Saudi defense minister appointed new SAMI chairman after board reshuffle

SAMI focuses on advancing and reinforcing Saudi Arabia's defense sector. File
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Updated 28 February 2024

Saudi defense minister appointed new SAMI chairman after board reshuffle

RIYADH: Defense Minister Prince Khalid bin Salman is the new chairman of Saudi Arabian Military Industries after a reshuffle of its board of directors, according to a statement.

The minister has replaced Ahmed Al-Khateeb in the key position in the defense and security company, which is entirely owned by the Kingdom’s sovereign wealth fund.

SAMI focuses on advancing and reinforcing Saudi Arabia's defense sector, and plays a crucial role in driving the localization of 50 percent of the Kingdom’s expenditures in this economic sphere – a pivotal objective of Saudi Vision 2030. ‎

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef is also on the board, as is Chairman of the General Authority for Civil Aviation Abdulaziz bin Abdullah Al-Duailej, and Assistant Minister of Defense Talal bin Abdullah Al-Otaibi.

Membership also includes Khaled bin Hussain Al-Biyari, Yasser bin Abdullah Al-Salman, and Omar bin Hamad Al-Madi, as well as Abdulaziz bin Abdullah Al-Suqair.

Representing SAMI, CEO Walid bin Abdulmajeed Abu Khalid extended gratitude to the prior board of directors for their tenure, which played a pivotal role in positioning the company among the elite ranks of the top 100 specialized defense firms worldwide.

Established in 2017, the company operates across aviation, aerospace, land systems, maritime, and defense systems, in addition to advanced electronics. 

The company is ranked 79th among the top 100 specialized defense firms globally, and is aiming to reach the top 25 by 2030.

Early this month, SAMI signed a memorandum of understanding with South Korean automobile manufacturer Kia Corp. at the World Defense Show 2024 in Riyadh with the aim to boost cooperation in the local production of military vehicles, thereby strengthening Saudi Arabia’s defense and security sector.

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

Updated 7 sec ago

Closing Bell: TASI ends the week in green with trading turnover at $2.18bn

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 36.37 points, or 0.29 percent, to close at 12,502.35.

The total trading turnover of the benchmark index was SR8.19 billion ($2.18 billion) as 130 stocks advanced, while 90 retreated. 

The MSCI Tadawul Index also increased by 5.98 points, or 0.38 percent, to close at 1,575.11.

The Kingdom’s parallel market, Nomu, followed suit and gained 305.77 points, or 1.16 percent, to close at 26,418.75. This comes as 33 stocks advanced, while as many as 27 retreated.

The best-performing stock on the main index was Saudi Arabian Amiantit Co., as its share price rose by 7.69 percent to SR30.80.

Allianz Saudi Fransi Cooperative Insurance Co. also performed well as its share price saw a 6.79 percent increase to close at SR20.16.

This comes as Abu Dhabi National Insurance Co. completed a strategic acquisition of a 51 percent stake in Allianz, according to the Emirates News Agency, WAM.

ADNIC Chairman Mohamed Al- Nahyan told WAM: “The connection between the UAE and Saudi Arabia is deep, mutually beneficial and ever-growing. At ADNIC, we see Saudi Arabia as a high-potential market which perfectly aligns with our overall growth strategy, and we are looking forward to unlocking new possibilities for growth and success.”

Other top performers include United Cooperative Assurance Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. whose share prices soared by 5.68 percent and 5.51 percent, to stand at SR11.16 and SR14.16 respectively.

The worst performer was Alkhaleej Training and Education Co., whose share price dropped by 5.27 percent to SR33.25.

On the announcements front, Saudi mining giant and Public Investment Fund subsidiary, Saudi Arabian Mining Co., known as Ma’aden, announced the launch of single stock options in a statement on Tadawul. 

SSOs will enable local and international investors to effectively hedge and manage portfolio risks as well as diversify products available for trading in the market. 

Saudi finance minister stresses need for ‘decisive financial policies’ amid global economic uncertainties

Updated 28 min 31 sec ago

Saudi finance minister stresses need for ‘decisive financial policies’ amid global economic uncertainties

RIYADH: Saudi Arabia’s finance minister stressed the need for “decisive financial policies” across the world during a high-level meeting with ministers and governors, to navigate through uncertain economic conditions.

Speaking during the Spring Meetings 2024 of the International Monetary Fund held in Washington, D.C, Mohammed Al-Jadaan noted that this would bolster resilience and sustainability amid this current highly uncertain period.

“I also participated in the Global Sovereign Debt Roundtable, where I highlighted the importance of enhancing Comparability of Treatment by establishing a clear and fair framework that ensures equitable treatment among all creditors,” Al-Jadaan said in a post on X.

Magrabi opens new complex in Makkah

Updated 49 min 26 sec ago

Magrabi opens new complex in Makkah

RIYADH: With a new branch in Makkah, Magrabi Hospitals and Centers are expanding to more Saudi cities to meet the growing demand for specialized ophthalmological and dentistry care.

Minister of Health Fahad Al-Jalajel inaugurated the medical complex and one-day surgery center in the holy city, accompanied by Magrabi Hospitals and Centers CEO Mutasim Alireza, the Group’s Deputy CEO and Cheif Operating Officer Abdulrahman Barzangi, and several officials and dignitaries.

Al-Jalajel underscored that the opening reflects the Kingdom’s commitment to enhancing the quality of its healthcare services and transitioning toward a more comprehensive and integrated healthcare system.

UAE records 64% surge in trademark registrations

Updated 55 min 47 sec ago

UAE records 64% surge in trademark registrations

RIYADH: The UAE recorded an annual 64 percent surge in trademark registrations, amounting to 4,610 in the first quarter of 2024, official data showed.

The figures, released by the nation’s Ministry of Economy, reveal the notable increase from 2,813 signups in the same period of 2023. 

March emerged as a particularly prolific period, with 2,018 new brands reported.

The trademarks registered during this time span a wide range of key sectors, including smart technology, transportation, food and beverage and pharmaceuticals as well as medical devices, finance, real estate, and more. 

The preceding months of January and February collectively accounted for 2,592 trademarks, further highlighting sustained growth and momentum in registrations.

As the country continues to position itself as a global business hub, trademark registrations serve as a crucial indicator of economic vitality and innovation-driven growth.

In a release on X, the ministry noted on April 17 that it has: “Worked on developing the trademark registration service, using the latest technologies and innovative solutions to achieve higher efficiency and better interaction with clients.”

The UAE’s adherence to international treaties and agreements further strengthens its trademark registration regime. 

By adhering to agreements like the Paris Convention for the Protection of Industrial Property and the Agreement on Trade-Related Aspects of Intellectual Property Rights or TRIPS, the UAE facilitates international trademark registration and enforcement, empowering businesses to broaden their operations across borders.

The nation has further established mechanisms for enforcing trademark rights and combating infringement. 

These include civil remedies, such as damages, injunctions, and seizure of infringing goods, as well as criminal penalties for trademark counterfeiting and piracy.

Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

Updated 18 April 2024

Saudi EXIM Bank inks deal with Swiss counterpart to elevate trade exchange 

RIYADH: Saudi EXIM Bank and its Swiss counterpart have signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness. 

In an X post following the deal, the Saudi lender stated that the reinsurance agreement with the Swiss Export Credit Agency was signed in Zurich. 

This development follows Saudi EXIM’s signing of reinsurance treaties with a consortium of global reinsurers led by Swiss Re in Zurich. These agreements will expand global insurance operations in collaboration with the world’s largest reinsurers and provide insurance coverage to support the growth of Saudi exporters in global markets. 

The trade relationship between Saudi Arabia and Switzerland has been robust, with exports from the Kingdom to the European nation totaling $810.67 million in 2023, according to the UN’s database on international trade.  

The Kingdom’s primary exports to Switzerland included pearls, precious metals, and aluminum, valued at $587.57 million and $139.39 million, respectively.  

On the other hand, Swiss exports to Saudi Arabia amounted to $6.77 billion in 2023. 

In October 2023, Saad Al-Khalb, CEO of EXIM Bank, told Arab News that the main mandate of the financial institution is to support the Kingdom’s economy and flow of goods, trades, infrastructure and long-term projects. 

In January, the Saudi lender also signed an agreement with its US counterpart to boost cooperation and help strengthen economic and trade relations between the two countries.  

The total value of credit facilities implemented by the EXIM Bank in 2023 reached $4.39 billion, exceeding its annual target by 33 percent, the Saudi Press Agency reported. 

This figure represents 5.2 percent of the total financial arrangements for the Kingdom’s non-oil outbound trade.