10 things you need to know on Tadawul today

10 things you need to know on Tadawul today
AXA Cooperative Insurance Co. announced that AXA Group decided to sell its insurance operations in the Gulf region. (File/AFP)
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Updated 01 December 2020

10 things you need to know on Tadawul today

10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Tuesday.

1) Saudi Aramco started paying Q3 2020 cash dividend at SAR 0.352 ($0.0939) a share, to shareholders of record on Nov. 9.

2) Aramco signed six memoranda of understanding (MoUs) within the framework of expansion, which includes plans for new international partnerships and establishing companies through an Industrial Investment Program.

3) AXA Cooperative Insurance Co. announced that AXA Group decided to sell its insurance operations in the Gulf region.

4) Saudi Investment Bank’s (SAIB) shareholders approved mandating the board of directors to extend the maximum period within which the bank can retain the shares acquired from JP Morgan International Finance and Mizuho Bank Ltd as treasury shares.

5) Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia announced receiving a notification from NatWest Markets Plc and Banco Santander S.A. about the proposed secondary sale of up to nearly 116 million ordinary shares, or 5.6 percent of Saudi British Bank (SABB).

6) Alinma Tokio Marine Co. received a claim notice of Offshore Oil Engineering Co. regarding an accident when a package of underwater cables owned by Saudi Aramco was damaged when a pipeline near it was being removed on June 25, 2019.

7) National Building & Marketing Co. signed a memorandum of understanding to fully acquire Ajeej Steel Manufacturing Co. for SAR 180 million.

8) Jadwa Investment announced that Jadwa REIT Saudi Fund invested SAR 450 million in a closed-ended Shariah-compliant private real estate investment fund.

9) Baazeem Trading Co. received letters from the General Authority of Zakat and Tax (GAZT) seeking adjustment of Zakat reports from 2014 to 2018 and pay differences of SAR 8.57 million.

10) Crude oil prices fell on Tuesday morning. Brent crude slipped 1.2 percent to $47.59/bbl, while WTI crude lost 0.9 percent to $44.95/bbl.

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German startup to help Saudi hotels utilize empty spaces

German start-up NeuSpace, established during the coronavirus disease (COVID-19) pandemic to help hotels overcome a slump in occupancy rates, is now working in Saudi Arabia. (Shutterstock/File Photo)
German start-up NeuSpace, established during the coronavirus disease (COVID-19) pandemic to help hotels overcome a slump in occupancy rates, is now working in Saudi Arabia. (Shutterstock/File Photo)
Updated 21 January 2021

German startup to help Saudi hotels utilize empty spaces

German start-up NeuSpace, established during the coronavirus disease (COVID-19) pandemic to help hotels overcome a slump in occupancy rates, is now working in Saudi Arabia. (Shutterstock/File Photo)
  • COVID-19 pandemic has brought slump in average hotel occupancy rates in Saudi Arabia

RIYADH: A German start-up established during the coronavirus disease (COVID-19) pandemic to help hotels overcome a slump in occupancy rates is now working in Saudi Arabia.

NeuSpace aims to assist operators in coming up with new ways to generate revenue from their empty spaces.

Anne Schaeflein, a co-founder of the Dusseldorf-based company, told Arab News: “For hotel properties still in the completion phase, we feel it is best to evaluate the perspective, and to diversify pre-opening.

“To be empathic to the existing (or planned) infrastructure and environment of the location, we run a feasibility study and look at how the space could be best used from an ROI (return on investment) as well as community perspective. Turning function spaces into day nurseries, delis, and bakeries,” she said.

Anne Schaeflein, Collaborative Founder NeuSpace. (Supplied)

According to the company’s website, it aims to address the needs of hotel investors, operators, and the wider community surrounding the property.

“We deliver quick solutions to retain some of the hospitality jobs, and add others, and offer attractive living space for communities, all within one to four months, depending on the individual projects,” the company said.

A report in November by global hotel data analysis company, STR, found that the average occupancy rate in Saudi Arabia was 34.7 percent, down 38.7 percent on the previous year. As a result, the average revenue per available room fell 35.5 percent year-on-year to SR172.70 ($46.05).

Looking to the future, real estate consultancy firm, Colliers International, has forecast that average occupancy rates in Riyadh and Alkhobar will be 55 percent, 51 percent in Jeddah and Madinah, and 37 percent in Makkah.

On innovative solutions, Schaeflein said the startup’s concept was formed around the key pillars of value preservation, creating new housing space, and innovative housing concepts.

She pointed out that the company looked at how areas such as roof gardens or social spaces could be used by the wider community, or how pools and spas not being used by guests could be utilized by local residents.

NeuSpace also studies how back-office services and facilities could be offered to residents to better utilize staffing levels. This could include offering dog-minding services, turning rooms into office or retail areas, or renting out restaurant and entertainment spaces when footfall was low.