Saudi Financial Market Adjustments to Ease IPOs

Saudi Financial Market Adjustments to Ease IPOs
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Saudi Financial Market Adjustments to Ease IPOs

Saudi Financial Market Adjustments to Ease IPOs

The Saudi Capital Market Authority (CMA) disclosed to Asharq Al-Awsat on Wednesday that the draft of the pending Central Counterparty Clearing House ("CCP") for clearing of securities in the Saudi capital market will be issued soon.

The CCP will be responsible for developing future clearing in accordance with the best international risk management practices and standards.

The CMA, Saudi Arabian Monetary Authority (SAMA) and Tadawul have already initiated the required regulatory regime to activate the CCP function, in order to enable it to fully operate by the second half of 2019.

CMA Chairman Mohammed El Kuwaiz said the draft will be listed within weeks, noting that it is in keep with market adjustments ordered by the cabinet recently.

“In the coming weeks, we are going to implement major modernization, especially for securities regulations, which will facilitate this process, both for companies in the main market and for companies in the parallel market,” Kuwaiz told Asharq Al-Awsat.

Bader Bin Mohammed Balghonaim, CMA’s Deputy of Legal Affairs and Enforcement, for his part, reaffirmed that the amendments introduced to the financial market are considered a regulatory leap in terms of legislation.

Balghonaim confirmed that change was introduced after benefiting from international experience and the public opinion of the specialists and workers in the financial sector.



Iraq Raises Southern Oil Output to 1.75 million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
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Iraq Raises Southern Oil Output to 1.75 million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude from the country's ports, Iraqi oil officials told Reuters on Friday, Reuters reported.

The officials said Iraq plans to raise production further to two million barrels per day in the coming few days.

Iraq, like other Gulf oil producers, has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait of Hormuz amid the US-Iran War.


Saudi Arabia Showcases Tourism Success at FII Europe Summit

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
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Saudi Arabia Showcases Tourism Success at FII Europe Summit

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA
The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector - SPA

Minister of Tourism Ahmed Al-Khateeb participated in the FII PRIORITY Europe Summit, held in Rome from June 17 to 19, 2026, where he showcased Saudi Arabia's remarkable transformation of its tourism sector in line with the ambitious goals of Saudi Vision 2030.

As part of the summit's official program, the minister participated in a fireside chat titled "Resilient by Design: Vision 2030 and the Architecture of Enduring Value." During the session, he shared insights into the evolution of Saudi Arabia's tourism sector, highlighting its robust performance amid regional challenges over the past six months and emphasizing the sector's resilience, its ability to recover quickly, and its continued momentum toward sustained growth, SPA reported.

Al-Khateeb also underscored the Kingdom's significant investments in developing world-class tourism destinations, noting the tangible economic and social impact these investments are generating, including the creation of employment opportunities for Saudi nationals.
Addressing the role of emerging technologies, Al-Khateeb spoke about the integration of artificial intelligence (AI) in the tourism sector: "In Saudi Arabia, we are using AI, and we will continue to use AI, because we are very advanced when it comes to technology.

At the same time, we are committed to preserving the human element in the sector. We want AI to empower people, support them, and help them in welcoming our guests and sharing our culture and hospitality".

The minister's participation in the leading global forum aims to underline the global success story of Saudi Arabia's tourism sector, which in less than a decade has evolved into a dynamic, integrated ecosystem, offering a wide range of investment opportunities across destinations, hospitality, infrastructure, digital services, and human capital development.

The participation also served as a platform to highlight what the Kingdom's tourism sector offers European partners: a fast-growing and stable market, positioned as a global gateway for collaboration in investment, artificial intelligence, and innovation.

On the sidelines of FII PRIORITY Europe, Al-Khateeb held a series of bilateral meetings with international investors and industry leaders, focused on strengthening strategic partnerships and unlocking new opportunities for investment and tourism experience development in the Kingdom.

Coinciding with the summit, the Ministry of Tourism released its annual statistical report 2025, showing how Saudi Arabia's tourism sector moved from ambition to scale, emerging as one of the Kingdom's strongest growth drivers in non-oil sectors.

According to the report, Saudi Arabia recorded historic results in 2025 with around 123 million inbound and domestic tourists, representing growth of approximately 6% compared to 2024. This included 29.3 million inbound tourists and 93.3 million domestic tourists. Total tourism spending reached approximately SAR304 billion, reflecting growth of 7% compared to 2024, with inbound tourism contributing SAR176.6 billion and domestic tourism contributing SAR127.1 billion.


Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Heads for Third Weekly Loss on Firm Dollar, Hawkish Fed Signals

FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: FILE PHOTO - Gold bars and coins lie on the table at the Precious metal dealership Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices were on track for a third consecutive weekly fall, slipping more than 1% on Friday, as a stronger dollar and hawkish signals from the US Federal Reserve weighed on the greenback-priced metal.

Spot gold was down 1.1% at $4,156.26 per ounce, as of 0715 GMT, its lowest level since June 11. The contract was down 1.4% so far this week.

US gold futures for August delivery fell 1.7% to $4,173.30.

Markets in mainland China and Hong Kong were closed for the Dragon Boat Festival holiday, thinning market activity.

The dollar rose to a one-year high, making bullion more expensive for other currency holders, Reuters reported.

"Gold's rally on the back of the US-Iran peace deal proved short-lived. The resurgent dollar, powered by the Fed's newly hawkish tone under Kevin Warsh, has stolen the spotlight," said Tim Waterer, chief market analyst at KCM Trade.

"The new chairman's firm stance has effectively neutralised the geopolitical tailwind, reminding everyone that monetary policy still calls the shots."

Nine of the US central bank's 19 policymakers believe they will need to raise the policy rate this year.

That would be in line with several global central banks either raising borrowing costs or signalling moves to tame Iran war-induced inflationary pressure.

Traders see an 87% chance of a US rate hike in December, from 61% before the Fed decision, according to the CME FedWatch Tool.

Gold tends to lose appeal when rates are high, as it does not yield interest.

On the geopolitical front, planned US-Iran talks in Switzerland were called off after Vice President JD Vance dropped plans to travel to the country, adding to uncertainty over a lasting truce.

On the physical front, gold demand was modest in India this week as prices fell to their lowest level in two-and-a-half months and remained volatile, while top consumer China flipped to a discount.

Spot silver fell 1.5% to $64.81 per ounce, platinum lost 0.8% to $1,681.53, and palladium shed 0.8% to $1,268.31. The metals were on track for weekly losses.