Insights and optimism abound at 3rd Saudi Capital Market Forum 

Waleed Mohsin, managing director at Goldman Sachs, speaking at the Saudi Capital Market Forum in Riyadh.
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Updated 20 February 2024
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Insights and optimism abound at 3rd Saudi Capital Market Forum 

RIYADH: Financial experts are gathering at the third Saudi Capital Market Forum to delve into the complexities of the global economy and its implications for capital markets. 

Held in Riyadh, the conference allows participants to explore financial concepts, encouraging discussion and cooperation to fortify international market resilience.

Head of Research at Al-Rajhi Capital, Mazen Al-Sudairi, shared his insights, including a look at the intricacy between bonds and equity in 2022, shedding light on the challenges stemming from the probability of rising interest rates.

He said: “The positive correlation between bonds and equity in year 22 is that they both fell together because of expecting higher interest rates, that’s going to continue for long.” 




Head of Research at Al-Rajhi Capital, Mazen Al-Sudairi.

When discussing China’s concerted efforts to navigate economic headwinds while maintaining stability, Al-Sudairi stated: “I don’t think we should ask China to recover now. I think China is avoiding the crisis.” 

The Al-Rajhi head also emphasized the resilience of oil consumption, citing Aramco’s figures as indicative of sustained demand.

Regarding the oil market dynamics, Al-Sudairi highlighted the significance of the demand for oil derivatives, projecting potential cost stability in the coming months. 

Deputy Chief Global Economist at Morgan Stanley, Rajeev Sibal, directed attention to the US Federal Reserve’s pivotal role in shaping global economic trajectories. 

“As I think about the conversations I’ve been having with clients over the past few months, every single one comes back to the Federal Reserve,” said Sibal. 

He reiterated Morgan Stanley’s forecast of Fed rate cuts commencing in June, foreseeing a soft landing for the US economy.

In contrast to prevailing uncertainties, Managing Director and Head of CEEMEA Research at Goldman Sachs, Waleed Mohsin, injected a dose of optimism into the discourse. 

“The good news that I would share with you is that our global forecast for global growth is set at 2.8 percent for 2024, which is well above consensus of 2.2 percent,” Mohsin exclaimed, highlighting the global economy’s resilience.

Mohsin elaborated on Goldman Sachs’ bullish outlook, pointing to anticipated recoveries in real disposable income and manufacturing activity.

He said: “Starting with equity capital markets, our analysis suggests that the Middle East can become as large as 10 percent of the MSCI Emerging Market Index in the medium to long-term with Saudi Arabia accounting for around 70 percent of this.”

He added: “Our calculation suggests that if investors were to move to a market weight position, and if the weight that we’re actually forecasting, which is 10 percent is correct, then this can unlock $50 billion of active and passive flows into the equity market.”

Mohsin underscored the transformative potential of Saudi Arabia’s Vision 2030, envisioning substantial growth in equity markets and emphasizing the crucial role of its development in financing the Kingdom’s projects.

Luis Oganes, managing director and head of Global Macro Research at J.P. Morgan, sounded a note of caution regarding lingering inflationary pressures. 

Oganes underscored the Organization of the Petroleum Exporting Countries’s role in stabilizing oil markets amidst supply fluctuations, acknowledging Saudi Arabia’s contributions to the sector’s stability.

Ahmed Shams El-Din, managing director and head of Global Research at EFG Hermes, provided insights into Saudi Arabia’s evolving financial landscape, commenting on the evolution witnessed in the equity market. 

He said: “I covered Saudi since 2006, and I can tell you this is a completely new country.” 




Ahmed Shams El-Din, managing director and head of Global Research at EFG Hermes

El-Din emphasized the need for proportional development in the debt market to unlock untapped funding potential, advocating for strategic alignment between capital allocation and efficiency.

In the ever-evolving landscape of global finance, the insights shared at the Saudi Capital Market Forum serve as guiding principles, steering stakeholders toward sustainable growth and prosperity in the years to come.


Pakistan seeks World Bank’s technical help to fast track $20 billion development framework

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Pakistan seeks World Bank’s technical help to fast track $20 billion development framework

  • The Country Partnership Framework was approved by the World Bank’s executive directors in January
  • It aims to support Pakistan’s development by promoting private sector-led growth, climate resilience

KARACHI: Pakistan on Thursday sought the World Bank’s technical assistance to fast track the implementation of the Country Partnership Framework (CPF) discussed between the two sides earlier this year, according to an official statement circulated by the finance ministry.

The World Bank’s Board of Executive Directors endorsed the framework in January, aiming to support Pakistan’s long-term development by building human capital, promoting private sector-led growth and enhancing climate resilience through up to $20 billion in pledged lending over the next decade.

A World Bank delegation led by Managing Director for Operations Anna Bjerde met with Finance Minister Muhammad Aurangzeb in Islamabad during the day to review the Bank’s financing portfolio and strengthen bilateral cooperation.

“We are focused on ensuring that climate resilience and sustainable development remain at the heart of our economic planning,” Aurangzeb said, according to the statement. “The CPF represents an important opportunity, and we aim to implement it with full coordination across key ministries and stakeholders.”

The finance ministry said Aurangzeb requested the visiting delegation “to provide technical leadership and assistance to streamline processes and ensure a prioritized and focused rollout of the CPF.”

Bjerde praised Pakistan for continuing with difficult economic reforms under challenging circumstances and for aligning its growth with environmental sustainability.

She also reiterated the Bank’s support for initiatives in areas such as taxation, energy and social protection, while emphasizing girls’ education and women’s empowerment as critical to human capital and economic resilience.

Later in the day, the delegation also met Prime Minister Shehbaz Sharif.

According to a separate statement circulated by Sharif’s office, the prime minister welcomed the delegation and thanked the World Bank for playing a key role in the country’s development.

“We are grateful to the World Bank for the Country Partnership Framework, under which development investments exceeding $20 billion will be made in Pakistan,” he said.

Bjerde, in turn, commended Pakistan’s macroeconomic performance and recent stabilization efforts, describing the CPF as a “model” for other countries.

The meeting was also attended by federal ministers, advisers, parliamentarians and senior government officials along with World Bank Country Director Najy Benhassine.


Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Updated 13 min 7 sec ago
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Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.

Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.

The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies. 

The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy. 

Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.” 

He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.” 

The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year. 

This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions.  

The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader. 

An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance. 

With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating. 

This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions. 

As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone. 

This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility. 

The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy. 

“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added. 


Saudi Arabia doubles funding to Union of Arab Chambers

Updated 22 May 2025
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Saudi Arabia doubles funding to Union of Arab Chambers

JEDDAH: Saudi Arabia has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.

The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC’s capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.

The decision underscores the Kingdom’s growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.

Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region’s total foreign trade by late 2024—a figure FSC President Moejeb Al-Hwaizy described as “modest” in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.

The FSC noted that Saudi Arabia’s enhanced contribution reflects its “strategic responsibility” as the UAC’s largest financial backer and soon-to-be president. “This is an extension of the federation’s role in supporting the private sector at the local, regional, and international levels,” it said.

The Kingdom’s leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.

With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.

As the only Arab country in the G20 and the region’s largest economy, Saudi Arabia’s growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.


Saudi Arabia’s Matarat, Thales sign deal to transform air travel experience

Updated 22 May 2025
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Saudi Arabia’s Matarat, Thales sign deal to transform air travel experience

RIYADH: Matarat Holding, the state-owned company responsible for managing Saudi Arabia’s airports, has signed a strategic agreement with French aerospace and defense giant Thales to advance the Kingdom’s aviation sector through cutting-edge digital technologies.

The agreement, formalized during the Passenger Terminal Expo 2025 in Madrid, Spain, focuses on enhancing innovation, operational efficiency, and the overall passenger experience across the Kingdom’s 27 airports.

According to a statement by Matarat, the partnership will leverage Thales’ expertise in artificial intelligence, biometrics, automation, and data-driven systems to develop safer, smarter, and more efficient travel journeys.

As part of the collaboration, advanced digital platforms and next-generation infrastructure will be deployed throughout Saudi Arabia’s airport network.

“This collaboration with Matarat Holding represents a revolutionary step in reimagining the future of the Saudi aviation sector,” said Bernard Roux, CEO of Thales in Saudi Arabia and Central Asia.

“By combining Thales’ digital transformation capabilities with Matarat’s operational excellence, we aim to build a smart and secure aviation ecosystem.”

Roux emphasized that the integration of AI, cybersecurity solutions, and connected systems will not only improve passenger experience and boost efficiency, but also enhance national security— contributing directly to the Kingdom’s Vision 2030 goal of becoming a global aviation leader.

In addition to technology deployment, the agreement includes knowledge-sharing initiatives, operational streamlining, and joint innovation efforts aimed at future-proofing the Kingdom’s aviation infrastructure.


Cairo plans economic independence as IMF program nears end

Updated 2 min 15 sec ago
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Cairo plans economic independence as IMF program nears end

  • PM said government is developing a long-term national economic strategy that will extend to 2030
  • IMF continues to stress the importance of accelerating structural reforms and managing debt levels

RIYADH: Egypt is preparing to transition away from its current economic reform program with the International Monetary Fund, which is scheduled to conclude by late 2026 or early 2027, according to the country’s prime minister.  

Speaking during his weekly press conference, Mostafa Madbouly stated that the government is developing a long-term national economic strategy that will extend to 2030 and focus on sustaining growth without relying on international institutions, according to an official release.  

The comments come as Egypt attempts to stabilize an economy that has struggled with record inflation, a depreciating currency, and mounting debt. Over the past few years, authorities have pushed through reforms to unlock external funding, including a major IMF deal, Gulf-backed investments, and a record sale of state assets. 

In a release on its official social media handle, the Egyptian Cabinet quoted the prime minister as saying: “We are aiming to develop a national program for the Egyptian state without relying on other international institutions. This will be linked to submitting, for the first time next year, a three-year budget.” 

Egypt’s Prime Miister Mostafa Madbouly speaks during a weekly press conference in Cairo. Facebook/Egyptian Cabinet

In response to a question about the government’s vision beyond the current IMF program and its efforts to preserve the gains reflected in recent positive economic indicators, the release added: “Madbouly confirmed that the government is drafting a detailed plan extending to 2030. This reflects a broader outlook beyond the IMF program, which ends by late 2026 or early 2027.” 

Egypt’s current $8 billion program with the IMF began as a $3 billion agreement in late 2022 and was expanded by $5 billion in March 2024.   

The deal includes major reforms such as currency devaluation, sharp interest rate hikes, tighter fiscal policy, and privatization of state-owned assets. 

So far, Egypt has received about $3.3 billion, with a fifth program review conducted in early May 2025. 

The IMF continues to stress the importance of accelerating structural reforms and managing debt levels.  

In the release, Madbouly emphasized that the government is prioritizing macroeconomic stability and social development.   

He pointed to the growing importance of social support programs, saying they would continue to expand annually.   

Egypt’s Prime Miister Mostafa Madbouly said the government is drafting a detailed plan extending to 2030. Facebook/Egyptian Cabinet

He also underlined the importance of technological advancement, industrial development, and greater reliance on digital transformation and artificial intelligence in the country’s future economic model.  

Regarding Egypt’s ongoing IMF program, Madbouly clarified that the reform agenda was created and implemented by the Egyptian government itself, with the IMF acting in a supportive role.   

He said the presence of the IMF and similar institutions in Egypt serves as a confidence signal to foreign investors and the global financial community, and that the IMF’s involvement does not entail new conditions or burdens on citizens.  

Madbouly also addressed developments in the Future of Egypt agricultural project, which he said is designed to rely on modern, mechanized farming and industrial methods.   

Unlike traditional high-density agricultural zones in the Nile Delta, the new areas will be less labor-intensive and structured to attract large-scale private sector participation.   

He said the aim is to preserve agricultural productivity by avoiding the fragmentation of land that has affected other regions.  

On technical education reform, Madbouly announced that the government is reviewing plans to convert outdated commercial diploma schools into modern technological schools that align with labor market needs.   

Egypt is encouraging private sector participation in the strategic initiative. Facebook/Egyptian Cabinet

This reform will also involve private sector partnerships and follow successful models such as the WE School for ICT Education.   

He noted that graduates from current vocational tracks will be eligible to join digital transformation initiatives like the state-supported Digital Pioneers Program.  

In the health sector, the prime minister confirmed that the second phase of Egypt’s universal health insurance scheme will expand to five additional governorates.   

He added that one densely populated governorate might also be included in this phase, bringing the total number of covered regions to 12.   

Madbouly said the system’s financial viability has been reassessed and extended to ensure it can remain sustainable for up to 50 years.  

He also spoke about the government’s plan to support the local production of infant formula, describing it as a capital-intensive industry that requires significant investment.   

The state is encouraging private sector participation in this strategic initiative and is ready to act as a partner to ensure long-term success and stability in production.