BUSINESS | Saudi Stock Exchange To Launch Environmental Index With MSCI: CEO

RIYADH | SAUDI ARABIA – Saudi Arabia’s stock exchange (TADAWUL) plans to launch an environmental, social or governance (ESG) index in cooperation with global index provider MSCI by the fourth quarter of this year or first quarter of 2021, the bourse’s chief executive said on Wednesday.

The index will include at least 70 Saudi listed companies and will be based on MSCI standards, Khalid Al-Hussan said at a virtual  event.

‘Globally we understand that ESG is becoming an investment requirement and we don’t want to be behind this in the Saudi market’, he added.

Demand for climate-friendly and sustainable investments has been on the rise over the past few years and has seen another boost during the COVID-19 pandemic, with many investors globally shifting their focus on to businesses with more sustainable, low-carbon models.

With a market capitalization of $2.5 trillion, thanks in part to the Saudi Aramco IPO in 2019, Tadawul is the world’s 9th biggest stock market, ranked after the London Stock Exchange and ahead of Canada’s Toronto Stock Exchange, according to World Federation of Exchanges data.

Saudi authorities have introduced a raft of reforms to attract overseas share buyers and issuers as part of efforts to attract foreign capital and diversify the oil-dependent economy.

In 2019, the Saudi market joined the FTSE Emerging All Cap Index and the MSCI Emerging Markets Index, triggering more foreign fund inflows.

The bourse also plans to issue ESG guidelines for Saudi listed corporates in the fourth quarter.

Two Gulf Aircraft Involved in ‘Minor Incident’ At Dubai Airport

The tail of a Gulf Air passenger aircraft was hit by another plane at Dubai International Airport on Thursday, Bahrain’s state news agency BNA reported, in what a Dubai Airports spokesperson described as a minor incident. UAE General Civil Aviation Authority said on Thursday in a statement, ‘This morning a minor collision occured between two … More Two Gulf Aircraft Involved in ‘Minor Incident’ At Dubai Airport

France’s Macron To Hold Cabinet Meeting On Pegasus Spyware Case

French President Emmanuel Macron will hold a special cabinet meeting on Thursday morning to discuss investigations into the Pegasus spyware case, gorvernment spokesperson Gabriel Attal said. Attal said progress was being made in the investigations after Amnesty International and a group of international media organisations said spyware made and licensed by a company based in … More France’s Macron To Hold Cabinet Meeting On Pegasus Spyware Case

Saudi Arabia To Require All Citizens To Be Fully Vaccinated Before Traveling By Aug 9

All Saudi Arabian citizens will be required to have had two COVID-19 vaccine doses before traveling outside the Kingdom from August 9, the Kingdom’s interior ministry announced on Monday. The new requirement will not be applied to children under the age of 12 provided that their travel insurance policy covers expenses relating to COVID-19 and … More Saudi Arabia To Require All Citizens To Be Fully Vaccinated Before Traveling By Aug 9

Key OPEC+ Producers Reach Preliminary Output Deal

Key producers of OPEC+ countries have reached a preliminary deal on gradualy oil output until December and extension of their pact until end of 2022, an OPEC+ source told Reuters on Sunday. OPEC+ hold an online meeting later on Sunday.

Saudi Arabia’s King Salman Directs 1 Million COVID – 19 Vaccine Doses For Tunisia

Saudi Arabia’s King Salman has issued directives to provide Tunisia with one million doses of the coronavirus vaccine and aid upon the request from Tunisian President Kais Saied, according to an announcement issued on Monday. The King directed the King Salman Center for Relief and Humanitarian Action (KSRelief) to urgently support Tunisia with medical and … More Saudi Arabia’s King Salman Directs 1 Million COVID – 19 Vaccine Doses For Tunisia

Saudi Crown Prince, Tunisian President Discuss Boosting Relations

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, received on Friday a telephone call from Tunisian President Kais Saied. Talks focused bilateral relations and ways of bolstering them in all fields. They also discussed issues of joint interest.

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