ZURICH: The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed.
The Swiss bank’s annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States.
“Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively,” said Nannette Hechler-Fayd’herbe, global head of economics and research at Credit Suisse.
The ranks of the world’s millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44% of the global total, the study found.
The United States added more than half of this number –675,000 new millionaires – to its sizeable stock.
A decline in average wealth in Australia — largely due to exchange rates — resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000.
The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million.
It forecast global wealth — which increased 2.6% over the past year — would rise by 27% over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million.
The share of the world’s bottom 90% accounts for 18% of global wealth, compared to 11% in the 2000.
“While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future,” it said.
Rich Chinese outnumber wealthy Americans for first time
Rich Chinese outnumber wealthy Americans for first time
AI can offer solutions for water scarcity say WEF panelists
- Christophe Beck: We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site
- Fabrizio Palermo: AI can also help in the transportation of water because it’s a question of managing data
DUBAI: Artificial intelligence can be used to reduce wastewater and redesign systems to facilitate resource recycling, a panel of experts told the World Economic Forum in Davos.
Christophe Beck, chairman and CEO of Ecolab, said countries are becoming aware of the need for water to produce chips that get into the AI chain, which could, in return, be used to reduce wastewater.
According to UN figures, by 2030, more than half of the world’s population will be water stressed, affecting economics, health and existing food scarcity and threatening $1.6 trillion in assets.
“We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site. That’s what we do in data centers related to chip cooling where water never leaves the data centers, unlike the old technologies,” Beck said.
He called for legislations that enable the use of new technologies to reuse water, which ultimately saves energy. “Up to 75 percent of the energy used by power plants is used to manage, heat, cool, transport and treat water. When we reuse and recycle the water, we save energy and money, as well as reduce carbon footprint,” Beck said.
The Water Resilience Coalition aims to get 150 companies that affect a third of the world’s water usage to make three commitments: to save water by saving energy and leveraging technology; work on the 100 most critical basins that are serving 3 billion people; and provide water to 300 million people.
“It is business driven, and it is capital that’s invested at a return, creating a business model that is ultimately much more sustainable and provides water for people in need,” Beck said.
Fabrizio Palermo, CEO and general manager of Acea, emphasized the need for investment and funding in water resilience, given water’s importance to agriculture, industry, energy and AI.
An ecosystem needs to be created to protect sources, collect rainwater properly and achieve maintenance on basins, he said.
“AI can also help in the transportation of water because it’s a question of managing data. This infrastructure in Europe has been designed more than 56 years ago where the landscape in terms of technology was completely different and no one is in a situation to do predictive maintenance on this infrastructure,” Palermo said.
He called for net zero in water to avoid waste and curb government spending on health.
“It is very important that the water is reused and not sent to the rivers and then to the sea because water is linked with water. Government spending on health is related to water because the consequences of not having proper fresh water are evident nowadays,” Palermo said.
Meanwhile, Fajer Mushtaq, co-founder and CEO of Oxyle, warned of the effects of synthetic chemicals, known as PFAS compounds, on water contamination in Europe, calling for regulations and corporate responsibility to tackle water treatment and monitor the safety of discharged substances.
“I think it’s a systematic problem. The biggest barrier is to enable a proper treatment of water, which is not just going to be from a PFAS perspective, but our system that makes micropollutants.”
Technology needs to be directed at creating a new ecosystem, guided by clear regulations, to ensure safe water is provided for communities, Mushtaq said.
Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO
- Offering will be made in two tranches, with 75% made to eligible investors in Oman and qualified institutional and other foreign investors
- Remaining 25% will be sold to retail investors in Oman
DUBAI: Oman’s state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the Gulf country’s privatization drive.
The group, owned by Oman’s sovereign wealth fund, plans to sell a stake of at least 20 percent in Asyad Shipping Co. and float it on the Muscat stock exchange, it said in a document detailing its intention to float.
“The intended listing would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy,” the company said.
Oman is pushing forward with a privatization drive to attract foreign investors.
That strategy, along with fiscal reforms, has helped the sultanate pay down debt and turn its large fiscal deficit of recent years into a surplus since 2022.
Asyad Shipping focuses on transporting liquefied natural gas, crude oil and other products. It lists energy firms BP and Shell, as well as trading firm Trafigura among its customers and partners.
Reuters reported in July last year that Asyad was planning an initial public offering of the subsidiary and had selected Jefferies Group and EFG Hermes as advisers.
The offering will be made in two tranches, with 75 percent made to eligible investors in Oman and qualified institutional and other foreign investors. Of the 75 percent tranche, 30 percent of shares have been earmarked for anchor investors, the firm said, without naming them.
The remaining 25 percent will be sold to retail investors in Oman.
The subscription period is expected to start next month, after the company has received regulatory approval.
Asyad Shipping plans to pay dividends semi-annually, beginning in September 2025 for the first six months of this year.
The company posted an adjusted core profit margin of 69 percent for the first nine months of last year, up from 65 percent over the same period in 2023.
Oman Investment Bank, EFG Hermes, JP Morgan and Jefferies are acting as joint global coordinators. Sohar International is acting as joint global coordinator and as issue manager.
Credit Agricole and Societe Generale are joint bookrunners.
Closing Bell: Saudi Arabia’s main market dips slightly to 12,362
RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Wednesday, as it marginally shed 7.21 points or 0.06 percent to close at 12,362.39.
The total trading turnover of the benchmark index was SR7.62 billion ($2.03 billion), with 109 of the listed stocks advancing and 122 falling.
The Kingdom’s parallel market Nomu also declined 317 points to close at 31,000.87, while the MSCI Tadawul Index edged down by 0.26 percent to 1,545.02.
The best-performing stock on the main market was Naseej International Trading Co. The firm’s share price surged by 9.96 percent to SR108.20.
Naseej was one of the three Tadawul-listed firms, alongside Saudi Cable Co. and Middle East Specialized Cables Co., to hit their highest levels in a year.
Saudi Cable Co. peaked today at SR128, compared to SR62.9 in March, a 103.58 percent increase.
Middle East Specialized Cables Co. share price jumped from SR21.28 in January 2024 to close at SR47.2 today.
Naseej International Trading Co.’s share price increased 55.7 percent from January last year to close at SR98.4 on Wednesday.
Other top gainers were Jahez International Co. for Information System Technology and Middle East Healthcare Co., whose share prices grew by 6.09 percent and 4.75 percent, to SR33.95 and SR79.40, respectively.
National Medical Care Co. and Al Jouf Cement Co. also saw a positive change, with their share prices surging by 4.12 percent and 4.01 percent to SR161.6 and SR11.92, respectively.
Elm Co. saw the steepest decline of the day, with its share price dropping 4.03 percent to close at SR1,176.2.
United International Transportation Co. and Etihad Atheeb Telecommunication Co. declined, with their shares slipping 2.72 percent and 2.66 percent to SR82.30 and SR102.60, respectively.
On Nomu, Armah Sports Co. was the best performer, with its share price rising by 7.34 percent to reach SR95.
Quara Finance Co. also delivered a strong performance as its share price rose by 5.26 percent, reaching SR20, while Arabian Food and Dairy Factories Co. recorded a 2.99 percent increase at SR99.
WSM for Information Technology Co. shed the most on Nomu, with its share price dropping by 6.33 percent to reach SR53.3.
Saudi Parts Center Co. experienced a 6.25 percent decline in share prices, closing at SR60, while First Avenue for Real Estate Development Co. 6.04 percent to settle at SR9.02.
Saudi crude output up 1.21% to hit 8.92m bpd: JODI
RIYADH: Saudi Arabia’s crude oil production rose to 8.92 million barrels per day in November, a 1.21 percent annual increase according to the latest release from the Joint Organizations Data Initiative.
The report showed a 2.05 percent drop in crude exports, which fell to 6.21 million bpd, although this figure marks the highest level in eight months.
Refinery crude exports surged 36 percent year on year to 1.14 million bpd in November but declined by 18.65 percent compared to October.
Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil.
Diesel exports accounted for 38 percent of refined product shipments, while motor and aviation gasoline made up 24 percent, and fuel oil comprised 11 percent.
Notably, motor and aviation shipments rose 63 percent annually to 272,000 bpd in November. Diesel exports also increased by 27 percent reaching 439,000 bpd.
Saudi Arabia’s refinery output reached 2.35 million bpd, a 13 percent year-on-year increase, with diesel representing 40 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 19 percent.
Domestic demand for refinery products increased by 210,000 bpd year on year, reaching 2.56 million bpd.
OPEC+ has decided to delay the start of oil output increases by three months until April, and extend the full unwinding of cuts by a year, now set to finish by the end of 2026.
This decision was made in response to weak global demand and rising production from countries outside the group. OPEC+, which controls around half of the world’s oil production, had initially planned to begin unwinding cuts in October 2024, but delays were caused by global demand slowdowns and growing non-OPEC+ output.
Direct crude usage
Saudi Arabia’s direct crude oil burn fell by 119,000 bpd in November to 382,000 bpd, a 24 percent year-on-year decline and a 5.5 percent increase from October.
The annual reduction can be attributed to the global shift toward cleaner energy sources, such as natural gas, renewables, and electricity, which are gradually replacing crude oil in sectors like power generation and shipping.
Additionally, improved energy efficiency and stricter environmental regulations have led to further reductions in crude oil use.
By 2030, the Saudi government plans to phase out the use of crude oil, fuel oil, and diesel in power generation, replacing them with natural gas and renewable energy sources.
This transition is a key component of the Kingdom’s Vision 2030 initiative, aimed at diversifying its energy mix and reducing dependence on oil, both domestically and in global markets.
As Saudi Arabia moves toward this objective, natural gas demand is anticipated to rise sharply, driving increased investments in the natural gas supply chain, including exploration and infrastructure development.
Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades
- Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers this year
- It is is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7
RIYADH: Lebanon’s state-owned telecom company Ogero is working to restore and expand the country’s connectivity after experiencing damages due to the Israeli conflict.
The clashes have significantly disrupted Lebanon’s telecom infrastructure, impeding connectivity and slowing the nation’s digital advancement.
Ogero’s Chairman and Director General Imad Kreidieh announced in a live broadcast that the company’s expansion plans will resume, supported by funding from multiple donors.
According to Kreidieh, Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers to the network this year.
The company is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7. The upgrade will provide speeds of up to 3,500 megabits per second with ultra-low latency of 2—4 milliseconds.
The network’s backhaul capacity is being upgraded from 20 gigabits per second to 40 Gbps to support enhanced connectivity, according to Kreidieh.
Ogero is also expanding its LTE infrastructure, increasing the number of stations from 97 to 219 by the end of 2025 and 390 by 2026, which translates to better and wider coverage nationwide.
The LTE-Advanced capacity will be quadrupled from 10 Gbps to 40 Gbps to enhance performance and service quality.
The top official also said that Ogero will build 215 new stations in the southern and Baalbek regions, which were heavily damaged by Israeli strikes, over the next 24 months, allowing users to regain connectivity.
In a move toward sustainability, Ogero is also implementing solar energy solutions for 358 sites, with a 4-megawatt production capacity and 463 kiloampere-hours storage capacity. The $9.6 million project is expected to generate $8.5 million in annual savings, according to Kreidieh.
Ogero serves as the core of the Ministry of Telecommunications, providing essential infrastructure for all telecom networks, including mobile operators, data service providers, and Internet service providers.
