The Saudi stock exchange, the Arab world’s biggest equities market, on Tuesday said its net profit last year grew by more than fivefold as it rolled out structural and regulatory reforms and expanded its offerings.
Net income for 2017 reached 129.8 million Saudi riyals (Dh127m), a 543 per cent rise from the levels recorded in 2016, Tadawul, as the exchange is known, said in its annual report.
Revenues for the period climbed 74 per cent year-on-year to reach 545.4m riyals.
Saudi Arabia's $530 billion stock exchange, the biggest Arab bourse which is up 15 per cent year to date, is attracting more foreign inflows as it undertakes reforms that helped it get an upgrade to emerging market status this year. Saudi authorities are planning to launch an initial public offering of the exchange, but the timeframe for that has not been disclosed
Global equities index provider S&P Dow Jones Indices said earlier this month it will change Tadawul's status to an emerging market in 2019.
S&P Dow Jones Indices is the third index complier to elevate Saudi Arabia’s market to emerging market status. Global index compiler MSCI and FTSE Russell earlier this year upgraded Saudi Arabia to emerging market status. These upgrades are expected to bring tens of billions of dollars of investment to Saudi equities from global money managers which track these gauges.
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Read more:
S&P Dow Jones Indices upgrades Saudi Arabia classification to EM
Saudi Arabia wins MSCI emerging market status
Saudi MSCI inclusion will raise foreign stock ownership and boost inflows
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The growth in both profitability and revenues is in contrast to the fortunes of some of the other regional equity markets that missed a global equities rally last year, with S&P 500 setting multiple records through 2017.
Tadawul is central to the Saudi Arabia’s efforts to increase foreign direct investments into the country as part of its economic reform agenda. The exchange launched Nomu - the parallel market - in 2017 as a step to support the national economy and diversify its product offering to local and regional investors.
Rolling out the T+2 settlement cycle, introducing securities borrowing and lending as well as covered short-selling frameworks are among the operational and regulatory changes implemented in 2017, Tadawul said.
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The Written World: How Literature Shaped History
Martin Puchner
Granta
THE%20FLASH
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Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
OPINIONS ON PALESTINE & ISRAEL
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
