Experts recommended exploring the idea of further reducing working hours to see if it brings even more benefits
jobs7 hours ago
The Capital Market Authority’s decision is part of its “continunous and gradual effort to develop the Saudi capital market”, it said in a statement posted on the bourse’s Web site.
The Saudi stock exchange — Tadawul — has already developed the market, which will trade bonds and sukuk through licenced intermediaries, the Capital Market Authority, or CMA said. The date of the market’s launch will be announced later, it added.
The CMA’s head, Abdul Rahman Al Tuwaijri, has already said the authority planned to launch a market for debt securities.
Central Bank Governor Mohammad Al Jasser said in February that commercial banks and firms seeking financing should tap more the debt market with the issue of bonds.
A surge in lending over the past five years that was fuelled by record oil prices has brought several Saudi banks to limits on their credit capacity with loan-to-deposit ratio exceeding at the end of last year the limit imposed by the Central Bank.
Bank loans in 2008 equalled their total during the previous two years, Jasser said in February.
Concern over fallout of the global financial crisis has further slowed down credit growth as lenders became increasingly cautious.
Tadawul currently trades Islamic bond issues by only two listed firms — Saudi Basic Industries Corporation and Saudi Electricity.
The government is a major shareholder in both firms.
Saudi shares fell in the week’s first day of trading, led by Saudi Industrial Investment Group, an investor in petrochemicals projects, and Malath Insurance Company.
The Tadawul All Share Index dropped 1.1 per cent to 5,984.56 in Riyadh. The index, at its lowest since May 31, has gained 25 per cent this year after losing more than half its value in 2008 as oil prices dropped. Saudi Industrial dropped 5.2 per cent to SR17.35. Malath Insurance, the largest insurer by market value, fell 4.8 per cent to SR34.
“The market hasn’t really broken from the 6,000 mark,” John Sfakianakis, chief economist of Saudi British Bank, said in a telephone interview on Saturday from Riyadh.
“It’s gone back and forth for a few trading sessions, either because it’s in anticipation of good news which could push it up, or bad news pushing it down.”
He said better-than-estimated US employment figures had been expected to boost the market.
Experts recommended exploring the idea of further reducing working hours to see if it brings even more benefits
jobs7 hours ago
Originally from New Zealand, Steve Ashby formed ‘Rise,’ a community-driven initiative aimed at raising awareness and supporting those affected
health7 hours ago
Cardiologists recommend that healthy adults undergo cardiac checks every two to four years, particularly those 40 years old and above
uae7 hours ago
Supermodel-turned-singer Bruni, who will debut at Dubai Opera on September 27, on what inspires her songs, and the influence of
lifestyle7 hours ago
BBC cameraman Peter Henderson on the Eat-2-Grow Food enterprise, which aims to empower people in war-torn zones
lifestyle7 hours ago
This year’s IIFA was held at the Etihad Arena
lifestyle7 hours ago
Bollywood stars turned the glam quotient up to 11
entertainment7 hours ago
The airlines did not carry out disease vector control measures and failed to spray infected areas of their aircraft with insecticides according to specified standards, the heath ministry said
mena8 hours ago