Somali President Signs Anti-Corruption Law

Somalia's President Mohamed Abdullahi Mohamed. (Reuters)
Somalia's President Mohamed Abdullahi Mohamed. (Reuters)
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Somali President Signs Anti-Corruption Law

Somalia's President Mohamed Abdullahi Mohamed. (Reuters)
Somalia's President Mohamed Abdullahi Mohamed. (Reuters)

Somalia's President Mohamed Abdullahi Mohamed on Saturday signed an anti-graft bill into law, a long-awaited piece of legislation in one of the world's most corrupt nations.

The president, better known by his nickname Farmajo, came into office in 2017 vowing to combat the scourge which permeates evert aspect of life.

The new law will pave the way for the formation of independent anti-corruption commissions both on the federal and regional level, according to a statement from the president's office, said AFP.

"Corruption is worse than cancer because cancer kills only the individual, but corruption kills the whole society. I hope those who will be selected to be members of the committees will be decent, religious and patriotic," the president said in a statement released Saturday after the signature.

In 2018, Somalia fell in last place in Transparency International's perception of corruption index, and graft has hampered efforts to rebuild the nation after decades of chaos including civil war and an extremist insurgency.

Farmajo's government is keen to improve its image and win the confidence of the International Monetary Fund and World Bank in a bid to secure formal debt relief.

"Good governance is the responsibility of the government and we are mandated to improve the different levels of the government. It is true that all cannot be corrected at once since the country was in chaos for so long, and that chaos created bad cultures in our society."



SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
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SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.