UAE banks’ individual deposits hit $3.5bn in Q4 2020
UAE banks recorded 13 billion dirhams ($3.5 billion) in individual deposits during the fourth quarter of last yea
Updated 16 March 2021
Arab News
DUBAI: Individual deposits in UAE banks continued to rise in the last quarter of 2020, despite a raft of economic challenges created by the pandemic, WAM reported, citing data from the country’s central bank.
UAE banks recorded 13 billion dirhams ($3.5 billion) in individual deposits during the fourth quarter of last year – upping the cumulative balance of deposits to 493.9 billion dirhams.
The central bank said these deposits account for 26.2 percent of the total balance of this type of investment, which stood at 1.89 trillion dirhams by the end of 2020.
The data comes as banks in the region emerge from a global health crisis with many businesses and individual borrowers struggling to repay loans.
ROSHN rebrands as multi-asset developer to lead Saudi real estate transformation
Updated 10 November 2024
Reem Walid
RIYADH: ROSHN, the real estate development company backed by the Public Investment Fund, has announced a bold transformation into a multi-asset real estate developer, the Saudi Press Agency reported.
This move is underscored by the launch of a refreshed corporate identity and a new strategy designed to elevate the quality of life across the Kingdom.
The redefined strategic direction includes an expanded portfolio that spans new categories of real estate assets, marking a significant step in ROSHN’s commitment to reshaping the urban landscape. The company aims to lead the sector’s transformation by creating vibrant, sustainable communities, in alignment with the Kingdom’s Vision 2030 goals.
This move is underscored by the launch of a refreshed corporate identity. SPA
This shift also aligns with Saudi Arabia’s national objective of achieving a 70 percent homeownership rate and enhances ROSHN’s role in driving economic growth and job creation. It marks a key milestone in ROSHN’s leadership within the real estate sector and sets the stage for the development of mixed-use projects and multi-asset destinations across the country.
“ROSHN is proud to be a pioneer in the Kingdom’s real estate development sector, with an ambitious vision to transform the urban landscape,” said Ghada Al-Rumayan, group chief marketing and communications officer. “As ROSHN grows, its vision becomes increasingly clear, reflected in its expansionary approach and commitment to creating distinctive, high-quality destinations that enhance the quality of life across the Kingdom.”
The new identity reflects ROSHN’s dedication to diversifying its real estate offerings. The company is expanding beyond residential communities to include integrated spaces that cater to various segments of society. The goal is to raise living standards and foster economic development, in line with the goals of Vision 2030.
One of the latest projects showcasing this vision is the MARAFY development in Jeddah, which aims to create a pioneering waterway system connecting the Red Sea to Jeddah’s neighborhoods — a first of its kind in the Kingdom.
ROSHN’s current portfolio spans over 200 million sq. m of residential communities, alongside more than 4 million sq. m of commercial spaces, including offices, retail outlets, and tourism facilities. The company also has significant investments in infrastructure, healthcare, education, mosques, and essential services.
Moreover, it is expanding into emerging sectors such as logistics, industrial zones, transportation, entertainment, and fitness centers, reinforcing its broad ambitions and role in diversifying the economy.
By broadening its focus beyond traditional residential developments, ROSHN aims to become a leader in the development of mixed-use, multi-asset communities that contribute to the Kingdom’s long-term growth and prosperity.
Closing Bell: Saudi main index slips to close at 12,103
Parallel market Nomu lost 10.85 points, or 0.07%, to close at 29,248.15
MSCI Tadawul Index lost 3.03 points, or 0.20%, to close at 1,518.76
Updated 10 November 2024
REEM WALID
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 27.67 points, or 0.23 percent, to close at 12,103.16.
The total trading turnover of the benchmark index was SR6.09 billion ($1.62 billion), as 82 of the stocks advanced and 144 retreated.
The Kingdom’s parallel market Nomu also lost 10.85 points, or 0.07 percent, to close at 29,248.15. This comes as 47 of the listed stocks advanced, while 31 retreated.
The MSCI Tadawul Index lost 3.03 points, or 0.20 percent, to close at 1,518.76.
The best-performing stock of the day was Riyadh Cement Co., whose share price surged 9.88 percent to SR32.80.
Other top performers were Saudi Industrial Export Co. and Miahona Co., whose share prices rose by 9.76 percent and 5.81 percent to SR2.70 and SR30.95, respectively.
The worst performer was Al-Babtain Power and Telecommunication Co., whose share price dropped 8 percent to SR39.65.
Al-Jouf Agricultural Development Co. and Shatirah House Restaurant Co. were among the worst performers, with their share prices falling by 7.67 percent and 7.11 percent to SR62.60 and SR19.60, respectively.
On the announcements front, Al-Jouf Cement Co. released its interim consolidated financial results for the period ending Sept. 30.
According to a statement on Tadawul, the company reported a net profit of SR30 million for the first nine months of the year, marking a 30.8 percent decline compared to the same period in 2023.
The decrease is primarily attributed to lower export sales, higher heavy fuel oil prices, and an increase in administrative expenses due to the rescheduling of credit facilities.
Al-Jouf Cement Co. ended the session at SR10.16, down 1.38 percent.
MBC Group Co. also announced its interim financial results for the period ending Sept. 30. A bourse filing revealed that the company recorded a net profit of SR250 million for the first nine months of the year, reflecting a 36,686 percent increase compared to the same period in 2023.
The surge is primarily because the previous year’s results only covered the period from July to September 2023 — following the acquisition of subsidiaries — while the 2024 results account for the full nine months.
MBC Group Co. ended the session at SR46.80, down 1.07 percent.
Arabian Centers Co., or Cenomi Centers, reported a net profit of SR867.6 million for the first nine months of 2024, a 14.83 percent decline compared to the same period in 2023, according to a Tadawul statement.
The drop was mainly due to higher net finance costs, increased impairment losses on receivables, and a rise in revenue and investment property gains. However, advertising, promotional, general, administrative, and other operating expenses all decreased.
The company closed at SR21.44, down 2.17 percent.
Fawaz Abdulaziz Alhokair Co. reported a net loss of SR48.3 million for the first nine months of the year, a 45.7 percent decline compared to the same period in 2023, according to a bourse filing.
The loss was mainly due to a decline in gross margin, though offset by lower selling, general, and administrative expenses, higher other operating income, and reduced net finance expenses.
The company closed at SR13.18, up 0.47 percent.
Saudi National Bank has launched the offering of its SR-denominated Additional Tier 1 Sukuk, with a minimum subscription of SR1 million.
According to a Tadawul statement, the Sukuk’s amount and terms will be determined based on market conditions. SNB Capital Co. has been appointed as the sole lead manager, bookrunner, and lead arranger.
Saudi Arabia to boost military sector, partnerships at Airshow China 2024
Saudi Pavilion will feature various government entities and national companies specializing in the military industry sector,
It will showcase a range of military products and equipment, particularly in aviation
Updated 10 November 2024
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia will participate in the 2024 China Aviation and Aerospace Exhibition in Zhuhai, aiming to foster partnerships and further develop its military sector.
The General Authority for Military Industries is coordinating the Saudi pavilion’s participation in the global event scheduled for Nov. 12 to 17.
The display area will feature various government entities and national companies specializing in the military industry sector, offering a valuable opportunity to explore the latest advancements in technologies and equipment within the field.
The Kingdom’s defense sector is projected to make a significant contribution to the national economy by 2030, with an expected gross domestic product contribution of $17 billion and a direct addition of $9 billion to non-oil revenues. The division’s growth is set to create 100,000 direct and indirect job opportunities by the end of the decade.
Some 74 investment opportunities are emerging from efforts to develop and localize supply chains, with an estimated value of SR150 billion ($40 billion). The total investment contribution from the defense sector is expected to reach $10 billion by 2030, according to the GAMI website.
Saudi Arabia’s participation in international events marks a crucial step in solidifying the Kingdom’s position as one of the fastest-growing economies among the G20 nations, said a statement by GAMI.
The initiative also emphasizes the country’s commitment to attracting global investors and advancing the objectives of Saudi Vision 2030 within the military sector.
The Kingdom’s pavilion will showcase a range of military products and equipment, particularly in aviation, underscoring the nation’s efforts to enhance national military manufacturing capabilities. By 2030, Saudi Arabia aims to localize over 50 percent of government spending on military equipment and services.
The pavilion will also highlight the sector’s investment potential and the favorable environment for investments in the counttry’s defense and military industries.
Established in 2017, GAMI collaborates with government entities and private sector partners to empower national and international firms within the military industry. This initiative aims to localize and enhance domestic manufacturing capabilities, positioning the sector as a key contributor to Saudi Arabia’s economic prosperity and defense independence.
Several government bodies, including the Ministry of Investment and the General Authority for Defense Development, are participating in the Saudi pavilion at the exhibition, alongside companies such as the National Co. for Mechanical Systems, WAKEB Co. for Artificial Intelligence and Autonomous Systems, Milestone Aviation Services, and Homat Al-Watan Co, said the statement.
GAMI’s efforts, in partnership with the public and private sectors, support the growth of the national economy by establishing policies and regulations that create a good investment environment.
The sector is now more accessible to investors due to its market size, cross-sector impact, competitive advantages, and GAMI’s focus on developing industrial participation programs and policies.
Saudi Arabia’s flyadeal boosts Dammam network with 3 domestic routes
The new destinations, Najran, Tabuk, and Yanbu, are strategically significant
Expansion marks the first phase of flyadeal’s 2025 growth plan
Updated 10 November 2024
NADIN HASSAN
RIYADH: Saudi Arabia’s low-cost airline, flyadeal, will launch three new domestic routes from Dammam starting in January, aligning with the Kingdom’s Vision 2030 objectives.
The airline will launch daily flights from Dammam to Najran and four weekly services to Tabuk on Jan. 1, followed by three weekly flights to Yanbu starting Jan. 2.
The announcement was made by Steven Greenway, CEO of flyadeal, on the sidelines of the World Travel Market in London.
Greenway said the new routes are part of flyadeal’s mission to connect smaller towns and cities across the Kingdom, catering to populations under 400,000 that are underserved yet have a growing demand for air travel.
“Having well-established bases in Riyadh and Jeddah, flyadeal is now strengthening its presence in the Eastern Province by increasing frequencies on existing routes and adding three new destinations connected to Dammam,” Greenway said.
He added: “Our new flights will facilitate travel for business and leisure purposes, support the growing desire among Saudis and international visitors to discover the rich diversity that the country offers, and attract a growing expatriate population to explore the Kingdom.”
The expansion complements Vision 2030, which seeks to diversify Saudi Arabia’s economy and transform the Kingdom into a global transportation and logistics hub.
By enhancing access to remote and economically vital cities, flyadeal supports Vision 2030 objectives to strengthen tourism, stimulate business opportunities, and increase domestic mobility.
The new routes will also advance the nation’s strategy to welcome 150 million visitors annually by 2030.
The expansion marks the first phase of flyadeal’s 2025 growth plan, which includes adding more domestic routes and launching international flights from its primary hubs in Riyadh, Jeddah, and Dammam in the coming months.
The developments align with Saudi Arabia’s broad national efforts to establish itself as a key player in the aviation sector, with enhanced infrastructure, expanded air service networks, and a focus on customer experience.
Operating from its three main bases, Riyadh, Jeddah, and Dammam, flyadeal serves nearly 30 year-round and seasonal destinations across the Kingdom and select cities in the Middle East, Europe, and North Africa.
The airline’s fleet comprises 36 modern Airbus A320 narrowbody aircraft, optimized for efficiency and passenger comfort, reinforcing Saudi Arabia’s commitment to advancing sustainable and high-quality air travel.
The new destinations, Najran, Tabuk, and Yanbu, are strategically significant. Najran, an agricultural hub in the southwest, contributes substantially to the local economy.
Tabuk serves as a gateway to the Red Sea coast and plays a pivotal role in the Kingdom’s large-scale tourism and development projects.
Yanbu, Saudi Arabia’s second-largest port in the Madinah province, is a hub for petroleum and petrochemical industries, supporting national economic objectives and Vision 2030’s goals for diversified growth.
With international routes to Amman, Cairo, and Istanbul, flyadeal positions itself as a crucial connector between the Kingdom and key regional and international destinations, advancing Vision 2030’s ambition of creating an integrated, globally connected Saudi Arabia.
National climate commitments: a reality check since Paris
Current pledges fall short of avoiding disaster
Financial support must be tangible, says UNFCCC chief
Updated 10 November 2024
MANAL AL-BARAKATI
BAKU: As COP29 convenes in Baku, global attention turns once again to the question of climate commitments and progress made since the landmark 2015 Paris Agreement.
The upcoming conference will pose a pressing question: Has the world truly advanced in meeting the emissions targets that science says are essential to avoid catastrophic climate change?
A close examination of the current Nationally Determined Contributions shows both progress and an urgent need for more ambitious action.
Enhancing accountability and transparency
For many nations, the Paris Agreement remains a guiding framework, but as the UN’s first global stocktake at COP28 demonstrated, current commitments and transparency mechanisms are insufficient for real progress.
COP29 aims to improve accountability measures to ensure that pledged funds are disbursed effectively and on schedule.
Transparency mechanisms such as regular reporting on climate finance allocations and emissions reduction progress are being considered to enhance trust and accountability in international climate cooperation.
Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, highlighted the importance of tracking mechanisms to ensure that “climate cash counts,” emphasizing that financial support must translate into tangible, measurable results.
Stagnation in reducing global emissions
Since the Paris Agreement’s adoption, NDCs have become the primary framework for countries to articulate their climate ambitions, but recent data shows that the majority fall short of meeting the global temperature goal.
According to the latest report from the UN Climate Change Secretariat, global greenhouse gas emissions remain perilously close to 2019 levels, with minimal reduction progress.
Even with full implementation of all current NDCs, emissions are projected to peak before 2030 but fall short of the reductions needed to keep global warming below the critical threshold of 1.5°C above pre-industrial levels.
This gap illustrates an alarming trend — while commitments have increased in number and specificity, their collective impact remains insufficient to prevent severe climate impacts.
In particular, countries with historically high emissions — including the US, China, and India — have struggled to translate ambitious pledges into sustained reductions.
On the other hand, nations such as those in the EU, New Zealand, and several Pacific Island states have either reduced emissions substantially or put policies in place that could serve as models for more comprehensive global action.
Germany is another example of a country which has pioneered renewable energy legislation to achieve a record 46 percent share of renewable power in its electricity mix in recent years.
Meanwhile, Denmark and Sweden have established national frameworks targeting net-zero emissions by the middle of the century. Yet, many of the world’s largest emitters remain behind their targets, underscoring a divide between ambition and action that is critical for COP29 to address.
Climate-vulnerable regions, including sub-Saharan Africa and island nations, have also made considerable strides in setting strong climate policies despite contributing relatively little to global emissions. However, these nations often face implementation barriers that more affluent countries do not, primarily due to resource limitations.
Financial commitments fall short of needs
Climate finance has emerged as a critical factor in closing the emissions gap, especially for developing countries facing disproportionate impacts from climate change. Climate-related damages have skyrocketed in recent years, with extreme weather events causing billions in economic losses worldwide.
Stiell underscored this point by stressing the need for exponential growth in climate finance to ensure equitable transitions across economies.
“We simply can’t afford a world of clean energy haves and have-nots,” he said, warning that without substantive financing commitments only the wealthiest nations would be able to protect themselves against the intensifying climate crisis.
Yalchin Rafiyev, Azerbaijan’s lead negotiator, reinforced this: “We can see the divides that need to be bridged, but we must have a climate finance target that accounts for the needs of the most vulnerable.”
While the latest OECD data indicates developed countries mobilized $100 billion for climate action in 2022, this figure falls drastically short of the trillions of dollars needed annually.
However, the World Bank and the International Monetary Fund face mounting calls to further expand these initiatives and reduce financing barriers for developing nations.
As COP29 unfolds, global leaders face the challenging task of ensuring that the commitments made are not just promises but foundational steps toward meaningful, global climate action. The stakes have never been higher.
