Huge global and Arab participation in DecoFair 2017

The 9th edition of Decofair 2017 was inaugurated by President of Umm Al-Qura University Bakri Assas on Monday.
Updated 09 November 2017
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Huge global and Arab participation in DecoFair 2017

The 9th edition of Decofair 2017, Saudi Arabia’s exclusive furniture and interior design exhibition, was inaugurated by President of Umm Al-Qura University Bakri Assas on Monday. Experts and investors at the event predicted that international companies entering the furniture market in Saudi Arabia and forming local alliances will transform the Kingdom into the largest furniture market in the Arab world.
Such partnerships will give rise to innovation and high standards in the field of home furnishings, design, décor and supporting sectors, they said.
Over 120 exhibitors representing nine major specialized sectors and from nine countries participated in Decofair 2017 held at the Jeddah Hilton Hotel, receiving visitors daily from 4 p.m. to 11 p.m. The four-day event ran from Nov. 6-9.
Assas toured the exhibition pavilions with business owners and members of the organizing committee. He was briefed on diverse and inclusive products in the fields of furniture, design, lighting, home accessories, textiles, upholstery, kitchen products, sanitary ware, designs and architectural services, showcased by international and Arab participants.
Haya Al-Sunaidi, chairman of the organizing committee, said that some international companies have joined the Saudi market for the first time.
“There is a need for more local alliances to reduce imports and create products that meet the goals of Vision 2030, as well as contribute to creating training and employment opportunities for Saudi youth,” she said.
Al-Sunaidi said the event brought together companies that are keen to boost their presence in the Saudi market, whether directly or through partnerships, and supported by the recent reforms adopted by the Kingdom. It is an opportunity for cooperation, trade communication and an exchange of experiences between international and Saudi companies.
“Starting Monday, a specialized jury of leading architects, international designers and real estate developers will assess participants for the ‘2017 Best Design Award’ — a professional platform to support creative designers and to highlight their designs and projects, through which business professionals and decision-makers can communicate and collaborate with them,” Al-Sunaidi said at the opening ceremony.


STC net income for Q1 2018 increases by 2.1%

Updated 26 April 2018
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STC net income for Q1 2018 increases by 2.1%

The Saudi Telecom Company (STC) has announced its preliminary financial results for the period ending March 31.

The revenue from services for the first quarter reached SR12.4 million — a decrease of 1.1 percent compared with the corresponding quarter last year. The gross profit for 1Q reached SR6.997 million — an increase of 1.05 percent.

The earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the first quarter reached SR4,644 million — an increase of 2.1 percent compared with the corresponding quarter last year. Nasser S. Alnasser, acting CEO of STC, said the increase in net income by 2.1 percent for 1Q of 2018 was a result of the “continued comprehensive program to improve operational efficiency and cost-optimization initiatives.”