Ninety One Appoints Dr. Khalid Alsweilem as Chairman of New Saudi Arabian Entity

Ninety One Appoints Dr. Khalid Alsweilem as Chairman of New Saudi Arabian Entity
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Ninety One Appoints Dr. Khalid Alsweilem as Chairman of New Saudi Arabian Entity

Ninety One Appoints Dr. Khalid Alsweilem as Chairman of New Saudi Arabian Entity

Ninety One has announced the appointment of Dr. Khalid Alsweilem to the position of Chief Global Sovereign Funds Advisor and Chairman of the firm's new Saudi Arabian entity, which is currently under formation and subject to approval from the Saudi Arabia Capital Market Authority.

"I am pleased to be taking on this role to help steer and develop Ninety One's business in Saudi Arabia and Middle East more broadly,” said Alsweilem said.

“This is a time of great transformation and opportunity for the region as Saudi Arabia implements its Vision 2030 program. As a global investment manager with expertise in emerging market equities, natural resources, Asia and Mainland China equities, energy transition and infrastructure debt, Ninety One is well positioned to capitalize on the major economic developments taking place throughout the region. Their roots in emerging markets give them a keen sensitivity to how investment capabilities should serve Saudi Arabia and the region's needs."

Founder and Chief Executive Officer of Ninety One Hendrik du Toit described Alsweilem as “the right person to help guide our growth in Saudi Arabia and the region, given his unique knowledge of the investment industry and environment.”

“Ninety One has had an active presence as an investor of international capital in the region for many years and is experienced in developing investment businesses with local relevance. The creation of a formal entity in Saudi Arabia is our next step in a productive journey to even greater engagement and service of clients."

Alsweilem is a world-renowned expert on sovereign wealth funds and their connection to the real economy. He is one of the longest-serving and most successful sovereign fund practitioners, having previously served as ChiefCounsellor and Director General of Investment at SAMA, the Central Bank of Saudi Arabia, where he held senior positions since 1991. He is a Visiting Scholar at the Stanford Centre of Sustainable Development and Global Competitiveness and at the Stanford Long-Term Investing Initiative, as well as a non-resident scholar at MIT Golub Center for Finance and Policy.

Prior to that, he was a scholar at Stanford Global Projects Center and a fellow expert at Harvard Kennedy School, where he was the lead author on major sovereign funds research and publications. He is an engineer and holds a PhD in Economics and a Post-Doctoral Fellowship at Harvard University.

Ninety One is an active, global investment manager listed in London and Johannesburg with more than $160 billion in assets under management (as at 31 March 2023). The firm's goal is to provide long-term investment returns for clients while making a positive difference to people and the planet.

Established in South Africa in 1991 as Investec Asset Management, the firm has since expanded to 21 offices in 14 countries across five continents, with 258 investment professionals. In 2020, the firm demerged from the Investec Group to become Ninety One.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
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Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.