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Ƶ ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

Ƶ ranks highest in personal satisfaction amid global dissatisfaction: FII survey 
Ƶ registers lower-than-average concern for climate risks, at 41 percent. Shutterstock
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Updated 30 October 2024

Ƶ ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

Ƶ ranks highest in personal satisfaction amid global dissatisfaction: FII survey 
  • Citizens in the Global South are almost twice as likely to be satisfied with the situation in their country compared to citizens in the Global North  

DUBAI: As global dissatisfaction with current events rises, Ƶ stands out with the highest personal satisfaction rate among surveyed countries, according to the latest FII Priority Global Survey.  

While 52 percent of people globally express frustration with the state of world affairs, 84 percent of Saudis report satisfaction with their personal lives — the highest recorded in the survey — underscoring the region’s resilience against broader global discontent. 

Conducted across 24 countries representing over 62 percent of the world’s population, the survey reveals stark contrasts in regional outlooks.  

“When we look at satisfaction at a country level, we see a great deal of variation. Satisfaction with citizens’ own lives is highest in Ƶ on 84 percent and lowest in South Korea on 39 percent,” the FII survey report stated.  

“MENA countries report above-average satisfaction in all three elements — life, country, and world — reflecting regional stability and positive public sentiment,” Paloma Haschke-Joseph, director of FII’s research unit and think tank, THINK, told Arab News.

However, the findings noted that it is only in South Africa, the Ivory Coast, Argentina, Japan, Turkiye and South Korea that less than half of citizens are satisfied with their lives.  

“Turning to dissatisfaction, there is less of a range, with a low of 7 percent in Ƶ compared to 38 percent in Turkiye, which has the highest levels of dissatisfaction measured,” the report added. 

In the Global South, 34 percent of respondents express satisfaction with their country’s direction, nearly triple the 12 percent recorded in the Global North. However, within their own countries, Saudi citizens are notably optimistic, with many expressing confidence in their future as geopolitical and economic tensions persist worldwide. 

Satisfaction rates across other countries vary widely, with South Korea reporting the lowest personal satisfaction at 39 percent. Looking to the future, economic optimism remains tempered in the Global North, where only 22 percent expect improvement, compared to a more positive 51 percent in the Global South. 

On a global scale, economic conditions dominate concerns, with 40 percent of respondents highlighting economic stability as their primary issue, followed by political stability at 19 percent and healthcare at 17 percent.

“Economic and governance concerns may have overshadowed environmental priorities as citizens respond to immediate financial and political challenges,” Haschke-Joseph said. 

In contrast to the broad decline in environmental concern, Japan and South Korea have high levels of concern, with 72 percent and 63 percent respectively, while Ƶ registers lower-than-average concern for climate risks, at 41 percent. 

Financial stability is another top priority, with 53 percent identifying it as essential for quality of life and 48 percent citing it as critical for future health. Inflation and rising living costs remain a significant concern, with 57 percent of respondents reporting worsening conditions.  

While social inclusion ranks fifth among global issues, concerns over tolerance, economic equity, and the risk of class-based tension were more prominent in Europe at 9 percent than Asia at 5 percent.  

Despite these concerns, social cohesion — defined as local ties and community engagement — remains strong in Ƶ, India, and Indonesia. 

Technology, though lower in priority, plays an increasingly vital role in daily life, with 63 percent of respondents feeling prepared for the digital era.  

African and Middle East and North Africa regions report the highest preparedness rates, while Europe lags at 50 percent. Among technology concerns, artificial intelligence ranks highest, especially in the Global South, where respondents worry about job displacement and control over digital tools. 

“The Global South more frequently integrates generative AI tools into daily life, with 67 percent in the Global South considering them essential, compared to only 33 percent in the Global North,” said Haschke-Joseph. 

She added: “Saudi respondents see value in generative AI but raise concerns about their country’s overall digital readiness, highlighting a need for broader digital infrastructure.” 

Ƶ and India are among the Global South countries where technology is viewed as a pressing issue, with AI’s implications prompting concern. When asked if technologies like ChatGPT and AI pose a societal risk, 37 percent of respondents agreed, 24 percent disagreed, and 39 percent remained neutral. 

The FII Priority Global Survey offers a snapshot of the priorities, concerns, and aspirations of citizens worldwide, with insights for policymakers navigating these evolving challenges across the global economic, technological, and social landscape.


Oil Updates – crude heads for weekly loss as Chinese demand continues to underperform

Oil Updates – crude heads for weekly loss as Chinese demand continues to underperform
Updated 15 November 2024

Oil Updates – crude heads for weekly loss as Chinese demand continues to underperform

Oil Updates – crude heads for weekly loss as Chinese demand continues to underperform

SINGAPORE: Oil prices fell on Friday on signs demand in China, the world’s biggest crude importer, continues to underperform amid its uneven economic recovery.

Brent crude futures were down 65 cents, or 0.9 percent, at $71.91 a barrel by 7:50 a.m. Saudi time. US West Texas Intermediate crude futures were down 62 cents, or 0.9 percent, at $68.08.

For the week, Brent is set to fall 2.7 percent while WTI is set to decline 3.3 percent.

“While oil prices have somewhat stabilized around the $71.00 level of support this week, the lack of a concrete bullish catalyst suggests that price recovery remains tepid for now,” Yeap Jun Rong, market strategist at IG, said in an email.

The prospect of higher supplies from the US and OPEC+ along with doubts over China’s economic recovery continue to be of concern, while the odds of a December rate cut are now “closer to a coin flip” under a less dovish Federal Reserve, Yeap added.

China’s oil refiners in October processed 4.6 percent less crude than a year earlier, falling year-on-year for a seventh month, amid the closures of some plants and reduced operating rates at smaller independent refiners, data from the National Bureau of Statistics showed on Friday.

The decline in run rates occurred as China’s factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending increased, government data showed.

Oil prices also fell this week as major forecasters indicated market fundamentals remained bearish.

The International Energy Agency forecast global oil supply will exceed demand in 2025 even if cuts remain in place from OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, as rising production from the US and other outside producers outpaces sluggish demand.

The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 bpd, and left its 2025 oil demand growth forecast little changed at 990,000 bpd.

OPEC this week cut its forecast for global oil demand growth for this year and 2025, highlighting weakness in China, India and other regions, marking the producer group’s fourth-consecutive downward revision to its 2024 outlook.

US crude inventories last week rose by 2.1 million barrels, the Energy Information Administration said on Thursday, much more than analysts’ expectations for a 750,000-barrel rise.

Gasoline stocks fell by 4.4 million barrels last week to the lowest since November 2022, the EIA said, compared with analysts’ expectations in a Reuters poll for a 600,000-barrel build.

​Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed.


Fortune Global Forum to be held in Riyadh in 2025

Fortune Global Forum to be held in Riyadh in 2025
Updated 15 November 2024

Fortune Global Forum to be held in Riyadh in 2025

Fortune Global Forum to be held in Riyadh in 2025

RIYADH: American football legend Tom Brady tossed a football to Ƶ's General Secretariat of Council of Ministers Fahd bin Abdulmohsan Al-Rasheed who announced that the 2025 Fortune Global Forum will be held in Riyadh.

The elite of the world's business leaders will converge on Riyadh next year as the Fortune Global Forum makes its inaugural appearance at the Saudi capital.

Al-Rasheed joked that if he fumbled the ball, it was Brady's fault and if he caught it he is “a great player.”

 

The event, organized by Fortune magazine, is attended by presidents, chairmen and CEOs, as well as prestigious economists.

Fahd bin Abdulmohsan Al-Rasheed, chairman of the Saudi Convention and Exhibitions General Authority, said for the past 30 years the forum had brought together “the titans of industry around the world to the forefront of economic development.”

Speaking at this year’s forum, which concluded in New York on Tuesday, he added: “And that forefront today is the Kingdom of Ƶ.”

He urged delegates to visit the Kingdom’s business epicenter to see what it had to offer.


Ƶ launches company to transform Asir into global tourism hub

Ƶ launches company to transform Asir into global tourism hub
Updated 14 November 2024

Ƶ launches company to transform Asir into global tourism hub

Ƶ launches company to transform Asir into global tourism hub

RIYADH: Ƶ’s Asir region has launched a new tourism venture through a partnership with the aim of creating a holding company to transform the area into a global tourist destination.

The collaboration between Aseer Investment Co., a subsidiary of the Public Investment Fund, and Rikaz Real Estate, aligns with the goal of transforming Asir into a world-class tourist destination that combines authentic heritage with sustainable development, according to the Saudi Press Agency.

The holding company seeks to contribute to enhancing a tourism environment that enriches guests’ experiences with unique offerings, connecting visitors to local culture and community traditions, SPA reported.

It is also committed to promoting sustainable tourism by protecting the environment, developing local communities, and collaborating with artisans and local businesses to preserve the authenticity of Asir’s heritage.

In October, the Kingdom’s Abha city secured a new investment partnership to boost tourism by developing culturally rich dining and retail experiences. 

PIF firm Aseer Investment Co. signed the deal with Nimr Real Estate and the National Co. for Tourism, or Syahya, to propel the project, the Saudi Press Agency reported. 

This aligns with the objectives of developing Abha, which will offer a range of benefits, including retail stores that reflect the cultural heritage of the Asir region.

The partnership also seeks to be a model for multiple collaborations with private sector investors and create more regional job opportunities.

Investments in the region are expected to create between 14,000 and 18,000 job prospects and contribute to up to 6 percent of the non-oil gross domestic product within 10 years, as outlined by AIC Chief Executive Osama Al-Othman in February.

Ƶ emerged as a leader in tourism growth among G20 nations, experiencing a 73 percent increase in international visitors in the first seven months of 2024 compared to 2019.

According to the UN World Tourism Barometer report in September, the Kingdom welcomed 17.5 million international tourists during this timeframe, showcasing its growing allure as a global travel destination.

This surge is part of the nation’s Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil revenues.

“Ƶ cements its global leadership and takes the first spot among G20 countries in international tourist arrivals growth, with a 73 percent increase in the first seven months of 2024 compared to the same period in 2019,” stated the Saudi Tourism Ministry on X.

Under the National Tourism Strategy, the Kingdom aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.

These goals reflect the country’s commitment to strengthening its tourism sector and enhancing its global appeal.


IMF, Ƶ announce new annual conference tackling global economic challenges

IMF, Ƶ announce new annual conference tackling global economic challenges
Updated 14 November 2024

IMF, Ƶ announce new annual conference tackling global economic challenges

IMF, Ƶ announce new annual conference tackling global economic challenges

RIYADH: The International Monetary Fund and Ƶ will jointly organize a high-level annual conference in AlUla to discuss global economic challenges, it has been announced.

The AlUla Conference for Emerging Market Economies will bring together a select group of finance ministers, central bank governors, and policymakers, along with leaders from the public and private sectors, representatives from international institutions, and members of academia.

According to a joint statement by Kristalina Georgieva, managing director of IMF and the Minister of Finance Mohammed Al-Jadaan, the first edition of this series will be held from Feb. 16-17, 2025.

“The world is confronting deeper and more frequent shocks, including from conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the digital divide,” according to the statement.

They continued: “If not addressed adequately, these shocks put at risk emerging market economies’ hard-won improvements in living standards. Such setbacks would affect large segments of the world population and put at risk global growth and macro-financial stability.”

The gathering will offer a platform to exchange views on domestic, regional, and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by international cooperation.

Recent economic issues affecting the global landscape include rising inflation rates, driven by supply chain disruptions and increased demand for goods post-pandemic.

Supply chain delays continue to impact the availability of essential products, causing bottlenecks in manufacturing and increasing costs.

Additionally, geopolitical conflicts, such as the war in Gaza, have disrupted energy supplies and food exports, leading to global food insecurity and fuel price volatility.

Concerns over the using the Red Sea shipping lane increased dramatically at the end of 2023, when Houthi militants stepped up attacks on vessels in the wake of the escalation of the Israel-Hamas conflict.

The effects of these challenges pose significant risks to economic stability, especially for emerging markets that are more vulnerable to such global shocks.

The AlUla conference is the latest example of the growing relationship between Ƶ and the IMF, with the organization in April establishing its first office in the Middle East and North Africa region in Riyadh.

The facility was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and the Ministry of Finance, on April 24.

The new office aims to strengthen capacity building, regional surveillance, and outreach to foster stability, growth, and integration, thereby promoting partnerships in the Middle East and beyond, according to the Saudi Press Agency.

The work hub will promote closer collaboration between the IMF and regional institutions, governments, and other stakeholders, according to the SPA report.

The IMF also expressed its gratitude to the Kingdom for its financial contribution aimed at supporting capacity development in member countries, including fragile states.


Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn

Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn
Updated 14 November 2024

Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn

Closing Bell: Ƶ’s TASI ends in the red, trading volume hits $2.95bn

RIYADH: The Tadawul All Share Index concluded the last session of the week at 11,791.18 points, down by 139.27 points or 1.17 percent.

The MSCI Tadawul 30 Index also saw a decline, dropping 19.18 points to close at 1,481.36, reflecting a 1.28 percent loss. In contrast, the parallel market Nomu finished Thursday’s trading at 29,467.71 points, up 262.18 points or 0.90 percent.

TASI reported a trading volume of SR11.10 billion ($2.95 billion), with 51 stocks advancing and 182 declining. The top performer of the day was Saudi Cable Co., which saw its share price surge by 5.10 percent to SR92.70.

Other strong performers included Shatirah House Restaurant Co., which gained 3.75 percent to reach SR21, and Arabian Mills for Food Products Co., which rose by 3.08 percent to SR53.60. Naseej International Trading Co. and Saudi Real Estate Co. also posted notable gains.

The worst performer was Saudi Real Estate Co., which dropped 4.94 percent to close at SR10. Alkhaleej Training and Education Co. and Red Sea International Co. also suffered significant losses, with their share prices falling by 4.90 percent to SR29.10 and 4.84 percent to SR68.80, respectively. Astra Industrial Group and Al-Omran Industrial Trading Co. were also among the day’s largest decliners.

On the parallel market, Nomu, Alqemam for Computer Systems Co. was the top gainer, rising by 9.57 percent to SR103. Other gainers included Dar Almarkabah for Renting Cars Co., which climbed 9.10 percent to SR42.55, and Horizon Educational Co., which rose by 7.58 percent to SR79.50. Mulkia Investment Co. and Knowledge Tower Trading Co. also saw significant increases.

On the losing side of Nomu, WSM for Information Technology Co. recorded the largest drop, with its share price falling by 6.18 percent to SR44. Osool and Bakheet Investment Co. and Natural Gas Distribution Co. also experienced notable declines, with their shares dropping by 5.37 percent to SR37.85 and 5 percent to SR57, respectively.