From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
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From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)

The Saudi Stock Exchange (Tadawul) took its first step toward the world, starting from London, with the launching of the EFG Hermes Saudi Forum on Monday, under the theme, “Looking for Sustainable Growth.”

Participants, including investors, businessmen and stakeholders, gathered on Monday at the Rosewood Hotel in central London, to discuss the investment climate, the available opportunities, and the promising investment components that are unique to the Saudi economy.

The conference, which concludes on Tuesday, is organized by EFG Hermes, in cooperation with the Saudi Tadawul, in the presence of 375 guests, including representatives from more than 50 Saudi companies from various vital sectors, the Saudi Capital Market Authority, and the Public Investment Fund, in addition to 200 investors from more than 120 international financial institutions, and a group of the most prominent fund managers around the world.

Among the guests are the Chairman of the Board of Directors of the Saudi Capital Market Authority, Mohammed bin Abdullah Al-Kuwaiz, the CEO of Saudi Tadawul, Mohammed Al-Rumaih, the CEO of EFG Holding Group, Karim Awad, the co-CEO of EFG Hermes, Mohammed Ebeid, and the CEO For EFG Hermes in Saudi Arabia, Saud Altassan.

Al-Kuwaiz and Al-Rumaih spoke in two successive sessions about the importance of the Saudi financial market and the developments it has achieved at all levels.

The speakers stressed that Saudi Arabia had one of the largest emerging markets in terms of market capitalization, as its market value exceeded $3 trillion in September 2023.

They added that the Saudi financial market has attracted increasing foreign inflows since its inclusion in the main global indices, such as the MSCI Emerging Markets Index during 2019, and the FTSE Russell Emerging Markets Index during 2018.

For his part, Ebeid explained that the conference serves as a platform to showcase investment opportunities in the Saudi market, which is supported by the diversity of economic sectors, as well as the transformation initiatives launched by the government within the framework of Vision 2030.

The conference offers a unique opportunity to strengthen ties and provide a direct link between companies listed on the Saudi market and investors in emerging markets, which reflects the major role that EFG Hermes plays in supporting economic growth in the Kingdom and developing the capital market, he added.



Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
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Russia is on the Verge of Recession, Says Economy Minister

The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)
The Russian flag waving in front of the Kremlin in Moscow, July 1, 2018. (AFP / Yuri Kadobnov)

Russia's economy is on the verge of sliding into recession, Economy Minister Maxim Reshetnikov said at the St Petersburg International Economic Forum on Thursday.

Russia this month cut interest rates for the first time since 2022, easing borrowing costs to 20% from 21%. But for months, businesses have complained of high rates stifling investment and economic growth has started to ease.

"According to the figures, there is a cooling, but all our figures are in the rear-view mirror," Reshetnikov said.

"According to the current feelings of businesses and business indicators, we are already, it seems to me, on the verge of going into recession. On the verge."

At the same session, Central Bank Governor Elvira Nabiullina said the current slowdown in GDP growth was "a way out of overheating".

Alexander Vedyakhin, First Deputy CEO of Russia's largest lender Sberbank said in an interview with Reuters this week that tight monetary policy was creating overcooling risks and said much lower interest rates of 12-14% would be acceptable to restart investment lending.

"There is a danger of the economy overcooling and that we will not be able to get out of this dip, and that further growth may be subdued," Vedyakhin said.