Saudi Arabia’s Public Investment Fund has announced two new initiatives to boost the asset management industry in the kingdom.
Announced on the sidelines of the Future Investment Initiative summit in Riyadh, the announcements included the PIF Managers Gate Platform and the Portfolio Management Development Programme.
The Managers Gate programme will include a new digital platform to enable collaboration between PIF and external fund managers. The portal will allow secure data sharing, improved communications, and the digitisation of operational and investment due diligence processes, the fund said in a statement on Friday.
It will also promote growth in the asset management ecosystem by exploring potential opportunities and will bolster PIF’s collaboration with fund managers.
The Portfolio Management Development Programme is an educational initiative that will be delivered in partnership with IE University. It will be sponsored by SNB Capital that will provide financial market training to aspiring portfolio managers in Saudi Arabia.
The programme aims to set a “high standard for portfolio management practices” within the Saudi market, and will play a “crucial role in the development and advancement” of financial markets in the kingdom, PIF said.
“The asset management industry plays a vital role to support the efficient allocation of capital and management of risk in the economy, helping to promote economic growth and stability,” said Abdulmajeed Alhagbani, head of securities investment at PIF.
“High-quality professional support, talent and capital are critical enablers of the asset management industry.”
PIF also held its inaugural asset management forum at the FII summit, bringing together key players in the global asset management industry to discuss critical issues and support industry best practices.
One of the world’s largest sovereign wealth funds, PIF is at the centre of the Saudi Vision 2030 initiative to diversify the country’s economy away from hydrocarbons.
The total volume of the fund's assets under management amounts to more than 2 trillion Saudi riyals ($533 billion) and it aims to double that by 2025, Yasir Al Rumayyan, governor of PIF, said in May.
PIF has been instrumental in creating more than 500,000 jobs and “intends to create 1.8 million direct and indirect jobs”, he added.
It has established 90 companies since 2017 and is building a diversified portfolio by entering into long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally.
The fund aims to enable promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion rials annually into the local economy.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
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Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
