Saudi Arabia Economical and other News

[حسن خليل]

Riyadh ‘will not sit idly by while Iran backs terror’

CAIRO: Foreign Minister Adel Al-Jubeir said Sunday that Iran is the only country interfering in Middle Eastern affairs.
Al-Jubeir, who was speaking at a joint press conference with his Egyptian counterpart, also said that Iran is supporting terrorism.
Al-Jubeir added that his country would not stand idly by in the face of Iran’s meddling in the region’s affairs.
Egyptian Foreign Minister Sameh Shukri said that his country shares similar views with Saudi Arabia regarding the Yemeni crisis.
Shukri reiterated Egypt’s participation in the military coalition led by Saudi Arabia that is fighting Houthi militias in Yemen.
Shukri also condemned the mosque attack in Saudi Arabia last Friday, Al-Arabiya said.

Source: Arab News

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[حسن خليل]

Working mothers struggle to cope with exam time stress

JEDDAH: Women employed in the private sector are finding it increasingly challenging to balance their work obligations and responsibilities toward their children during their examinations, especially for those who are in the final stages of their studies.
Mothers who work eight hours or more per day are especially struggling to find time to oversee their children’s studies, particularly if they manage their households and cannot afford additional help.
A number of women working in the private sector have called on the Ministry of Labor to reduce daily working hours during the end-of-year examination period in order to allow them more time to look after their children and help them with their studies.
Others say they have resorted to requesting annual leave in order to be by their children and support them during this stressful time.
Maryam Al-Suwad said nurses suffer tremendously during this time of year as they are often required to work up to 10 hours per day.
“Some private hospitals do not consider the needs of their employees during this period, and I was forced to request my annual leave during the exam period, in turn depriving me of enjoying the leave I deserve at another time.”
“Sometimes, my request is denied, and I am forced to miss days without pay in order to be there for my kids.”
Nabeela Hilal called on the Ministry of Labor to reduce working hours and facilitate leave entitlements, as well as establish nurseries for children and newborns at women’s work sites.
Maryam Al-Hameed, a government clinic employee, agreed, noting that long working hours prevent her from being able to monitor and help her children during their exams, especially as she often works from 8 a.m. to 5 p.m. and is also responsible for taking care of household chores.
Social worker Kausar Ismail warned mothers about becoming a source of stress to their children by focusing excessively on exams, noting that this may be counterproductive to their success.
She advised mothers not to provide their children with caffeinated and stimulating beverages to keep them awake longer hours, as lack of sleep can cause major concentration problems in children and lead to failure. She also encouraged women to organize their time as much as possible and appeal to neighbors or relatives during this time for support.
Ismail also warned mothers about putting too much pressure on their children during their exams, and to provide an appropriate and calm environment with enough lighting and ventilation in order to reduce fatigue and help them study and focus.

Source: Arab News

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[حسن خليل]

Soldier killed, 7 others hurt in Houthi shelling

JEDDAH: A Border Guard soldier has been killed and seven others were wounded in Houthi shelling in the Al-Harth area of ​​Jazan.
Maj. Gen. Mansour Al-Turki, spokesman of the Interior Ministry, said Border Guard soldiers came under fire from the Yemeni territory while they were on duty at 6:30 p.m. on Saturday. Al-Turki said that the officers dealt with the situation after coordinating with ground forces.
“The shelling has resulted in the martyrdom of soldier Ismail Mohamed Ibrahim Sandi and injuries to seven of his colleagues, who were admitted to hospital.”
Houthi shelling targeted Jazan and Najran regions on Sunday, but all the mortars fell in unpopulated areas, he added.

Source: Arab News

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[حسن خليل]

Saudi-Indian ties renewed onboard Tarangini

JEDDAH: Relations between India and Saudi Arabia are going from strength to strength, said Hemant Kotalwar, charge d’affaires at the Indian Embassy in Riyadh.
He was speaking at a press conference on board the Indian Navy ship, Tarangini, which is on a good will visit to Saudi Arabia and is docked at Jeddah Islamic Port.
Among those who spoke at the press conference were Consul General B.S. Mubarak, INS Tarangini Commanding Officer Capt. Gaurav Gautam and Defense Attache Col. Gurpal Singh.
“India has a special connection with Saudi Arabia because of the large population of Indian expats,” said Kotalwar. The current bilateral trade is almost $50 billion.
According to Mubarak, mutual ties had received a major boost since King Salman’s visit to New Delhi last year.
According to the diplomats, India is particularly indebted to King Salman for the support and cooperation rendered during the recent evacuation of more than 4,800 Indian nationals and another 1,700 foreign nationals of various countries from Yemen.
“There is growing cooperation between the navies of the two countries,” said Kotalwar. “Saudi officers are undergoing training courses in India. At the same time, Indian military officers are undertaking regular tours to Saudi Arabia in their quest for shared learning.”
Capt. Gautam said that INS Tarangini is Indian Navy’s first sail training ship. It was built in Goa and was commissioned on Nov. 11, 1997. “The primary role of the ship is to foster time-honored virtues of courage, camaraderie, endurance and esprit decorps in officer cadets embarking onboard,” he said.
INS Tarangini departed Kochi on March 27, 2015, and passed by Salalah (Oman) before reaching Jeddah Islamic Port on May 29. From Jeddah, the ship will make port calls at Alexandria (Egypt), Valetta (Malta), Cadiz (Spain), Plymouth (UK), Kristiansand (Norway), Aalborg (Denmark), Rostock (Germany), Amsterdam (Netherlands), Le Havre (France), Lisbon (Portugal), Valetta (Malta), Port Said (Egypt), Djibouti, Muscat and will arrive in Kochi on Dec. 3, 2015.
Royal Saudi Navy officers and men headed by Commodore Abdul Rahman Al-Shehri, director of operations department, Western Fleet, also visited the ship.
A reception was hosted on board by the commander of the ship in honor of the guests.

Source: Arab News

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[حسن خليل]

AP: Egypt claims Riyadh has cut off fuel shipments indefinitely

CAIRO: Egypt said Monday that Saudi Arabia has halted fuel shipments indefinitely.
The move ratchets up pressure on Egypt as it implements austerity measures in the hope of securing billions of dollars in loans to stabilize its ailing economy. Cairo floated its currency last week and cut fuel subsidies, leading to across-the-board price hikes in the Arab world’s most populous country. Egyptian Oil Ministry spokesman Hamdi Abdel-Aziz said that Saudi Arabia’s Aramco stopped sending the fuel shipments to Egypt “without giving a specific timetable or reasons.”
Saudi Arabia agreed in April to provide Egypt with 700,000 tons of fuel monthly for five years on easy repayment terms, but Egypt said last month that October’s shipments had been halted.
Saudi Aramco did not immediately respond to a request for comment.
Egypt reached an agreement with the International Monetary Fund earlier this year for $12 billion in loans, but must implement austerity measures for it to be ratified. After the fuel shipments were halted, Egypt signed a memorandum of understanding to import oil from Iraq, which is closely allied with Iran.
Abdel-Aziz denied reports that Egypt’s oil minister would soon travel to Iran. The Iranian Foreign Ministry also denied the reports.

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[حسن خليل]

Saudi delegation takes part in COP22 in Marrakech


JEDDAH: The Saudi delegation to the 22nd session of the Conference of the Parties (COP22) takes its place at the conference table in Marrakech, Morocco, at a time when the Kingdom is at a historic juncture. The Kingdom is in transformation, evidenced by Vision 2030, its comprehensive holistic development road map.
The nation, its key stakeholders and institutions are mobilized to make efforts for diversifying its economy away from a heavy over-reliance on hydrocarbons.
Last year, Saudi Arabia demonstrated on the world stage that it takes the issue of climate change, not only seriously, but that it views it as a priority consideration while moving forward. The Paris conference was a landmark for the Kingdom. For the first time Saudi Arabia established its Intended Nationally Determined Contributions (INDCs) in a clear signal of its contributions and practical engagement with the issue of climate change.
Just ahead of the Paris conference the Kingdom hosted the Carbon Sequestration Leadership Forum (CSLF) and earlier the Global Methane Initiative.
Co-chaired by then Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi and Ernest Moniz, secretary of energy for the United States, the sixth ministerial meeting of the CSLF in Riyadh sent out a clear message that collaboration and international unity would be critical in the meeting of present and future climate challenges.
The level of Saudi Arabia’s engagement received international notice. Barry K. Worthington, executive director of the US Energy Association reflected the feedback of many.
Fast forward to 2016 and to COP 22, and Saudi Arabia takes its seat at the table, internationally recognized as meaningful contributor to the climate change challenge.
There is a new minister and a newly titled ministry. He is Khalid Al-Falih, minister of energy, industry and mineral resources.
In his forward to the Kingdom’s COP22 website, Al-Falih underscored Saudi Arabia’s contribution to engage in the search for solutions to a global problem. The COP 22 conference will focus on action items to achieve the balanced priorities of the Paris Agreement, especially in relation to adaptation, transparency, technology transfer, mitigation and capacity building, he added.
The recent King Abdullah Petroleum and Research Center’s Energy Dialogue 2016 saw Saudi Aramco President and CEO Amin Nasser put climate change front and center of his keynote address. Prince Turki bin Saud bin Mohammed Al-Saud, president of King Abdulaziz City for Science and Technology (KACST) said: “For the Kingdom, KAPSARC is building its capabilities.”
Daniel Yergin, vice chairman of IHS Markit and Pulitzer Prize winning author and leading authority on energy, international politics and economics, took note that Saudi Arabia, with its energetic engagement with the climate challenge and its Vision 2030 roadmap for a more sustainable future, is now a major global contributor.

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[حسن خليل]

Municipal tax hike may hurt retail sector gains: Analysts

JEDDAH: A slight decline in Saudi interbank money rates and improving liquidity are encouraging investors to return to Saudi stocks which gained nearly 7 percent last month, according to economists.

Tadawul All-Share Index climbed 1.5 percent Monday, taking its gains since hitting a 2016 low on Oct. 3 to 14.4 percent.
Oil was a key factor in the market’s resurgence last month and its movement is likely to determine the bourse’s direction in the immediate future. The market’s gains are also being driven by investor optimism over the Saudi banks, analysts pointed out. But they remained cautious on the outlook for the retail sector.
National Commercial Bank was the top performer on the index last month, delivering a monthly return of 32.77 percent in October 2016, according to analysts from Al-Rajhi Capital Research.
It said that major advancing sectors last month were Industrial Investments, Banks and Financial Services, Real Estate, Hotel and Transport which rose 14.1 percent, 12.3 percent, 11.0 percent, 10.0 percent and 8.2 percent, respectively.
The market has been surging since Riyadh’s $17.5 billion foreign bond issue last month eased concern about government finances and banking system liquidity.
A major part of the bonds was sold outside the Middle Eastern region, unlike Qatar’s bond sale early this year, Al-Rajhi Capital stated.
The bond sale is expected to help Saudi Arabia to manage the expected budget deficit. The successful issuance is also expected to ease the pressure on Saudi Arabia’s foreign reserve assets. Fitch has meanwhile assigned "AA-" rating to the international bond.
Jason Tuvey, Middle East Economist at Capital Economics Ltd., told Arab News: “I think the international bond issuance has resulted in a general boost to investor sentiment toward Saudi Arabia, underlining that the Kingdom has strong buffers to deal with a prolonged period of low oil prices.”
Tuvey added: “Specific sectors, such as construction and banking, have been further supported by recent government actions such as the resumption of payments to contractors and moves to inject liquidity and bolster SAMA’s liquidity provision facilities.”
On Monday, Reuters said petrochemical producers were buoyed by a 1.2 percent rebound in Brent oil futures, with the sector’s index climbing 1.8 percent.
But food producer Savola Group, which has business lines in Egypt, dropped 0.3 percent after saying the devaluation of the Egyptian pound would hit its fourth-quarter results by SR171 million ($45.6 million).
“There is some upside potential for stocks, especially construction given the recent moves to ease liquidity and — potentially at least — address payment delays. That said, the upside for oil will hinge mainly on the implementation of the OPEC agreement, and that has big question marks involving Iran, Iraq and Russia,” James Reeve, deputy chief economist and assistant general manager at Samba Financial Group, told Arab News.
Reeve said: “Moreover, we still expect government spending to be cut again next year and the economy will remain in recession for at least a further six months. So any bounce in the Tadawul is likely to be short-lived.”
The retail sector outperformed Monday, extending Sunday’s strong gains. Apparel and mall operator Fawaz Alhokair gained 2.9 percent. Economists, however, sounded caution about the outlook for retail stocks in the wake of the recent announcement about an increase in municipal tax. The government has announced plans to raise municipal fees for services such as business licensing to increase revenues as its oil income sags because of low global crude prices.
The new fees, which also include charges for operating telecommunications towers and banks’ automated teller machines, will take effect on Dec. 9, the Ministry of Municipal and Rural Affairs said.
“We believe that the municipal fee impact had not been factored into the stock prices. Hence, we do not expect an extended relief rally on this news,” Al-Rajhi analysts stated.
“We still prefer to stay cautious on the retail sector as the major concern is still the demand side, especially after the recent austerity measures taken by the government. In the current environment, we prefer stocks with higher revenue visibility. Hence, Almarai and Al-Othaim top our pecking order as relatively safer stocks, which have high/near complete exposure to non-discretionary products,” they added.
Commenting on TASI’s gains, Fawaz Al-Fawaz, a Riyadh-based economic consultant, told Arab News: “It is sign of increasing confidence in the government public finances. The market is reacting to series of good news on the public finance front.”

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[حسن خليل]

Oil prices tumble as Trump pulls ahead in close US election

SINGAPORE: Oil prices tumbled on Wednesday as vote counting showed Republican Donald Trump edging ahead in an unexpectedly tight US presidential election, setting world markets on edge.
Crude futures markets roared into action as Trump surprised by defeating Democrat Hillary Clinton in a series of key contests and opening a path to the White House.
US West Texas Intermediate (WTI) crude futures fell to a session low of $43.07 per barrel, down more than 4 percent from their last close and their lowest since September, before inching back to $43.26 a barrel at 0455 GMT.
International Brent crude futures were down 3.3 percent at $44.51 a barrel.
“This is dejavu of the Brexit moment, very worrying,” said Bob Takai, president at Sumitomo Corp. Global Research in Tokyo, referring to Britain’s surprise vote to leave the European Union in a referendum last June, which led to market turmoil.
The falls in oil came as prices for gold, a traditional safehaven for investors in times of high economic risk jumped, while the dollar fell sharply against a basket of other leading currencies.
“Investors moved into complete ‘risk off’ mode... Trump winning would have negative consequences on the price of oil,” said Jameel Ahmad, vice president of market research at trading platform and research firm FXTM.
“The threat of growth forecasts being downgraded at least over the short-term due to investor uncertainty in theory weakens demand for commodities like oil.”
Trump won the key battleground state of Ohio, Florida, North Carolina, and likely Georgia, and led Clinton in a series of other states that were too close to call.
Elsewhere, a report by the American Petroleum Institute (API) showed crude inventory figures rising by 4.4 million barrel was also weighing on markets.

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[حسن خليل]

50-minute Dubai-Riyadh trip ‘may become possible soon’

DUBAI: Dubai has agreed a deal Tuesday with a US startup to “evaluate” the construction of a near-supersonic transport link that could slash travel times to Abu Dhabi to minutes.

The city state, which has recently hosted other hi-tech transport pilots, said it would conduct a “feasibility study” with Hyperloop One to sound out the scheme. The California-based firm hailed Tuesday’s “historic” agreement.
“We begin to evaluate the delivery of the world’s first hyperloop system across the country,” CEO Rob Lloyd said.
“We will initially focus on the value that Hyperloop One will deliver in Dubai and across the UAE.”
The deal will see both parties explore a route for a vacuum-sealed pod transportation system, which could potentially slash travel times between Dubai and Abu Dhabi — 150 km apart — to around 12 minutes. The system could later be expanded to link the UAE with neighboring Gulf countries so that a trip between Dubai and Riyadh — currently two hours by plane — could be completed in under 50 minutes.
Lloyd said his company has also been in talks with transport authorities in Abu Dhabi to discuss the proposal.
While no costs or time-scales were revealed, Lloyd said in a statement that “from a technological point of view, we could have a Hyperloop One system built in the UAE in the next five years.”
Mattar Al-Tayer, Dubai Road Transport Authority’s director general, told reporters that the cost of building the system will be “an important factor when making such a strategic decision on whether or not we can have hyperloop” in addition to questions over safety and demand.
Hyperloop is a futuristic passenger and freight transport system that promoters say offers the promise of near-supersonic speeds.
Earlier this year, Hyperloop One held a first public test in the desert outside Las Vegas, trying out engine components designed to rocket pods through reduced-pressure tubes at speeds of 1,200 kilometers (750 miles) per hour.
The company says the system offers better safety than passenger jets, lower build and maintenance costs than high-speed trains, and energy usage, per person, that is similar to a bicycle.
Last month, port colossus DP World Group of Dubai announced it was investing in the concept, joining backers including French national rail company SNCF, US industrial conglomerate General Electric and Russian state fund RDIF.
Home to Burj Khalifa, the world’s tallest tower where Tuesday’s conference took place, Dubai is a leading tourist destination in the Gulf, attracting 14.2 million visitors in 2015.
In September, it unveiled its first driverless bus service, launching a month-long trial period for the electric vehicle with a view to expanding it across the city state.
Hyperloop One, which has so far raised more than $160 million (145 million euros), was set on an idea laid out three years ago by billionaire Elon Musk, the entrepreneur behind electric car company Tesla and private space exploration endeavour SpaceX.

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[حسن خليل]

Saudi Aramco to choice of Saudi job-seekers: poll



More than half, or 51 percent, of Saudis prefer to work at state-owned Saudi Arabian Oil Co. (Saudi Aramco), a survey conducted by GCC-based Oxford Strategic Consulting (OSC) showed.

Of Tadawul-listed firms, giant petrochemical producer Saudi Basic Industries Corp (SABIC) attracted 24 percent of Saudi job seekers.

Saudi Telecom Co. (STC) came third, drawing 13 percent of citizens. It was followed by Almarai and Riyad Bank (12 percent), Al-Rajhi Bank (10 percent), Saudi Electricity Co. (8 percent), Banque Saudi Fransi, Ma'aden Phosphate Co. and Saudi Binladin Group (7 percent).

Meanwhile, 6 percent of Saudis preferred working at Samba Financial Group, The National Commercial Bank and Alinma Bank.

Mobile Telecommunications Company Saudi Arabia (Zain Saudi) and Saudi Oger attracted only 4 percent and 3 percent of Saudis, respectively.

Arab National Bank (ANB) tailed the list, with 2 percent of nationals.

At the sector level, the oil and gas sector was the number-one choice of citizens, as 52 percent of Saudis prefer to work in this industry.

Banking and financial services came second, attracting 46 percent of citizens.

A total of 31 percent of nationals still prefer to join the public sector. It was followed by healthcare (28 percent), aviation (20 percent) and telecommunications (18 percent).

Construction sector was the least attractive for job seekers, with only 1 seeking employment there, the survey showed.

Source: Argaam

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