LONDON: Governments and companies in the Middle East and North Africa region are making progress in workplace gender diversity, but there is still more work to be done experts at the World Economic Forum on the MENA region said on Saturday.
During a panel discussion at the forum, titled the “Rise of Arab Women” and a press briefing asking the question: “What more can be done to drive gender diversity?” experts discussed how gender diversity can play a crucial role in driving business sustainability and improving financial performance.
Moderating the “Rise of Arab Women” panel, PwC Middle East Senior Partner Hani Ashkar said: “Diversity is integral to sustainability and overall success. Boosting the number of women in work is not just a moral imperative but also has a measurable impact on the bottom line.
“This is not going to be easy, and there is no doubt that this will require a real commitment from the public and private sectors alike.
“We will need to work out what works for our region and how to implement it effectively, and at scale, but this pales in comparison to when we look at the cost of doing nothing and continuing as we have,” he said.
During the discussion panel Princess Dina Mired of Jordan said women have so many skills to offer the workplace, and the best way for companies in the region to tap into that would be to make workplaces a meritocracy — also speaks about paternity leave allowing men to share the burden of making families — currently it’s all burdened on women.
Mariam Al-Foudery, group chief marketing officer at Agility said that, while people have a certain perception of women finding it harder to break down barriers in the Middle East, the region actually respects and understands the importance of the family dynamic more than any other region in the world and can lead the way in helping both men and women build families.
PwC surveyed more than 3,000 women and men across Saudi Arabia, the UAE and Egypt for the “Women in Work Index — Insights from Middle East and North Africa” report, which provides policymakers with perceptions and insights on the regional workforce.
During the press briefing on the report, PwC partner Norma Taki highlighted the fact that the MENA regions collectively losing an estimated $575 billion a year due to the legal and social barriers that exist for women’s in joining the workforce.
Her fellow panel speaker and PwC partner David Suarez added that an increase in gender diversity would expand and enrich the talent pool and is a “vital requirement,” particularly in Gulf countries — including Saudi Arabia and the UAE — who are looking to move beyond oil and diversify their economies.
Recent research in the region showed that the UAE was a beacon for promoting a more gender balanced workforce, with a dramatic increase in females in the workplace to 40.6% in 2018 from 29.2% in 1990.
Taki explained how women make up 66% of public-sector workers, with 30% in leadership roles. When survey respondents were asked if they agree with the statement: “My employer treats females equally when it comes to promoting from within”, some 30% of women and 37% of men in the UAE strongly agreed.
In Saudi Arabia, meanwhile, dramatic change occurred over the past 12 months. 2018 was a landmark year for women in the Kingdom, with women getting behind the wheel in June 2018, the Saudi military taking applications from women and granting women the right to open their own businesses without a guardian’s permission.
Suarez praised the UAE and Saudi Arabia, but highlighted that in Egypt cultural attitudes and gender stereotypes would take longer to change, explaining that many men are still resistant to the idea of women working outside the home, which partly explains why female labor-force had increased very little since 1990, when it was 21.3% compared with 22.3% in 2018.
Reducing the gender pay gap is one imperative, but the findings of PwC’s survey reveal that Middle Eastern respondents place an equally strong emphasis on equality in progression in the workplace and acquiring leadership roles.
Additionally, 66% of respondents said they felt that governments should intervene in private-sector companies and set targets for gender diversity.
Existing national policies included a draft law in the UAE last year to ensure men and women receive equal pay. The UAE also introduced three months’ paid maternity leave for government employees last year, increasing pressure on the private sector to keep up. The Saudi Arabian government’s goal to increase female participation in the workforce to 30% as part of its Vision 2030 is underway.
Good progress in Middle East workplace gender diversity, but still work to do: Experts at WEF
Good progress in Middle East workplace gender diversity, but still work to do: Experts at WEF
Closing Bell: Saudi main index slips to close at 12,069
RIYADH: Saudi Arabia’s Tadawul All Share Index fell on Sunday, shedding 32.73 points, or 0.27 percent, to close at 12,069.82.
The total trading turnover for the benchmark index amounted to SR4.21 billion ($1.12 billion), with 119 stocks advancing and 106 retreating.
The Kingdom’s parallel market Nomu registered a gain of 48.69 points, or 0.16 percent, closing at 31,054.38. Out of the stocks listed on Nomu, 38 advanced while 41 declined. The MSCI Tadawul Index also declined, dropping 7.32 points, or 0.48 percent, to close at 1,509.84.
Among the top performers of the day was Saudi Reinsurance Co., whose stock surged 9.94 percent to SR59.70.
Salama Cooperative Insurance Co. also posted a strong performance, with its share price rising 8.44 percent to SR21.06, while Riyadh Cables Group Co. saw its stock climb 6.34 percent to SR151.00.
However, National Medical Care Co. recorded the day’s steepest decline, falling 3.49 percent to SR160.40. Emaar The Economic City and the Power and Water Utility Co. for Jubail and Yanbu also experienced losses, with their share prices dropping 3.06 percent to SR18.38 and 2.93 percent to SR53.00, respectively.
In corporate news, Al-Yamamah Steel Industries Co. announced the signing of a SR97.5 million contract with the Saudi-based Trading & Development Partnership. The agreement involves the supply of steel towers for constructing a 380-kilovolt ultra-high voltage transmission line in the Eastern Region.
The contract, which will commence in May 2025, is expected to reflect on the company’s financial results starting from the third quarter of 2025.
Shares of Al-Yamamah Steel ended the session 6.25 percent higher at SR36.40.
The Saudi Industrial Development Co. disclosed that its subsidiary, Global Co. for Marketing Sleeping Systems, also known as Sleep High, has secured a Shariah-compliant SR9 million credit facility from Riyadh Bank.
The financing, guaranteed under the Kafalah Program, will be utilized to support the subsidiary’s working capital needs. SIDC shares closed 0.67 percent higher at SR30.00.
Saudi Arabian Amiantit Co. signed a memorandum of understanding with the Libyan Development & Reconstruction Fund to collaborate on water technology transfer, sewage treatment, and pipe production.
The one-year agreement aims to localize industries in Libya, create employment opportunities, and transfer manufacturing expertise. It also includes plans to establish joint factories specializing in fiberglass and polyethylene pipes, as well as valves, to support Libyan national projects.
Shares of Amiantit rose 1.90 percent to close at SR29.40.
United International Holding Co. announced the extension of its memorandum of understanding with Nowpay Corp. for an additional two months. The partnership aims to establish a payroll administration and processing firm in Saudi Arabia.
The venture, which will require an initial investment of SR75 million, will be 75 percent owned by United International Holding and 25 percent by Nowpay Corp.
The company’s stock closed 0.75 percent higher at SR187.40.
National Gypsum Co. revealed that it has signed an Islamic financing agreement with Riyadh Bank valued at SR35 million. The funds will be directed toward expanding operations and upgrading production lines. The financing will last for one and a half years and is backed by promissory notes and a property mortgage.
The company’s share price remained unchanged at SR22.16.
Saudi listed firms see growth in 2024 with ACWA Power and Al Rajhi as top performers
RIYADH: Saudi Arabia’s listed companies witnessed significant growth in 2024, with ACWA Power and Al Rajhi Bank emerging as the top performers on the Tadawul All Share Index.
ACWA Power Co. led the index, contributing 295 points, followed by Al Rajhi Bank with a 207-point increase, according to data from SNB Capital cited by Al-Ekhbariya.
ACWA Power’s stock surged from SR255.89 at the start of 2024 to SR401.4 by year-end, reflecting big growth. Similarly, Al Rajhi Bank’s stock rose from SR86.8 to SR94.6 during the same period. Other notable contributors included Saudi Research and Media Group, adding 44 points to the index, Elm Co. with 43 points, and Ma’aden with 40 points.
However, not all listed companies experienced gains in 2024. Saudi Aramco recorded a significant decline, losing 177 points on the index as its stock price dropped from SR140 to SR111.8. SNB Capital fell by 70 points, followed by SABIC with a 62-point decrease, Banque Saudi Fransi with 32 points, and Sahara International Petrochemical Co., or Sipchem, with 30 points.
The Kingdom’s initial public offering market also saw robust activity in 2024, with 14 IPOs raising SR14.21 billion ($3.7 billion), marking a 19 percent year-on-year increase.
Almoosa Health and Fakeeh Care Group led the IPO market in terms of size, with Fakeeh attracting the highest individual participation, drawing 1.34 million unique investors.
Despite overall success, individual subscriptions accounted for only 13 percent of the total IPO volume, amounting to SR1.94 billion.
Modern Mills Co. led in subscription coverage, achieving a rate of 21.9 times, while the average individual coverage for the year’s IPOs stood at 11.87 times.
The food production sector dominated IPO activity, contributing 26.9 percent of total listings in 2024, with successful debuts by companies such as Modern Mills, Al-Rabie, and Al Arabiya.
IPO valuations varied significantly, with an average price-to-earnings ratio of 34 times. United International Holding recorded the lowest P/E, while Nice One topped the charts with a P/E of 118 times, making it the year’s most expensive IPO.
Looking ahead, SNB Capital forecasts an 8 percent annual profit growth for companies listed on the Tadawul in 2025, with the petrochemical sector expected to lead the way with a 74 percent rise in profits.
Saudi Arabia records robust GFCF growth in Q3 2024, fueled by non-government sector investments
- Non-oil sectors grew by 4.3 percent year-on-year
- Unemployment rate dropped to 3.7 percent
RIYADH: Saudi Arabia solidified its status as a regional investment leader with a 7.4 percent year-on-year growth in gross fixed capital formation in the third quarter of 2024, led by the non-government sector.
The Ministry of Investment reported an 8.3 percent increase in the non-government division, reflecting the Kingdom’s ongoing efforts to boost private sector participation in its diversifying economy.
Government-related entities contributed to the overall GFCF growth, with a 2.3 percent increase in the third quarter of 2024.
The non-government sector’s performance aligns with Saudi Arabia’s Vision 2030 objectives, which aim to shift the economy from oil dependency by fostering a vibrant private division.
In line with these goals, the Ministry of Investment issued 3,810 investment licenses in Q3 2024, marking a significant 73.7 percent year-on-year increase.
Non-oil sectors grew by 4.3 percent year-on-year during the same period, further supporting the Kingdom’s economic diversification efforts.
Key sectors saw notable growth, including wholesale and retail trade, restaurants, and hotels rose 5.8 percent, and construction increased 4.6 percent. Transport and communication grew by 4.5 percent, and finance and real estate advanced by 4.2 percent, driven by consumer spending and a dynamic financial sector.
These expansions contributed to the Kingdom’s overall real gross domestic product growth of 2.8 percent year-on-year for the quarter, despite a marginal 0.05 percent increase in oil activities.
The real estate sector also played a pivotal role in the third quarter of 2024, with the Real Estate Price Index rising by 2.6 percent y-o-y. While residential property costs increased by 1.6 percent, commercial properties saw a more pronounced growth of 6.4 percent. However, agricultural real estate prices declined by 8.7 percent, reflecting sectoral disparities.
Complementing these trends, real estate loans by banks witnessed a 13.3 percent year-on-year increase, showcasing heightened investor interest in property development and acquisitions.
Saudi Arabia’s economic resilience is further evident in labor market improvements. The unemployment rate dropped to 3.7 percent in this period, a 0.5 percentage point decrease from the same quarter in 2023. The Saudi unemployment rate fell to 7.8 percent, a one percentage point decline year-on-year.
Global growth to accelerate amid monetary easing, recoveries: QNB
- QNB forecasts US Federal Reserve to cut rates by 75 bps and the European Central Bank by 150 bps
- It predicts growth of 2.2% in 2025, down from 2.6% in 2024
RIYADH: Global economic growth is set to accelerate in 2025 as monetary easing, US resilience, and recoveries in Europe and China drive momentum, with Southeast Asian economies benefiting from positive spillovers.
The Qatar National Bank projects a 3.2 percent global growth rate, outpacing Bloomberg’s consensus of 3.1 percent, the state’s news agency QNA reported.
In its latest commentary, QNB anticipates growth in major economies, driven by controlled inflation, eased financial constraints, and policy adjustments by central banks. Emerging markets, specifically the Association of Southeast Asian Nations economies, are set to benefit from these advancements.
The report said that analysts have consistently underestimated global economic performance, as initial projections for 2023 and 2024 fell short of realized growth by 80 and 40 basis points, respectively.
“Analysts and economists have been proving to be over pessimistic when it comes to forecasting major economies and global growth in recent years,” reported QNA.
The national bank added: “In fact, over the last two years, initial expectations for growth were 80 basis points and 40 bps below realized growth in 2023 and 2024, respectively.”
It forecasts the US Federal Reserve to cut rates by 75 bps and the European Central Bank by 150 bps.
“This should support further investment and consumption growth, as credit becomes cheaper, new investment opportunities become more attractive, and the opportunity costs of spending decrease,” it added.
In the US, QNB predicts growth of 2.2 percent in 2025, down from 2.6 percent in 2024 but still above the long-term average of 2.3 percent.
“The US economy is expected to remain on a strong footing as labor markets are resilient, productivity is growing rapidly with fast technology adoption, and households have robust balance sheets with the strongest financial position in decades,” QNB said.
Europe and China are expected to recover from extended periods of stagnation. Growth in the European area is forecast to rise from 0.7 percent in 2024 to 1.0 percent in 2025, supported by lower energy prices and a rebound in global manufacturing demand.
China’s growth is projected to increase from 4.8 percent to 5.0 percent, driven by policy easing and renewed economic momentum.
Emerging Asian nations, particularly ASEAN economies, are set to benefit significantly. “Stronger growth in China is likely to be a significant tailwind to emerging Asia in general and ASEAN economies in particular,” QNB said.
The region’s five largest markets, including Indonesia, Malaysia, the Philippines, Singapore, and Thailand, are forecasted to grow by 5.2 percent in 2025, up from 4.4 percent in 2024.
“All in all, we expect to see a moderate acceleration of global growth in 2025, with significant monetary easing, a resilient US economy, a cyclical recovery in Europe and China, and positive spillovers to ASEAN economies,” QNB said.
Saudi Arabia’s King Abdulaziz International Airport serves 49.1m passengers in 2024
- Airport’s busiest day ever recorded was on Dec. 31, 2024
- KAIA handled 47.1 million bags in 2024
RIYADH: King Abdulaziz International Airport in the Saudi port city of Jeddah served 49.1 million passengers in 2024, representing a 14 percent growth compared to the previous year.
In a statement, Jeddah Airports Co. said that this achievement marks a “historic milestone,” as KAIA handled the highest annual operational figure in the history of airports in the Kingdom in 2024.
The airport’s busiest day ever recorded was on Dec. 31, 2024, when it served more than 174,600 passengers.
December also became the busiest month in the airport’s history, with passenger numbers surpassing 4.7 million.
Strengthening the aviation sector is crucial for Saudi Arabia, as the Kingdom aims to position itself as a global tourism hub by the end of this decade.
The National Tourism Strategy of Saudi Arabia aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.
KAIA also reported a significant increase in total flights last year, which exceeded 278,000, marking an 11 percent increase compared to 2023.
The press statement added that KAIA also handled 47.1 million bags in 2024, with a 21 percent growth in operational throughput.
Mazen Johar, CEO of Jeddah Airports attributed this rise in numbers to the KAIA’s accelerated operational growth, enabled by the Kingdom’s leadership and the close oversight of the Ministry of Transport and Logistics.
Saudia achieves the highest punctuality rate
The Kingdom’s national carrier, Saudia, has topped the list of global airlines in departure on-time performance with a punctuality rate of 88.82 percent in 2024, according to new data from the independent aviation tracking site Cirium.
According to a press statement, Saudia also ranked second globally in arrival on-time performance, achieving a rate of 86.35 percent.
Over the past 12 months, the airline successfully operated 192,560 flights across its network of over 100 destinations spanning four continents.
“We are proud to sustain excellence in global operational performance, which aligns with the objectives of the National Transport and Logistics Strategy and the National Aviation Sector Strategy,” said Ibrahim Al-Omar, director general of Saudia Group.
He added: “This achievement reflects the collective efforts of Saudia Group employees across all business units and highlights the integrated role played by various sectors in ensuring operational efficiency. These efforts are directly tied to enhancing and improving the guest experience.”
Saudia operates over 530 daily flights, connecting more than 100 destinations across four continents to the Kingdom with a fleet of 144 aircraft.
In the statement, the airline added that it plans to expand its fleet with 130 new aircraft in the coming years, increasing flight frequency and seat capacity to existing destinations while introducing new destinations to its network.
