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Three courses of action could help the Arab world withstand economic headwinds and uncertainties resulting from geopolitical conflict and crises, IMF Managing Director Kristalina Georgieva said during her keynote speech at the World Government Summit in Dubai.
- Phasing out energy subsidies could save the region USD 336 bn and help address pollution and improve social spending;
- Implementing tax reforms and diversifying away from hydrocarbon revenues is also key;
- and Improving state-owned companies’ performance.
Support from GCC countries — and the IMF — will also be crucial for the region moving forward, the IMF head said.
Remember- The IMF recently lowered its MENA growth outlook for the year by 0.5 percentage points, now expecting regional growth to pick up to 2.9% in 2024 from 2.0% the year before. The Fund pointed to temporary oil cuts in Saudi Arabia as the main driver behind the slashed outlook.
ELSEWHERE- More gains for the S&P 500 incoming? The S&P 500 is poised to hit fresh peaks and deliver returns in the double digits in the upcoming months after surpassing the 5,000 mark last week, the Financial Times reported. The blue-chip index has traditionally reached numerous all-time highs within a year of hitting a previous record in cases where over a year had elapsed since its last peak — and this pattern has held since 1950, Truist Advisory Services’ Keith Lerner told the salmon-colored paper.
Asian markets are quiet this morning — and will likely remain so for the week asChina is closed for a weeklong Lunar New Year holiday. Exchanges in Hong Kong, Shanghai, and Korea are all off today. The Nikkei is up slightly, and futures suggest a mixed open in Europe and on Wall Street.
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TASI |
12,209.06 |
+0.1% (YTD: +2%) |
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MSCI Tadawul 30 |
1,580.49 |
-0.03% (YTD: +1.9%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
28,199.04 |
-0.8% (YTD: +13.3%) |
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ADX |
9,344.05 |
-0.2% (YTD: -2.4%) |
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DFM |
4,183.86 |
+0.6% (YTD: +3.1%) |
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S&P 500 |
5,026.61 |
+0.6% (YTD: +5.4%) |
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FTSE 100 |
7,572.58 |
-0.3% (YTD: -2.1%) |
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Euro Stoxx 50 |
4,715.87 |
+0.1% (YTD: +4.3%) |
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Brent crude |
82.19 |
+0.7% |
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Natural gas (Nymex) |
1.85 |
-3.7% |
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Gold |
2,038.70 |
-0.5% |
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BTC |
48,082.20 |
-0.02% (YTD: +120.6%) |
THE CLOSING BELL-
The TASI rose 0.05% yesterday on turnover of SAR 7.9 bn. The index is up 2% YTD.
In the green: Atheeb Telecom (+10%), SAL (+10%) and APC (+10%).
In the red: Dallah Health (-3.4%), Care (-3.3%) and Saudi German Health (-3%).
CORPORATE ACTIONS-
#1- Mobily’s BoD has proposed a dividend of SAR 1.45 per share for eligible shareholders for FY 2023, it said in a disclosure to Tadawul yesterday. A distribution date will be determined following the approval of the general assembly, it added.
#2- Saudi Awwal Bank’s (SAB) BoD has proposed a dividend of SAR 0.98 per share for eligible shareholders for the second half of FY 2023,it said in a disclosure to Tadawul yesterday. A distribution date will be announced later. The amount is contingent upon general assembly approval.
** PSA- All dividends paid out by Mobily and SAB to non-resident investors are subject to a 5% withholding tax upon transfer.
#3- Al Etihad Cooperative Insurance received approval from the Ins. Authority to raise its capital by 11.1% to SAR 500 mn, it said in a disclosure to Tadawul yesterday.
#4- Shares of the Arab National Bank (ANB) and units of Alkhabeer REIT Fund went ex-dividend yesterday for 2H 2023 and 4Q 2023, respectively, according to Argaam.
