(FILES) This file photo taken on December 14, 2016 shows a Saudi investor inspecting the stock exchange monitors at the Saudi Stock Exchange, or Tadawul, in the capital Riyadh.
Shares in Kingdom Holding, 95 percent of which is owned by billionaire Prince Al-Waleed bin Talal, dived 9.9 percent as the Saudi stock exchange opened on November 5, 2017 after reports of his arrest. The Saudi Tadawul All-Shares Index (TASI) also dropped 1.6 percent only a minute after the start of trading on the Arab world's largest stock market following a sweeping crackdown on corruption that saw the arrest of leading royals and businessmen. / AFP PHOTO / FAYEZ NURELDINE
Future issues of local currency government bonds will also be listed on Tadawul. FAYEZ NURELDINE/AFP

Saudi Arabia to stick to dollar, riyal debt issues for now, official says



Saudi Arabia will focus on issuing bonds denominated in US dollars and riyals this year but may consider debt sales in other currencies over the longer term, the president of the kingdom's Debt Management Office said on Sunday.

"At least for 2018, we are not going to deviate away from our dollar and local issuances," Fahad  Al Saif said in an interview, predicting the dollar yield curve would become more stable this year.

He also said: "Issuing in other currencies is not currently part of our plan, but it is definitely part of our strategy."

Asked if Saudi Arabia might issue euro-denominated debt, he replied: "We'll look into that. In the end it counts how fairly that particular market will be pricing Saudi, without adding any particular arbitrage into the pricing. I can confirm nothing at the moment."

Saudi Arabia began issuing sovereign bonds abroad in 2016 with a mammoth $17.5 billion sale in order to cover a big state budget deficit caused by low oil prices, and immediately became one of the world's top emerging market debt issuers.

The government has chosen banks for this year's first dollar bond issue, bankers say, and they think the sale could occur in the next few weeks. Mr Al Saif said he hoped to conduct the issue in the first half of 2018, market conditions permitting.

Brent oil is now at $67 a barrel, compared to just above $50 when Saudi Arabia issued its first foreign bond. But Mr Al Saif said this did not necessarily mean Riyadh would cut issues, noting it still had a low public debt-to-gross domestic product ratio of 17 per cent, below an anticipated level of 30 per cent.

_________________

Read more:

_________________

"We still have ample amount of capacity ... so we will continue to issue bonds again from a market development (perspective) whether we require the funding or not. There will be issues to ensure we have a very stable yield curve in hard currency."

Mr Al Saif was speaking on the day that authorities listed riyal government bonds on the Saudi Stock Exchange for the first time, part of efforts to spur secondary market debt trading. A total of 204.4bn riyals of bonds were listed.

Future issues of local currency government bonds will also be listed, encouraging investment by non-bank investors such as mutual funds and insurers, Mr Al Saif said.

He said plans were underway to make Islamic bonds issued monthly by the government more attractive for individual investors. The face value of the bonds may be reduced, and a plan to create a new type of savings sukuk for retail investors may be drafted this year, Mr Al Saif said.

He reiterated that authorities wanted about 65 per cent of public debt to be domestic and the rest foreign, plus or minus 10 per cent. Current outstanding debt is 58.5 per cent local and 41.5 per cent foreign, he added.

The stock exchange's chief executive, Khalid al-Hussan, said the exchange eventually aimed also to list international bond issues by the Saudi government and companies. The financial infrastructure for this may be ready by early 2019, he said.

BAD BOYS: RIDE OR DIE

Director: Adil El Arbi and Bilall Fallah

Starring: Will Smith, Martin Lawrence, Joe Pantoliano

Rating: 3.5/5

Anti-semitic attacks

The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.

It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.

The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media.

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Mission: Impossible - Dead Reckoning Part One

Director: Christopher McQuarrie
Stars: Tom Cruise, Hayley Atwell, Pom Klementieff, Simon Pegg
Rating: 4/5

Henrik Stenson's finishes at Abu Dhabi HSBC Championship:

2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8

THE SPECS

Battery: 60kW lithium-ion phosphate
Power: Up to 201bhp
0 to 100kph: 7.3 seconds
Range: 418km
Price: From Dh149,900
Available: Now

The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright

The years Ramadan fell in May

1987

1954

1921

1888

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

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

List of alleged parties

 

May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff 

May 20, 2020: They attend 'bring your own booze party'

Nov 27, 2020: PM gives speech at leaving party for his staff 

Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson 

Dec 13, 2020: PM and his wife throw a party

Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters 

Dec 15, 2020: PM takes part in a staff quiz 

Dec 18, 2020: Downing Street Christmas party 

Company profile

Name: Maly Tech
Started: 2023
Founder: Mo Ibrahim
Based: Dubai International Financial Centre
Sector: FinTech
Funds raised: $1.6 million
Current number of staff: 15
Investment stage: Pre-seed, planning first seed round
Investors: GCC-based angel investors

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).


Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).


Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

RESULTS

5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)

5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar

6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel

6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel

7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel

7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar

Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi

Yadoo’s House Restaurant+& Cafe

For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.

Golden Dallah

For the cappuccino, luqaimat and aseeda.

Al Mrzab Restaurant

For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.

Al Derwaza

For the fish hubul, regag bread, biryani and special seafood soup. 

Karwaan

Producer: Ronnie Screwvala

Director: Akarsh Khurana

Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar

Rating: 4/5

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed


Latest
Most Read
Top Videos

Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week