Uber Eats launches in Riyadh

Uber Eats has added Riyadh in its entrée of more than 200 cities in the world that it serves. (Courtesy Uber Eats)
Updated 01 February 2018
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Uber Eats launches in Riyadh

DUBAI: Uber Eats has added Riyadh in its entrée of more than 200 cities in the world where customers can order meals online or through the app and have them delivered at home or in their offices.
Starting today, residents can download the Uber Eats app or access ubereats.com and choose from over 100 restaurant locations in Riyadh – from local favorites such as Cafe Bateel, Manoosh and Hamburghini to everyday brands including McDonalds and PizzaHut. Ordered food would be prepared and delivered in an average of 30 to 40 minutes.
“We’re hugely excited to be launching in Riyadh today. People in the city can now use Uber Eats to choose from hundreds of dishes to get the food they want, when they want it, delivered at Uber speed – whether that’s dinner at home, lunch at work or a snack when out with friends,” Mohamad Jardaneh, general manager of Uber Eats Saudi Arabia, said in a statement.
While Uber Eats is a global brand, the Uber Eats app in Saudi Arabia has been custom built to meet the needs of local residents and businesses, Jardaneh said, and Riyadh will become the first Uber Eats city in the world to launch with cash as a payment option.
“We know the importance of building technology to meet the everyday needs of locals. Whether that’s by opening up the benefits of our technology to more people with things like cash, or by investing in redesigning the app to offer customers the local experience they expect,” said Jardaneh.


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.”