GENEVA: The new director-general of the World Trade Organization — the first African and first woman to hold the post — has arrived at its Geneva headquarters for her first day on the job.
Ngozi Okonjo-Iweala, 66, a Nigerian economist and former government minister, donned a mask as she made brief comments to reporters on way into the imposing building on the shores of Lake Geneva on Monday.
“I am coming into one of the most important institutions in the world and we have a lot of work to do,” she said. “I feel ready to go.”
She was expected to meet staffers and speak briefly with non-governmental groups that support a key fisheries reform proposal being discussed at the WTO, before attending her first meeting of the General Council — made up of envoys from the international trade body’s 164 member states.
Some of those meetings with will be limited because of measures to fight COVID-19, and the closed-door General Council meeting is to be largely by videoconference.
Okonjo-Iweala’s victory in a hotly contested race last fall was delayed largely because the US administration under Donald Trump supported another candidate. Her appointment came through last month when the Biden administration cleared the way for her selection at the trade body, whose rules require consensus.
The WTO, which works to craft accords that can ensure smooth international trade, is facing headwinds such as rising protectionism. Its dispute settlement system has been blocked because the United States has almost singlehandedly prevented appointments to its Appellate Body — a rough equivalent to an appeals court.
Okonjo-Iweala said last month that “wide-ranging reforms” are needed at the WTO, and that her first priority would be to address the economic and health consequences of the COVID-19 pandemic — such as by working to lift export restrictions on supplies and vaccines to get them distributed to countries in need.
New WTO director-general arrives for 1st day on job
https://arab.news/ghxx4
New WTO director-general arrives for 1st day on job
- Ngozi Okonjo-Iweala is the first African and first woman to hold the post
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
