Saudi Arabian Market Research Articles

Kingdom of Fintech: crowdfunding shaping the future in the kingdom of Saudi Arabia

Purpose This study aims to assess that whether Islamic real estate crowdfunding (RECF) can offer a compelling alternative investment that can attract substantial funds from traditional securities and other conventional methods or otherwise. Design/methodology/approach The current study draws on secondary data that was published on legitimate website, Twitter and official documents. Document analysis is conducted using the statements of privacy policy, Sharia compliance, terms and conditions disclosers and the established facts. Second, to achieve in-depth knowledge, a qualitative analysis was conducted for the published interviews and presentations with Aseel CEO Majed Abalkhail on YouTube. Thematic analysis is adapted; it is among the most popular types of analyzing qualitative data. Findings The findings show that the Aseel platform has been successful in providing simple access to investment opportunities by minimizing the obstacles, reducing entry and exit costs, streamlining the process and widening the investor’s base. Originality/value This paper seeks to contribute to the literature on crowdfunding, Islamic crowdfunding and RECF. Its objectives include exploring the concept of crowdfunding, its growth and various types. Furthermore, the paper aims to examine the expansion of the Islamic crowdfunding system, its current market position and a focus on the Saudi Arabian market. Lastly, the paper investigates the first RECF in Saudi Arabia, Aseel Company, which has achieved remarkable success with seven investment funds completed within its first year of establishment.

Linguistic Analysis of Translating Food Product Labels from English to Arabic in Saudi Arabian Market

The current study examines the interpretations of eight English-Arabic labels for food products found in the Saudi market. The study of translations is examined with regard to the translation techniques utilized under Venuti's concepts of domestication and foreignization. Specifically, the study focuses on analyzing the common translation techniques employed for food product labels and aims to assess if these methods align with Venuti's favored approach of foreignization. Furthermore, it investigates whether these techniques have led to the original message being altered or not. This study conducts a quantitative analysis that compares various aspects. Calculations are conducted on the frequencies and percentages of techniques identified to obtain accurate statistical results. The findings reveal that foreignization is emphasized by the extensive use of literal translation, with transliteration, borrowing, and non-translation being comparatively less frequent in the translation of the studies' food product labels. Techniques under the domestication strategy include transposition as the most frequently used, followed by adaptation, and addition and omission are both used equally, with the least frequently used techniques falling under domestication. The study also determines that the effectiveness of techniques categorized as foreignization and domestication varies in the corpus analyzed.

The dynamic interplay of Shariah compliance rank and financial performance: nonfinancial listed firms in Saudi Arabia as a testing ground

Purpose This paper aims to assess the rank of Shariah compliance (SC) and its impact on the financial performance of non-financial companies listed on the Saudi Stock Exchange. It seeks to understand the relationship between adherence to Shariah principles and the financial success of these companies, providing insights into the importance of SC in the Saudi Arabian context. Design/methodology/approach The study adopts a quantitative research approach, using financial and SC data from non-financial companies listed on the Saudi Stock Exchange. SC is measured using the Accounting and Auditing Organization for Islamic Financial Institutions standards. Financial performance is evaluated using various financial indicators, including return on assets (ROA), return on equity (ROE) and return on investments (ROI). Statistical analysis, including regression analysis, is conducted to examine the relationship between SC and financial performance. Findings The findings indicate a positive association between SC and financial performance in non-financial companies listed on the Saudi Stock Exchange. Companies with higher ranks of SC demonstrate superior financial performance, as evidenced by higher ROA, ROE and ROI. This suggests that adhering to Shariah principles can contribute to improved financial outcomes for companies operating in the Saudi Arabian market. Practical implications The study highlights the practical implications of maintaining SC for non-financial companies in Saudi Arabia. It emphasizes the importance of aligning business practices with Shariah principles to enhance financial performance. The findings suggest that companies can benefit from implementing Shariah-compliant strategies and practices, potentially attracting investors and improving their overall competitiveness in the market. Social implications The social implications of SC in the Saudi Arabian context are significant. Adhering to Shariah principles not only ensures compliance with religious and cultural norms but also promotes ethical and responsible business behaviour. Companies that prioritize SC contribute to the development of a socially responsible and sustainable business environment. Originality/value To the best of the authors’ knowledge, this study represents the first investigation into the impact of SC rank on financial performance. By examining non-financial companies listed on the Saudi market, it contributes significantly to existing literature by providing empirical evidence supporting a positive correlation between SC rank and financial outcomes. The findings offer valuable insights for companies, investors and policymakers in Saudi Arabia, enhancing their understanding of the unique dynamics between SC rank and financial performance. This research enriches the body of knowledge in Islamic finance and business, making a notable contribution to the field and opening avenues for further exploration.

MEASURING THE COMPARATIVE AND COMPETITION OF INDONESIAN WOOD CHARCOAL EXPORTS IN THE SAUDI ARABIAN MARKET

Objective: This study examines the comparative and competitive export of wood charcoal in four potential countries, namely Indonesia, Malaysia, China, and Vietnam, in the Saudi Arabian Market with HS Code 4402. This study used annual data for nine years from 2014 - 2022, divided into three periods. Method: This study used the Herfindahl-Hirschman Index (HHI) and concentration Ratio (CR), Revealed Symmetric Comparative Advantage (RSCA), Export Product Dynamic (EPD), X-Model, and Trade Specialization Index (ISP) models to measure the wood charcoal industry in the Saudi Arabian Market. Result: The findings show that wood charcoal market in Saudi Arabia exhibits a strict oligopoly structure, with Indonesia and China dominating the market share. Indonesia emerged as the top supplier of wood charcoal to Saudi Arabia during for nine years. Malaysia showed the highest competitiveness among potential countries in certain periods. Overall, Indonesia, China, Vietnam, and Malaysia demonstrated strong competitive positions, with dynamic export growth, positioning them as "Rising Stars" in the market. These countries specialized as wood charcoal exporters to Saudi Arabia, reaching a mature stage in their market presence during the analyzed period from 2014 to 2022. Conclusion: This study concludes that Indonesia became the highest supplier with a market share of 53.51% and had a strong comparative advantage. Malaysia has the highest optimistic market development, followed by Indonesia, Vietnam, and China. Indonesia's wood charcoal competitiveness position remains in the Rising Star position. The Trade Specialization Index of four potential countries at this stage of maturation.

Fluctuation and forecasting of gold prices in Saudi Arabia’s market

PurposeThe purpose of this study is to analyze the fluctuations in gold prices within the Saudi Arabian market and to develop a reliable forecasting model to aid market participants and policymakers in making informed decisions.Design/methodology/approachIn this study, we employ a rigorous time series analysis methodology, including the ARIMA (Auto Regressive Integrated Moving Average) model, to analyze historical gold price data in the Saudi Arabian market. The approach involves identifying optimal model parameters and assessing forecast accuracy to provide actionable insights for market participants.FindingsThe study showcases that the autoregressive properties of past gold prices play a pivotal role in capturing the inherent serial correlation within the market, enabling the ARIMA model to effectively forecast future gold price movements with accuracy.Research limitations/implicationsOur study primarily focuses on quantitative analysis, whereas few qualitative parameters are not included. Future studies may benefit from incorporating qualitative factors and expert opinions to enhance the robustness of gold price predictions and capture the full spectrum of market dynamics.Social implicationsParticipants and policymakers may find this study helpful in navigating the complicated Saudi Arabian gold market. By understanding financial stability and investment decisions more thoroughly, individuals and institutions may be able to manage their portfolios more effectively.Originality/valueBy combining historical insights with advanced ARIMA modeling techniques, this research provides valuable insight into gold price dynamics in the Saudi Arabian market.

How does oil market volatility impact mutual fund performance?

The aim of this paper is twofold. First, we investigate whether oil market volatility affects fund performance. Second, we examine whether oil volatility impacts fund managers' ability to select stocks and to time oil volatility. Our analysis is based on the Saudi Arabian market, a major developing economy and the world's largest oil producer. Our first main finding is that oil market volatility has a significant negative impact on mutual fund performance. Notably, this result holds robustly across all the volatility and performance measures applied in our analysis. Secondly, the risk-adjusted performance evidence suggests that high oil volatility reduces managers' stock selection ability. Further empirical analysis is consistent with the notion that skilled mutual funds are able to consistently generate alpha but evidence is mixed on whether they can improve performance by timing oil market volatility. Our study presents new evidence on a fast-growing emerging market and identifies important practical implications for the mutual fund industry which help investors, academics and regulators to better understand the functioning of this market.

Inductively coupled plasma mass spectrometry assessment of essential and toxic trace elements in traditional spices consumed by the population of the Middle Eastern region in their recipes

Abstract Inductively coupled plasma and microwave digestion are used in this article to analyze various food matrices. Different natural herbs are used in the recipes for the food items that the people of the Middle Eastern part of the world eat; they use these herbs as spices in different proportions. The study examines the potential effects on human health associated with consuming trace and toxic elements, such as Ni, Mn, Pb, Cd, Fe, Zn, Ca, Mg, K, and Na. The targeted spices include sumac, za’atar, black lemon, cumin seed, and kabsa powder; these were used in a variety of recipes for the food items the people of Saudi Arabia eat but not limited to fattier, kabsa, tabbouleh, humus, haysa Al tumreya, and other traditional foods. The herbs were collected from the Saudi Arabian market. For microwave digestion, Merck's ultra-pure nitric acid and 30% hydrogen peroxide were used. For elemental analysis, a highly sophisticated technique of inductively coupled plasma mass spectrometry was applied. The average potassium values in black lemon (Loomi), kabsa powder, cumin seed, za’atar, and sumac were 1,283, 1,248, 1,739, 500, and 500 mg/100 g, respectively. These spices help fulfill the human body’s daily requirements of elemental content.

Nature of radon, radium, exhalation and uranium concentration from construction materials used in Al Jouf city, Saudi Arabia

This study aims to assess seven group samples used as building materials in the Saudi Arabian market in Al Jouf city had their radon concentration, exhalation rate, radium activity, as well as the risk of death due to cancer in excess of the natural background risk due to exposure to carcinogens over a period of a lifetime (Excess Lifetime Cancer Risk), and uranium content measured. The ‘Can technique’ was employed, which is based on the use of Solid State Nuclear Track Detectors (SSNTDs) CR-39. The average level of radon concentrations (Bq/m3) for the materials under investigation are as follows: 99.40 ± 10.26 (Soil), 146.92 ± 12.49 (Cement), 115.68 ± 11.13 (Gypsum), 132.28 ± 11.89 (Ceramic), 223.24 ± 14.8 (Marble), 210.85 ± 14.72 (Bricks), and 241.71 ± 15.65(Gravel) at Bq. m-3. The results indicate that radon levels in Soil, Cement, Gypsum, and Ceramics are below the allowed limit of exposure to radon for humans, set at 200 Bq. m−3, while in the cases of Marble, Bricks and Gravels, have been higher than the allowed limit. Results for Annual Effective Dose came in as follows: Soil = 2.09 mSv/y; Cement = 3.09 mSv/y; Gypsum = 2.43 mSv/y; Ceramic = 2.78 mSv/y; Marble = 4.69 mSv/y; Bricks = 4.43 mSv/y and finally, Gravel = 5.08 mSv/y. These measurements were higher than the global average (1 mSv/y). The average annual cancer risk of the samples measured, were as follows: 8.05 (Soil); 11.89 (Cement); 9.36 (Gypsum); 10.71 (Ceramic); 18.07 (Marble); 17.07 (Bricks) and finally, 19.56 (Gravel). The average mass exhalation rates and surface exhalation for the materials under investigation are as follows: (0.08 Bq kg−1h−1 – 3.95 Bq m−2 d−1) for (Soil), (0.18 Bq kg−1h−1 – 5.85 Bq m−2 d−1) for Cement, (0.20 Bq kg−1h−1– 4.60 Bq m−2 d−1) for Gypsum, (0.08 Bq kg−1h−1– 4.26 Bq m−2 d−1) for Ceramic, (0.19 Bq kg−1h−1– 8.88 Bq m−2 d−1) for Marble, (0.18 Bq kg−1h−1– 8.39 Bq m−2 d−1) for Bricks and (0.18 Bq kg−1h−1– 9.62 Bq m−2 d−1) for Gravel. The mean estimated values for the radium activity were 30.6 ± 3.18 Bqkg−1 (Soil); 67.6 ± 5.66 Bqkg−1 (Cement); 73.9 ± 6.99 Bqkg−1 (Gypsum); 47.8 ± 4.20 Bqkg−1 (Ceramic); 70.1 ± 4.57 Bqkg−1 (Marble); 66.8 ± 4.7 Bqkg−1 (Bricks) and 67.4 ± 4.40 Bqkg−1 (Gravel). From a health hazard viewpoint, the results showed that the samples under review are safe and are not life-threatening. The mean estimated values for the uranium content are as follows: 1.35 ppm (Soil); 2.98 ppm (Cement); 3.26 ppm (Gypsum); 2.11 ppm (Ceramic); 3.09 ppm (Marble); 2.94 ppm (Bricks) and 2.97 ppm (Gravel).

GC-MS Determination of Undeclared Phthalate Esters in Commercial Fragrances: Occurrence, Profiles and Assessment of Carcinogenic and Non-Carcinogenic Risk Associated with Their Consumption among Adult Consumers

Phthalates are chemicals that are extensively used in the manufacturing of cosmetic products. The occurrence of phthalate esters in personal care products may pose adverse effects on consumers' health. In this work, a simple, fast and reliable GC-MS method was developed and validated for concurrent determination of phthalate esters in fragrances. Simple procedures were employed for sample preparation and clean up. The recoveries achieved were in the range of 94.9% to 105.6% with RSD ≤ 4.06. The detection limits were in the range of 0.0010 to 0.0021 µg/mL. The GC-MS method was utilized to investigate the occurrence of phthalate esters in different brands of perfumes sold in the Saudi Arabian market. Diethyl phthalate was detected in all analyzed samples, with a maximum concentration of 5766 µg/mL, and di (2-ethylhexyl) phthalate was detected in the majority of the analyzed samples (95%), with a mean concentration of 55.9 µg/mL and a highest concentration of 377.7 µg/mL. Additionally, the exposure to phthalate esters due to the consumption of perfumes was investigated among the adult Saudi population for the first time. It was found that the systemic exposure dose, measured at mean concentrations, ranged from 4.59 × 10-4 to 4.29 × 10-2 (mg/kg/day) and from 5.00 × 10-4 to 4.68 × 10-2 (mg/kg/day) for male and female users, respectively. Moreover, the non-carcinogenic risk of the investigated phthalate esters and the carcinogenic risk of DEHP were also evaluated. The non-carcinogenic risk values of the detected phthalate esters were greater than 100, which indicates that exposure to these phthalate esters is unlikely to produce non-carcinogenic health effects to consumers. However, at maximum DEHP concentrations, the carcinogenic risk values were 5.49 × 10-5 for male users and 5.98 × 10-5 for female users, which indicates the possibility of DEHP to pose a carcinogenic health effect if present at high levels. Regular monitoring of undeclared chemicals such as phthalate esters in personal care products marketed in Saudi Arabia is extremely important to ensure consumers' safety. To the best of the authors' knowledge, this is the first study to assess the health risk associated with consumption of perfumes in Saudi Arabia.

Peer and Parent Influence on Consumer Behavior Buying Decision Making: An Empirical Study among Saudi Female Consumers

Purpose – This study examines peer and parents’ influences on buying decisions utilizing social power theory. Design/methodology/approach – The study made use of a survey of 285 participants (young female consumers) who live in Saudi Arabia. Findings – The study serves and provides insights for marketers and producers to understand the way consumers behave taking the influence of parents and peers on buying decisions into consideration. The findings of this study relatively conform to the previous studies and Saudi culture, such as greater parental referent, legitimate, and reward power. However, it shows a high peer influence of expertise, reward, and legitimate power. The theoretical and managerial implications of the results of the study are discussed. Research limitations/implications – The study extends research on social power theory bases by examining their effects on consumer decisions. It helps to gain an insight on how young female consumers make their decisions which leads to a more realistic choice of the decision in consumption. Producers and manufacturers should take the overall importance of parental and social power into consideration; it suggests that marketers have to focus on the role of peers and parents in consumers’ decision as being high on potential parental acceptance. Originality/value –The current study investigates the importance and the influencing factors that affect consumers' behavior regarding parents and peers’ relationships. Other empirical evidence contributes to the study that is applicable to the producers and manufacturers in the Saudi Arabian market.

Quality assessment of different brands of atorvastatin tablets available in Riyadh, Saudi Arabia

BackgroundHypolipidemic agents have been shown to be helpful in the primary and secondary prevention of cardiovascular disease. Most often, statins are prescribed to treat hyperlipidemia. There are a number of statins available in the market today, but atorvastatin is the most widely prescribed. It is essential that the drugs should have the appropriate amount of active pharmaceutical ingredient and meet the necessary physical properties. The main purpose of the study was to evaluate the quality of different marketed brands of atorvastatin calcium tablets available in Saudi Arabia.MethodsIn this study, innovator product coded as (AS-1) and five generics brands (coded as AS-2 to AS-6) of atorvastatin tablets 20 mg available in Saudi Arabia were evaluated for in vitro dissolution test, weight variations, friability and hardness tests. The analysis of drug was carried out by “high-performance liquid chromatography” (HPLC) method using C18 column (4.6 × 150 mm, 5 μm). The mobile phase was consisted of acetonitrile and HPLC water (pH 2.1, adjusted with orthophosphoric acid) in ratio of 52:48 v/v, the flow rate was 1.0 ml/min. Atorvastatin was detected at a wavelength of 254 nm.ResultsAccording to the results of the dissolution study, the investigated products released more than 90% of atorvastatin in 15 min. Within 60 min, the brands AS-1, AS-3, AS-5, and AS-6 depicted nearly 100% atorvastatin release, while the brand AS-2 displayed 91.69% drug release. According to our findings, the investigated atorvastatin innovator (AS-1) and generic brands such as AS-2 to AS-6 were of good pharmaceutical quality.ConclusionsAll generic brands of atorvastatin tablets available in the Saudi Arabian market met the pharmacopoeia's consistency checks such as weight variation, friability, hardness and in vitro dissolution. Hence, focusing on their in vitro release properties, it was determined that these brands could be used interchangeably.

Evaluation of the Quality and Safety of Hand Sanitizers Marketed in Saudi Arabia

Background: Hand sanitizers are an important preventive measure to halt the spread of pathogens, which has become a huge demand during the coronavirus disease (COVID-19). Consequently, their safety and quality are top priorities for regulatory organizations. Methods: Saudi Food & Drug Authority laboratories have analyzed numerous samples of hand sanitizers in order to ensure their safety and efficacy. Active ingredients, as well as hazardous impurities, have been checked according to the pharmacopeia. Results: In this study, we report the results of the analysis of 1409 samples, which represent the majority of products available in the Saudi Arabian market. The results showed that 196 samples (13.9%) did not meet international standards. Specifically, out of 196 failed samples, 75, 12, and 4 products contained hazardous substances such as methanol, 1-propanol, and acetaldehyde, respectively. Additionally, some failed samples contained foreign particles, were improperly labeled, or contained an inadequate concentration of alcohol. Conclusion: The substandard hand sanitizers possess a risk to the community, particularly during pandemics, and hence stringent yet dynamic regulations should be implemented.

Scenario Generation for Asset and Liability Management Models Applied to a Saudi Arabian Pension Fund

In Asset and Liability Management (ALM) models, there are parameters whose values are not known with certainty at decision time, such as future asset returns, liability and contribution values. Simulation models generate possible “scenarios” for these parameters, which are used as inputs in the optimisation models and help thus in making decisions. These decisions can be evaluated in the sample, on the same scenarios that were used for making the decision, and out-of-sample, on a different, usually much larger, scenario set. With asset return simulation, the major difficulty lies in the multivariate nature of the data. We propose to capture this via the historical copula, making thus no distributional assumptions. We suggest the use of univariate sample generation which allows for different asset returns to be modelled by different distributions. The liabilities and contributions values have as a main source of uncertainty the population numbers; we propose to model this by adapting a model used in biology (BIDE). We use the resulting scenario generator in four different ALM optimisation models, using a dataset from the largest Saudi Arabian pension fund and the Saudi Arabian market index.

An Analysis of the Economic Value of Substances of Abuse Seized in Saudi Arabia

Introduction: As one of the largest oil exporters in the world, Saudi Arabia carries 18.1% of the global oil reserves and the fifth largest natural gas reserves. This unrefined wealth, in addition to numerous other natural resources, makes Saudi Arabia a logical destination for drug smugglers and dealers aiming to make fast illegal profits. Based on recent statistics, this article focused on the economic value of drugs of abuse seized in Saudi Arabia during the period between 2009-2012. Methods: Four years of data (2009–2012) related to the economic value of drugs of abuse seized in Saudi Arabia were analyzed. This data was obtained by Saudi Customs and other governmental entities responsible for the monitoring of drug smuggling. Results: The recent financial boom coupled with the numerous nationalities and cultures present in Saudi Arabia has led to an associated increase in the smuggling and promotion of narcotics, accompanied by illegal monetary gain, with consequent detrimental effects on the Saudi economy. This is evident by the Saudi Arabian market value statistics during the years from 2009–2012. Conclusion: Statistically, smuggling and drug trafficking in Saudi Arabia has increased, particularly regarding amphetamines, cannabis, and khat. Economic, security, and social programs aimed at raising youth awareness of the dangers of substance abuse should be implemented to address this ongoing problem.

Information Distribution and Informed Trading in Mixed and Islamic Capital Markets

The correlation between volume and frequency with return volatility can explicate the information distribution process and informed traders' transaction behavior in a stock market. In this study, the Indonesian stock market represents the mixed market, while the Saudi Arabian stock market represents the Islamic market. We find that 94% and 96% of sharia-compliant stocks in Indonesia and Saudi Arabia follow the Mixture of Distribution Hypothesis (MDH). Consequently, we may conclude that sharia-compliant stocks in both markets are informationally efficient. However, we find that informed traders tend to behave differently in both markets. In the Indonesian market, informed traders exhibit competitive behavior in 95% of shariacompliant stocks and strategic transaction behavior in only 5% of the stocks. In contrast, in the Saudi Arabian market, we find that informed traders exhibit competitive behavior in only 38% of the stocks and strategic behavior in 62% of the stocks. The findings suggest that social and religious contexts may affect market participants' behavior.

Trace analysis of environmental endocrine disrupting contaminant bisphenol A in canned, glass and polyethylene terephthalate plastic carbonated beverages of diverse flavors and origin

Bisphenol A (BPA) is a hazardous contaminant demonstrating endocrine disrupting properties, and assumed to be involved in the pathogenesis of various cancer diseases for instance prostate, lung and breast cancer. The objective of the present study was to estimate the BPA amounts in carbonated beverages from the Saudi Arabian market for the first time using an authenticated technique based on solid-phase extraction and ultra-performance liquid chromatography-tandem mass spectrometry. A total of thirty-four carbonated beverages of different flavors, origin and packaging materials were studied. The beverage production periods were from February 2018 to July 2018 containing volume (250-1000 mL), packaging materials were of canned, glass and polyethylene terephthalate (PET) plastic. BPA amounts in canned (0.64-11.41 µg/L), glass bottled (1.92-29.56 µg/L) and PET plastic bottled (0.37-21.83 µg/L) were obtained with recovery (97.64-99.96%). Relatively, glass bottled has offered higher amounts of BPA compared to PET plastic bottled and canned samples. The unforeseen presence of BPA especially in glass bottled emphasizes the ubiquity of such compound beside the food fabrication chain, far off to the food packaging materials. Thus, a further knowledge on BPA amounts in glass bottled samples, in addition to threat assessment studies, is essential to defend human health.

In vitro antioxidant and anti-inflammatory activities of green cardamom essential oil and in silico molecular docking of its major bioactives

Essential oil of Elettaria cardamomum (Green cardamom) is effective in the treatment of various disease conditions. Globally, Guatemala is the leading producer of green cardamom fruits. Green-cardamom fruits from Guatemala were purchased from a Saudi Arabian market. The Guatemala cardamom essential oil (GCEO) was extracted using hydro-distillation method, and analyzed using gaschromatography/ mass-spectrometry (GC-MS). The antioxidant and anti-inflammatory activities were studied using 2,2-diphenyl-1-picrylhydrazyl-hydrate, ferric-chloride, bovine serum-albumin and proteinase inhibitory assays. GC-MS results confirmed the presence of α- terpinyl acetate and 1,8-cineole as major components. The antioxidant and anti-inflammatory activities of GCEO were found to be significant compared with those of standard ascorbic acid and ibuprofen, respectively. The molecular-docking study revealed the considerable binding potential of α-terpinyl acetate and 1,8-cineole with human-peroxiredoxin-5, tyrosine-kinases and Human-5-LOX receptors. The in-silico activity prediction analysis confirmed the antioxidant and anti-inflammatory potential, whereas the pharmacokinetics confirmed the safety of most of the GCEO compounds.

The Mediation effect of Value-Co-Creation on Customer Engagement and Positive E-WOM

The current study investigates the mediation effect of value-co-creation on customer engagement and positive e-WOM in a competitive Saudi Arabian market. An attempt to illustrate the factors influencing the positive e-WOM as a result of changing customer`s interests and lifestyle. The engagement of consumers in the co-creation of value is powerful in understanding consumer behavior. The paper has made an applied attempt in the Saudi Arabian market to study customer engagement, value co-creation, and positive e-WOM, which adds to the knowledge line in the digital marketing discipline.

FACTORS DETERMINING HOUSING DEMAND IN SAUDI ARABIA

Against the backdrop of real estate development and rising prices, which affect the affordability of housing in Saudi Arabia, this study empirically estimates housing demand using time-series analysis from 1987 to 2016. To find the main factors affecting housing demand in Saudi Arabia, this study developed an econometric model with explanatory variables such as income level, housing prices, population growth rate, demand for loans, and consumer price index (CPI). The results show that demand for housing is inelastic with respect to price, income, and population growth rate; moreover, the price elasticity of demand is less than that of income and population growth rate, in absolute terms. A regression analysis suggests that the most significant factors that determine housing demand in Saudi Arabia are population growth rate, CPI and demand for housing loans. This study was conducted with a particular focus on the Saudi Arabian market and showed some surprising results, which are not consistent with popular economic theories. Keywords: Housing demand; Income elasticity; Price elasticity JEL Classifications : E31, E32, R21, R31 DOI: https://doi.org/10.32479/ijefi.10262

Determination of Caffeine Content in Commercial Energy Beverages Available in Saudi Arabian Market by Gas Chromatography-Mass Spectrometric Analysis

The popularity of energy beverages among young adult population is high. These drinks are claimed to boost energy and performance and contain high concentration of caffeine as one of the several ingredients. Discrepancies have been encountered by some of the previous studies between the actual quantity of caffeine present in the product and the amount mentioned on the label, making the determination of caffeine content in these drinks very important. Thus, in this study, we analyzed the caffeine concentration in most popular energy drinks available in Saudi Arabia. The energy drink samples (n = 9) were procured from retail outlets. Sample solutions were prepared in methanol and analyzed for caffeine content by GC-MS. Chromatographic parameters were optimized to achieve optimum resolution and various validation parameters were evaluated. The method was successfully applied for the quantification of caffeine in energy drinks by directly injecting the multifold diluted samples in methanol. The method was linear (r2 = 0.999) over a concentration range of 5–25 µg/mL, specific, precise (%RSD of peak area = 0.56–0.78), and accurate (%recovery = 99.3–101.2%). The amounts of caffeine determined were found in the range of 20.82–33.72 mg/100 mL (52.05–84.3 mg/pack). Results revealed that the amount of caffeine actually present in the tested drinks varied within ±10% range from the amount specified on the product labels. The amounts of caffeine detected in tested beverages were within the USFDA safe upper limit of per-day caffeine consumption, which has indicated that the consumption of one serving of energy drink is unlikely to produce any adverse health effect.