Entrepreneur says young should be taught to follow passions, not just jobs
Entrepreneur says young should be taught to follow passions, not just jobs/node/1589996/business-economy
Entrepreneur says young should be taught to follow passions, not just jobs
A 2018 World Bank report states that with digital technology moving at breakneck speed, many of the jobs today’s school children will have in 20 years are yet to be invented. (Shutterstock)
Entrepreneur says young should be taught to follow passions, not just jobs
Social entrepreneur Anisa Al-Sharif said she believes people today do not need to discuss their employability and how they can attract recruiters, but instead how to develop their passions
According to the World Economic Forum, 65 percent of children entering primary school level education now will likely work in jobs that do not currently exist
Updated 26 November 2019
Farah Heiba
SHARJAH: Society is killing young people’s creativity when it places the emphasis on finding jobs, rather than encouraging them to follow their passions, social entrepreneur Anisa Al-Sharif told Arab News.
“What we need to think of is how to make young people the best versions of themselves, and later they can decide whether they want to get a job or do something else,” she added.
A 2018 World Bank report stated that by 2050, the Middle East and North Africa region will need 300 million vacancies on offer to meet the growing population of young people entering the labor market.
And with digital technology moving at breakneck speed, many of the jobs today’s school children will have in 20 years are yet to be invented – posing society with wide reaching challenges such as what skill sets will be needed.
Al-Sharif said she believes people today do not need to discuss their employability and how they can attract recruiters, but instead how to develop their passions.
But Marwa Abduljawad, CEO of United Enterprises Company Ltd. (UNENCO) said while young people’s passions were important, graduates still needed to focus on the basic skill sets so they can also be attractive to potential employers.
These skills, she said, were ones that could be used in all lines of work and included communication, critical thinking, data analysis, creative thinking, and business ethics.
She admitted that schools had a role to play in helping students discover and follow their passion – helping them to build on them and use them effectively in a professional environment.
“Combining professional skills with passion can provide the market with graduates who are high performing employees,” she added.
Abduljawad said more is needed to be done to help students pursue their passion, while also developing the skills needed for a working environment, rather than just focusing on academia.
According to the World Economic Forum, 65 percent of children entering primary school level education now will likely work in jobs that do not currently exist.
Abduljawad said Saudi Arabia currently has a very limited number of schools that have started programs with non-profit organizations aimed at educating students on entrepreneurship.
“What needs to start in schools is providing extracurricular programs that teach students about entrepreneurship because I believe the field needs to be introduced early in life in order for students to grasp it, experiment it early in life with some ideas, and achieve confidence in oneself,” she added.
Abduljawad said media platforms should offer more information on entrepreneurship to children in the region.
“Unfortunately, media nowadays is brainwashing our kids and children with the concept of consumption and being at the consumer end, and not at the creation end or starting something that matters,” she said.
Abduljawad said she advises the media in the MENA region to encourage entrepreneurial mindset to children, as they are easily influenced by what content the media delivers to them.
Hong Kong and Saudi Arabia expand ETF collaboration as economic ties strengthen
Updated 8 sec ago
Nirmal Narayanan
RIYADH: Hong Kong is in the process of developing an exchange-traded fund in collaboration with Saudi Arabia, which will track the former’s local stock indices, said a senior official.
During his address at the Capital Market Forum in Hong Kong, Michael Wong – deputy financial secretary of the administrative region – revealed plans for establishing a trade base in Riyadh.
This move aims to bolster economic relations not only between Hong Kong and Saudi Arabia but also with mainland China.
Wong said: “We are working with several financial institutions on the listing of an ETF in the Middle East to track Hong Kong’s stock indices. The Hong Kong government is also considering establishing an economic and trade office in Riyadh.”
Michael Wong, deputy financial secretary of Hong Kong.
This development comes on the heels of Hong Kong’s November 2023 launch of an ETF that tracks the performance of the Saudi Arabia Index.
“Just a few weeks ago, the China Securities Regulatory Commission announced a series of measures to further expand mutual access, which will make it even easier for Saudi companies to access Chinese capital,” he added.
During his speech, Wong disclosed that Cathay Pacific Airways will commence flights from Hong Kong to Riyadh by the end of 2024, reducing flight time to six hours.
“Cathay Pacific, within a few months time, will relaunch direct passenger flights between Hong Kong and Riyadh. And I have been told that it will happen in the fourth quarter of this year,” noted the deputy financial secretary.
He added: “The friendship and partnership between Hong Kong and Saudi Arabia will go very far and will endure the test of time.”
Saudi-Hong Kong ties
Khalid Al-Hussan, CEO of Saudi Tadawul Group.
Speaking at the opening ceremony of the event, Khalid Al-Hussan, CEO of Saudi Tadawul Group, emphasized that the hosting of the Capital Market Forum in Hong Kong signifies a deepening connection between the two nations.
Al-Hussan further elaborated that the two-day forum, which commenced on May 9, has drawn together over 1,000 investors, listed companies, and financial pioneers. Their aim is to explore the critical challenges and opportunities that are shaping the contemporary market landscape.
“This forum is not just a meeting point, but a crucial bridge for investors from Hong Kong and mainland China to connect directly with Saudi issuers. By uniting the two dynamic economies of Saudi Arabia and Hong Kong, we are strengthening financial bonds and synergies between two of the most promising and rapidly evolving markets,” said Al-Hussan.
He added: “The convergence of Hong Kong’s technological evolution and Saudi Arabia’s economic diversification has set the stage for a fresh era of knowledge sharing and collaboration that extends far beyond capital markets.”
The CEO of Tadawul Group added that Saudi Arabia’s stock exchange has undergone significant transformations since the launch of Vision 2030.
He further emphasized the Kingdom’s aspiration for an open market that is fully integrated with the rest of the world.
“Before Vision 2030, the Saudi capital market was a closed market focused on local issuers as well as serving local investors. Vision 2030 came to the scene with a wider range of goals. Vision 2030 clearly has set goals for the Saudi capital market. We want an open and attractive capital market that is integrated with the rest of the world,” said Al-Hussan.
He further noted that the average daily trading volume in Saudi Arabia’s stock exchange has doubled over the last two years.
“The average daily trading this year has almost doubled compared to the average of the last two years, reaching in Q1 around SR9.5 billion which is roughly around $2.3 billion on a daily basis which is a significant liquidity,” added Al-Hussan.
Abdulaziz bin Hassan, a board member of Saudi Arabia’s Capital Market Authority, highlighted that the Kingdom is undergoing a significant transformation, with its market ranked among the top 10 globally in terms of market capitalization.
He also noted a surge in initial public offerings within the Kingdom’s market, accompanied by rapid expansion in the asset management sector.
“Currently, we have an average of around 40 IPOs every year, compared to one or two in the whole year in the past, and that shows the attractiveness of the market,” said Hassan.
He added, “Our asset management has grown significantly from $100 billion to $130 billion. The number of participants in asset management used to be 250,000, and right now we have more than a million. This growth happened within five years.”
For her part, Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Ltd, remarked that Saudi Arabia’s economic diversification journey is advancing steadily, with the Kingdom’s capital market presenting significant potential for investors.
She further emphasized the pivotal role of capital markets in bolstering and expanding global connectivity.
“China and Saudi Arabia are both undergoing fantastic economic transformations that bring toward very interesting opportunities. On the Saudi side, the key thing is the diversification. Instead of focusing on the oil industry, we are seeing fantastic developments in the Kingdom,” noted Chan.
Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Ltd.
Aim for $3.2 trillion capital formation
During a panel discussion, Saleh Al-Khabti, Saudi Arabia’s deputy minister of investment transactions, revealed that the Kingdom has set a target for fixed capital formation of more than $3 trillion.
We have an ambitious plan for Vision 2030. We are at the halfway mark. We are very proud of what we have achieved so far. We have a target for fixed capital formation of $3.2 trillion,” said Al-Khabti.
The deputy minister added that Saudi Arabia possesses all the elements necessary to capture investor appetite.
He further observed that inflation in Saudi Arabia remains healthy, and the Kingdom’s banking sector continues to maintain a strong footing with robust credit demand.
“We have seen more than two years of non-oil sector growth, which is above its long-term average, with non-oil growth reaching 4.4 percent. We had a gross fixed capital formation last year of about $300 billion, and that’s a rise of 70 percent in five years, and equivalent to 28 percent of our GDP,” said Al-Khabti.
He added: “We have a healthy market and strong economy. Unemployment has fallen from 12 percent to 7.7 percent, while female labor force participation has reached the high twenties, and that’s well ahead of our 2030 targets. So, invest in Saudi and you are welcome.”
The deputy minister also welcomed Chinese participation in various sectors including automobile, mining, technology and tourism.
“We welcome more Chinese participation in the automobile sector, EV sector, and its value chain. We are also aiming high on the tourism front. We had a target of 100 million visitors by 2030. The bad news is we reached it last year. So, our colleagues in the tourism sector were given a new stretched target of 150 million visitors by 2030,” added Al-Khabti.
Saudi Arabia to reveal $100bn in investment opportunities at aviation forum
Minister for Transport and Logistics Services Saleh-Al-Jasser: Saudi Arabia is presenting aviation investment opportunities that are unmatched globally
Minister for Investment Khalid Al-Falih: Aviation is a key investment sector and enabler of the Kingdom’s broader economic transformation
Updated 08 May 2024
Arab News
RIYADH: The world’s largest aviation investors will descend on Riyadh later this month for the Future Aviation Forum, where Saudi Arabia will unveil more than $100 billion in investment opportunities to enable its ambitious Saudi Aviation Strategy.
The forum’s investment showcase will highlight projects and incentives to attract investment into the Kingdom’s booming aviation sector, including airports, airlines, ground services, cargo and logistics.
In the $100 billion in investment opportunities, airports account for more than $50 billion, new aircraft orders about $40 billion, while the remaining $10 billion is earmarked for other projects, including $5 billion in special logistics areas around the main airports in Riyadh, Jeddah, and Dammam.
Minister for Transport and Logistics Services Saleh-Al-Jasser, who will open FAF24, said: “Saudi Arabia is presenting aviation investment opportunities that are unmatched globally, as the Saudi Aviation Strategy triples passenger numbers, connects to more than 250 destinations and handles 330 million passengers and 4.5 million tonnes of cargo by 2030.”
Minister for Investment Khalid Al-Falih, who will open the investment showcase, added: “Saudi Arabia is the world’s new investment hub, targeting $3.3 trillion in investment by 2030. Aviation is a key investment sector and enabler of the Kingdom’s broader economic transformation. The aviation investment showcase will provide investors with unparalleled access to participate in the Kingdom’s transformation.”
The showcase will include investor briefings, meetings and panels on major projects including the six-runway King Salman International Airport in Riyadh and public private partnerships for Abha, Taif, Hail and Qassim international airports. The showcase will also feature opportunities in cargo and logistics, advanced air mobility and business aviation. Aviation suppliers will be briefed on expansion plans for new airline Riyadh Air, as well as leading regional airlines including Saudia, Flynas and Flyadeal.
Global executives from Boeing, Airbus, Commercial Aircraft Corporation of China, and Embraer will attend the event, alongside investors and representatives from airlines, airports, cargo, logistics and aviation services companies. Speakers include Saudi ministers as well as Saudi and global aviation and investment CEOs.
The Future Aviation Forum runs from May 20-22 in Riyadh. For more information, visit www.futureaviationforum.com
Jaumur will be an exclusive residential community planned around an inspiring marina for more than 6,000 residents
The marina promenade will be a place alive with entertainment, leisure and cultural experiences, hosting year-round arts events and performance programs
Updated 08 May 2024
Arab News
RIYADH: NEOM has announced that it will build a new marina and community on the Gulf of Aqaba called Jaumur.
The board of directors of NEOM said that Jaumur will be designed to serve the highest standards of future livability and active lifestyle. The new addition promises a unique blend of experiences on land and sea, complementing NEOM’s evolving regional development in northwest Saudi Arabia.
Jaumur will be an exclusive residential community planned around an inspiring marina for more than 6,000 residents. Embedded into the varied topography of the Gulf of Aqaba coast, it will feature 500 marina apartments and nearly 700 luxury villas, offering waterfront access and private mooring. Two distinctive destination hotels in Jaumur will offer 350 luxurious rooms and suites, inviting guests to enjoy the breathtaking views and embrace all aspects of modern coastal hospitality and sporting activities.
The marina will be the focal point of the development, the beating heart around which the community of Jaumur will thrive. A 1.5 km aerofoil rises above the largest of the yacht berths, providing year-round protection for yacht owners and a haven for the marina’s residents and guests. The aerofoil incorporates a gravity-defying cantilever to form a stunning entrance to the marina, welcoming the world’s largest superyachts.
The marina promenade will be a place alive with entertainment, leisure and cultural experiences, hosting year-round arts events and performance programs, complemented by signature retail outlets and world-class dining options.
Jaumur’s commitment to innovation and learning is embodied in the development’s state-of-the-art deep-sea research center and top-tier international boarding school. The research institute is dedicated to deep-sea exploration, welcoming established experts and ambitious pioneers to champion marine discovery, knowledge and conservation and establish NEOM as a world-leading center for oceanographic research.
The international boarding school will prepare students for global achievement through an exclusive and progressive education delivered by a diverse international faculty of experts and innovators.
Jaumur’s unique architectural design integrates water where golden sands meet the deep blue of the Gulf of Aqaba. It is a luxury destination to visit, explore, live and prosper: an opportunity to become part of a dynamic community.
Jaumur follows the recent announcements of Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan, Gidori and Treyam as sustainable tourism destinations on the Gulf of Aqaba, all woven together by NEOM’s commitment to sustainable progress.
Closing Bell: TASI edges up to close at 12,460 points
Updated 08 May 2024
Arab News
RIYADH: Saudi Arabia’s Tadawul All Share Index climbed on Wednesday, gaining 102.12 points, or 0.83 percent, to close at 12,460.11.
The total trading turnover of the benchmark index was SR8.189 billion ($2.18 billion), as 138 of the listed stocks advanced while 81 retreated.
Similarly, the MSCI Tadawul Index increased by 9.75 points, or 0.63 percent, to close at 1,557.46.
The Kingdom’s parallel market Nomu also climbed by 144.95 points, or 0.54 percent, to close at 26,886.59. This comes as 32 of the listed stocks advanced while as many as 35 retreated.
The best-performing stock of the day was Acwa Power Co., whose share price surged by 9.7 percent to SR438.80.
Other top performers include Alkhaleej Training and Education Co. and the Mediterranean and Gulf Insurance and Reinsurance Co., whose share prices soared 8.92 percent and 8.09 percent to SR37.25 and SR34.75, respectively.
Additional top performers include Al-Baha Investment and Development Co. and Malath Cooperative Insurance Co.
The worst performer was Nahdi Medical Co., whose share price dropped by 2.48 percent to SR133.60.
Other poor performers were the Co. for Cooperative Insurance as well as Jabal Omar Development Co., whose share prices dropped by 2.42 percent and 2.32 percent to stand at SR161 and SR27.40, respectively.
Additional poor performers include United Cooperative Assurance Co. and AlSaif Stores for Development and Investment Co.
On the announcements front, Al Rajhi Bank announced its intention to issue US-denominated additional tier-1 capital sukuk under its international additional tier-1 capital sukuk program established on April 18 following the board of directors’ decision on March 25.
The bank informed Tadawul that the value and terms of the sukuk offering would be decided based on current market conditions.
The sukuk will be issued through a special-purpose vehicle and will be accessible to qualified investors, both domestically and internationally.
The bank appointed Al Rajhi Capital, Citigroup Global Markets Ltd, Dubai Islamic Bank, and Emirates NBD, as well as Goldman Sachs International, HSBC, and Standard Chartered Bank, as joint lead managers and bookrunners for the potential offering.
Nahdi Medical Co. announced its results for interim financial results for the period ending on March 31, with revenues surging by 7.24 percent to reach SR2.257 billion, compared to SR2.105 billion in 2023.
The increase was primarily driven by a strong performance in the core pharma segment and a solid recovery in front shop segment led by the beauty categories.
However, the company’s net profits decreased in the first quarter of this year to SR232.9 million, marking a 4.67 percent decline compared to the same quarter in 2023.
Saudi Telecom Co. also announced its financial results for the same period with earnings increasing 5.07 percent compared to the same quarter last year, reaching SR19.1 billion.
Saudi Real Estate Co. also announced its financial results for the same period, with revenues surging by 8.8 percent to reach SR427.6 million, compared to SR393 million in 2023.
The revenue growth was mainly attributed to the increase in stc Saudi Arabia earnings by 1.2 percent, driven by the rise in commercial unit revenues by 6.7 percent and carriers and wholesale unit incomes by 5.7 percent, which offset the decline in business unit revenues.
Furthermore, stc’s subsidiaries’ gains also increased by 13 percent.
Halwani Bros. Co.’s earnings increased by 5.93 percent to SR270.36 billion compared to SR255.22 billion in its interim financial results, which ended March 31.
The reason for the increase in sales during the current quarter compared to the same period of the previous year is due to a rise in the company’s transactions in the Kingdom and its subsidiary in Egypt.
Saudi Arabia achieves highest evaluation level in UN’s Competition Law Systems Report
Updated 08 May 2024
Arab News
RIYADH: Saudi Arabia has received global recognition from a UN commission for its robust legal framework and “very strong” competition law.
The Kingdom attained the highest evaluation level in the Competition Law Systems Report for 2023, issued by the UN Economic and Social Commission for Western Asia, surpassing the “developed” level achieved in 2020, according to the Saudi Press Agency.
The Competition Law Index measures the strictness of regulations and is categorized according to the maturity of eight key criteria.
The Kingdom achieved a perfect score of seven in the index concerning regulatory frameworks for economic concentration operations.
Saad Al-Masoud, the spokesperson for the General Authority for Competition, affirmed that this advancement reflects the support GAC receives from the wise leadership to achieve the goals of Vision 2030 programs.
He added that these objectives aim to improve a sustainable business atmosphere, foster economic growth, and advance consumer welfare.
Al-Masoud further noted that this achievement is the result of significant developments in several areas, including laws combating monopolistic practices and anti-competitive agreements, as well as his authority’s efforts to review economic concentrations.
He also said that several additional factors have contributed to upholding the competitive landscape of the business sector, ensuring fairness, transparency, and adherence to reasonable competition regulations.
An initial competition system was established in Saudi Arabia in 2004, and in October 2017 the Kingdom’s Council of Ministers endorsed the change of the name to the GAC and a new organizational structure.
The authority was also made a financially and administratively independent entity, and in March 2019, another royal decree was issued approving the updated competition system.
Since its inception 20 years ago, GAC has imposed fines totaling nearly SR1 billion ($270 million) on around 252 companies found to be violating its regulations, according to a recent interview Al-Masoud conducted with Arab News.
As a prominent regulatory body, it aims to safeguard the integrity of market mechanisms while fostering innovation and diversity in products and services.
