new business horizons, and supports national exports,” Mawani said.

Jeddah Islamic Port currently features 62 multi-purpose berths, a bonded and re-export logistics area, several specialized terminals, and advanced cargo-handling equipment. Shutterstock 

The MEDEX service is the 19th shipping line added to Jeddah Islamic Port since the beginning of 2025, reinforcing Saudi Arabia’s commitment to improving regional and international connectivity. 

With a capacity of up to 10,000 twenty-foot equivalent units, the new service also links Jeddah to Mundra and Nhava Sheva in India, Piraeus in Greece, Malta, Genoa in Italy, Fos in France, and Barcelona and Valencia in Spain.

Headquartered in Marseille, CMA CGM Group operates in 177 countries and is the world’s third-largest shipping company. It serves more than 420 ports across five continents with a fleet of over 650 vessels. 

The new service aims to boost domestic import and export activity, supporting Saudi Arabia’s broader objective of establishing itself as a global trade hub. 

Jeddah Islamic Port currently features 62 multi-purpose berths, a bonded and re-export logistics area, several specialized terminals, and advanced cargo-handling equipment. It also houses two general cargo terminals, two ship repair docks, and a dedicated marine services zone. The port’s total handling capacity reaches 130 million tonnes annually. 

Saudi Arabia climbed to 15th place globally in container throughput rankings in 2024, underlining its growing role as a maritime logistics powerhouse, according to Lloyd’s List, a UK-based shipping industry journal. 

The report said Jeddah Islamic Port advanced to 32nd place globally, up from 41st in 2023, after handling 5.58 million containers last year — a 12.6 percent increase from the previous year.


Closing Bell: Saudi main index holds steady at 11,005

Updated 11 June 2025
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Closing Bell: Saudi main index holds steady at 11,005

  • Parallel market Nomu shed 84.03 points to close at 27,223.71
  • MSCI Tadawul Index declined by 0.07 percent to end at 1,405.46

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 0.49 points on Wednesday, closing at 11,005.02.

The total trading turnover of the benchmark index was SR5.60 billion ($1.49 billion), with 149 of the listed stocks advancing and 89 declining.

The Kingdom’s parallel market Nomu, however, shed 84.03 points to close at 27,223.71.

The MSCI Tadawul Index also declined by 0.07 percent to 1,405.46. 

Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, was the best-performing stock on the main market, as the company’s share price advanced by 9.93 percent to SR19.70. 

Miahona Co. also saw its share price increase by 6.09 percent to SR24.38.

The stock price of Americana Restaurants International PLC advanced 5.74 percent to SR2.21. 

Conversely, the share price of Elm Co. declined by 6.66 percent to SR959.20. 

The top gainer on Nomu was Meyar Co., whose share price grew 20.74 percent to SR65.20.

In the parallel market, Knowledge Net Co. also saw its stock price rise by 10 percent to SR34.10. 

The share price of Anmat Technology for Trading Co., which debuted on the Kingdom’s parallel market, climbed by 4.74 percent to SR9.95. 

On Tuesday, Saudi Arabia’s main market also witnessed three negotiated deals worth SR23.3 million. 

The negotiated deals include ACWA Power’s SR12.59 million, followed by Ades Holding Co.’s SR5.74 million, and Saudi Kayan Petrochemical Co.’s SR5 million. 

A negotiated deal indicates the purchase of a stock based on an agreement between buyers and sellers, apart from the market price.

These agreements are executed under the control of Tadawul and in accordance with capital market laws and regulations. 

The share price of ACWA Power declined by 5.34 percent to SR255.40. 

Ades Holding Co. saw its share price drop by 0.74 percent to SR13.48. 

The stock price of Saudi Kayan Petrochemical Co. edged up by 0.40 percent to SR4.96. 


Saudi Arabia’s ACWA Power plans $5bn investment deal with Uzbekistan 

Updated 11 June 2025
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Saudi Arabia’s ACWA Power plans $5bn investment deal with Uzbekistan 

  • Uzbekistan to localize production of wind turbine components
  • It will begin producing green hydrogen this month

RIYADH: Saudi utility giant ACWA Power is planning to invest $5 billion in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation’s energy sector, according to a top official. 

Speaking at the Tashkent International Investment Forum, Soumendra Rout, ACWA Power’s country head for Uzbekistan, said that this planned $5 billion deal is a part of the company’s broader strategy aimed at increasing its total commitments in the country to $15 billion, UZ Daily reported. 

Being the largest foreign player in Uzbekistan’s energy sector, ACWA Power has already implemented 19 projects in the country worth a combined value of $5 billion. 

Out of these 19 projects, eight are focused on renewable energy, as Uzbekistan aims to generate 40 percent of its electricity from clean sources by the end of this decade.

“We are not going to stop here. Our objective is to expand our investments. During this forum, we plan to sign another agreement with the government of Uzbekistan worth $5 billion,” said Rout.

During the forum, Rout also emphasized the importance of Islamic finance instruments in ensuring sustainable economic development, particularly among small and medium-sized enterprises. 

He added that Shariah-compliant financing mechanisms are capable of offering more effective support to SMEs compared to traditional financing tools. 

“We are ready to share our experience with Uzbekistan and contribute to building a more inclusive financial system,” said Rout. 

During the forum, Abid Malik, president of ACWA Power for Central Asia, announced that Uzbekistan is all set to localize the production of wind turbine components, including blades and turbines. 

Malik added that ACWA Power is collaborating closely with suppliers and seeks to provide technical support to local enterprises working on renewable projects in Uzbekistan. 

As part of a 200-megawatt wind power project currently underway in Karakalpakstan, ACWA Power has tasked its turbine supplier with establishing local manufacturing operations in Uzbekistan. 

“Our supplier is planning to begin production of wind turbines and blades within the country in the near future,” added Malik. 

He further said that Uzbekistan will begin producing green hydrogen this month, with an annual production capacity of 3,000 tonnes. 

“We believe this will elevate Uzbekistan’s position on the global green hydrogen map,” said Malik. 

In 2023, Shavkat Mirziyoyev, president of Uzbekistan, launched a pilot green hydrogen facility in the Tashkent Region in cooperation with ACWA Power. 

The $88 million project is being implemented in two phases, with production from the first phase expected to begin this month.

The production of green hydrogen aligns with Uzbekistan’s goal to achieve 20 gigawatts of clean energy capacity by 2030. 

The country is also prioritizing the expansion of solar, wind, and hydroelectric energy, leveraging its natural resources to decrease reliance on fossil fuels. 

In April, ACWA Power commenced commercial operations at two major wind power plants in Uzbekistan.

In December, the company also launched three renewable initiatives in Uzbekistan, including wind, solar, and battery storage facilities. 

These undertakings include the Bash and Dzhankeldy Wind Power Plants, with a total capacity of 1,000 megawatts and a transmission line.

Additionally, there are the Samarkand 1 and 2 solar projects, which have a combined capacity of 1,000 MW of solar power, along with a 1,000 MWh battery energy storage system. The Tashkent BESS Project has a capacity of 500 MWh. 


Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn 

Updated 11 June 2025
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Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn 

  • Online transactions through Mada exceeded 132 million for the month
  • Total value of POS purchases at physical retail outlets slipped to SR52.22 billion

RIYADH: Saudi Arabia’s e-commerce sales using Mada cards increased by 57 percent in April compared to the same month last year, hitting SR23.27 billion ($6.2 billion). 

Data by the Saudi Central Bank, also known as SAMA, shows online transactions through Mada exceeded 132 million for the month, up 40.75 percent year on year, reflecting a substantial increase in consumers shopping via websites and mobile apps. 

These figures include purchases made online using linked debit cards and e-wallets, but they do not account for credit card transactions processed through international networks such as Visa or Mastercard. 

Mada, formerly known as Saudi Payment Network, is the Kingdom’s national electronic payment system, connecting all ATMs and point-of-sale terminals to a central payments switch. 

It enables debit and prepaid card services for millions of Saudis, allowing them to pay both in stores and online using funds directly from bank accounts. Importantly, Mada transactions utilize near-field communication technology for secure, contactless payments, meaning shoppers can simply tap their card or smartphone at terminals for instant checkout. 

Despite the e-commerce boom, in-store point-of-sale transactions showed contrasting trends in April. Shutterstock

This system has become a cornerstone of Saudi Arabia’s push toward a cashless economy, ensuring fast and secure transactions at physical retail locations and on e-commerce platforms. The accelerating uptake of Mada-enabled digital payments highlights growing consumer trust in online shopping and the success of national efforts to modernize the payments ecosystem. 

In-store sales plateau as online spending soars 

Despite the e-commerce boom, in-store point-of-sale transactions showed contrasting trends in April. The total value of POS purchases at physical retail outlets slipped to SR52.22 billion, marking a 1.38 percent decline year on year according to SAMA data. 

This slight drop in sales comes even as the number of POS transactions climbed by around 11.6 percent to 891.5 million over the same period. In other words, Saudi consumers made significantly more card payments in person than a year ago, but were spending slightly less per transaction on average. 

SAMA’s figures indicate over 2 million POS terminals are now deployed nationwide to facilitate card payments — a network 16.37 percent larger than a year ago, reflecting the Kingdom’s drive to expand electronic payment acceptance among businesses large and small. 

This divergence — higher transaction counts but lower total POS value — suggests a behavioral shift as digital payments become frequent for everyday purchases. With contactless “tap-and-go” cards and mobile wallets now the norm, consumers are using cards for smaller, frequent buys like groceries or coffee. 

This has driven up transaction volumes while curbing the average ticket size of each sale. Indeed, nearly all card swipes are now contactless; about 94 percent of in-store card transactions in Saudi Arabia are made via NFC, whether through a physical card, smartphone, or smartwatch, according to SAMA. 

The convenience of tap-to-pay has encouraged people to rely less on cash even for low-value items, contributing to the surge in POS transaction counts. 

Categories like food & beverages and dining continue to dominate physical sale. File/SPA

Another factor influencing the year-on-year comparison is the timing of Ramadan and Eid shopping. In 2024, the holy month of Ramadan and the Eid Al-Fitr festival fell largely in April, boosting retail spending in that period. 

In contrast, Ramadan in 2025 fell mainly in March, pushing POS sales to about SR66 billion that month. As a result, April 2025 didn’t see the same holiday-related boost, which likely played a role in the softer in-store sales figures, even though the overall trend in electronic transactions continues to grow. 

Categories like food & beverages and dining — which according to SAMA data were the top two POS spending sectors in April at around SR7.7 billion each — continue to dominate physical sale, but their growth may have been tempered without the late-Ramadan rush present a year ago. 

Fintech innovation 

The growth is also being fueled by new services and partnerships. In April, SAMA signed an agreement with Google to launch Google Pay in Saudi Arabia using Mada’s payment infrastructure.

Expected to roll out later in 2025, this integration will allow users to add their Mada-linked debit cards to Google Wallet for seamless tap-to-phone payments and online purchases, further expanding the mobile payment options available to consumers. 

This follows earlier introductions of Apple Pay and local mobile wallets, meaning Saudi shoppers will soon have a full suite of global and domestic smartphone payment apps at their disposal. 

Such developments not only offer greater convenience but also help normalize cashless spending across all demographics — including younger, tech-savvy consumers who favor using their phones and wearables to pay. 


Egypt seeking FDI boost with tourism sector investment opportunities

Updated 11 June 2025
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Egypt seeking FDI boost with tourism sector investment opportunities

  • Tourism minister announced formation of unit to monitor investment prospects
  • He presented targeted investments in antiquities preservation and restoration

RIYADH: Egypt is intensifying efforts to attract foreign direct investment by opening new opportunities in its tourism and archaeological sectors, Prime Minister Mostafa Madbouly said during a high-level strategy meeting.

The gathering, which took place at the government headquarters in the New Administrative Capital, aimed at following up on the efforts of the Ministries of Tourism and Investment, according to a statement published on the Cabinet’s official Facebook page.

This aligns with Egypt’s goal of attracting 30 million tourists annually by 2028, aiming for a 25 percent to 30 percent year-over-year increase in inbound tourism as part of the nation’s Vision 2030 for sustainable development.

“The government is working to formulate clear plans with specific targets to offer investment opportunities in various sectors, contributing to increasing foreign direct investment,” Madbouly said during the meeting.

Egyptian Prime Minister Mostafa Madbouly held a high-level strategy meeting at the government headquarters in the New Administrative Capital. Facebook/Presidency of the Egyptian Council of Ministers

During the assembly, Minister of Tourism Sherif Fathy announced the formation of a dedicated unit to monitor investment prospects. The initiative aims to establish an “investment opportunities bank” that will showcase available projects in the tourism sector, supporting the country’s efforts to meet its growth targets.

The statement said: “In a related context, the Minister explained that 2024 witnessed an increase in hotel capacity of 7,200 additional rooms — 55 percent of which are new capacity, and during the current year 2025, it is expected to add approximately 19,000 new hotel rooms — new projects, expansions of existing projects, and initiatives.”

During the gathering, Fathy also presented the targeted investments in the field of antiquities preservation and restoration, noting that the Supreme Council of Antiquities has implemented an average of 36 projects annually over the past five years.

The minister then outlined the targeted investment distribution for the tourism and antiquities sectors from 2025 to 2031 across various governorates. 

The plan includes developing hotel rooms, restaurants, safaris, camps, and amusement parks. It also focuses on investing in the rehabilitation and utilization of archaeological sites, establishing museums in partnership with the private sector, and enhancing services at heritage locations.

During the meeting, Investment and Foreign Trade Minister Hassan El-Khatib noted that the implementation timeline includes holding bilateral coordination meetings between the his department and the relevant ministries to present the strengths of each sector, available investment opportunities, proposed projects, and the challenges facing attracting investment.

He also stated that each ministry will conduct a comprehensive sectoral study, form joint working groups between the Ministry of Investment and Foreign Trade and each relevant ministry, and submit periodic reports to the Cabinet to monitor progress in implementing the sectoral investment strategy and achievement rates.