Saudi Banan Real Estate Co. to distribute $1.3m cash dividends in H1 2021

Saudi Banan Real Estate Co. to distribute $1.3m cash dividends in H1 2021
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Updated 08 September 2021

Saudi Banan Real Estate Co. to distribute $1.3m cash dividends in H1 2021

Saudi Banan Real Estate Co. to distribute $1.3m cash dividends in H1 2021

RIYADH: Saudi Banan Real Estate Co. has approved cash dividends amounting to SR5 million ($1.3 million) to shareholders for the first half of 2021, according to a bourse statement.

Eligible shares will be entitled to a dividend of SR0.25 per share, for  representing 2.5 percent of the nominal share value, the company said on Wednesday. 

The distribution time will be confirmed on due time, the company said.

Banan’s net profit jumped 53 percent at the end of first half of 2021, year-on-year, reaching SR12.9 million ($3.4 million) compared to SR8.5 million in the same period of last year, Argaam reported last week.

 


Saudi Arabia to expand passengers capacity at airports to 330m

Saudi Arabia to expand passengers capacity at airports to 330m
Updated 11 sec ago

Saudi Arabia to expand passengers capacity at airports to 330m

Saudi Arabia to expand passengers capacity at airports to 330m

RIYADH: Saudi Arabia plans to expand capacity at airports to 330 million passengers by 2030 from 100 million in 2016, Al Riyadh newspaper reported, citing minister of transport and logistics, Saleh Al-Jasser.

The minister also said that they are increasing air cargo capacity to 4.5 million tons by 2030, compared to 99,000 tons in 2019. 


Saks Fifth Avenue e-commerce unit aims for IPO at $6bn valuation: WSJ

Saks Fifth Avenue e-commerce unit aims for IPO at $6bn valuation: WSJ
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Updated 26 sec ago

Saks Fifth Avenue e-commerce unit aims for IPO at $6bn valuation: WSJ

Saks Fifth Avenue e-commerce unit aims for IPO at $6bn valuation: WSJ
  • The deal valued the Saks e-commerce business, called Saks, at $2 billion

The e-commerce business of luxury department store Saks Fifth Avenue is preparing for an initial public (IPO) offering and targeting a $6 billion valuation, the Wall Street Journal reported, citing sources.


The company is interviewing potential underwriters this week for an IPO that could take place in the first half of next year, according to the report.


Saks said it does not comment on rumors or speculation in a statement to Reuters.


Earlier this year, Hudson's Bay Co (HBC), the owner of Saks Fifth Avenue, launched the luxury department store's e-commerce segment as a separate business following investment from U.S. private equity firm Insight Partners in the online business.


The deal valued the Saks e-commerce business, called Saks, at $2 billion, HBC said.


US supply chain woes to stretch into 2022, warns transport chief

In this aerial file photo taken on October 14, 2021, trucks transport cargo containers at the Port of Baltimore in Baltimore, Maryland. (Photo by Brendan Smialowski / AFP)
In this aerial file photo taken on October 14, 2021, trucks transport cargo containers at the Port of Baltimore in Baltimore, Maryland. (Photo by Brendan Smialowski / AFP)
Updated 18 October 2021

US supply chain woes to stretch into 2022, warns transport chief

In this aerial file photo taken on October 14, 2021, trucks transport cargo containers at the Port of Baltimore in Baltimore, Maryland. (Photo by Brendan Smialowski / AFP)
  • Pete Buttigieg says the supply side crunch was being exacerbated by extraordinary pent-up demand

WASHINGTON: The US transportation secretary on Sunday warned that America’s supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world’s largest economy.
Pete Buttigieg did the rounds on US political talk shows to stress that President Joe Biden’s administration was doing everything it could to alleviate congestion at the country’s overloaded ports, railways and roads, and that the government will “re-evaluate all of our options” to relieve the bottlenecks.
But “a lot of the challenges that we have been experiencing this year will continue into next year,” the transport chief and former presidential candidate told CNN’s “State of the Union” show.
Buttigieg added that the supply side crunch was being exacerbated by extraordinary pent-up demand in the United States.
“Demand is off the charts, retail sales are through the roof,” he said, and the country’s transportation and shipping infrastructure has been unable to keep up.
With the Christmas holiday season gearing up as America’s coronavirus-battered economy rebounds, US retailers are taking unprecedented steps to try to navigate around myriad supply chain obstacles.
Biden recently announced a commitment by the Port of Los Angeles to begin 24-hour operations in an effort to ease congestion which has seen multiple cargo ships anchored off the coast awaiting opportunities to unload.
Analysts have pointed to knock-on effects through the US economy.
Allianz chief economic adviser Mohamed El-Erian, speaking to “Fox News Sunday” about the supply chain crunch, called it “the everything shortage.”
“Things will get worse before they get better,” he said. “So we’re going to have more shortages of goods, we’re going to have higher prices, inflation will remain in the four-to-five percent level. And it’s just going to take time to sort these things out.”
Congress meanwhile is grappling with passing two huge portions of Biden’s domestic agenda: a $1.2 trillion infrastructure bill to upgrade roads, bridges and ports, and his even bigger Build Back Better social spending program.
“We’ve got to get this done,” Buttigieg said on NBC’s “Meet the Press.”
The infrastructure bill has bipartisan support. But the massive package that expands the social safety net and addresses the climate crisis faces opposition from within the president’s own Democratic camp as well as from Republicans, pushing Biden to consider paring it back.


Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings
Updated 17 October 2021

Saudi Arabia gets a boost in maritime connectivity rankings

Saudi Arabia gets a boost in maritime connectivity rankings

RIYADH: Saudi Arabia made impressive progress in maritime connectivity at the regional level, according to the UN Conference on Trade and Development report for the third quarter of 2021.

The Kingdom achieved 70.68 points in the Maritime Connectivity Index, which is the highest in the region, said the report.

The Saudi Ports Authority, also known as Mawani, has forged partnerships with operators and major international shipping lines to develop the Kingdom’s seaports and contribute to the national goal of transforming Saudi Arabia into a global logistics hub.

Omar bin Talal Hariri, president of Mawani, said the authority is proud of the achievement and will intensify its efforts to meet the aspirations of the Kingdom’s leadership.

The index includes several sub-indicators, most notably, the number of scheduled visits by ships to the country within a week, capacity of the ships in standard units, in addition to the number of regular service paths provided by shipping lines to and from the country.


UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe

Updated 17 October 2021

UAE-based Al Dahra to open 3 plants in Eastern Europe


UAE-based Al Dahra to open 3 plants in Eastern Europe


RIYADH: Al Dhara Holding, an Abu Dhabi-based agricultural company, will establish five new animal feed plants in Eastern Europe.

The new plants will be established in Serbia, Romania and Bulgaria. The new facilities are part of the company’s efforts to expand its horizons and diversify its sources of production.

The company has opened its first plant for compressing and drying animal feed in Serbia with a production capacity of 120,000 tons and storage capacity of 20,000 tons.