Saudi Arabia mulls relaxing ownership limits for foreign investors

Agencies
April 27, 2019

Riyadh, Apr 27: Saudi Arabia’s Capital Market Authority (CMA) is considering relaxing a 49 percent limit for foreign strategic investors in shares of listed companies due to increased demand, its chairman Mohammed Al Kuwaiz said on Thursday.

Foreigners currently own 5.5 percent of Saudi equities but that could nearly double by the end of 2020, Al Kuwaiz said in an interview on the sidelines of a financial conference in Riyadh.

“We found most strategic investors are maybe looking to build more sizeable stakes,” Kuwaiz said.

The kingdom has introduced a raft of reforms in recent years, winning endorsements from international index compilers MSCI and FTSE Russell, as it seeks to position its bourse as an international capital markets hub.

An upcoming sale of shares in shopping mall operator Arabian Centres Company, owned by Fawaz Alhokair Group, will be the first offering in the kingdom under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the United States.

The Saudi stock market is the Middle East’s largest exchange and has seen an upsurge in foreign fund flows since the start of the year due to the inclusion in the emerging markets indexes.

The country’s Tadawul All-Share Index is up more than 18 percent year-to-date, one of the best performances in the region.

At least six Gulf firms have expressed interest in an additional listing on the Saudi exchange, which is due to release detailed procedures in the next two weeks, the chief executive of the bourse told Reuters during the financial forum on Thursday.

“We have at least one to two companies already in a very good stage of their preparations to submit their files,” Khalid Al Hussan said at the conference.

The exchange will launch the country’s first index futures contracts in the second half of the year, Hussan added, allowing investors to take a view on the direction of the index without having to buy individual shares.

On Thursday the CMA, the country’s bourse and its Debt Management Office (DMO) announced a reduction in fees and commissions to encourage secondary market trading of debt.

The three entities said trading commissions for the Tadawul and the CMA had been reduced, while fees for new offerings and annual registration charges for issuers were also reduced.

The DMO also reduced the par value for government-issued sukuk, from 1 million Saudi riyals ($266,666.67) to one thousand, signaling further government efforts to facilitate access to the bond market for retail investors.

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News Network
March 2,2020

Mar 2: Two more positive cases of the novel coronavirus -- one in Delhi and another in Telangana -were reported, the Union Health Ministry said on Monday.

The person from Delhi had travelled to Italy, it said adding he is being diagnosed at RML hospital.

The other person with the coronavirus infection has a travel history to Dubai, the ministry added.

"Both the patients are stable and being closely monitored," the ministry said.

Sunitha Krishnan is the name of the patient from Telangana and she is a social activist.

Krishnan has tweeted, "So going to enjoy hospitality at Gandhi Hospital for two days as admitted in the isolation ward suspected coronavirus. They have not started the tests yet( 1.30 hrs since I arrived).I believe the results make take 48hrs. At this pace, I have a feeling I am might be here sometime."

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News Network
July 17,2020

Lukung, Jul 17: Union Defence Minister Rajnath Singh on Friday assured that not an inch of our land can be taken by any power in the world while he interacted with the Indian Army and ITBP personnel at Lukung.

Referring to the India-China border standoff, he said, "Talks are underway to resolve the border dispute but to what extent it can be resolved I cannot guarantee. I can assure you, not one inch of our land can be taken by any power in the world."

Emphasising on finding a diplomatic solution to the standoff, he further said, "If a solution can be found by talks, there is nothing better."
"Recently what happened between troops of India and China at PP14, how some of our personnel sacrificed their lives protecting our border. I am happy to meet you all but also saddened because of their loss. I pay my tributes to them," he added.

Singh interacted with the Army and Paramilitary troops here along with Chief of Defence Staff General Bipin Rawat and Army Chief General MM Naravane.

Earlier today, the Defence Minister witnessed para dropping and scoping weapons here. He also inspected a Pika machine gun.

Indian Army T-90 tanks and BMP infantry combat vehicles carried out the exercise at Stakna, Leh in presence of Singh, Chief of Defence Staff and Army Chief.

Defence Minister is on a two-day visit to Ladakh and Jammu and Kashmir. He will take stock of the situation at both the Line of Actual Control (LAC) and the Line of Control (LOC).

While Pakistan constantly violates ceasefire from across the LoC, China has continued to intrude into Indian territory in Ladakh region in recent past, escalating tensions between India and its eastern neighbour.

On June 15, twenty Indian soldiers laid out their lives during combat with Chinese forces in Galwan valley, leading to tensions between both nations. Chinese soldiers subsequently started moving back following dialogues between two countries through the military level and diplomatic level.

Singh was accompanied by the Chief of Defence Staff General Bipin Rawat and Army Chief General MM Naravane.

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News Network
May 30,2020

New Delhi, May 30: As the NDA government completes one year of its second term, Prime Minister Narendra Modi listed several achievements and initiatives taken by his government in the past year in an audio message addressed to the people of the country.

PM Modi said, "This day last year began a golden chapter in the history of Indian democracy. It was after several decades that the people of the country voted back a full-term government with a full majority."

"Your role has played a pivotal role in creating this chapter. In such a situation, this day is an opportunity for me to bow to the citizens of the country and the democratic ethos of our nation," said PM Modi.

"Had the situation been normal, I would have got the chance to meet you. Your affection and active support in the past year have given me new energy and inspiration. During this period, the way you have shown the collective powers of democracy, they have become an example for the whole world," he added.

PM Modi talked about several important initiatives taken by his government in 2014 as well as India's demonstration of its mettle through the surgical strike and airstrike.

"Six years ago in 2014, the people of this country voted to bring a major change in the country. You voted to change the country's policy and manner. During that tenure where surgical strike and airstrike took place, one rank one pension, one nation one tax GST, and better MSP for farmers were also fulfilled. That period was dedicated to fulfilling many needs of the country."

He further said that in these years the country has seen systems coming out of the quagmire of inertia and corruption. The country has seen governance change to make life easier for the poor.

"During that period, India's stature in the world increased. By opening bank accounts of poor people, by giving them gas connections, by providing free electricity connections, by building washrooms, by building houses, the dignity of the poor has also been increased," said PM Modi.

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