RIYADH: The newly appointed EY advisory leader for Africa, India and the Middle East (AIM), Gerard Gallagher, has said that cyber threats are one of the top challenges facing businesses in the emerging markets.
“EY is in the process of establishing a cybersecurity operations center in MENA to help (its) clients against online threats,” Gallagher said in an interview with Arab News.
He said that EY AIM advisory services would cater to a diverse number of industries in the public and private sectors.
“These clients will benefit from access to over 7,000 consultants and 280 partners in EY member firms based in 50 countries,” Gallagher said.
He said that the new borderless services would help EY clients benefit from streamlined, cross-border sector-specific advice, facilitating greater growth and efficiency across these three markets, which have a combined gross domestic product (GDP) of more than $5 trillion.
“Our objective is to help our clients solve their problems with an understanding of how to deliver in the context of these regions. We expect these three markets — Africa, India and the Middle East — to become increasingly important in terms of their global clout,” he said.
Gallagher said that these regions are focused on supporting economic diversification, job creation, regional integration and improving their global positioning.
He said EY helped conceptualize and launch the first digital bank in Africa and is helping an integrated power and utility provider in MENA to develop and implement a digital grid strategy.
‘Cyber attacks pose challenge to emerging markets’
‘Cyber attacks pose challenge to emerging markets’
Closing Bell: Saudi main index closes in red at 10,325
RIYADH: Saudi Arabia’s Tadawul All Share Index edged down on Monday, shedding 38.83 points, or 0.37 percent, to close at 10,325.20.
The total trading turnover of the benchmark index stood at SR4.02 billion ($1.07 billion), with 61 listed stocks advancing and 191 declining.
The Kingdom’s parallel market Nomu also declined by 144.88 points, or 0.62 percent, to close at 23,226.94.
The MSCI Tadawul Index advanced by 0.11 percent to 1,371.06.
The best-performing stock on the main market was Saudi Industrial Development Co., with its share price rising 6.32 percent to SR12.44.
Al Yamamah Steel Industries Co.’s share price increased by 6.06 percent to SR35.
Cherry Trading Co. also saw its stock climb 5.27 percent to SR26.16.
Conversely, the share price of the National Shipping Co. of Saudi Arabia, also known as Bahri, edged down 5.87 percent to SR26.64.
On the announcements front, SAL Saudi Logistics Services Co. said it intends to issue a riyal-denominated sukuk through a private placement, both inside and outside the Kingdom.
In a Tadawul statement, the company said the amount and terms of the sukuk offering will be determined at a later stage, based on prevailing market conditions.
SAL added that the proceeds will be used for general corporate purposes, capital expenditure plans to support future expansions and projects, and to achieve long-term financial and strategic objectives.
The company has appointed J.P. Morgan Saudi Arabia and SNB Capital as joint lead managers and bookrunners for the sukuk offering.
SAL’s share price declined by 0.63 percent to SR158.90.
In another announcement, Almarai Co. said the diesel price increase from January is expected to result in additional direct costs of approximately SR70 million for the company this year.
The firm added it will continue to focus on business efficiency, cost optimization, and other initiatives to mitigate the impact of the diesel price increase.
Almarai’s share price fell 3.50 percent to SR41.90.
