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Saudi Arabia Seeks to Turn Financial Market into Global Investment Platform

The Saudi Capital Market Forum was held in Riyadh on Tuesday. (Asharq Al-Awsat)
The Saudi Capital Market Forum was held in Riyadh on Tuesday. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Turn Financial Market into Global Investment Platform

The Saudi Capital Market Forum was held in Riyadh on Tuesday. (Asharq Al-Awsat)
The Saudi Capital Market Forum was held in Riyadh on Tuesday. (Asharq Al-Awsat)

Saudi Arabia announced its intention to launch a package of new enhancements to develop the post-trading infrastructure and increase its efficiency.

The enhancements are the largest in the history of the Saudi capital market and intend to provide investors with increased investment opportunities and access to a diverse range of financial instruments and new products.

The announcement was made at the Saudi Capital Market Forum, which was held in Riyadh by the Saudi Tadawul Group, under the patronage of Mohammed Elkuwaiz, the Chairman of the Capital Market Authority.

Elkuwaiz said that work was underway to transform the Kingdom into a global hub of Islamic and sustainable finance.

The new enhancements are introduced by three of Saudi Tadawul Group’s subsidiaries: the Saudi Exchange, Securities Clearing Center Company (Muqassa), and Securities Depository Center Company (Edaa).

Eng. Khalid Al-Hussan, CEO of the Saudi Tadawul Group, said that the launch of new improvements to the market infrastructure would contribute to supporting financial stability and integrity, as well as enhancing the group’s products and offerings.

In remarks on the occasion, Al-Hussan noted that the enhancements represent a new positive step in the development of the Saudi financial market.

“These enhancements mark a new chapter in the advancement of the Saudi capital market and align it with global best practices. Our aim is to provide local and international investors with a range of investment opportunities that benefit the Saudi economy and reinforce its position as an attractive global investment destination,” he underlined.

Mohammed Al-Rumaih, CEO of Saudi Exchange at Tadawul, stated that the market would witness a strong momentum from the initial public offering, revealing that 70 listings were currently underway in the financial market and the Capital Market Authority.

Wael Al-Hazzani, CEO of Muqassa, said the enhancements would enable Muqasaa to activate the central clearing services in the main market, parallel market, sukuk, bonds and exchange traded funds.

“Muqassa will enable the introduction of new products and services in the market and implement international practices clearing services for all products traded in Saudi Exchange, which is an essential step to develop the market and enhance its stability,” he added.

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Business

Saudi-Jordanian Business Council Recommends Boosting Economic Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi-Jordanian Business Council Recommends Boosting Economic Cooperation

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

Meetings of the Joint Saudi-Jordanian Business Council were held in Jordan’s capital, Amman, to strengthen bilateral partnerships, promote joint projects, and address obstacles to trade and investment flows, SPA reported.

The council’s sectoral committees recommended a package of practical measures and initiatives to strengthen economic and investment cooperation, boost bilateral trade, and facilitate the movement of investors, businesspeople, and goods between the two countries.

Business

Japan Seeks Record $55.6 bln Defense Budget, with AI Focus, Says Ministry

This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
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Japan Seeks Record $55.6 bln Defense Budget, with AI Focus, Says Ministry

This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)
This photo shows an exterior view of the Defense Ministry of Japan with its sign at the main entrance in Tokyo on Sept. 17, 2021. (AP Photo/Hiro Komae, File)

Japan's defense ministry requested a record budget of 8.9 trillion yen ($55.6 billion) on Monday as Tokyo looks to artificial intelligence to speed up decision-making in the face of a tense security environment.

But the final budget reportedly could reach 10 trillion yen as Tokyo undergoes a sweeping upgrade of its defense in order to navigate growing tension with neighbors such as China, North Korea and Russia.

Business

Turkish Economy Grows Less-Than-Forecast 2.3% in Q2 as Domestic Demand Shrinks

24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
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Turkish Economy Grows Less-Than-Forecast 2.3% in Q2 as Domestic Demand Shrinks

24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)
24 August 2026, Türkiye, Istanbul: Pigeons take flight at sunset as people sit along the waterfront in Istanbul. (dpa)

Türkiye’s economy expanded 2.3% year-on-year in the second quarter, data showed on Monday, below forecasts as domestic demand shrank amid tight monetary policy and the Iran war impact. 

In a Reuters poll, economic growth was estimated to have risen by 2.9% in the second quarter and was forecast to expand by ‌3.05% in 2026. ‌It was the fourth consecutive quarter of slower ‌growth. 

Treasury ⁠and Finance Minister ⁠Mehmet Simsek said that growth would rise after the "balanced" second-quarter growth. 

"Thanks to progress in the disinflation process and more supportive global conditions, we expect growth to gradually increase in the coming period," Simsek said in a statement after the data. 

Second-quarter gross domestic product grew 1.1% from the previous quarter on a seasonally and calendar-adjusted basis, the Turkish ⁠Statistical Institute data showed. 

The strongest growth by ‌activity was shown by agriculture, forestry ‌and fishing, which expanded 13.3%, while information and communication grew 8.6%, the data ‌showed. 

Haluk Burumcekci from Burumcekci Research and Consultancy said there was ‌an "increasingly evident loss of momentum in domestic demand", adding that the "positive contribution from net external demand after six quarters suggests that the first signs of the 'rebalancing among demand components,' one of the key objectives of the economic ‌program, have begun to emerge". 

External demand contributed 0.6 percentage points to second quarter growth, while domestic ⁠demand shrank ⁠1.3% quarter-on-quarter, economists said, noting that this was a disinflationary development. 

Turkish annual consumer price inflation stood at 31.75% in July, underscoring the challenges for the central bank, which has held rates at 37% in the last four policy meetings as it monitors Iran war fallout. 

While tight monetary and fiscal policies implemented to balance domestic demand and combat high inflation put pressure on economic growth, the economy grew by 2.6% in the first quarter, according to revised figures. 

Growth in 2025 was revised to 3.7% from 3.6%. 

The government's current medium-term program projected growth of 3.8% in 2026. A new medium-term program will be announced on September 7.