Mexican envoy opens food fest at InterContinental Riyadh

Mexican Ambassador Alfredo Miranda, Ahmed Mahfouz, IHG senior leader, area director of sales and marketing central province and government hotels — KSA, and Mexican chef and TV show host Eduardo Perez, address a press conference at the InterContinental Riyadh Hotel.
Updated 24 September 2017
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Mexican envoy opens food fest at InterContinental Riyadh

A week-long Mexican food festival called “Mexican Gastronomy Week” aiming to showcase the culture of the North American country, was recently inaugurated by Mexican Ambassador Alfredo Miranda at the InterContinental Riyadh Hotel.
Addressing a press conference, Ambassador Miranda said that Mexico’s cuisine has won UNESCO honor. “The Mexican cuisine attained status by UNESCO as an ‘Intangible Cultural Heritage of Humanity.’ In fact, the incredible variety of Mexican food is finally receiving its due.”
He thanked the InterContinental Hotel for hosting the Mexican gastronomy week from Sunday to Saturday.
“Guests will have an opportunity not only to taste the authentic Mexican cuisine but also to admire Mexican handicrafts and photos from a collection and enjoy live music during the festival,” the envoy added.
Ahmed Mahfouz, IHG senior leader, area director of sales and marketing central province and government hotels — KSA, and Eduardo Perez, a prominent Mexican chef and TV show host, who has flown to Riyadh for preparing authentic cuisine, also addressed the press conference. A baggage full of authentic ingredients including spices has been brought to Riyadh, which will be used to prepare the whole range of Mexican dishes, salads and sauces.
Mahfouz said that the festival will take place in Al-Bustan Restaurant of the InterContinental Hotel in Riyadh. He said the festival is open to public from 7 p.m. to 11:30 p.m. daily. Guests can enjoy unlimited selection of traditional Mexican starters, main courses, side dishes and desserts, soft drinks, and selected juices and water.


GFH reveals boost in first-half profits

Updated 14 August 2018
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GFH reveals boost in first-half profits

GFH Financial Group has announced that net profit attributable to shareholders rose to $72.5 million in the first six months of 2018, a 16.7 percent increase from the same period a year earlier. The group also reported a consolidated net profit of $73.4 million in the first half of the year, a rise of 12.1 percent.

Net profit attributable to shareholders for the second quarter increased by 19.2 percent to $36 million. Consolidated net profit during the quarter rose to $36.5 million, an increase of 14.1 percent.

Earnings per share for first half of the year was 2.02 cents, compared with 2.51 cents in the first six months of 2017. Earnings per share for the second quarter was 1 cent, compared with 1.22 cents in the same period of 2017.

Total consolidated revenues in the first half, grew by 12.5 percent to $124.2 million, primarily from revenues generated by its investment-banking business. This included income generated from investment placements for private equity and real-estate transactions. Consolidated revenues for the second quarter stood at $63.7 million, an increase of 4.8 percent.

Profit before impairment allowance for the first half of the year was $79.1 million, an increase of 34.1 percent. Consolidated operating profit for the second quarter increased by 23.5 percent to $40.5 million. Total operating expenses for the first half fell to $45.1 million from $51.4 million. Operating expenses for the second quarter dropped to $23.2 million from $28 million a year earlier.

Equity attributable to shareholders was $1.11 billion for the first half, compared with $1.14 billion a year ago. The total assets of the group increased by 10.3 percent to $4.3 billion.

“We are pleased with the continued growth in profitably for the first half of 2018,” said GFH Chairman Jassim Alseddiqi. “Enhanced results and revenue generation for the period were supported by increased contributions from the group’s investment-banking business, where it continues to demonstrate a strong ability to identify and bring to the market unique investment opportunities.”

Hisham Alrayes, the group’s CEO, added “In line with the Group’s strategy, the ongoing growth in our investment-banking business continues to drive enhanced results and profitably. In particular, during the period, improvements in income generation came from a number of strategic deals, including our landmark investment in the UAE-based Entertainer, and a notable trophy real-estate asset in Chicago.”