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    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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    Azerbaijan, Iraq discuss prospects of relations

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    Oman inks pack to bolster role of SMEs in food systems

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Turkey eyes $5bn bilateral trade with Qatar

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      Deal signed to set-up first factory in Qatar to assemble electric vehicles

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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      Miral’s premier Abu Dhabi waterfront project work on track

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      Aecom wins Neom utilities infrastructure design contract

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        Investments in renewables in Egypt reach LE6 bn: Official

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        Acwa Power inks finance deals for 900MW Dubai solar park

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

          MAFWR, Port of Duqm sign MoU

          MAFWR, Port of Duqm sign MoU

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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            • Energy
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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Saudi Arabia looks to fast-track capital market reforms

              OBG

              September 6, 2016
              in Finance
              0

              Proposed changes to Saudi Arabia’s capital markets regulations could be fast-tracked by authorities, paving the way for increased participation from international investors.
               
              In May the Capital Market Authority (CMA) unveiled a draft of updated regulations designed to relax restrictions on foreign ownership, building on a move to open up the exchange to foreign investment in June 2015.

              Mohammed Al Jadaan, the chairman of the CMA, mentioned in an interview with international media in July the possibility that the reforms might be phased in as early as this year, ahead of the scheduled mid-2017 date.

              Opening investment doors
              The CMA’s draft regulations ease many of the restrictions currently faced by international investors looking to participate on the Tadawul.

              Significantly, the regulations lower the entrance barrier by decreasing the minimum limit for the assets a qualified foreign investor (QFI) has under management from SR18.75bn ($5bn) to SR3.75bn ($1bn). This greatly expands the list of prospective investors, allowing for second-tier funds to buy into the market.

              The CMA also aims to lift the ceiling on the level of shares a QFI may hold in a listed company, with the maximum limit raised from 5% to 10%. The restriction on the total number of shares QFIs in all categories can own in a listed company, however, will remain at 49%.
              Meanwhile, the pool of financial institutions that will be allowed to invest in the exchange is being deepened to include government funds, university endowments and other entities approved by the CMA. QFIs may also choose to engage with a Saudi or non-Saudi portfolio manager.

              The high bar set for QFIs to enter the market was one of the main reasons the opening of the Tadawul to international investors did not generate greater inflows, according to Ahmad Nasralla, CEO of investment firm Maceen Capital.

              “The opening of the market to QFIs has not attracted enough foreign investors for various reasons. One of the main obstacles has been the high capital threshold required for interested companies,” he told OBG.

              In the first nine months since the CMA sanctioned investments by QFIs on the Tadawul, response was muted. According to data from Jadwa Investment, between July 2015 and March 2016, the net capital inflow from foreign investors was SR793m ($211m), representing 0.1% of the Tadawul’s total market capitalization.

              Emerging investment opportunities
              According to some industry stakeholders, even once the reforms are implemented, other conditions will likely need to be met before greater numbers of foreign investors move into the market.

              “The initial opening up of the market to foreign investors saw a limited take up, but with the imminent changes to the rules we are expecting more interest. The biggest move into the Saudi market by foreign investors is expected when we become part of the MSCI which will lead to fund managers allocating a proportion of their portfolio to the Saudi market,” Khalid Nasser Al Muammar, CEO of Saudi Hollandi Capital, a Saudi Arabia investment firm, told OBG.

              The path to facilitate that move may be laid shortly, with MSCI issuing a statement in June saying the planned reforms by the CMA would improve Saudi Arabia’s chances of being rated as an emerging market.

              In May the CMA also announced it intends to introduce securities lending and covered short-selling. As has initially been the case with the liberalization of the QFI regime, the new regulations are set to be issued before the end of the first quarter of next year, though these reforms too could be brought forward as market demand grows.
              Oxford Business Group
              6 September

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