Global equities index provider S&P Dow Jones Indices will change the status of Saudi Arabia’s $530 billion equity market, the biggest in the Arabian Gulf, to an emerging market in 2019.
S&P DJI took the decision to upgrade Saudi Arabia’s standalone status “in response to recent positive market structure reforms to support foreign investment and a strong consensus among members of the investment community”, It said in a statement.
The classification change will become effective in two phases: from the beginning of March 2019, the quarterly rebalancing of S&P DJI and the second in the annual reconstitution of indexes in September 2019, the index provider said.
S&P Dow Jones Indices is the third index complier to elevate Saudi Arabia’s market to emerging market status. These upgrades are expected to bring tens of billions of dollars of investment to Saudi equities from global money managers which track these gauges.
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Read more:
[ Saudi Arabia wins MSCI emerging market status ]
[ Saudi MSCI inclusion will raise foreign stock ownership and boost inflows ]
[ Saudi Arabia set to win MSCI emerging market status in June, says EFG Hermes ]
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FTSE Russell in March this year upgraded Saudi Arabia after the kingdom implemented a series of reforms to develop its capital markets in line with its Vision 2030 economic diversification strategy.
MSCI in June also followed suit with a similar move that will pave the way for an estimated $40 billion of additional flows to the Saudi stock exchange, known as Tadawul.
The MSCI Inclusion will take place in two phases, in May and August 2019. The index compiler has given Saudi stocks a representative weighting on a pro forma basis of approximately 2.6 per cent of its emerging market index, with 32 securities included in the gauge.
The potential listing of a 5 per cent stake in Saudi Aramco, the world's biggest oil producer, in 2019 would further cement the Middle East's international profile, raising the kingdom's weighting to "up to 4.4 per cent", Sebastien Lieblich, the MSCI's managing director and global head of equity solutions, told The National in June.
Saudi Arabia has been making key steps to clinch the emerging market status.
In January, the Saudi Arabia’s Capital Market Authority made it easier for international investors to buy publicly-traded companies by halving the minimum requirement of qualified foreign investors to $500 million from $1 billion.
As well as introducing T+2 settlement, which means that securities settle two days after they are bought, the CMA has also introduced Nomu, a parallel market for qualified investors as well enabling securities borrowing and lending, and the adoption of International Financial Reporting Standards for listed companies.
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SPECS
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On sale: Year end
Price: From Dh1,430,000 (coupe); From Dh1,566,000 (Spider)
Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Switching sides
Mahika Gaur is the latest Dubai-raised athlete to attain top honours with another country.
Velimir Stjepanovic (Serbia, swimming)
Born in Abu Dhabi and raised in Dubai, he finished sixth in the final of the 2012 Olympic Games in London in the 200m butterfly final.
Jonny Macdonald (Scotland, rugby union)
Brought up in Abu Dhabi and represented the region in international rugby. When the Arabian Gulf team was broken up into its constituent nations, he opted to play for Scotland instead, and went to the Hong Kong Sevens.
Sophie Shams (England, rugby union)
The daughter of an English mother and Emirati father, Shams excelled at rugby in Dubai, then after attending university in the UK played for England at sevens.
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
Company profile
Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital
Fixtures
Wednesday, April 3
Arsenal v Luton Town, 10.30pm (UAE)
Manchester City v Aston Villa, 11.15pm (UAE)
Thursday, April 4
Liverpool v Sheffield United, 10.30pm (UAE)
SPECS
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On sale: Now
Dunki
Director: Rajkumar Hirani
Starring: Shah Rukh Khan, Taapsee Pannu, Vikram Kochhar and Anil Grover
Rating: 4/5
RESULTS
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
Winner Gervais, Connor Beasley, Ali Rashid Al Raihe.
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
Winner Global Heat, Pat Cosgrave, Saeed bin Suroor.
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
Winner Firnas, Royston Ffrench, Salem bin Ghadayer.
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
Winner Rebel’s Romance, William Buick, Charlie Appleby
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
Winner Topper Bill, Richard Mullen, Satish Seemar
10pm Handicap (TB) Dh102,500 (T) 1,400m
Winner Wasim, Mickael Barzalona, Ismail Mohammed.
What is cystic fibrosis?
- Cystic fibrosis is a genetic disorder that affects the lungs, pancreas and other organs.
- It causes the production of thick, sticky mucus that can clog the airways and lead to severe respiratory and digestive problems.
- Patients with the condition are prone to lung infections and often suffer from chronic coughing, wheezing and shortness of breath.
- Life expectancy for sufferers of cystic fibrosis is now around 50 years.
ICC Awards for 2021+
MEN
Cricketer of the Year+– Shaheen Afridi+(Pakistan)
T20 Cricketer of the Year+– Mohammad Rizwan+(Pakistan)
ODI Cricketer of the Year+– Babar Azam+(Pakistan)
Test Cricketer of the Year+– Joe Root+(England)
WOMEN
Cricketer of the Year+– Smriti Mandhana+(India)
ODI Cricketer of the Year+– Lizelle Lee+(South Africa)
T20 Cricketer of the Year+– Tammy Beaumont+(England)
Inside Out 2
Director: Kelsey Mann
Starring: Amy Poehler, Maya Hawke, Ayo Edebiri
Rating: 4.5/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
ASIAN RUGBY CHAMPIONSHIP 2024
Results
Hong Kong 52-5 UAE
South Korea 55-5 Malaysia
Malaysia 6-70 Hong Kong
UAE 36-32 South Korea
Fixtures
Friday, June 21, 7.30pm kick-off: UAE v Malaysia
At The Sevens, Dubai (admission is free).
Saturday: Hong Kong v South Korea
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Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
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Range: 520km (claimed)
The years Ramadan fell in May
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
