Category
🗞
NewsTranscript
00:00 Al-Riyadh, Mr. Mohamed Al-Omra, the head of the Gulf Central Bank for Financial Consultations.
00:04 Mr. Mohamed, welcome to us and thank you for being here.
00:08 We were hoping that by the end of the increase period, the market would return to the level of 10,800 points,
00:13 but just the closure without this level today, to what extent are we heading in a downward direction from the new for the Tassi?
00:22 In the name of Allah, the most merciful, the most merciful. The market, as is known, is trying to build a upward trend and a downward channel after the sharp decline that was from the levels of 11,900.
00:35 Of course, we succeeded in building the upward trend to close to the levels of 11,000 points, but we have now about five or six consecutive sessions of earnings.
00:46 We were trying to stabilize at least above the level of 10,800 to give it more positivity,
00:52 but even in this session today, unfortunately, the market broke this point, which it considers a key point for stability and maintaining the upward trend.
01:04 Of course, in general, the market is now in a phase of no balance.
01:11 We may see a kind of maneuvering between the point of 10,800 up or down for some time,
01:20 but the market certainly needs new incentives to rise from it at least above the level of 10,900
01:27 so that we can say that we at least continued on this upward path, waiting for the breach of the 11,000 point barrier.
01:36 However, in light of the current data, after the completion of the announcement of the companies' results for the third quarter,
01:43 which unfortunately, as is known, announced a slowdown in the growth of profits,
01:48 which is very clear in the overall results of the companies,
01:53 the slowdown was clear, especially in the leading companies,
01:58 specifically the petrochemical companies that achieved losses in their total profits in the third quarter of this year,
02:09 and there was also a clear slowdown in the banking sector and the telecommunications sector,
02:14 and thus the annual decline was about 13% in the total profits,
02:22 although the third quarter always represents the highest total profits compared to the rest of the four quarters.
02:29 Therefore, we started the process of reorganizing the centers,
02:34 which I think is clear that it will be overwhelmed by the process of generating profits in light of the relatively high levels of evaluation,
02:42 which does not justify the current levels of evaluation in light of the slowdown in the growth of profits and also the growth of revenue.
02:50 There was also compensation for the cement sector, Mr. Mohamed,
02:53 we see that even the total profits of the cement sector have decreased by 42% during this period,
02:59 despite the large number of projects being carried out in the Kingdom today.
03:03 In your opinion, why did this sector not move according to the size of the proposed projects,
03:08 and although there are many companies that have also tried to take many contracts and fees with the government during the third quarter?
03:17 There is no doubt that there are large government projects, such as the Nyoom, the GD,
03:23 and projects in all areas of the Kingdom,
03:26 and we should not forget the Kingdom's acquisition of the World Cup 2034.
03:33 There is no doubt that there is a promising picture for the demand for cement,
03:39 but we should not exaggerate this demand because there are other building materials that are more important in cement,
03:45 and I think they face big challenges in providing it,
03:49 one of the most important is the metal,
03:51 and this indicates that most of the projects, if we focus on it a little,
03:56 need more metal than cement,
03:59 and let's not forget that cement has also had a negative impact on the decline in demand for real estate loans,
04:05 with an annual rate of more than 40%,
04:09 which means that there is also a pressure on the demand for cement due to the activity of individuals
04:15 and the demand for construction in the individual sector, not in the government sector.
04:20 Now, of course, for the metal, as is known, the General Investment Fund acquired a metal company from the past,
04:28 acquired the Rajhi metal, and merged these two companies.
04:33 This is clear from my point of view that there are strong expectations to pump a lot of money
04:39 to increase production capacity of metal in the Kingdom to meet the local demand,
04:45 first of all, if we notice, for example, the Niyom, or the Qadda, or even the estates that will be established soon,
04:52 all need metal, much more than cement,
04:57 and for this reason we say that there is a demand for cement, but we should not overdo it,
05:04 and I think the focus will be on other building materials, iron, aluminum, maybe copper,
05:11 and many of the basic building materials, which are the most important, I see,
05:17 from the cement material, at least in the current perspective,
05:21 according to the nature of new projects that need other building materials other than cement,
05:27 which are other, will remain important, but to a lesser extent than the metal building materials.
05:33 We watched a little before the report, the OPEC expectations for the oil demand, Mr. Mohamed,
05:40 and it is clear that we did not see any change in the 2024 expectations at 2,250,000 per mille,
05:47 while we saw some growth expected until the end of 2023, exceeding 2,440,000.
05:54 Does this mean that we are still at the risk of returning the demand to what it was before,
05:59 specifically entering China, perhaps in the corona crisis, and leaving these procedures?
06:06 It is clear that there is a strong demand, and there is still a strong demand,
06:12 and there is a strong demand, whether inside OPEC or outside OPEC,
06:17 and even if we look at the global level, and this shows that there is a positive picture,
06:22 indicating that the global economic growth during this year and also the next year is still strong,
06:28 levels of more than 2.6% as an economic growth at least,
06:33 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
06:39 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
06:44 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
06:49 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
06:54 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
06:59 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:04 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:09 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:14 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:19 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:24 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:29 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:34 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:39 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:44 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:49 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:54 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
07:59 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:04 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:09 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:14 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:19 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:24 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:29 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:34 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:39 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:44 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:49 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:54 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
08:59 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:04 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:09 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:14 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:19 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:24 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:29 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:34 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:39 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:44 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:49 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:54 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
09:59 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
10:04 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
10:09 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
10:14 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,
10:19 and this also strengthens the demand to continue growing, whether as we said inside OPEC or outside OPEC,