Haifa Fahoum Al-Kaylani: The development economist and women’s rights advocate making a difference

Haifa Al-Kaylani, founder and chairman of the Arab International Women’s Forum.
Updated 06 March 2018
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Haifa Fahoum Al-Kaylani: The development economist and women’s rights advocate making a difference

LONDON: Development economist Haifa Fahoum Al-Kaylani has a well-deserved international reputation for her commitment to empowering women. She is unusual in having access at the highest levels to governments, business and NGOs globally.
“It is important to work with the public and private sector and civil society to achieve accessibility, progress and peace and provide opportunities for the future,” she said.
As the founder and chairman of the Arab International Women’s Forum she has driven major initiatives to help women in the MENA region achieve equality and parity in the workplace, whether as high flying executives in blue chip companies or hard toiling agricultural laborer. She is constantly working to improve legislative protection for women, open up educational pathways and foster cultural shifts that allow women to fulfil their roles both career wise and in their roles as mothers and nurturers of the next generation.
She takes a positive view of what has been achieved to date and emphasized that it is important to acknowledge progress as “it comes on the back of a lot of effort by women themselves and others in the community.”
She noted: “Over the last year I have seen a lot of progress in the Arab world in women’s leadership. We have seen women assuming high level positions in the private sector, in government and in the judiciary and legislature. Our region is leading the way in technology and women are very much involved in the tech business, benefitting from the innovation and driving new projects and setting up SMEs.”
With reference to the Tech Sector, Al-Kaylani pointed to a recent initiative undertaken in Lebanon.
“In Lebanon the Central Bank has given a guarantee to the commercial banks to grant loans to viable tech projects by young entrepreneurs. This is unusual as the Central Bank would normally focus on running the monetary and fiscal policies but this new measure is to support what they believe can be a vibrant tech sector driven by young enterprise.”
She also pointed to important measures introduced to protect women.
“Looking at the region, we have seen legal reforms, especially in Lebanon, Jordan and Tunisia, to protect women from domestic violence. Egypt also passed a law granting women inheritance rights on an equal basis with men. The UAE is leading the way on maternity rights for mothers and the recently launched Ministry of Happiness and Wellbeing is outstanding.
“Jordan recently appointed its first female judge, Ihsan Zuhdi Barakat, to the Supreme Court.
With reference to Saudi Arabia, she said: “We have seen young women graduating with outstanding accomplishments across all fields of study. They are attaining success at the highest levels including within the Consultative Assembly. They have been moving forward very well in their roles in the economy and in education and it is welcome that they are now able to attend public events in sports and be legally empowered to drive. A lot is happening – all indicators of positive change. Women are keen to play their role in the economic development of Saudi Arabia as outlined in the very valuable 2030 Vision of HRH Crown Prince Mohammed bin Salman.”
While recognizing the significant progress that has been made, Al-Kaylani is clear that there are many challenges that must be faced and overcome.
“The region needs to bridge the gender gap which includes promoting financial incentives and support for women. Finance remains a barrier. We still need to promote technological literacy and improve the infrastructure. We need to focus on capacity building and to build on advocacy to reshape cultural attitudes as we still suffer from certain societal and cultural norms. We need to inspire women’s self-belief in themselves. This is crucially important”, she said.
Al-Kaylani believes that female role models have a major impact in driving change within society that is beneficial to women.
“We need more visible role models. Active, vibrant, dynamic, accomplished role models are extremely important – they help to change mindsets and inspire the younger generations,” she said.
She recalled: “I remember from our many events over the years that young women, especially those from the UAE, would say that Sheikha Lubna Qasimi was their inspiration.
“They all wanted to be like Sheikha Lubna – and she remains a trailblazer. She was the first woman to hold a cabinet position in the UAE and with so many accomplishments.”
She wants to see a culture in which the rights of women are recognized and embedded in law.
“We need to move ahead with reforming the laws in the region to give women equal pay for equal work, more maternity leave and acknowledge the work as homemakers. This is very important to secure the legal provisions that guarantee the rights of women as full members of society,” she said.
Last December, as part of its Young Arab Women Leaders initiative, following on from the successful Young Arab Women Leaders conferences held across the MENA region, AIWF partnered with the Royal Academy of Engineering, the World Bank and PwC, in London, to promote women-led innovation in STEM (Science, technology, engineering and mathematics).
Al-Kaylani, who hosted and chaired the conference, noted the valuable participation of the Saudi scientist Hyat Sindi, who is an Adviser on Science, Technology and Innovation to the President of the Islamic Development Bank in Jeddah.
Al-Kaylani serves as a Fellow of the Harvard Advanced Leadership Initiative 2017, and as a Commissioner on the ILO Global Commission on the Future of Work. Her commitments see her travelling constantly, always with the aim of using her talents to make a difference.
She is clear about what she brings to the table.
“At heart I am a Development Economist through and through. Wherever I see an angle where I can add value, especially as an Arab woman with roots in the region as well as being a global citizen, I participate. I focus on where I see an impact that will create economic growth, development and equality of opportunity – breaking stereotypes. I am also at heart a bridge builder and wherever I see a chance to build better understanding of my region and the Middle East, I am proud to serve,” she said.
Her latest initiative is in the field of Sustainable Agriculture. She has just launched a project to develop a Social Enterprise that will provide an innovative model for sustainable development through agriculture across the MENA region. The project, based in Jordan, will introduce 21st Century technology and innovation to the oldest industry in the world – farming.
As she stated in a recent speech at Harvard: “Many countries in the Middle East are considered both water and food insecure. This problem is exacerbated by climatic changes, scarcity of water resources and the challenges the region is encountering in absorbing the huge flux of refugees from Syria.
“The population of Arab States is expected to reach 487 million by the year 2025 and food production will have to increase by 70 percent in order to sustain the growing population.
“The looming scarcity of water in the Middle East is a huge challenge that requires an urgent response, as access to water is a fundamental need for food security, human health and agriculture.”
The project in Jordan is intended to be scaled-up and replicated across the wider MENA region in the years to come.
At the conclusion of the interview, Arab News asked Al-Kaylani, to describe the qualities and outlook that enable people to create positive change. A positive approach, she said, is key.
“You cannot make any difference in this world or move any agenda forward without a positive, determined, well informed and well researched approach.
“Over my 30-year career, it’s been a learning process for me throughout and also an opportunity to exchange and engage with others – to give and receive. I have always tried to work on common agendas that have an impact on improving peoples’ lives.”


NEOM, Saudi Red Sea Authority sign MoU to develop marine tourism regulations

Updated 03 May 2024
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NEOM, Saudi Red Sea Authority sign MoU to develop marine tourism regulations

  • The MoU’s goal is to enhance research, deliver innovation, and improve the visitor experience for tourists
  • The agreement reflects SRSA’s commitment to attracting investment in coastal tourism activities

NEOM: The Saudi Red Sea Authority and NEOM signed a memorandum of understanding on Friday to cooperate on developing legislation, regulations, and technology in marine tourism, reported the Saudi Press Agency.
The MoU’s goal is to enhance research, deliver innovation, and improve the visitor experience for tourists in Saudi Arabia’s existing, emerging, and future Red Sea coastal destinations.
SRSA Acting CEO Mohammed Al-Nasser and NEOM’s CEO Nadhmi Al-Nasr signed the partnership, which they hope will promote an exchange of expertise and enable the implementation of joint initiatives.
The agreement also reflects SRSA’s commitment to attracting investment in coastal tourism activities.
The partnership will further assist small and medium enterprises in the sector through administrative, technical, and advisory support.
Via this agreement, SRSA aims to integrate with relevant public, private, and third-sector entities to achieve one of the goals of Saudi Vision 2030, which is to develop coastal tourism as a valuable sector of the Kingdom’s economy.


World food prices up in April for second month: UN agency

Updated 03 May 2024
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World food prices up in April for second month: UN agency

PARIS: The UN food agency’s world price index rose for a second consecutive month in April as higher meat prices and small increases in vegetable oils and cereals outweighed declines in sugar and dairy products.

The Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 119.1 points in April, up from a revised 118.8 points for March, the agency said on Friday.

The FAO’s April reading was nonetheless 7.4 percent below the level a year earlier.

The indicator hit a three-year low in February as food prices continued to move back from a record peak in March 2022 at the start of Russia’s invasion of Ukraine.

In April, meat showed the strongest gain in prices, rising 1.6 percent from the prior month.

The FAO’s cereal index inched up to end a three-month decline, supported by stronger export prices for maize. Vegetable oil prices also ticked higher, extending previous gains to reach a 13-month high due to strength in sunflower and rapeseed oil.

The sugar index dropped sharply, shedding 4.4 percent from March to stand 14.7 percent below its year-earlier level amid improving global supply prospects.

Dairy prices edged down, ending a run of six consecutive monthly gains.

In separate cereal supply and demand data, the FAO nudged up its estimate of world cereal production in 2023/24 to 2.846 billion metric tonnes from 2.841 billion projected last month, up 1.2 percent from the previous year, notably due to updated figures for Myanmar and Pakistan.

For upcoming crops, the agency lowered its forecast for 2024 global wheat output to 791 million tonnes from 796 million last month, reflecting a larger drop in wheat planting in the EU than previously expected.

The revised 2024 wheat output outlook was nonetheless about 0.5 percent above the previous year’s level.


Material sector dominates TASI trading in first quarter of 2024

Updated 03 May 2024
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Material sector dominates TASI trading in first quarter of 2024

RIYADH: The materials sector led trading on Saudi Arabia’s Tadawul All Share Index, accounting for approximately SR87 billion ($23.2 billion) or 15.11 percent of the market, according to TASI’s 2024 first-quarter report.

SABIC, the largest component of this sector, boasted a market capitalization of SR234.9 billion, with trading value reaching nearly SR7 billion.

The banking sector trailed with transactions valued at SR71.22 billion, comprising 12.37 percent of the market. Al-Rajhi Bank took the lead in market capitalization within the sector and secured the second spot in trade value totaling SR23.62 billion.

In a February report by Bloomberg, Al-Rajhi Bank, seen as an indicator of Saudi Arabia’s growth strategies, exceeded the performance of JPMorgan Chase & Co., exhibiting nearly a 270 percent surge in shares since the initiation of Vision 2030. It has outpaced both local and global competitors, including state-supported banks, emerging as the largest bank in the Middle East and Africa, boasting a market cap of around $95 billion.

According to Morgan Stanley analysts led by Nida Iqbal, as reported by Bloomberg, “We see it as a long-term winner in the Saudi bank sector… While Al-Rajhi is best placed for a rate-cutting cycle, we believe current valuation levels reflect this.” 

Gulf central banks, including Saudi Arabia’s, frequently align their policies with those of the Federal Reserve to maintain their currency pegs to the dollar. According to Bloomberg Intelligence senior analyst Edmond Christou, a reduction in Fed rates could potentially bolster Al-Rajhi Bank’s profitability and expansion, as it will encourage gathering cheap deposits while enabling it to issue debt at more attractive levels.

In this period, the energy sector secured the third position in terms of value traded, reaching SR55.4 billion. Saudi Aramco topped the list with a market capitalization of SR7.47 trillion and registered the highest value among companies traded on the index, totaling SR28.82 billion.

In March of this year, Aramco announced a net income of $121.3 billion for its full-year 2023 financial results, marking the second-highest in its history. Aramco credited these results to its operational flexibility, reliability, and cost-effective production base, underscoring its dedication to delivering value to shareholders.

Tadawul’s quarterly report also indicated that the transportation sector recorded the fourth-highest value traded at SR39.25 billion, equivalent to 6.82 percent of the market. Among the top performers in this sector was cargo firm SAL Saudi Logistics Services, ranking third in value traded on the TASI during this period, following Aramco and Al-Rajhi Bank, with a total value of SR22.74 billion.

SAL debuted on the main market of the Saudi Exchange in November last year. With aspirations to manage 4.5 million tonnes of air cargo by 2030, Saudi Arabia is empowering its logistics sector from a supportive role to a pivotal driver of economic growth.

SAL, in which the Saudi government holds a 49 percent stake through the Saudi Arabian Airlines Corp., experienced a 30 percent surge in its share price during its initial public offering, raising $678 million and becoming Saudi Arabia’s second-largest IPO of the year.

In a January report by Forbes, SAL’s CEO and Managing Director Faisal Al-Beddah emphasized the company’s potential to shape the future of logistics in Saudi Arabia and beyond. He stated: “Logistics is the backbone of any economy. Now we are ready. We have the rotation, we have the infrastructure, we have the regulations, and most importantly, we have the mindset and the technology for Saudi Arabia to be the leading connecting logistics hub in the region.”

The top gainer during this period in terms of price appreciation was MBC Group, with a quarter-to-date percentage change of 127.6 percent, according to Tadawul.

Saudi Arabia’s MBC Group, a media conglomerate, debuted as the first new listing on TASI in 2024. Its trading began on Jan. 8. The company raised SR831 million through its initial public offering.

Saudi Steel Pipes Co. in the materials sector was the second highest gainer, with price appreciating by 88.15 percent.

Etihad Atheeb Telecommunication Co. had a QTD price percentage change of 81.91 percent making it the third-highest gainer on the exchange during this period.

TASI concluded the first quarter of 2024 with a 3.6 percent increase, climbing by 435 points to reach 12,402 points.


Saudi startups raised $3.3bn in last 10 years, says report

Updated 03 May 2024
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Saudi startups raised $3.3bn in last 10 years, says report

  • MAGNiTT report shows fintech emerged as the most funded sector in Kingdom

RIYADH: Startups in Saudi Arabia saw massive growth during the last decade raking in $3.3 billion in venture capital funding, according to a report issued by MAGNiTT.

The data platform, in its “10 Years Saudi Arabia Founders Report” sponsored by Saudi Venture Capital Co., provides an in-depth analysis of the backgrounds, experiences, and expertise of founders. 

“MAGNiTT initially published a report on founders in the MENA VC ecosystem in 2018, focusing on uncovering the DNA of successful entrepreneurs in the region. Today, in partnership with the Saudi Venture Capital Co., we present a comprehensive report on the founders of the top 200 funded startups in the Kingdom over the last ten years,” said Philip Bahoshy, CEO and founder of the platform. 

“By shedding light on founders’ experiences in the Saudi ecosystem, we aim to dispel myths around founders, empower aspiring entrepreneurs looking to establish their ventures in the Kingdom, guide government decision-makers in shaping policies conducive to innovation, and provide invaluable intelligence to investors seeking opportunities in the region,” he added. 

SVC CEO Nabeel Koshak emphasized the remarkable growth and dynamism in the Saudi startup landscape. 

FASTFACTS

Forty-four percent of these startups were launched by teams with two founding members, who together secured 53 percent of the total funds. 

Startups founded by a single individual accounted for 30 percent of the funded startups but only captured 15 percent of the funding in the last decade. 

Thirty-six percent of the 400 founders analyzed had at least 10 years of work experience before launching their respective startups.  

Fifty-nine percent of founders had technical education backgrounds, highlighting science, technology, engineering, and mathematics. 

Thirty-nine percent of founders held degrees in business, contrasting with the global average of 19 percent, according to an Endeavor Insight study. 

“The Kingdom’s strategic initiatives, driven by the Saudi Vision 2030, have laid a solid foundation for innovation, entrepreneurship, and investment. As a result, we have seen a surge in startup activity, with a growing number of ambitious founders seizing opportunities and driving innovation across various sectors,” he said. 

“The goal of the report is to provide policymakers, government officials, and investors with insights and data to inform strategic decisions and policies to further nurture the startup ecosystem for the next 10 years,” Koshak added. 

A decade of funding 

Compiling data from the 200 Saudi-based startups, which collectively raised a total of $3.3 billion from 2014 to 2023, the report highlighted that 44 percent of these startups were launched by teams with two founding members, who together secured 53 percent of the total funds. 

He further stated that with the significant support for innovation, the Kingdom is set to witness the emergence of more unicorns. 

In contrast, startups founded by a single individual accounted for 30 percent of the funded startups but only captured 15 percent of the funding in the last decade. 

Notably, 36 percent of the 400 founders analyzed had at least 10 years of work experience before launching their respective startups.  

The report also indicated a trend toward entrepreneurship among less experienced founders, with 66 percent being first-time startup founders and only 30 percent with previous regional startup experience. 

It revealed a significant gender disparity in the VC landscape within Saudi Arabia, with male founders comprising 94 percent of the total 400 individuals, while female founders accounted for only 6 percent.  

This gender gap is considerably wider than the global norms, where, according to research by Startup Genome conducted between 2016 and 2022, the average proportion of female founders in an ecosystem was 15 percent. 

Additionally, only 7 percent of solo founders were female, and there were no recorded startups with two or more female founders only.  

However, as the number of founders per startup increased, so did gender diversity, albeit slightly. In startups with three founders, 18 percent were of mixed gender, while in startups with four or more founders, the figure was 12 percent. 

Furthermore, 91 percent of male-only founded startups claimed 98 percent of total funding. Conversely, 3 percent of female-only founded startups accounted for 0.4 percent of the total funding. 

Founders' education 

The report further delved into the education qualification of founders revealing that 55 percent in the Kingdom had attained at least a bachelor’s degree.  

In terms of technical development, 59 percent of founders had technical education backgrounds, highlighting science, technology, engineering, and mathematics. 

Thirty-nine percent of founders held degrees in business, contrasting with the global average of 19 percent, according to an Endeavor Insight study. 

Over half of the 400 founders obtained their degrees internationally, while 22 percent held both international and local degrees. 

King Saud University, King Fahd University of Petroleum and Minerals, and King AbdulAziz University were among the most common institutions for startup founders. 

Seven of the top 10 universities of Saudi founders that raised funding were public institutions.

The top international schools of Saudi founders had Stanford and Harvard among the top choices, mirroring global trends. 

Professional experience 

Despite fintech being the most funded sector, only 7 percent of founders had experience in finance, and 18 percent in banking, which is lower compared to the 48 percent with backgrounds in information technology.  

Additionally, even fewer founders, only 12 percent, had experience in e-commerce, despite this industry accounting for the highest share of deals, 20 percent, closed by the top 200 Saudi startups. 

The report also revealed that 36 percent of the founders in Saudi Arabia are skilled professionals with over 10 years of experience before starting their businesses.  

Notably, Saudi Aramco was the most common previous employer among the funded founders, with 7 percent having worked there before launching their startups. 

Furthermore, McKinsey and Microsoft were among the top 10 companies where the 400 founders covered in this report had previously been employed.  

The majority of these founders held significant leadership roles, with 31 percent having served as a founder, co-founder, or board member. Only 4 percent originated from entry-level positions. 

The report also pointed out: “While Saudi Arabia has witnessed several serial entrepreneurs, 66 percent of founders in the last decade were first-time founders,” indicating a vibrant and growing entrepreneurial ecosystem. 


Oil prices set for steepest weekly drop in 3 months

Updated 03 May 2024
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Oil prices set for steepest weekly drop in 3 months

NEW YORK: Oil prices edged up on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for the steepest weekly losses in three months on demand uncertainty and easing tensions in the Middle East reducing supply risks.

Brent crude futures for July rose 14 cents to $83.82 a barrel by 0646 GMT. US West Texas Intermediate crude for June was up 16 cents, or 0.2 percent, to $79.11 per barrel.

Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the US, the top global oil consumer, and in other parts of the world.

“With the US driving season almost upon us, high inflation may see consumers opt for shorter drives over the holiday period,” analysts at ANZ Research said in a note on Friday.

The market is now looking towards US economic data and indicators of future crude supply from the world’s top producer.

The US Federal Reserve held interest rates steady this week, and flagged recent disappointingly high inflation readings that could make rate cuts take awhile in coming.

Geopolitical risk premiums due to the Israel-Hamas war, which had kept prices high due to global supply risks, are also fading, with Israel and Hamas considering a temporary ceasefire and holding talks with international mediators.

Brent headed for a 6.3 percent weekly decline, while WTI moved toward a loss of 5.6 percent on the week.

The drop comes just weeks ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+.

Three sources from OPEC+ producers said the group could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand fails to pick up, but the group has yet to begin formal talks ahead of the June 1 meeting.