$9.3m invested in confectionery industry in Saudi Arabia

$9.3m invested in confectionery industry in Saudi Arabia
Saudis visit the International Coffee & Chocolate Exhibition held at the Riyadh International Convention & Exhibition Center (RICEC) in Riyadh. (AFP/File)
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Updated 25 July 2021

$9.3m invested in confectionery industry in Saudi Arabia

$9.3m invested in confectionery industry in Saudi Arabia

RIYADH: Saudi Arabia Ministry of Industry and Mineral Resources revealed that the volume of investment in the Kingdom’s confectionery industry reached SR35 million ($9.3 million) as of July 15, 2021.

The ministry said the funds were pumped into 1,066 factories in the Kingdom.

A report recently issued by the National Center for Industrial and Mining Information indicated that investments in sweets and chocolate factories constitute 1.38 percent of the total investments. According to the report, foreign investments in the confectionery sector amounted to 3 percent of the total investments while the percentage of the Saudi investors in the sector reached 92 percent.

The report said the Riyadh region has the highest number of chocolate factories.


Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed
Updated 15 sec ago

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

RIYADH: Cura, a Saudi telehealth startup announces a SR15 million Series-A investment from ELM and Wa’ed, the entrepreneurship arm of Saudi Aramco, according to a statement today.

 


SABIC stock hits 7-year high

SABIC stock hits 7-year high
Image: Shutterstock
Updated 9 min 32 sec ago

SABIC stock hits 7-year high

SABIC stock hits 7-year high

Saudi Basic Industries Corporation (SABIC) recorded its highest price on Sunday since September 2014, at SR 134.60, according to Argaam. 

The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far. 

Today’s rise has pushed the stock up a staggering 120 percent since March 2020. 

The Saudi company operates in the petrochemical, fertilizer, iron, steel and aluminum industries with Saudi Aramco the largest investor, with a share of 70 percent. 


FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices
Image: Shutterstock
Updated 52 min 27 sec ago

FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices

Index publisher FTSE Russell has added ADNOC Drilling to three of its global equity indices.


ADNOC Drilling has been added to the FTSE Global Large Cap Index, the FTSE Emerging Index, and the FTSE All-World Index, according to a statement from ADNOC Drilling.


The index publisher, against whose indexes funds benchmark trillions of dollars of assets, earlier announced the same to clients on October 4.


ADNOC Drilling is a unit of Abu Dhabi National Oil Co. Baker Hughes retains a 5 percent share in the company.


ADNOC Drilling went public earlier this month via a $1.1 billion initial public offering through the sale of a 11 percent share in the company to investors.


Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
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Updated 17 October 2021

Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
  • Penalties can be doubled according to the frequency of violations

Saudi Arabia issued penalties in a move to regulate employment in electronic employment platforms as demand for mobile and web applications is booming in the Kingdom.

The Ministry of Human Resources and Human Development issued four penalties for violations on electronic platforms that range between SR5,000 ($1333) and SR50,000 ($13,333), Okaz paper reported.

The violations include the platforms enabling non-Saudi workers to work directly through the platform, platforms not verifying that the worker does not work on behalf of other people, platforms with incorrect data for workers, and those that have not supplied the requested data and information to the ministry.

Penalties can be doubled according to the frequency of violations.

The Minister, Ahmed Alrajhi, had previously obligated electronic platforms to limit direct interactions to Saudi nationals only and not to deal directly with non-Saudi workers except through the operating establishments.


Saudi food group Savola completes $260m acquisition of UAE’s Bayara

Saudi food group Savola completes $260m acquisition of UAE’s Bayara
Updated 17 October 2021

Saudi food group Savola completes $260m acquisition of UAE’s Bayara

Saudi food group Savola completes $260m acquisition of UAE’s Bayara
  • The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations.

DUBAI: Saudi Arabia’s Savola Group has completed the full acquisition of Emirati snack maker Bayara Holding, in a deal worth SR975 million ($260 million).

The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations.

Bayara is a major manufacturer and distributor of branded snacks in the UAE and the Kingdom.