Tommy Hilfiger expands retail footprint in Riyadh

Tommy Hilfiger expands retail footprint in Riyadh
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Updated 11 June 2021

Tommy Hilfiger expands retail footprint in Riyadh

Tommy Hilfiger expands retail footprint in Riyadh

JEDDAH: While Tommy Hilfiger’s parent company is laying off staff and closing stores in the US, the American premium fashion brand is expanding in Saudi Arabia.
The company, which is now headquartered in Amsterdam, launched a new footwear and accessories shop in Riyadh, the second such outlet in the region after the first outlet opened in Dubai Mall in May.
The store features the brand’s latest bags, accessories, and footwear ranges.
The franchise in the region is operated by the Dubai-based Apparel Group, which manages stores in the UAE, Saudi Arabia, Kuwait, Bahrain and Qatar.
Tommy Hilfiger has over 2,000 stores worldwide and is owned by Manhattan-based PVH Corp., which also owns other fashion brands such as Calvin Klein, Van Heusen, IZOD, ARROW, Warner’s and Olga.
PVH Corp. in July last year announced it was to cut 450 jobs and close 162 retail outlets, with Van Heusen and IZOD impacted the most. The company said it aimed to save $80 million dollars by laying off around 12 percent of its office staff.
“The COVID-19 crisis is dramatically reshaping the retail landscape in ways that we believe will be long term in nature and far-reaching in terms of consumer purchasing behavior,” president Stefan Larsson said in a report by Reuters.
According to its latest quarterly report released in May, PVH Corp. reported total revenue of $2.079 billion in the quarter, compared to $1.334 billion during the quarter leading up to May 2020.
As a result, it made a net profit of $99.9 million for the quarter in May 2021, compared to a loss of $1.096 billion in the quarter leading up to May 2020.


Easing restrictions drive Middle East’s post-pandemic rebound, says ICAEW

Easing restrictions drive Middle East’s post-pandemic rebound, says ICAEW
Updated 30 min 25 sec ago

Easing restrictions drive Middle East’s post-pandemic rebound, says ICAEW

Easing restrictions drive Middle East’s post-pandemic rebound, says ICAEW
  • The report reveals that business confidence in the region has strengthened in recent months

DUBAI: The Middle East’s regional GDP will grow by 2.4 percent this year according to a report commissioned by the Institute of Chartered Accountants in England and Wales (ICEAW).
It represents a similar rate to the region’s average growth trajectory in the last decade, as countries double down on their pandemic exit strategies.
The report reveals that business confidence in the region has strengthened in recent months on the back of eased COVID-19-related restrictions and an energetic vaccine campaign.
Strong Purchasing Managers’ Index (PMI) readings indicate a positive outlook throughout the year, the report said.
This shows a marked improvement from the 4.4 percent economic contraction felt across the region last year.
The region can particularly benefit from the expected surge of travel demand once the rest of the world opens up, the report noted, with major global events set to happen in Dubai and Qatar.
“The outlook for most Middle Eastern economies looks positive this quarter, but keeping coronavirus levels low will be essential to ensure economies can return to growth,” the company’s regional director, Michael Armstrong, said.
He highlighted the need to continue diversification strategies to reduce reliance in the oil industry, which has seen gradual recovery from its performance in 2020.
“The rise in the oil price has boosted revenue prospects for GCC producers,” ICAEW Economic Adviser Scott Livermore, said.
“Higher oil revenue gives governments more scope to support post-pandemic recoveries without undermining efforts aimed at improving medium-term fiscal sustainability,” he added.


Quebec-based Robotel to add Arabic curriculum in its offering

Quebec-based Robotel to add Arabic curriculum in its offering
Updated 13 June 2021

Quebec-based Robotel to add Arabic curriculum in its offering

Quebec-based Robotel to add Arabic curriculum in its offering
  • The Quebec-based company said it would partner with Nexus Learn Arabic to develop the course
  • The pair want to finish the curriculum by 2022

DUBAI: Canadian education technology company Robotel is teaming up with a UK-based startup to develop an extensive Arabic language digital curriculum.
The Quebec-based company said it would partner with Nexus Learn Arabic to develop the course, as it expands its offerings to its client schools.
“We feel it is important to help bridge the cultural gap between North America, Europe and the Arabic culture, of which the language is a rich testimonial,” Yanick Demers, the company’s CEO said in a statement.
He added Robotel’s client schools have been asking for an Arabic curriculum. The company currently offers curricula in English, German, and Spanish.
The aim is to create a curriculum that will be the “go to” for schools in Europe, Middle East, Asia, and North America, Nexus Learn Arabic CEO Jamal Al-Tamimi said.
“We are currently entertaining opportunities for financing and strategic partnerships to help us achieve the goal of bringing best-in-class Arabic curriculum to schools,” he added.
The pair want to finish the curriculum by 2022.


Dammam smart parking to generate cash for Batic in second half as $320 project takes off

Dammam smart parking to generate cash for Batic in second half as $320 project takes off
Updated 13 June 2021

Dammam smart parking to generate cash for Batic in second half as $320 project takes off

Dammam smart parking to generate cash for Batic in second half as $320 project takes off
  • It follows a deal struck in 2019 and worth SR1.2 billion ($320 million) to develop and operate smart car parks in Dammam, Dhahran and Al Khobar

RIYADH: Batic Investment and Logistics Company said that its smart parking project in Dammam would start generating revenue from July 1.
It follows a deal struck in 2019 and worth SR1.2 billion ($320 million) to develop and operate smart car parks in Dammam, Dhahran and Al Khobar for 25 years.
It is part of a broader push to develop so-called smart cities in the Kingdom with major investments being channeled into technology aimed at improving the efficiency of municipal services.

 


Dur Hospitality and Taiba Investments mull merger

Dur Hospitality and Taiba Investments mull merger
Updated 13 June 2021

Dur Hospitality and Taiba Investments mull merger

Dur Hospitality and Taiba Investments mull merger
  • It comes amid a wave of merger and acquisition activity in the Kingdom and wider Gulf region as corporations reposition themselves in the post-pandemic world

RIYADH: Dur Hospitality and Taiba Investments said they would start preliminary discussions about a possible merger.

The pair made the disclosure in separate statements to the Saudi stock exchange on Sunday.
It comes amid a wave of merger and acquisition activity in the Kingdom and wider Gulf region as corporations reposition themselves in the post-pandemic world.
Dur develops, owns and manages hotels, restaurants, recreational centers and travel agencies. It also provides services to Umrah pilgrims, in addition to developing residential, hotel and commercial buildings, Argaam reported.
Its major shareholders include Assila Investments Co. with 27.14 percent, the Public Investment Fund (PIF) with 16.62 percent, and Mohamed Ibrahim Mohamed Al Issa with 12 percent, the financial website said.
Meanwhile Taiba is active in real estate, architectural and electrical contracting, maintenance and operation, agricultural, industrial and mining activities.
Its major shareholders include Asilah Investment Co. with 16.73 percent, Mohamed Saleh Hamza Serafy (15.55 percent), and Mohamed Ibrahim Mohamed Al Issa (7.41 percent), Argaam said.


SRMG unit inks 3-year media services contract worth $53.3m

SRMG unit inks 3-year media services contract worth $53.3m
Updated 13 June 2021

SRMG unit inks 3-year media services contract worth $53.3m

SRMG unit inks 3-year media services contract worth $53.3m
  • Under the contract, Taoq will provide media services, produce multilingual content, and provide consulting services

DUBAI: Taoq International Public Relations, a unit of the Saudi Research and Media Group (SRMG), has signed a three-year contract with an annual value of SR200 million ($53.3 million).
Under the contract, Taoq will provide media services, produce multilingual content, and provide consulting services, SRMG announced in a bourse filing.
The financial impact of the deal, signed with an unnamed commercial company in the media industry, is expected to appear in Q2 statements this year.