Khalid Al-Hussan, CEO of the Saudi Stock Exchange (Tadawul)
Al-Hussan has championed key programs within Tadawul that covered the introduction of the Qualified Foreign Investors’ framework
Updated 24 August 2020
Arab News
Khalid Al-Hussan is the CEO of the Saudi Stock Exchange (Tadawul), as well as chairman of the Securities Depository Center Company and the Securities Clearing Center Company.
He has more than 13 years of capital market knowledge and his experience includes business development, corporate planning, strategy and operations.
Before being appointed Tadawul CEO, he had executive roles that dealt with listings, cash markets, asset services and depository, strategy and market data.
Al-Hussan has championed key programs within Tadawul that covered the introduction of the Qualified Foreign Investors’ framework, the introduction of an independent custody model, Tadawul’s inclusion in main international indices and the restructuring program of financial infrastructure companies.
He has also worked in the insurance sector, managing areas of business and product development, marketing and strategy.
Al-Hussan obtained a bachelor’s degree in engineering from King Saud University and he has an MBA from the University of Colorado.
The development and expansion of Tadawul is one of the key pillars of Saudi Arabia’s Vision 2030 reform plan to grow the economy’s financial sector.
Al-Hussan has made it clear that he sees the exchange as a place for investors to make money, and to help facilitate the flow of capital that Saudi companies need to grow and thrive.
“In stock exchanges, in developed markets or in emerging markets, our business is to compete,” he told Arab News.
Around 2,156 foreign investors are active on Tadawul. “We’re competing with regional exchanges and international exchanges, and attracting more investors to invest in Tadawul,” he said.
Macron tours At-Turaif district as Saudi Arabia, France sign major cultural agreements
Macron and his delegation explored At-Turaif, attended a horse show, and toured the Diriyah Museum
Updated 16 min 22 sec ago
Arab News
RIYADH: French President Emmanuel Macron visited the historic At-Turaif district in Diriyah on Tuesday during his official trip to Saudi Arabia, Saudi Press Agency reported.
Hosted by Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, the visit highlighted the district’s historical significance as the birthplace of the Saudi state and its UNESCO World Heritage status.
Macron and his delegation explored At-Turaif, attended a horse show, and toured the Diriyah Museum, SPA added.
The visit also showcased the growing cultural collaboration between Saudi Arabia and France, which reached a milestone with the signing of nine executive programs aimed at advancing cultural heritage, museums, libraries, and cinema.
Among the agreements, Saudi Arabia’s Heritage Commission partnered with French institutions to enhance site management, restoration, and archaeological research.
The Museums Commission also signed agreements to facilitate exhibition exchanges, provide training programs for professionals, and expand expertise in photography.
In the libraries sector, an agreement with the National Library of France will focus on preserving Islamic and Arabic manuscripts while sharing knowledge on their management.
In the field of cinema, Saudi Arabia’s Film Authority entered a partnership with the French National Center for Cinema and Moving Images to support the development of Saudi talent, preserve cinematic heritage, and encourage joint productions.
Finance minister highlights Saudi Arabia’s social security milestones at Riyadh forum
Al-Jadaan said that the Kingdom is a leading model in developing a robust social insurance system, a key pillar of Saudi Vision 2030
Updated 03 December 2024
Hebshi Alshammari
RIYADH: The Regional Social Security Forum for Asia and the Pacific opened in Riyadh on Tuesday, under the patronage of Mohammed Al-Jadaan, minister of finance and chairman of the General Organization for Social Insurance.
Organized every three years by the International Social Security Association, the forum addresses future challenges and opportunities in social security.
It aims to strengthen strategic partnerships and facilitate the exchange of experiences in various sectors.
Mohammed Azman, President of ISSA, spoke at the opening of the Regional Social Security Forum for Asia and the Pacific in Riyadh on Tuesday. (Supplied/GOSI)
Al-Jadaan said that the Kingdom is a leading model in developing a robust social insurance system, a key pillar of Saudi Vision 2030.
“In recent years, we have launched innovative initiatives and services to enhance social protection and ensure financial and living stability for the community,” he said.
He also highlighted the merger of the Public Pension Agency and the General Organization for Social Insurance to unify systems, streamline policies, and strengthen financial sustainability.
Crowd of interested individuals and specialists attended the opening of the Regional Social Security Forum for Asia and the Pacific in Riyadh on Tuesday. (Supplied/GOSI)
The total assets of the organization, after merging with the PPA, exceed SR1.2 trillion ($319 billion), Al-Jadaan added.
He also pointed to the Citizen Account Program, which supports Saudi families against the economic effects of reforms, with total aid exceeding SR222 billion since its launch.
“Collaboration among government institutions has led to the launch of several digital platforms, enhancing citizen services. This effort positioned the Kingdom fourth globally in the E-Government Development Index, first regionally, and second among G20 nations,” he said.
Al-Jadaan said that Riyadh has become a global hub for gatherings and a leading platform for international cooperation, where key issues are addressed and solutions proposed for today’s challenges.
Mohammed Azman, president of the ISSA, said: “Today we gather in Riyadh, a city steeped in history yet looking boldly to the future. This forum is not just another meeting; it is a testament to our shared commitment to innovation, inclusion, and resilience in insurance protection.”
Abdulaziz Alboug, governor of GOSI, said that during the COVID-19 pandemic, Saudi Arabia supported more than 480,000 employees with $2.5 billion through the SANED program. Additionally, 12 million workers benefit from the Occupational Hazards Branch.
The organization invested in digital infrastructure, completing 130 million electronic operations this year and securing second place in the Digital Experience Maturity Index. The organization prioritizes innovative insurance solutions for citizens, residents, and visitors, he added.
Amr Kurdi, assistant governor for financial sustainability and risk management at GOSI, said that social insurance implements strategies to address challenges and risks in insurance systems. It follows a systematic approach to managing investment funds, with a specialized team ensuring optimal returns to support financial sustainability.
Marwan Al-Ghamdi, assistant governor for strategy and transformation at GOSI, highlighted the opportunity to expand insurance coverage, particularly with the growing number of young workers. He emphasized the continuous evolution of insurance systems to enhance pension efficiency and provide optimal protection for participants and their families, aligning with labor market changes.
Abdulmohsen Al-Khalaf, vice minister of finance, said that social insurance is a vital component of the social protection system, offering financial support to private sector and government employees covered by labor laws, ensuring their insurance protection after service completion.
Ahmed Al-Omran, assistant governor for IT at GOSI, said that artificial intelligence is transforming work processes, recently surpassing doctors in diagnostic accuracy tests. However, AI also contributes to job losses, which the SANED program addresses by supporting the unemployed.
He also said that Saudi Arabia’s centralized database enhances personalized services and helps entrepreneurs provide tailored solutions to clients.
Saudi climate envoy meets UK counterpart in Riyadh
They discussed strengthening bilateral relations on the environment, climate and desertification
Updated 3 sec ago
Arab News
RIYADH: Saudi Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir met UK Minister for Climate Kerry McCarthy and UK Special Representative on Climate Rachel Kyte at COP16 in Riyadh, the Foreign Ministry wrote on X on Tuesday.
During the meeting, they discussed strengthening bilateral relations on the environment, climate and desertification.
They also discussed key topics on the conference agenda.
UK Ambassador to the Kingdom Neil Crompton was among the officials present during the meeting.
Ticket to great urban living in the Kingdom’s capital
Quality of Life Program CEO Khalid Al-Baker said that the Riyadh Metro is a significant step toward enhancing quality of life in the Kingdom’s capital
Headway between trips on the Riyadh Metro is less than ‘a few minutes,’ says official
Updated 03 December 2024
Hebshi Alshammari & Nada Alturki
RIYADH: Riyadh’s new metro system will offer time-efficient transportation to all segments of society, the CEO of the Saudi Quality of Life Program has said.
The working hours of the Riyadh Metro begin daily from 6 a.m. until midnight, with multiple trips operating around the clock on each of the six metro lines.
The headway between each train at a station does not exceed “a few minutes,” said Salem Al-Omair, manager of the Yellow Line.
“There are several ways to purchase tickets, including ticket vending machines available at the stations, where passengers can choose the appropriate package and obtain a Darb card. Tickets can also be purchased at the information desks located within the stations,” Al-Omair told Arab News.
The capacity of the trains is similar, ranging between 240 and 260 passengers per trip. Riyadh Metro, a key pillar of Saudi Vision 2030, is a crucial step toward reducing traffic congestion in Riyadh, he said.
Quality of Life Program CEO Khalid Al-Baker told Arab News that the Riyadh Metro is a significant step toward enhancing quality of life in the Kingdom’s capital. It diversifies public transportation options and promotes a culture of using mass transit, thereby reducing excessive reliance on private vehicles.
The project also helps ease road congestion and provides a fast, time-efficient transportation solution at prices accessible to various segments of society, he added.
The metro will enhance Riyadh’s appeal and drive urban development in areas surrounding stations. Additionally, it will facilitate access to the capital’s major destinations through comfortable and efficient transportation options, Al-Baker said.
The project, which was inaugurated by King Salman, is providing job opportunities, and is expected to play a larger role in the future in enhancing the appeal of Riyadh and supporting the achievement of Saudi Vision 2030 goals, he added.
The first three lines of the Riyadh Metro opened on Dec. 1, forming part of the largest urban railway network in the Middle East.
The first phase of the Riyadh Metro starts with three lines: The Blue Line, connecting Olaya Street to Al Batʼha; the Yellow Line, running along King Khalid International Airport Road; and the Purple Line, covering Abdul Rahman bin Awf Road and Al-Shaikh Hassan Bin Hussain Street.
The Red Line, covering King Abdullah Road, and the Green Line, spanning King Abdulaziz Road, are both scheduled to open on Dec. 15, while the Orange Line, which covers Madinah Road, begins operations on Jan. 5.
The total length of Riyadh Metro’s six lines covers 176 km, including 85 stations, with four primary stations.
The Orange Line is the longest in the Riyadh Metro project, extending about 41 km. It is followed by the Blue Line, the backbone of the whole project as it connects with all other lines over a length of 38 km.
The Green Line along King Abdulaziz Road is about 13 km long, while the Red Line on King Abdullah Road stretches almost 25 km. As for the Purple and Yellow lines, they are about 28 and 29 km long, respectively.
The Riyadh Metro was launched 12 years after the project was announced in April 2012, when the Saudi Cabinet approved the implementation of the public transport project and formed a high-level committee to oversee it.
The contracts for the Riyadh Metro project were awarded in 2013 to three global consortiums, with a total value of about $22.5 billion.
The project features several sustainable characteristics that promote eco-friendly transportation options. The metro system employs energy-efficient trains and stations, as well as technologies like regenerative braking to reduce energy consumption.
Additionally, some stations will be equipped with thousands of solar panels, and each metro station will rely on electricity sourced from renewable energy along the six lines.
Coalition denies allegations of handing over Houthi leader's brother's body
Updated 03 December 2024
Arab News
The official spokesman for the coalition forces, Brigadier General Turki Al-Maliki, refuted on Tuesday claims regarding the handover of the body of a Houthi leader's brother.
In a press statement, Al-Maliki emphasized that the coalition treats the issue of prisoners, detainees, and the recovery of fighters' bodies as a strictly humanitarian matter. He urged all parties to refrain from politicizing such issues.
Al-Maliki described the Houthi leader's allegations, which were circulated by Houthi-affiliated websites, as inaccurate and lacking credibility. He clarified that the process of recovering and handing over bodies occurred in June 2023. During this operation, the coalition recovered the remains of nine Saudi soldiers and 20 Yemeni army personnel, while returning the bodies of 57 Houthi fighters killed along the border.
He further stated that such misleading claims may have been made for internal reasons related to the Houthis. Al-Maliki also noted that the name mentioned in the Houthi statement was not included in negotiations to recover bodies and suggested it is possible the individual in question was killed in regional conflicts unrelated to the coalition.
