International Women’s Day: Business leaders blaze a trail for Arab women

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Updated 08 March 2022
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International Women’s Day: Business leaders blaze a trail for Arab women

  • Thanks to social reforms and economic empowerment, women are making their names in Arab boardrooms
  • Meet the pioneering Arab women laying the foundations for the region’s next generation of female business leaders

RIYADH: Women are increasingly making names for themselves in boardrooms across the Arab world as reforms and empowerment initiatives provide new opportunities. Their future successes will be built on the work of pioneering Arab women who laid the foundations for the next generation of female business leaders in the region. Here, we profile nine of them.


Sarah Al-Suhaimi
Chairperson of the Saudi Arabian Stock Exchange
SAUDI ARABIA

Al-Suhaimi has been head of the Saudi Arabian Stock Exchange, also known as Tadawul, since February 2017. The first Saudi woman to hold the position at the largest stock market in the Middle East, she was reappointed chairperson of the board of directors in 2020.

In addition she has been CEO and a member of the board of directors of the National Commercial Bank since March 2014. In April 2021, NBC merged with banking firm Samba and was renamed Saudi National Bank.

Al-Suhaimi served as vice-chairperson of the advisory committee to the board of the Capital Market Authority between 2013 and 2015, and before that as chief investment officer at Jadwa Investment.

She was named one of “50 people to watch” by Bloomberg Businessweek in 2017.


Randa Mohammed Sadik
CEO of Arab Bank
JORDAN

Arab Bank, one of the largest financial institutions in the Middle East, was the first private-sector business of its kind in the Arab world when it was founded in 1930 in Jerusalem, Mandatory Palestine. Its headquarters are now Amman, Jordan, and it has more than 600 branches on five continents.

Sadik, a Jordanian national, served for more than 10 years as deputy CEO of Arab Bank before becoming CEO last year.

She previously worked at the National Bank of Kuwait for 24 years, including a spell as Group General Manager of the International Banking Group.


Areej Mohsin Haider Darwish
Chairperson of Mohsin Haider Darwish’s Automotive, Construction, Equipment and Renewable Energy cluster
OMAN

Mohsin Haider Darwish, a renowned and leading business house in the Middle East, earned a place on the 2020 Forbes list of the Top 100 Arab Family Businesses in the Middle East. It has a diverse business presence, with a variety of interests in trading, contracting and projects. It has brought a number of international brands to Oman, including Land Rover, Jaguar, McLaren, Volvo, MG, Ford, Ashok Leyland, Huawei, Hitachi, KDK and DAIKIN.

Darwish graduated from Sultan Qaboos University with a bachelor’s degree in computer science. Her career began with a position at Petroleum Development Oman. She joined MHD, the family business, in 1994 and with the guidance, support and motivation of her father, she worked her way up to become chairperson of its Automotive, Construction, Equipment and Renewable Energy cluster of operations.



Sheikha Hanadi Nasser Bin Khaled Al-Thani
Founder of Amwal and Al-Waab City
QATAR

Sheikha Hanadi began her career as an assistant lecturer in economics at Qatar University. In 1998 she founded the Qatar Ladies Investment Company, known as Amwal, the first investment company granted a license by Qatar Central Bank to conduct investment banking and asset and wealth management in the country.

In 2005 she founded Al-Waab City, an urban community development featuring more than 1.2 million square meters of mixed-use amenities. She is also founding chairperson of car dealership Q-Auto.

Sheikha Hanadi is chairperson of education and training organization INJAZ Qatar and a board member of INJAZ Al-Arab. She is a member of the Middle East board of Planet Finance and the advisory board of the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology.

She has been on Arabian Business magazine’s list of Most Influential Arabs for several consecutive years, and was named a Young Global Leader by the World Economic Forum in 2005.



Raja Easa Al-Gurg
Group managing director and vice-chairperson of Easa Saleh Al-Gurg Group
UAE

Known for her leadership of the family business, a conglomerate consisting of more than 20 businesses in a number of sectors including retail, construction, industrial and real estate, Al-Gurg is also a business leader in her own right, carving a niche through her support for female Arab entrepreneurs. She is president of Dubai Business Women Council and on the board of the Dubai Chamber of Commerce and Industry.

She serves as deputy chairperson of the National Bank of Fujairah, is on the advisory board of Coutts Bank, the wealth-management division of Royal Bank of Scotland Group, and on the board of trustees of community-development foundation Mohammed bin Rashid Al-Maktoum Global Initiatives.

In 2020, Al-Gurg received the Legion of Honor, Chevalier, from French President Emmanuel Macron, for enhancing bonds between France and the UAE.

She ranked top of the 2020 Forbes list of 100 Power Businesswomen in the Middle East, second on its 2019 list of Women Heading Family Businesses, and 89th on its 2020 list of the World’s 100 Most Powerful Women.



Mona Zulficar
Founding partner and chairperson of Zulficar and Partners, and EFG Hermes
EGYPT

In addition to her position with leading Egyptian law firm Zulficar and Partners, Zulficar has been chairperson of financial services company EFG Hermes Holding since 2008, and chairperson of the Egyptian Microfinance Federation since 2015.

An attorney for more than 35 years, she specializes in major restructuring and project finance. International legal directories consistently rank her as an expert in banking, finance, and mergers and acquisitions.

An advocate for human rights and women’s rights since 1985, Zulficar led several campaigns resulting in significant legal reforms. She is currently working on an equal opportunity and non-discrimination law.

She was an expert member of the board of the Central Bank of Egypt (2003-2011); vice-president of the Constitutional Committee of the 2014 Constitution; vice-president of the UN Human Rights Council Advisory Committee (2008-2013); chairperson of the Women’s Health Improvement Association in Cairo; and chairperson of the External Gender Consultative Group of the World Bank in Washington DC (2000–2006).



Jalila Mezni
Co-founder and CEO of Societe d’Articles Hygieniques
TUNISIA

Entrepreneur Mezni — co-founder and CEO of Societe d’Articles Hygieniques, which makes diapers, tissues, and other hygiene products — weathered the storm of the Arab Spring over the past decade and guided her business through the worst of it.

She founded SAH in 1995 after quitting her job as vice-president of a Tunisian bank. She saw an opportunity in the hygiene-products industry and, at the suggestion of a colleague, applied to a government program that provided her with cheap land and tax breaks in a poor area outside of Tunis. Her business was born.

SAH Group now has a presence in 21 African nations and employs 4,000 people at nine production facilities.



Nezha Hayat
Chairperson and CEO of the Moroccan Capital Market Authority
MOROCCO

Hayat has been chair and CEO of the Moroccan Capital Market Authority since 2016. It is responsible for the country’s non-banking capital markets, including the stock exchange and brokerage firms. She is also president of the Africa/Middle East Regional Committee of the International Organization of Securities Commissions.

An advocate for women’s rights, she is a founding member and president of Club des Femmes Administrateurs d’Entreprises, a non-profit that promotes good governance and gender diversity on the boards of public and private companies.

Her career began in Spain, where from 1985 to 1988 she worked in the international division of Banco Atlantico, responsible for global risks and restructured debt.

In 1999, she was elected president of the Association of Stockbrokers in Morocco, serving two terms. She co-founded Association des Femmes Chefs d’Enterprises du Morocco, an association for female entrepreneurs, in 2000, and was nominated as a global leader for tomorrow by the World Economic Forum in 2001.



Mona Ataya
CEO and founder of Mumzworld
PALESTINE

Ataya is the CEO of Mumzworld, a leading online store for baby products in the Middle East, which she founded in 2011. In 2014 and 2015, she was ranked among the 100 Most Powerful Arab Women by Arabian Business.

While she was raising her three children, she spotted a gap in the market when she struggled to find support for mothers who need advice and help with decisions about purchases of products for their children. She decided to make it her mission to empower mothers and make a difference in the community.

To develop her skills, she landed a job with Procter and Gamble working on leading brands in the soap sector and later with Johnson and Johnson managing a broad portfolio of leading global brands, including Neutrogena and Clean & Clear. Later, she became a co-founding members of job-search site Bayt.com.


Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

Updated 26 sec ago
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Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

RIYADH: Saudi Arabia’s central bank has implemented its second interest rate reduction of 2024, lowering the benchmark by 25 basis points to 5.25 percent.

This adjustment mirrors the recent US Federal Reserve decision, which also cut rates by the same amount to a target of 4.5 - 4.75 percent.

In a statement, the central bank – also known as SAMA – said: “In light of global developments, and in accordance with the Central Bank’s objective of maintaining monetary stability, it has decided to reduce the Repurchase Agreement rate by 25 basis points to 5.25 percent, and the Reverse Repurchase Agreement rate by 25 basis points to 4.75 percent.​”

Unlike the higher September cut of 50 basis points, this move is a strategic recalibration of monetary policy, aimed at easing high borrowing costs that have been sustained to combat inflation over the past two years.

Gulf Cooperation Council central banks align interest rates with the US Federal Reserve due to their currency pegs to the dollar, despite having stable inflation rates.

Both the UAE and Bahrain reduced rates by 25 basis points, while Qatar opted for a slightly larger 30-point cut.

Kuwait, however, took a different approach. Its central bank, which pegs its currency to a basket, rather than exclusively to the dollar, lowered rates by 25 basis points in September to 4 percent but did not announce further cuts in November as of date.

Over the past two years, the US Federal Reserve has aggressively tightened its monetary policy to tackle inflation, driving up interest rates in an effort to bring prices down.

Although inflation has made progress toward the Fed’s 2 percent target, it remains slightly elevated, and high costs persist for consumers.

The labor market has shown signs of cooling, with unemployment inching up but still at low levels. The Fed’s ongoing challenge is balancing inflation control with the need to maintain a healthy, resilient job market.

The decision to cut interest rates could have far-reaching implications for the GCC, particularly for Saudi Arabia’s economy.

The Kingdom’s non-oil sectors, already a key focus under Vision 2030, stand to benefit significantly from the influx of cheaper credit.

Sectors such as construction, real estate, and services, which have seen substantial growth, are expected to experience further acceleration.

Lower borrowing costs could spur investments in infrastructure and technology, both vital to the Kingdom’s diversification away from oil.

Corporate lending is also expected to see a boost, with businesses, especially in capital-intensive industries like real estate, poised to take advantage of more affordable financing.

This could translate into more ambitious expansion plans, particularly for projects aligned with Vision 2030 goals, such as NEOM and the Red Sea Project.

The real estate market in particular could see a further surge as cheaper credit fuels demand for housing. 

Riyadh’s growing population and influx of expatriates are likely to drive this trend, with lower interest rates making mortgages more affordable.


Oil Updates – prices fall as Hurricane Rafael expected to start weakening

Updated 08 November 2024
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Oil Updates – prices fall as Hurricane Rafael expected to start weakening

SINGAPORE: Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies.

Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 7:46 a.m. Saudi time. US West Texas Intermediate crude fell 55 cents or 0.8 percent to $71.81. The benchmarks fell after rising nearly 1 percent on Thursday.

For the week, Brent is set to gain 3.1 percent while WTI is set to rise 4.1 percent

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from US fields while forecast to weaken from Friday and through the weekend, the US National Hurricane Center said.

Prices gained support on Thursday on expected actions by the incoming Trump administration such as tighter sanctions on Iran and Venezuela, which could limit their supply to global markets.

“Our core view sees Trump adopt a relatively pragmatic approach to policy, in which he either chooses not to pursue more radical policy shifts, or is held back by institutional constraints or the influence of more moderate policy advisers,” BMI, a unit of Fitch Solutions, said in a note on Friday.

Downward pressure came from data showing crude imports in China, the world’s biggest oil importer, fell 9 percent in October, the sixth consecutive month showing a year-on-year decline, as well as from a rise in US crude inventories.

“The impact (of the Trump administration) on oil market fundamentals in 2025 will likely be somewhat limited,” BMI said. 


Closing Bell: GCC stock markets up in wake of Trump’s election win

Updated 07 November 2024
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Closing Bell: GCC stock markets up in wake of Trump’s election win

RIYADH: Following Donald Trump’s victory in the US presidential election, stock markets across the Gulf Cooperation Council saw a strong rally.

Markets posted gains, with Saudi Arabia’s Tadawul All Share Index finishing 0.31 percent up to close at 12,130.80 points on Thursday. This came after Crown Prince Mohammed bin Salman congratulated Trump on winning the election in a phone call on Wednesday, according to the Saudi News Agency.

Dubai’s Financial Market mirrored the upward momentum, climbing 0.60 percent. Abu Dhabi’s Securities Exchange also saw a lift, finishing the day up 0.44 percent.

Bahrain’s Bourse recorded a rise of 0.52 percent, while Kuwait’s main market similarly rose, closing with a 0.10 percent gain.

However, the Muscat Securities Market in Oman saw a 0.17 percent decrease, while the Qatar Stock Exchange was closed for a public holiday. 

The total trading turnover of the benchmark index on TASI was SR7.53 billion ($2 billion) as 113 of the listed stocks advanced, while 111 retreated.   

Similarly, the MSCI Tadawul Index increased by 2.03 points, or 0.13 percent, to close at 1,521.79.

The Kingdom’s parallel market Nomu also climbed by 415.36 points, or 1.44 percent, to close at 29,269.00. This comes as 49 of the listed stocks advanced while as many as 22 retreated.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged by 7.13 percent to SR78.10.

Other top performers include Miahona Co., and Theeb Rent a Car Co., with Miahona’s share price climbing 6.75 percent to SR29.25 and Theeb’s rising 6.59 percent to SR79.30.

Naseej International Trading Co. and Al Moammar Information Systems Co. also posted rises.

The worst performer was Saudi Arabian Mining Co., whose share price dropped by 4.09 percent to SR53.90.

Other worst performers were Abdulmohsen Alhokair Group for Tourism and Development, whose share price fell by 3.18 percent to SR2.74, and ACWA Power Co., which saw a 2.95 percent drop to SR441.20.

On an announcement front, ACWA Power Co. announced its results for interim financial results for the first nine months of 2024, ending on Sept. 30, with revenues surging by 13.3 percent to reach SR1.74 billion, compared to SR1.542 billion in 2023.

The increase was primarily driven by higher revenue from electricity sales, operation and maintenance services, and additional income from development projects and construction management, the company said on Tadawul. 

BinDawood Holding Co. also disclosed its financial results for the third quarter, with revenues slightly increasing by 0.189 percent to reach SR1.361 compared to the same quarter last year.

The company closed Thursday’s trading session at SR7.02, a 0.29 percent increase.

Saudi Steel Pipe Co. also released its financial results for the nine months of the year, recording SR381 million in revenues, a 20.18 percent increase compared to the same period last year.

The company closed today’s trading session at SR71.40, decreasing by 1.27 percent.

The United International Transportation Co. disclosed a 37.052 percent increase in revenues for the first nine months to reach SR505.8 million, compared to SR369.07 million during the same period last year.

This was primarily driven by the expansion of a long-term lease fleet and the resulting higher lease revenues.

The company closed at SR84, with its stock valie declining by 1.55 percent.


ACWA Power reports 16% profit increase amid record project launches

Updated 07 November 2024
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ACWA Power reports 16% profit increase amid record project launches

RIYADH: ACWA Power, the Saudi-listed energy and water desalination company, has announced a 16 percent increase in its profits for the first nine months of 2024, underpinned by significant progress in its power and water production projects.

For the period, ACWA Power’s net profit attributable to equity holders reached SR1.25 billion ($334 million), a rise fueled by a 12.5 percent increase in operating income, which reached SR2.36 billion.

This marks a strong improvement from the same period in 2023. According to a company press release, the growth was primarily driven by an investment gain from the restructuring of a project, alongside a capital recycling gain.

ACWA Power’s CEO, Marco Arcelli, highlighted the company’s commitment to growth, noting that its portfolio now includes 26 projects — the largest in its 20-year history.

“These projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,” Arcelli said.

He reiterated the company’s focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations.

Over the past nine months, ACWA Power successfully achieved financial closure on seven major projects worth SR31 billion. These include Saudi Arabia’s Taiba and Qassim Combined Cycle Gas Turbine projects, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.

The company’s expansion in power generation is also evident, having added 2.4 GW of capacity during the same period, including the Ar Rass Solar PV project, a 700 MW solar plant that was completed in just 18 months.

On the renewable energy front, ACWA Power secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan, as well as 5.5 GW of solar photovoltaic capacity as part of Saudi Arabia’s fourth round of Public Investment Fund projects.

In water desalination, the company signed a Water Purchase Agreement for the 410,000 cubic meters per day Hamriyah Independent Water Project in the UAE.

Abdulhameed Al-Muhaidib, ACWA Power’s Chief Financial Officer, expressed confidence in the company’s future, stating, “In the first nine months of 2024, we saw strong project mobilization, achieving financial closure on seven projects worth SR31 billion. We also began generating revenue from 2.2 GW of projects that reached partial or full commercial operation.”

He added: “Our diversified asset base, visible growth pipeline, and resilient business model, combined with our focus on operational excellence, give us confidence in achieving sustainable, long-term financial performance.”


UAE banking sector’s net international reserves grow 11% by July 2024

Updated 07 November 2024
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UAE banking sector’s net international reserves grow 11% by July 2024

RIYADH: The UAE’s banking sector saw a significant increase in its net international reserves, which rose by 11.1 percent— or 127.5 billion dirhams ($34.3 billion) — during the first seven months of 2024.

By the end of July, the reserves totaled 1.273 trillion dirhams, up from 1.145 trillion dirhams at the close of 2023.

According to the Central Bank of the UAE’s June statistical bulletin, the central bank’s share of these reserves stood at 771.6 billion dirhams at the end of July, reflecting a 14.6 percent increase compared to 673.42 billion dirhams at the end of 2023. Meanwhile, the net international reserves of banks operating in the UAE amounted to 501.6 billion dirhams, marking a 6.22 percent rise from 472.2 billion dirhams at the end of last year.

The bulletin also highlighted a notable increase in the central bank’s gold reserves, which grew by 23.5 percent year on year to 21.28 billion dirhams by July’s end, up from 17.226 billion dirhams in July 2023. Over the first seven months of 2024, gold reserves increased by 17.3 percent, from 18.147 billion dirhams at the close of 2023.

In terms of banking operations, the value of transfers processed through the UAE Financial Transfer System exceeded 11.13 trillion dirhams during the first seven months of 2024, reflecting a 17 percent year-on-year growth from 9.5 trillion dirhams in the same period in 2023.

Monthly remittance values were as follows: 1.512 trillion dirhams in January, 1.449 trillion dirhams in February, 1.565 trillion dirhams in March, 1.592 trillion dirhams in April, 1.78 trillion dirhams in May, 1.42 trillion dirhams in June, and 1.81 trillion dirhams in July.

Additionally, the central bank’s data revealed that the value of cheques cleared via image technology totaled 765.08 billion dirhams across more than 13 million cheques during the first seven months of 2024.

The bulletin also showed that cash deposits at the central bank reached 111.4 billion dirhams during the period, while cash withdrawals totaled 120.3 billion dirhams.