ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

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

ranks highest in personal satisfaction amid global dissatisfaction: FII survey 

 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, 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 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 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 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 , 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.” 

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.


UAE given ‘AA’ rating thanks to robust growth: S&P Global

UAE given ‘AA’ rating thanks to robust growth: S&P Global
Updated 21 sec ago

UAE given ‘AA’ rating thanks to robust growth: S&P Global

UAE given ‘AA’ rating thanks to robust growth: S&P Global

RIYADH: S&P Global has assigned the UAE a long-term credit rating of “AA” with a stable outlook as it expects strong fiscal and external positions to be maintained over the next two years.

In its latest report, the global credit rating agency said that the grade also reflects the Emirates’ net asset position, which could provide a buffer to counteract the effects of oil price swings and geopolitical tensions in the Gulf region. 

According to the agency, “AA” indicates a country’s strong capacity to meet its financial commitments. 

The strong rating of the UAE aligns with the broader trend observed in the Middle East region, and in March, S&P Global raised ’s rating to “A+” from “A” with a stable outlook underpinned by the Kingdom’s ongoing social and economic transformation. 

In its latest report, the US-based agency said: “The stable outlook reflects our expectation that the UAE’s consolidated fiscal and external positions will remain strong over the next two years, amid continued prudent policymaking and resilient economic growth.”

Non-oil sector to drive growth

S&P Global added that the UAE’s economic growth is expected to remain resilient at 4 percent over 2025-2028, driven by strong non-oil sector performance and a rise in activities. 

“Despite lower oil prices and headwinds from a global economic slowdown, we expect that continued fiscal surpluses at the consolidated federal government and individual emirates level, along with investment income on liquid assets, will support an increase in the net asset position to an estimated 177 percent of GDP (gross domestic product) through 2028,” the report said. 

S&P Global further said that the UAE government’s fiscal surpluses are expected to average around 3.2 percent of GDP through 2028, based on assumptions that Brent oil prices will stay around $60 per barrel in 2025 and $65 per barrel through 2028. 

Government debt will remain stable at about 28 percent of GDP over the next four years as the federal government and emirates, including Abu Dhabi, plan to issue local currency debt to develop domestic capital markets. 

According to the report, the country will have limited monetary flexibility given that the dirham is pegged to the US dollar. 

“This means the UAE’s monetary policy is closely aligned with that of the US Federal Reserve, regardless of domestic economic conditions. We also consider that the domestic local currency bond market remains underdeveloped compared with similarly rated peers,” added S&P Global. 

The report comes just days after an economic update prepared by the Institute of Chartered Accountants in England and Wales, in association with Oxford Economics, said that the economy of the UAE is projected to expand by 5.1 percent in 2025, driven by a recovery in oil output and a 4.7 percent rise in non-oil GDP, with tourism expected to emerge as a key element propelling this growth. 

Earlier this month, the Central Bank of the UAE revealed that the Emirates’ GDP reached 1.77 billion dirhams ($481.4 million) in 2024, recording 4 percent growth, with non-oil sectors contributing 75.5 percent of the total. 

CBUAE added that the Emirates is expected to witness economic growth of 4.5 percent in 2025 before accelerating further to 5.5 percent in 2026.

The latest S&P Global analysis further said that the UAE’s oil production is projected to rise to about 3.5 million barrels per day by 2028, up from slightly less than 3 million in 2024, while the Ghasha gas and Ruwais liquefied natural gas are expected to significantly enhance Abu Dhabi’s production capacity.

The non-oil growth in the Emirates will be underpinned by public investment and government efforts to diversify the economy, combined with increasing trade and foreign investment. 

“Projects such as the Saadiyat cultural district and Disney Park in Abu Dhabi, and the Wynn integrated resort in Ras Al Khaimah seek to boost tourism revenue,” added the analysis. 

Affirming the growth of tourism in the country, a report released in April showed that Dubai recorded a 3 percent annual increase in international visitor numbers to 5.31 million in the first quarter of this year. 

According to the data released by the Dubai Department of Tourism and Commerce Marketing, the city also attracted 18.7 million international tourists in 2024, representing a 9 percent rise compared to the previous year. 

S&P Global added that the UAE would be modestly affected by the proposed 50 percent US tariff on steel and aluminum if no agreement is reached, as these metals accounted for 4.3 percent of the Emirates’ non-oil outbound shipments in 2023. 

In 2023, the UAE exported approximately $1.4 billion worth of steel and aluminum products to the US, representing about 0.3 percent of its GDP.

The study further noted that the UAE has also introduced structural measures to enhance the business environment, which include a foreign direct investment law that permits foreign investors to fully own businesses in various sectors, as well as rules to liberalize personal and family law.

Another initiative is the Golden Visa Program, aimed at supporting talent retention by granting long-term residency to investors, entrepreneurs, and skilled professionals.

“We anticipate that these measures will increase labor market flexibility, investment, and foreign worker inflows. This will be balanced by the nationalization of the workforce, or ‘Emiratization’ policies,” added S&P Global.

Future outlook

The analysis further stated that the UAE’s credit rating could be upgraded in the future if Emirates implements significant measures to improve the effectiveness of monetary policy, such as establishing a deep domestic capital market. 

However, the rating could be downgraded if the UAE’s per capita wealth, currently at $47,000, starts declining due to lower economic growth or higher population inflows. 

“Downside pressure could also arise if the consolidated government interest burden were to increase materially because of higher borrowing, alongside elevated external financing needs,” added the report.


Saudi POS spending stabilizes at $2.96bn despite post-Eid sectoral declines: SAMA 

Saudi POS spending stabilizes at $2.96bn despite post-Eid sectoral declines: SAMA 
Updated 18 June 2025

Saudi POS spending stabilizes at $2.96bn despite post-Eid sectoral declines: SAMA 

Saudi POS spending stabilizes at $2.96bn despite post-Eid sectoral declines: SAMA 

RIYADH: Saudi consumer spending via point-of-sale terminals remained resilient at SR11.11 billion ($2.96 billion) in the week ending June 14, even as transactions declined across all major sectors, official data showed. 

The latest weekly report from the Saudi Central Bank, known as SAMA, showed that POS transaction values fell 21.3 percent from the previous week, while the number of transactions dropped 10.7 percent to 203.78 million. 

The prior week, ending June 7, saw a spending peak of SR14.12 billion, driven by elevated Eid Al-Adha holiday consumption. 

The contraction in weekly spending comes amid normalization following the Eid surge, but underlying consumer momentum remains intact — supported by Vision 2030 reforms aimed at digitizing payments and promoting a cashless economy. 

According to the SAMA report, spending in restaurants and cafes accounted for the largest share of POS transactions at SR1.80 billion, though it saw a 12.4 percent decline from the previous week. 

The food and beverage category remained another hotspot for POS activity, with transactions amounting to SR1.72 billion, also marking a decline of 18.7 percent. 

Transactions in the miscellaneous goods and services category dropped 27.8 percent, reaching SR1.27 billion. 

Spending at gas stations declined 6 percent week on week to SR857.45 million, while transactions in the clothing and footwear category fell 51.4 percent to SR655.95 million. 

Affirming the steady momentum of infrastructure development in the Kingdom, POS spending in the construction sector stood at SR242.10 million, registering a marginal decline of 2.6 percent. 

Geographically, ’s capital, Riyadh, led POS transactions, recording SR3.58 billion. However, transaction values in the city declined by 22.2 percent compared to the previous week. 

Jeddah followed with a 14.3 percent decrease to SR1.59 billion, while Dammam came third with transactions totaling SR526.12 million. 

Hail experienced the most significant decline in spending, dropping 28.3 percent to SR182.14 million, followed by Tabuk, which saw a 27.5 percent reduction to SR197.60 million. 

POS spending in Makkah declined 4.9 percent to SR517.62 million. In Madinah, transactions stood at SR457.70 million, reflecting a 22.7 percent weekly decline. 

In Alkhobar, the value of transactions amounted to SR311.51 million, a drop of 2.19 percent, while Abha registered SR154.01 million in POS value, marking a 21.4 percent decline. 

The continued momentum in POS activity underscores ’s steady transition toward a cashless economy, in alignment with one of the core objectives of the Financial Sector Development Program under Vision 2030. 


Oil Updates — prices ease as Iran-Israel conflict enters 6th day

Oil Updates — prices ease as Iran-Israel conflict enters 6th day
Updated 18 June 2025

Oil Updates — prices ease as Iran-Israel conflict enters 6th day

Oil Updates — prices ease as Iran-Israel conflict enters 6th day
  • Trump calls for Iran’s ‘unconditional surrender’
  • Analysts see $5 to $10 war risk premium built into prices

LONDON: Oil prices eased in Asian trade on Wednesday, after a gain of 4 percent in the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a US Federal Reserve rates decision that could impact oil demand.

Brent crude futures slipped 35 cents, or 0.5 percent, to $76.10 a barrel by 9:23 a.m. Saudi time. US West Texas Intermediate crude futures fell 23 cents, or 0.3 percent, to $74.61 per barrel.

Both had initially been up 0.3 percent to 0.5 percent in early trade.

US President Donald Trump called for Iran’s “unconditional surrender” on Tuesday.

Israel is running low on defensive “Arrow” missile interceptors, however, raising concerns about its ability to counter long-range ballistic missiles from Iran, the Wall Street Journal reported on Wednesday, citing an unidentified US official.

Analysts said the market was largely worried about supply disruptions in the Strait of Hormuz, a conduit for a fifth of the world’s seaborne oil.

Iran is OPEC’s third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil, but spare capacity among producers in the Organization of the Petroleum Exporting Countries and its allies can readily cover this.

“Material disruption to Iran’s production or export infrastructure would add more upward pressure to prices,” Fitch analysts said in a client note.

“However, even in the unlikely event that all Iranian exports are lost, they could be replaced by spare capacity from OPEC+ producers ... around 5.7 million barrels a day.”

Meanwhile, some analysts stayed positive from a technical analysis standpoint.

There is a bullish stance on WTI in the near term due to rising geopolitical risk in the Middle East, said OANDA senior market analyst Kelvin Wong. This is in addition to a relatively low level of net long positioning in WTI futures among large speculators, he said.

Markets are also looking ahead to a second day of US Federal Reserve discussions on Wednesday, in which the central bank is expected to leave its benchmark overnight interest rate in the range of 4.25 percent to 4.50 percent.

However, the conflict in the Middle East and the risk of slowing global growth could potentially push the Fed to cut rates by 25 basis points in July, sooner than the market’s current expectation of September, said Tony Sycamore, market analyst with IG.

“The situation in the Middle East could become a catalyst for the Fed to sound more dovish, as it did following the Oct. 7, 2023, Hamas attack,” Sycamore said.

Lower interest rates generally boost economic growth and demand for oil.

Confounding the decision for the Fed, however, is the Middle East conflict’s potential creation of a new source of inflation via surging oil prices.

Further, recent data showed the US economy was slowing as Trump’s erratic policymaking style fed uncertainty. 


Closing Bell: Saudi main index slips to close at 10,714

Closing Bell: Saudi main index slips to close at 10,714
Updated 17 June 2025

Closing Bell: Saudi main index slips to close at 10,714

Closing Bell: Saudi main index slips to close at 10,714
  • Parallel market Nomu shed 214.39 points to close at 26,458.24
  • MSCI Tadawul Index declined by 1.14% to 1,378.44

RIYADH: ’s Tadawul All Share Index slipped on Tuesday, as it shed 153.22 points or 1.41 percent to close at 10,713.82.  

The total trading turnover of the benchmark index was SR4.97 billion ($1.32 billion), with 20 of the listed stocks advancing and 228 declining. 

’s parallel market Nomu also shed 214.39 points to close at 26,458.24. 

The MSCI Tadawul Index declined by 1.14 percent to 1,378.44. 

The best-performing stock on the main market was Saudi Research and Media Group. The company’s share price increased by 6.88 percent to SR170.80. 

The share price of SABIC Agri-Nutrients Co. advanced by 4.82 percent to SR108.80.

Zamil Industrial Investment Co. also saw its stock price climb by 4.71 percent to SR40. 

Conversely, the stock price of media giant MBC Group Co. dropped by 6.56 percent to SR33.45. 

On the announcements front, Tadawul, in a statement, said that shares of Saudi low-cost air carrier flynas will begin trading on the main market under the symbol 4264 from June 18. 

The daily and static fluctuation limits for the company’s stocks will be set at 30 percent and 10 percent, respectively, during the first three days of trading.

On June 17, Saudi National Bank announced the issuance of US dollar-denominated Tier 2 debt instruments through a special purpose vehicle, targeting qualified investors both inside and outside the Kingdom.

The financial institution added that the final issuance value and offering terms will be determined based on market conditions, according to a Tadawul statement. 

The minimum subscription value is $200,000, with a 10-year maturity period. 

The debt instruments will be listed on the London Stock Exchange’s International Securities Market. 

The share price of SNB edged up by 0.58 percent to SR34.50. 

Advance International Co. for Communication and Information Technology announced that it completed the offering and subscription of SR-denominated Murabaha sukuk valued at SR6 million. 

Murabaha sukuk is a financial instrument based on Islamic finance principles, offering an interest-free investment option. 

In a Tadawul statement, AICTEC said that the offering aims to strengthen the company’s working capital as well as support capital expansions. 

The stock price of AICTEC rose by 3.57 percent to SR2.90. 


IsDB Group partners with Turkiye to drive green industrial growth

IsDB Group partners with Turkiye to drive green industrial growth
Updated 17 June 2025

IsDB Group partners with Turkiye to drive green industrial growth

IsDB Group partners with Turkiye to drive green industrial growth
  • Initiative supports Turkiye’s 2053 net-zero emissions target

JEDDAH: The Islamic Development Bank Group has partnered with Turkiye’s Ministry of Industry and Technology to advance sustainable manufacturing and infrastructure as part of a broader push to modernize the country’s industrial zones and accelerate its green transition.

The initiative supports Turkiye’s 2053 net-zero emissions target and aligns with the 12th National Development Plan (2024–28) and the 2030 Industry and Technology Strategy.

According to the Saudi Press Agency, the project aims to cluster industrial enterprises within designated zones, reducing environmental impact and promoting climate-conscious development.

While Turkiye has committed to peak emissions by 2038 and reach net zero by 2053, independent assessments question the feasibility of this goal.

Climate Action Tracker has rated the strategy as “poor,” citing a lack of ambition and transparency, and warning that the 15-year window to net zero is overly compressed.

Still, some subsectors—such as cement, iron and steel, aluminum, and fertilizers—have set clearer reduction targets, although they remain exceptions, CAT notes.

Walid Abdelwahab, director of the IsDB Group’s regional hub in Turkiye, described the project as “a vital step in fulfilling the IsDB’s commitment to supporting sustainable industrial transformation, enhancing economic resilience, and promoting climate-conscious development.”

A multidisciplinary team from IsDB’s Jeddah headquarters and Ankara office has been working closely with various government bodies and industrial zone authorities. Discussions have focused on collecting data, identifying challenges, and shaping the project in line with national investment and climate resilience goals.

According to SPA, the initiative will also address key areas such as wastewater management, improved water use efficiency, and green infrastructure, laying the groundwork for long-term sustainable industrial growth.