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Tadawul Joins Global Emerging Markets Indices

An investor walks past a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016. (File Photo: Reuters)
An investor walks past a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016. (File Photo: Reuters)
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Tadawul Joins Global Emerging Markets Indices

An investor walks past a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016. (File Photo: Reuters)
An investor walks past a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016. (File Photo: Reuters)

Saudi Stock Exchange Tadawul commenced Monday its inclusion into the FTSE Russell and S&P Dow Jones Indices, both leading providers of global equity indexes.

Investment inflows resulting from index inclusion will further enhance liquidity and trading in the Saudi market, which is already among the most liquid of emerging markets worldwide, and further diversify opportunities for issuers and investors.

Observers believe the recent economic reforms will enhance the local financial market.

Commenting on the inclusion into the FTSE Russell and S&P Emerging Market indices, Tawadul CEO, Khalid al-Hussan, indicated that the inclusion into these pre-eminent indices is a testament to growing investor confidence in the Saudi market and reflects the successful implementation of far-ranging capital market reforms in line with the Financial Sector Development Program (FSDP) and Vision 2030.

Inclusion of Saudi Arabia into the FTSE Russell Emerging Markets index will occur in five tranches over the next 12 months. The first tranche of 25 percent will be split over March and April 2019, 10 percent and 15 percent respectively to ensure a smooth transition. The remaining 75 percent will be implemented in conjunction with quarterly reviews in June 2019, September 2019 and March 2020.

CEO of FTSE Russell Waqas Samad asserted that Saudi Arabia's promotion to Emerging market status within FTSE Russell's global equity benchmarks is a significant achievement.

“The Capital Market Authority (CMA) and Tadawul have long been committed to improving Saudi Arabia's capital markets infrastructure and today marks a culmination of their efforts to meet the rigorous requirements for inclusion.”

Inclusion of Saudi Arabia into the S&P Dow Jones Emerging Market Indices commenced with the first of two phases, with the second phase to be completed in September 2019.

The Kingdom is eligible for inclusion at 50 percent of float-adjusted market capitalization (FMC) and at 100 percent of FMC on September 23, 2019.

Upon the completion of the first phase, CEO at S&P Dow Jones Indices Alex Matturri considered Saudi Arabia's recent move in “our country classification to emerging market from stand-alone is a result of ongoing consultation with market participants.”

Matturri added that this reflects the strong consensus among members of the global investment community and recent positive market structure reforms that support foreign investment in the country.

Over the past two years, capital market reforms and enhancements paved the way for index inclusion and reflect Tadawul's continued commitment to enhancing the effectiveness of the Saudi capital market. This fosters an attractive investment environment for local and international investors and align its regulatory frameworks with international best practices.

Tadawul is determined to become an active player in global capital markets as a source of capital and an investment destination, building on its current role as the regional hub leading capital market development in the GCC and the wider MENA region.

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Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
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Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)

Syrian President Ahmed al-Sharaa met during his visit to Washington with International Monetary Fund chief Kristalina Georgieva to discuss Syria’s “economic transformation.”

“It was a privilege to welcome President Ahmed al-Sharaa to the IMF. We discussed the economic transformation Syrians need & deserve—which his government is making possible,” Georgieva said on X on Sunday.

“I reiterated IMF's readiness to help, including through our existing technical support for key institutions,” she added.

US President Donald Trump is set to welcome Sharaa on Monday in the first-ever visit by a Syrian president to the White House.

Also Sunday, al-Sharaa met with the Syrian community in Washington, D.C., attended by Foreign Minister Asaad al-Shaibani and US Special Envoy to Syria Tom Barrack.

During the meeting, al-Sharaa highlighted the important role of Syrians abroad in maintaining strong ties with their homeland, conveying Syria’s true image, and defending its just causes. He praised their efforts and initiatives as demonstrations of deep belonging and pride in their nation.

For his part, al-Shaibani thanked the community for its contributions and role in supporting the homeland from abroad, stressing that the government
keeps channels of communication open with Syrian expats.

Barrack also delivered remarks, commending the Syrian community’s role in strengthening relations between Syria and the international community.

Business

China Suspends 'Special Port Fees' on US Vessels

The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
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China Suspends 'Special Port Fees' on US Vessels

The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File

China said Monday it would suspend for one year "special port fees" on US vessels "simultaneously" with Washington's pause on levies targeting Chinese ships, as a fragile trade truce between the superpowers continues to take shape.

The United States and China have been involved in a volatile trade and tariff war for months, but agreed to walk back some punitive measures after presidents Xi Jinping and Donald Trump met last month in South Korea.

At one point, duties on both sides had reached prohibitive triple-digit levels, hampering trade between the world's two largest economies and snarling global supply chains.

The suspension of the port fees, which applied to ships operated by or built in the United States that visited Chinese ports, began at 13:01 (05:01 GMT) on Monday, a transport ministry statement said.

The US shipbuilding industry was dominant after the Second World War but has gradually declined and now accounts for just 0.1 percent of global output.

The sector is now dominated by Asia, with China building nearly half of all ships launched, ahead of South Korea and Japan.

Separately, Beijing said it would suspend sanctions against US subsidiaries of Hanwha Ocean, one of South Korea's largest shipbuilders.

The year-long suspension of measures against Hanwha, effective from November 10, was linked to the US halting port fees it had levied on Chinese-built and operated ships, China's commerce ministry said in an online statement.

"In light of this (US suspension)... China has decided to suspend the relevant measures" for one year, the statement said.

China had imposed sanctions on five US subsidiaries of Hanwha in October, accusing them of supporting a US government "Section 301" investigation that found Beijing's dominance of the shipbuilding industry unreasonable.

Organizations and individuals in China had been banned from cooperating with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.

A planned probe into whether the Section 301 investigation impacted the "security and development interests" of China's shipbuilding industry and supply chain had also been shelved for one year, according to the transport ministry.

The suspensions are the latest sign of a thaw in economic ties since the Xi-Trump meeting.

On Wednesday, China said it would extend the suspension of additional tariffs on US goods for one year, keeping them at 10 percent, and suspend some tariffs on soybeans and other US agricultural products.

China also suspended an export ban on gallium, germanium and antimony, metals crucial for modern technology, on Sunday.

Also following talks, Beijing agreed to halt for one year restrictions on the export of rare earths technology.

Washington in turn agreed to suspend for one year export restrictions on affiliates of blacklisted foreign companies in which they had at least a 50 percent stake, the Chinese commerce ministry said Wednesday.

Business

Gold Hits Two-week High on Fed Rate-cut Bets, Slowdown Worries

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Hits Two-week High on Fed Rate-cut Bets, Slowdown Worries

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices jumped to a two-week high on Monday, helped by expectations of another Federal Reserve interest rate cut in December and a slew of weak economic data that raised global slowdown worries.

Spot gold climbed 1.8% to $4,070.99 per ounce by 0643 GMT, hitting its highest since October 27. US gold futures for December delivery rose 1.8% to $4,079.70 per ounce, Reuters reported.

"Gold is catching a solid bid from traders to kick off the week, with the precious metal rising on anticipation that a rate cut could still arrive next month, even though the Fed has been downplaying the chances of it occurring," KCM Trade Chief Market Analyst Tim Waterer said.

The US economy shed jobs in October amid losses in the government and retail sectors, while cost-cutting and artificial intelligence adoption by businesses led to a surge in announced layoffs, data showed last week.

US consumer sentiment weakened to the lowest level in nearly 3-1/2 years in early November amid worries about the economic fallout from the longest ever government shutdown, a survey showed on Friday.

Market participants now see a 67% chance of a December rate cut, according to the CME FedWatch Tool. Non-yielding gold tends to do well in a low-interest-rate environment and during economic uncertainties.

On Sunday, the US Senate appeared poised to move forward with a measure aimed at reopening the federal government and ending a 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air travel.

"While it looks like we could be moving towards an end to the shutdown, with this comes greater visibility over key economic indicators, which have been short on the ground since the shutdown commenced," Waterer said.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.16% to 1,042.06 metric tons on Friday from 1,040.35 tons on Thursday.

Elsewhere, spot silver rose 2.5% to $49.52 per ounce, platinum rose 1.3% to $1,565.22 and palladium added 1.1% to $1,396.37.