Gender quotas may be the answer to having more women in the work place, JCCI vice chairwoman

Updated 12 April 2018
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Gender quotas may be the answer to having more women in the work place, JCCI vice chairwoman

  • Dr. Lama Al-Sulaiman said she was pro-quotas when it concerned the employment of women, but only in the short term
  • Women who have made it into leadership roles experienced the same emotions women are experiencing now

KING ABDULLAH ECONOMIC CITY, Saudi Arabia: Gender quotas can be a driving force to include more women in the workplace, said Dr. Lama Al-Sulaiman, vice chairwoman and board member, Jeddah Chamber of Commerce and Industry (JCCI) at the Arab Women Forum on Tuesday.

“I am completely pro quota. There is no way it is going to start in any company unless there is a legislation to impose the participation of women and then they are going to find the woman that would suit them the most. Some are going to succeed while some are going to fail,” she said.

Al-Sulaiman made history in 2005 when she was elected to the board of directors of the JCCI alongside with Nashwa Taher, while two others were appointed on the board. At that time she said women were not allowed to use the same entrance as their male counterparts. Two years later, there were 50 women working at the Chamber of Commerce out of just over 300 working in different departments. She said that “although it sounds small… it was really a big step.”

Speaking to Arab News at the sidelines of the Arab Women Forum Sulaiman said a quota did not have to be enforced permanently.

“We can impose quota policy until we reach a reasonable percentage; until we reach, let’s say, 30 percent of women in the workforce as per Vision 2030.”

If a leader believes in boosting the presence of women in the workplace, everybody below him would want to show that they are moving at the same pace and towards the same goal, Sulaiman said.

In a culture that mainly gives the responsibility of protecting members of the family to men, moving in uncharted waters can be worrying she said.

And she added that overprotecting women can be a bottleneck that hinders women from growing and taking the risks to reach higher positions. “Sometimes over-protection might hinder women’s growth. Fathers have to believe in their daughter and have the confidence that this woman will be able to face all the struggle that she can face,” Al-Sulaiman told Arab News.

The JCCI’s vice chairwoman said the conversation needed to be ongoing, and holding such conferences kept it alive. “Role models” get to share their stories, she said, and talk about how they made it into business.

She said women who are striving to reach leadership positions are going through similar experiences that those at the top have gone through.

“They went through the same obstacles. They cried. They cracked. They went back home crying like a little kid and maybe cried on the shoulder of a husband or a father and said they cannot go back again. We all thought of resigning. We all thought of giving up.”

When asked about what makes a woman in that position get back up and continue the journey, Al-Sulaiman said: “Your passion. You need to be passionate about what you do. If you are working in a place that is not bringing out your passion, there is no way you can confront the obstacles that you will face.”

Once women look at reaching higher positions and thinking of their career, they need to work harder and twice as much as their male counterparts “because you need to be seen and heard” and to be seen and heard you need to prove that they can do better.

More women are yet to reach leading positions since at the moment, there are still very few female Top CEO in the region. Until that is achieved, Sulaiman said it is important to “keep having conversations about the increased participation of Arab women.”


Oil Updates — prices dip as demand optimism fades 

Updated 07 January 2025
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Oil Updates — prices dip as demand optimism fades 

BEIJING/SINGAPORE: Oil prices eased on Tuesday, extending losses into a second consecutive session after last week’s rally, although concerns about tighter Russian and Iranian supply amid widening Western sanctions checked losses, according to Reuters. 

Brent futures edged down 8 cents, or 0.1 percent, to $76.22 a barrel by 07:52 a.m. Saudi time, while US West Texas Intermediate crude fell 15 cents, or 0.19 percent, to $73.42. 

Both benchmarks slid on Monday, after rising for five days in a row last week to settle at their highest levels since October on Friday amid expectations of more fiscal stimulus to revitalize China’s faltering economy. 

“This week’s weakness is likely due to a technical correction, as traders react to softer economic data globally that undermines the optimism seen earlier,” said Priyanka Sachdeva, senior market analyst at Phillip Nova, referring to bearish economic news from the US and Germany. 

Also dragging on oil prices is the rising supply from non-OPEC countries that, coupled with weak demand from China, is expected to keep the oil market well supplied this year. 

Market participants are waiting for more data this week, such as the US December nonfarm payrolls report on Friday, for clues on US interest rate policy and oil demand outlook. 

“The move higher in crude oil prices appears to be running out of momentum,” ING analysts wrote in a note. 

“While there has been some tightening in the physical market, fundamentals through 2025 are still set to be comfortable, which should cap the upside.” 

Worries over tightening Russian and Iranian supply amid sanctions, however, kept a floor under oil prices. 

The uncertainty has translated into better demand for Middle Eastern oil, reflected in a hike in Saudi Arabia’s February oil prices to Asia, the first such increase in three months. 

Money managers raised their net long US crude futures and options positions in the week to Dec. 31, the US Commodity Futures Trading Commission said on Monday. 


Saudi Arabia issues $12bn three-part bond: NDMC

Updated 39 min 5 sec ago
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Saudi Arabia issues $12bn three-part bond: NDMC

CAIRO: Saudi Arabia issued a $12 billion three-tranche bond, selling $5 billion, $3 billion and $4 billion in tenors of three, six and 10 years respectively, the National Debt Management Center said on Tuesday.
The total order book reached around $37 billion, equalling an over-subscription of three times the issuance, NDMC said in a statement.
The transaction is part of NDMC’s strategy to diversify the investor base and meet the Kingdom’s financing needs, it added. 

 


Lucid beats estimates for EV deliveries as price cuts, cheaper financing spur demand

Updated 06 January 2025
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Lucid beats estimates for EV deliveries as price cuts, cheaper financing spur demand

  • Company handed over 3,099 vehicles in the fourth quarter ended Dec. 31
  • For 2024, production rose 7% to 9,029 vehicles, topping Lucid’s target of 9,000 vehicles

LONDON: Lucid Group beat expectations for quarterly deliveries on Monday, as the Saudi Arabia-backed maker of luxury electric vehicles lowered prices and offered cheaper financing to drive demand, sending its shares up more than 6 percent.
The company handed over 3,099 vehicles in the fourth quarter ended Dec. 31, compared with estimates of 2,637, according to six analysts polled by Visible Alpha. That represented growth of 11 percent over the third quarter and 78 percent higher than the fourth quarter a year earlier.
Production rose about 42 percent to 3,386 vehicles in the reported quarter from a year earlier, surpassing estimates of 2,904 units.


For 2024, production rose 7 percent to 9,029 vehicles, topping the company’s target of 9,000 vehicles. Annual deliveries grew 71 percent to 10,241 vehicles.
Lucid, backed by Saudi Arabia’s sovereign wealth fund, started taking orders for its Gravity SUV in November, in a bid to enter the lucrative SUV sector and take some market share from Rivian and Tesla.
Rivian on Friday topped analysts’ estimates for quarterly deliveries and said its production was no longer constrained by a component shortage. But Tesla reported its first fall in yearly deliveries, in part due to the company’s aging lineup.
Demand for EVs, already squeezed by competition from hybrid vehicles, could face another challenge as President-elect Donald Trump is expected to reverse many of the Biden administration’s EV-friendly policies and incentives.
The company also raised $1.75 billion in October through a stock sale that CEO Peter Rawlinson believes will provide Lucid with a “cash runway well into 2026.”
Lucid, whose stock was down about 28 percent in 2024, is scheduled to report its fourth-quarter results on Feb. 25.


Saudi Arabia’s PIF completes $7bn inaugural murabaha credit facility

Updated 06 January 2025
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Saudi Arabia’s PIF completes $7bn inaugural murabaha credit facility

  • Shariah-compliant financing is backed by a syndicate of 20 international and regional financial institutions
  • Facility builds on PIF’s recent success with sukuk issuances over the past two years

RIYADH: The Saudi Public Investment Fund has closed its first Murabaha credit facility, securing $7 billion in funding. This is a key step in the fund's plan to raise capital over the next several years. 

The Shariah-compliant financing is backed by a syndicate of 20 international and regional financial institutions, according to a press release. 

A murabaha credit facility is a financing structure compliant with Islamic principles, where the lender purchases an asset and sells it to the borrower at an agreed profit margin, allowing repayment in installments. This structure avoids interest, adhering to Shariah laws. 

“This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia,” said Fahad Al-Saif, PIF’s head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division. 

 

 

The facility builds on PIF’s recent success with sukuk issuances over the past two years, further bolstering its financial strength and commitment to best practices in debt management. 

Rated Aa3 by Moody’s and A+ by Fitch, both with stable outlooks, PIF continues to solidify its position as a global financial powerhouse. 

The fund’s capital structure is supported by four main funding sources, including contributions from the Saudi government, asset transfers, retained investment earnings, and financing through loans and debt instruments. 

PIF’s strategy focuses on financing initiatives that contribute to economic growth in Saudi Arabia and internationally. 

The $7 billion murabaha credit facility is expected to bolster PIF’s liquidity, supporting its investments both locally and globally. 

By diversifying its funding sources through a Shariah-compliant structure, PIF looks to enhance its financial partnerships while complementing its existing financing tools, such as sukuk issuances. 

 

 

This aligns with its medium-term capital strategy, ensuring flexibility, competitive financing terms, and risk mitigation. 

Earlier in January, the National Debt Management Center also secured a Shariah-compliant revolving credit facility worth SR9.4 billion ($2.5 billion). 

The three-year facility, supported by three regional and international financial institutions, is designed to meet the Kingdom’s general budgetary requirements. 

Aligned with Saudi Arabia’s medium-term public debt strategy, the arrangement focuses on diversifying funding sources to meet financing needs at competitive terms. 

It also adheres to robust risk management frameworks and the Kingdom’s approved annual borrowing plan. 

PIF has been actively engaging in credit arrangements to support its investment initiatives and the Kingdom’s Vision 2030 economic diversification plan. 

In August 2024, PIF secured a $15 billion revolving credit facility for general corporate purposes, replacing a similar facility agreed upon in 2021. 

In addition to the revolving credit facility, PIF has diversified its financing instruments by issuing a $2 billion seven-year Islamic sukuk earlier in 2024 and planning to issue bonds in pounds sterling. 

These efforts are part of PIF’s strategy to leverage a variety of funding sources to support its expansive investment activities. 


Closing Bell: Saudi main market gains to close at 12,105 points

Updated 06 January 2025
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Closing Bell: Saudi main market gains to close at 12,105 points

  • MSCI Tadawul Index increased by 1.07 points, or 0.07%, to close at 1,510.91
  • Parallel market Nomu lost 190.29 points, or 0.61%, to close at 30,864.09

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Monday, gaining 34.87 points, or 0.29 percent, to close at 12,104.69. 

The total trading turnover of the benchmark index was SR6.43 billion ($1.71 billion), as 137 of the listed stocks advanced, while 94 retreated.  

The MSCI Tadawul Index also increased by 1.07 points, or 0.07 percent, to close at 1,510.91. 

The Kingdom’s parallel market Nomu dropped, losing 190.29 points, or 0.61 percent, to close at 30,864.09. This comes as 36 of the listed stocks advanced, while 43 retreated. 

Al Majed Oud Co. was the best-performing stock of the day, with its share price surging by 5.62 percent to SR158. 

Other top performers included SAL Saudi Logistics Services Co., which saw its share price rise by 5.42 percent to SR276, and Riyadh Cables Group Co., which saw a 5.17 percent increase to SR158.80. 

Al Mawarid Manpower Co. and Astra Industrial Group also saw a positive change, with their share prices surging by 5.17 percent and 5.05 percent to SR114 and SR195.40, respectively. 

United International Holding Co. saw the steepest decline of the day, with its share price easing 2.45 percent to close at SR183.40. 

Zamil Industrial Investment Co. and Nayifat Finance Co. both recorded falls, with their shares slipping 2.43 percent and 2.43 percent to SR36.15 and SR14.44, respectively. 

National Co. for Learning and Education and Saudi Electricity Co. also faced losses in today’s session, with their share prices dipping 2.27 percent and 2.25 percent to SR197.80 and SR16.54, respectively. 

On the announcement front, the Saudi Exchange announced the listing and trading of shares for Almoosa Health Co. on the main market starting Jan. 7. 

During the first three days of trading, daily price fluctuation limits will be set at plus or minus 30 percent, while static price fluctuation limits will also apply. 

From the fourth trading day onward, the daily fluctuation limits will revert to plus or minus 10 percent, and the static limits will no longer be enforced. 

In a separate development, Almujtama Alraida Medical Co. announced the signing of a credit facility agreement with Alinma Bank worth SR45 million. 

Alinma Bank saw a 0.17 percent decrease in its share price on Monday to settle at SR29.90.

The financing package includes an SR35 million revolving facility aimed at purchasing goods and an SR10 million revolving facility for capital expenditures. 

The credit facilities have a duration of three years and are secured by a promissory note. The objective of the financing is to support working capital requirements and fund capital expenditures, the company stated. 

Meanwhile, Mufeed Co. revealed the awarding of an SR41.5 million project focused on the development of concept, content, and execution of events aimed at reviving the Kingdom’s cultural and historical heritage. 

The contract, which is set to be signed on Jan. 20, will involve a legal entity as the counterparty. 

The project entails organizing unique activities designed to showcase and enhance the Kingdom’s rich historical and cultural narratives. 

Mufeed Co. saw a 2.93 percent increase in its share price by the close of Monday’s trading session to reach SR73.80.