The Saudi Capital Market Authority (CMA) plans to give foreign investors complete access to Saudi Arabia's Nomu, the secondary market, starting from January 1, the CMA's chairman said on Thursday.
Saudi Arabia has now more than 100 qualified foreign institutional investors, of which in excess of 20 per cent registered in the past month, Mohammed El Kuwaiz said.
Foreign investors in Nomu will no longer have to meet requirements to qualify as foreign institutional investors, but will have to continue to obey limits on foreign ownership of stocks, said the chairman.
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Read more:
Saudi’s Tadawul is raising the stakes as it prepares for Aramco IPO
Foreign money strains at leash ahead of 'inevitable' Saudi MSCI listing
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The CMA aims to put in place new rules to make the listing of stocks and debt instruments easier, he added.
As to new listings, around five to six initial public offerings are currently being reviewed by the authority, El Kuwaiz said.
When asked about the Aramco IPO, Mr El Kuwaiz said that foreign investors could participate in IPOs within Saudi Arabia. Saudi authorities have said Aramco would be listed on both the Saudi stock exchange, the Tadawul, and on one or more international exchanges.
During the same investment conference in Riyadh this week, the chief executive of the Tadawul said the Saudi stock exchange could absorb the entirety of Saudi Aramco's IPO.
Meawhile, Saudi Arabia is working to sell more of its international bonds in Asia to secure a diverse, stable investor base, and aims to avoid excessive short-term speculation in the bonds, the head of the kingdom's debt management office said on Thursday.
Riyadh began issuing international sovereign bonds in October last year and made its third issue last month, selling US$12.5 billion of debt.
Fahad Al Saif told the investment conference that the kingdom had made good progress in placing its bonds with US and European investors, and was now talking with Asian institutional investors to increase demand there.
He also said Saudi Arabia was distinguishing between long-term, stable investors and those who simply wanted to buy and trade. "We know who the flippers are," he said.
The news comes amid Saudi Arabia's ambitious plans for economic and social renewal presented before a host of A-list global investors at the Future Investment Initiatives conference in Riyadh, saying its main sovereign wealth fund wants to increase its financial clout to 1.5 trillion Saudi riyals (Dh1. 46tn) by 2020.
The Public Investment Fund (PIF) announced the assets-under-management goal at a conference showcasing a programme to turn the country into a high-tech business hub with a lifestyle free of extremism.
PIF published its first comprehensive business programme, outlining targets for investments and returns for 2018-2020, under reforms to boost private-sector growth and wean the largest Arab economy off oil export dependence.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Meydan race card
6.30pm: Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
7.05pm: Maiden (TB) Dh165,000 (D) 1,200m
7.40pm: Maiden (TB) Dh165,000 (D) 1,400m
8.15pm: Handicap (TB) Dh170,000 (D) 1,900m
8.50pm: Rated Conditions (TB) Dh240,000 (D) 1,600m
9.25pm: Handicap (TB) Dh175,000 (D)1,200m
10pm: Handicap (TB) Dh165,000 (D) 1,400m
Avatar (2009)
Director: James Cameron
Stars: Sam Worthington, Zoe Saldana, Sigourney Weaver
Rating: 3/5
Wednesday's results
Finland 3-0 Armenia
Faroes Islands 1-0 Malta
Sweden 1-1 Spain
Gibraltar 2-3 Georgia
Romania 1-1 Norway
Greece 2-1 Bosnia and Herzegovina
Liechtenstein 0-5 Italy
Switzerland 2-0 Rep of Ireland
Israel 3-1 Latvia
Formula 4 Italian Championship 2023 calendar
April 21-23: Imola
May 5-7: Misano
May 26-28: SPA-Francorchamps
June 23-25: Monza
July 21-23: Paul Ricard
Sept 29-Oct 1: Mugello
Oct 13-15: Vallelunga
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
First Person
Richard Flanagan
Chatto & Windus
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
More on Quran memorisation:
Voy! Voy! Voy!
Director: Omar Hilal
Stars: Muhammad Farrag, Bayoumi Fouad, Nelly Karim
Rating: 4/5
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
RESULT
Norway 1 Spain 1
Norway: King (90+4')
Spain: Niguez (47')