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Saudi stock exchange Tadawul to launch environmental index with MSCI,, says CEO
August 12, 2020--Saudi Arabia's stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse's chief executive said on Wednesday.
The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual event.
Nasdaq, DGCX sign landmark technology agreement
August 10, 2020--The marketplace solutions, delivered via the Nasdaq Financial Framework, include multi-asset trading and real time clearing capabilities.
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Most GCC stock markets gain in July on rising oil prices, easing lockdown
August 3, 2020--The S&P GCC composite index surged 1.7% during the month
Most GCC stock markets made gains in July as lockdown restrictions were eased and oil prices climbed, a monthly report by Kuwait Financial Centre 'Markaz' revealed.
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GCC corporates manage liquidity, but oil price, COVID-19 troubles remain: S&P
July 22, 2020--GCC corporates manage liquidity, but oil price, COVID-19 troubles remain: S&P
A number of corporates fully drew their available revolving credit facilities to hold on to cash, according to the ratings agency
Corporations and infrastructure players in the GCC successfully managed liquidity during the pandemic despite a weak operating environment.
However, a severe global credit downturn caused by the COVID-19 pandemic has affected the scope of recovery of many sectors in the economy, leading to negative employment trends and consumer spending, global ratings agency S&P said in a report.
As soon as the possibility of a lock down became a reality, a number of corporates fully drew their available revolving credit facilities to hold on to cash and manage uncertainty around the pandemic and business continuity.
Five Charts That Illustrate COVID-19's Impact on the Middle East and Central Asia
July 16, 2020--As many countries in the region begin to gradually reopen, policymakers will be tasked with mitigating the ongoing public health threat while also taking steps to rebuild economies and ensure that adequate social safety nets are in place.
"The immediate actions countries in the region took as COVID-19 began sweeping the globe helped save lives," said Jihad Azour, director of the IMF's Middle East and Central Asia Department. "Ensuring health systems are strong and well0resourced remains essential as countries consider what kind of economies they want to build for the future. The IMF will work with countries to help facilitate the economic recovery and aid the millions of people whose livelihoods have suffered in the pandemic's wake."
IMF-Regional Economic Outlook Update: Middle East and Central Asia
July 13, 2020--The Middle East and Central Asia (MCD) region has reacted to the global COVID-19 pandemic with swift and stringent measures that have saved lives. However, these policies have also had a large impact on domestic economic activity. With several countries in the region beginning reopening in past weeks, and a recent uptick in activity, rising infection numbers may pose risks. A sharp decline in oil prices together with production cuts among oil exporters and disruptions in trade and tourism added further headwinds.
As a result, growth in the region is now projected at -4.7 percent in 2020, 2 percentage points lower than in April 2020. The unusually high level of uncertainty regarding the length of the pandemic and its impact on firm closures, the resulting downside risks (including social unrest and political instability), and potential renewed volatility in global oil markets dominate the outlook.
Finance shake-up with Saudi derivatives market to launch in Q3
July 10, 2020--Launch of futures contracts to be made before the end of the third quarter of this year
Saudi Arabia's Capital Market Authority (CMA) plans to launch a derivatives exchange in the latest move to modernize the Kingdom's financial landscape.
An announcement about the launch of futures contracts will be made before the end of the third quarter of this year, Asharq Al-Awsat newspaper reported, citing CMA Chairman Mohammed El-Kuwaiz.
UAE and Saudi women control assets worth $326bln-BCG
June 3, 2020--Wealth managers need to personalise solutions to tap into women's wealth
Women's wealth in the Middle East is expected to grow to $1.1 trillion from the current $786 billion during the 2019-2023 period with a CAGR of nine percent, according to a report.
As of 2019, more than 40 percent of women's wealth in the Middle East is concentrated in the UAE and Saudi Arabia where women control assets worth $102 billion and $224 billion, respectively, revealed a report by advisory firm Boston Consulting Group (BCG).
Women’s wealth is projected to grow at a compound annual growth rate (CAGR) of 8.3 percent to $140 billion in the UAE and of 5.1 percent to $273 billion in Saudi Arabia by 2023, it said
Arab stock markets plunge nearly 25% in Q1 as oil crash takes its toll
May 14, 2020--Arab stock markets plunged almost a quarter in value in the first three months of 2020 due to the coronavirus pandemic and the collapse in oil prices, a UN agency said Thursday.
"The drop in oil prices and the Covid-19 pandemic resulted in a 23% average loss for major Arab stock markets by the end of the first quarter of 2020," the Economic and Social Commission for Western Asia said.
COVID-19 Poses Formidable Threat for Fragile States in the Middle East and North Africa
May 13, 2020--COVID-19 will trigger a sharp drop in household incomes in Middle East and North African (MENA) countries that are fragile and in conflict situations, such as Afghanistan, Djibouti, Iraq, Lebanon, Sudan, and Somalia.
As export earnings suffer and social distancing reduces domestic activity, incomes will decline-especially for informal and low-skilled workers, including within large internally displaced populations and refugees.