Saudi Arabia ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

Saudi Arabia registers lower-than-average concern for climate risks, at 41 percent. Shutterstock
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Updated 30 October 2024
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Saudi Arabia ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

  • Citizens in the Global South are almost twice as likely to be satisfied with the situation in their country compared to citizens in the Global North  

DUBAI: As global dissatisfaction with current events rises, Saudi Arabia stands out with the highest personal satisfaction rate among surveyed countries, according to the latest FII Priority Global Survey.  

While 52 percent of people globally express frustration with the state of world affairs, 84 percent of Saudis report satisfaction with their personal lives — the highest recorded in the survey — underscoring the region’s resilience against broader global discontent. 

Conducted across 24 countries representing over 62 percent of the world’s population, the survey reveals stark contrasts in regional outlooks.  

“When we look at satisfaction at a country level, we see a great deal of variation. Satisfaction with citizens’ own lives is highest in Saudi Arabia on 84 percent and lowest in South Korea on 39 percent,” the FII survey report stated.  

“MENA countries report above-average satisfaction in all three elements — life, country, and world — reflecting regional stability and positive public sentiment,” Paloma Haschke-Joseph, director of FII’s research unit and think tank, THINK, told Arab News.

However, the findings noted that it is only in South Africa, the Ivory Coast, Argentina, Japan, Turkiye and South Korea that less than half of citizens are satisfied with their lives.  

“Turning to dissatisfaction, there is less of a range, with a low of 7 percent in Saudi Arabia compared to 38 percent in Turkiye, which has the highest levels of dissatisfaction measured,” the report added. 

In the Global South, 34 percent of respondents express satisfaction with their country’s direction, nearly triple the 12 percent recorded in the Global North. However, within their own countries, Saudi citizens are notably optimistic, with many expressing confidence in their future as geopolitical and economic tensions persist worldwide. 

Satisfaction rates across other countries vary widely, with South Korea reporting the lowest personal satisfaction at 39 percent. Looking to the future, economic optimism remains tempered in the Global North, where only 22 percent expect improvement, compared to a more positive 51 percent in the Global South. 

On a global scale, economic conditions dominate concerns, with 40 percent of respondents highlighting economic stability as their primary issue, followed by political stability at 19 percent and healthcare at 17 percent.

“Economic and governance concerns may have overshadowed environmental priorities as citizens respond to immediate financial and political challenges,” Haschke-Joseph said. 

In contrast to the broad decline in environmental concern, Japan and South Korea have high levels of concern, with 72 percent and 63 percent respectively, while Saudi Arabia registers lower-than-average concern for climate risks, at 41 percent. 

Financial stability is another top priority, with 53 percent identifying it as essential for quality of life and 48 percent citing it as critical for future health. Inflation and rising living costs remain a significant concern, with 57 percent of respondents reporting worsening conditions.  

While social inclusion ranks fifth among global issues, concerns over tolerance, economic equity, and the risk of class-based tension were more prominent in Europe at 9 percent than Asia at 5 percent.  

Despite these concerns, social cohesion — defined as local ties and community engagement — remains strong in Saudi Arabia, India, and Indonesia. 

Technology, though lower in priority, plays an increasingly vital role in daily life, with 63 percent of respondents feeling prepared for the digital era.  

African and Middle East and North Africa regions report the highest preparedness rates, while Europe lags at 50 percent. Among technology concerns, artificial intelligence ranks highest, especially in the Global South, where respondents worry about job displacement and control over digital tools. 

“The Global South more frequently integrates generative AI tools into daily life, with 67 percent in the Global South considering them essential, compared to only 33 percent in the Global North,” said Haschke-Joseph. 

She added: “Saudi respondents see value in generative AI but raise concerns about their country’s overall digital readiness, highlighting a need for broader digital infrastructure.” 

Saudi Arabia and India are among the Global South countries where technology is viewed as a pressing issue, with AI’s implications prompting concern. When asked if technologies like ChatGPT and AI pose a societal risk, 37 percent of respondents agreed, 24 percent disagreed, and 39 percent remained neutral. 

The FII Priority Global Survey offers a snapshot of the priorities, concerns, and aspirations of citizens worldwide, with insights for policymakers navigating these evolving challenges across the global economic, technological, and social landscape.


PIF completes acquisition of 23% stake in Saudi Re to bolster local insurance sector

Updated 13 January 2025
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PIF completes acquisition of 23% stake in Saudi Re to bolster local insurance sector

  • Investment is expected to significantly strengthen Saudi Re’s position as the national reinsurer
  • Saudi Re to contribute to growth of Saudi reinsurance market and improve risk management for local insurers

RIYADH: Saudi Arabia’s Public Investment Fund has acquired a 23.08 percent stake in Saudi Reinsurance Co. through a capital increase and subscription to new shares. 

The deal, originally signed in July 2024, raises Saudi Re’s capital from SR891 million ($237 million) to SR1.15 billion, a move aimed at enhancing the insurer’s financial stability and credit ratings. 

The investment, which received regulatory approval and shareholder consent, is expected to strengthen Saudi Re’s position as the national reinsurer significantly, according to a press release. 

The move aligns with the Kingdom’s broader commitment to bolstering its insurance sector in line with the goals of Vision 2030. 

By retaining more premiums domestically, Saudi Re will contribute to the growth of the Saudi reinsurance market and improve risk management for local insurers. 

Sultan Alsheikh, head of financial institutions at PIF, said: “By investing in Saudi Re, PIF is reinforcing a leading regional reinsurer and strengthening Saudi Arabia’s insurance sector, which is an essential component of sustainable economic growth.” 

He added: “This enhances access to quality financial services for insurers and their policyholders, and strengthens the sector.” 

Arab News previously reported that Saudi Re’s capital increase would be funded by the issuance of 26.73 million new shares, valued at SR10 each, according to a bourse filing at the time. Representing 30 percent of the company’s capital, the shares were to be fully subscribed by PIF at SR16 per share, totalling SR427.68 million. 

“We are delighted to welcome PIF as a strategic investor and look forward to its role in enabling Saudi Re’s strategy and reinforcing its position as a national reinsurer, while further strengthening its presence regionally and globally,” said Ahmed Al-Jabr, CEO of Saudi Re. 

“This investment will provide us with multiple benefits, including boosting our financial position and unlocking opportunities for expansion and growth,” he added. 

Saudi Re, listed in the Saudi Market Exchange, operates in over 40 countries across the Middle East, Asia, Africa and Lloyd’s market in the UK. It holds high credit ratings, including an A-minus from S&P Global and an A3 from Moody’s. 

In the first nine months of 2024, the company recorded total written premiums of SR1.94 billion ($520 million), with a compound annual growth rate of 17 percent over the past five years. 

The investment aligns with PIF’s broader strategy under Vision 2030 to foster economic diversification and create partnerships that promote local content. 

The fund’s strategy, as set out in the PIF Program 2021-2025 — one of the Vision 2030 realization programs — aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector. 

By scaling up Saudi Re’s capacity to meet the rising demand for reinsurance solutions, PIF is contributing to the development of a robust and innovative insurance ecosystem in Saudi Arabia. 


Abu Dhabi wealth fund seeks full ownership of Aramex

Updated 13 January 2025
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Abu Dhabi wealth fund seeks full ownership of Aramex

  • ADQ, through its subsidiary Q Logistics, makes a conditional cash offer

JEDDAH: Abu Dhabi’s sovereign wealth fund has submitted a cash offer that will see it acquire 100 percent of Aramex’s shares, according to an announcement made by the logistics company on Monday.

The offer, which is conditional, comes from Q Logistics Holding LLC, a fully owned subsidiary of ADQ. It targets the portion of Aramex’s issued and paid-up share capital that is not already owned by Abu Dhabi Ports Co.

ADQ was established in 2018 and has a broad portfolio of domestic assets, including Abu Dhabi state carrier Etihad Airways and Abu Dhabi Ports Co., through which it holds a 22.69 percent stake in Aramex.

Aramex confirmed that the proposal will be presented to its board of directors. The company also stated that it will adhere to the required procedures in accordance with the decision of the chairman of the Securities and Commodities Authority regarding the Rules of Acquisition and Merger of Public Joint Stock Companies. 

Following the acquisition offer, Aramex’s shares opened at 2.65 dirhams ($0.72), up from the previous close of 2.31 dirhams. 

In its statement, Aramex noted that shareholders, excluding Abu Dhabi Ports Co., would receive 3 dirhams per share in cash. This offer represents a 33 percent premium over the closing share price of 2.25 dirhams as of Jan. 9. Furthermore, the offer price is a 35 percent premium over the one-month volume-weighted average price of 2.23 dirhams per share.

The company also stated that it would provide further updates on any material developments related to the offer.

In a separate announcement on Jan. 8, Aramex revealed a major step in its efforts to decarbonize logistics in the oil and gas sector. 

The company launched its first commercial deployment of electric trucks and charging solutions in the UAE, in partnership with Admiral Mobility, a local electric vehicle solutions provider. The new fleet includes eight-tonne Farizon electric trucks, each equipped with a 162 kWh battery, certified for use in both the UAE and Saudi Arabia.

This initiative aligns with Aramex’s broader strategy to offer sustainable logistics solutions to its clients while reducing the environmental impact of industrial supply chains. 

The company emphasized that the electric trucks will specifically benefit its oil and gas sector clients by offering efficient and eco-friendly transportation options. Aramex remains committed to achieving carbon neutrality by 2030 and net-zero emissions by 2050.


Saudi banking sector boosted by flurry of debt, sukuk issuances

Updated 13 January 2025
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Saudi banking sector boosted by flurry of debt, sukuk issuances

  • Al Rajhi Bank, Banque Saudi Fransi, and Arab National Bank are among the key players
  • CMA’s strategy seeks to expand the debt instruments market to 24.1% of GDP by 2025

RIYADH: Saudi Arabia’s banking sector is experiencing a surge in activity in debt and sukuk markets as leading financial institutions move to strengthen their capital bases and fund strategic growth initiatives. 

Al Rajhi Bank, Banque Saudi Fransi, and Arab National Bank are among the key players announcing substantial issuances to tap local and international investors.

This wave in activity supports the Capital Market Authority’s objective of transforming the Kingdom’s investment market into a key pillar of the its economy, as outlined in Vision 2030. The plan emphasizes expanding financing options, promoting funding opportunities, and attracting international investors.

Al Rajhi Bank unveiled plans to issue US dollar-denominated additional Tier 1 capital sustainable sukuk under its international sukuk program established in April. 

The issuance, approved by the bank’s board in March, will be executed through a special purpose vehicle and offered to eligible investors both within Saudi Arabia and abroad, according to a statement on the Saudi stock exchange.

The bank has enlisted a consortium of leading financial institutions, including Citigroup, HSBC, and Goldman Sachs, as joint lead managers and bookrunners for the proposed issuance. 

Banque Saudi Fransi similarly announced its intention to issue US dollar-denominated certificates under its Trust Certificate Issuance Program. The initiative follows a board resolution granting executive management the authority to oversee the program and carry out issuances as needed. 

“The issuance is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally,” a statement said.

HSBC will serve as global coordinator, and several prominent institutions, including Japanese-based bank holding company Mizuho and Saudi Fransi Capital, acting as joint lead managers. 

Meanwhile, Arab National Bank has opted for a Saudi Riyal-denominated additional Tier 1 capital sukuk. 

The private placement, valued at SR11.25 billion ($2.9 billion), aims to bolster the bank’s capital base while supporting general corporate purposes. HSBC Saudi Arabia and ANB Capital Co. have been appointed as joint lead managers for the issuance. 

The developments highlight the growing momentum in the Kingdom’s financial markets as banks look to diversify funding sources and enhance their capital adequacy. 

By prioritizing sustainable finance and investor protection, Saudi Arabia is aligning with international standards and leveraging its leadership in Islamic finance to attract a broader range of investors.

The CMA’s strategy seeks to expand the debt instruments market to 24.1 percent of gross domestic product by 2025 by implementing regulatory reforms, improving market accessibility, and streamlining issuance processes.


Annual trade between Qatar and Jordan hits $248m

Updated 13 January 2025
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Annual trade between Qatar and Jordan hits $248m

RIYADH: The trade exchange between Qatar and Jordan rose to 910 million Qatari riyals ($248.16 million) in 2024, a 5.81 percent increase from the previous year, driven by higher imports of Jordanian food and consumer goods. 

Both countries saw their trade balance grow 5.6 percent year on year over the 12-month period, with total commerce rising from 800 million riyals in 2022 to 860 million riyals in 2023, according to data from Qatar’s Planning and Statistics Authority, as reported by Jordan News Agency. 

This comes as the trade and economic relationship between Jordan and Qatar has been on an upward trajectory since the establishment of the Joint Business Council in 2015. 

In November, Jordanian Prime Minister Jafar Hassan and Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani met to discuss ways to further enhance cooperation in various fields including economic development, trade, investment, and infrastructure. 

Last year, Jordan’s major exports to Qatar included food and consumer products such as fresh and processed foods, vegetables, and fruits, as well as meats, dairy products, and grains. 

Other significant food exports included fresh cheeses, poultry, sweets, and rice. Additionally, Jordan shipped juices, nuts, and oils, as well as pickles, herbs and honey. 

Eggs and Jordanian coffee were also traded.

Conversely, Qatar’s exports to Jordan were largely comprised of chemicals and industrial products, including motor oils, sulfuric acid, aluminum molds, and paraffin. 

Other key Qatari exports to Jordan were polyethylene, iron rods, and chemical fertilizers, as well as plastic bags, organic fertilizers, and medical solutions. 

The growing trade ties between Qatar and Jordan are part of a broader trend of increasing regional trade. 

Saudi Arabia also saw significant growth in its trade relationship with Jordan. In the third quarter of 2024, Saudi exports to Jordan reached SR3.78 billion ($1.01 billion), marking a 15.95 percent year-on-year increase. 

Non-oil exports from the Kingdom to Jordan totaled SR2.26 billion, with rubber and plastic products accounting for SR766.7 million and chemicals contributing SR320.2 million. Jordan’s exports to Saudi Arabia during the same period were valued at SR1.49 billion. 

With ongoing efforts to bolster economic ties, the trade relationship between Qatar and Jordan is expected to continue its positive trajectory. 


Saudi Arabia, Japan strengthen investment ties with strategic MoU

Updated 13 January 2025
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Saudi Arabia, Japan strengthen investment ties with strategic MoU

DUBAI: The Saudi Investment Promotion Authority on Monday signed a memorandum of understanding with Japan’s Mizuho Bank Ltd. in an effort to enhance investment opportunities between the two countries.

The MoU was signed by Assistant Minister of Investment Ibrahim bin Yousef Al-Mubarak and bank CEO Masahiko Kato.

The agreement means the Saudi Investment Promotion Authority will provide its expertise and information to help integrate support services to Japanese companies interested in investing in the Kingdom, according to the Saudi Press Agency.

The memorandum comes within the Vision 2030 framework, which aims to diversify the national economy by attracting foreign investments, supporting economic partnerships with international companies, strengthening bilateral investment relations and long-term partnerships, and opening new qualitative areas for cooperation in the investment and economic fields.

On Sunday, the Saudi Japanese Joint Business Council Meeting convened in Riyadh with Minister of Investment Khalid Al-Falih and Japanese Minister of Economy, Trade and Industry Muto Yoji.

Attending the meeting were more than 80 representatives of companies and entities from both nations.

The Japanese delegation included those from industrial and commercial companies, as well as financial institutions focusing on modern technologies with an interest in the Saudi market.