Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts

Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts
Joi Gifts is an online marketplace for gifts, which operates in eight countries, including Saudi Arabia, the UAE, Jordan, and Egypt. (Shutterstock)
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Updated 19 September 2021

Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts

Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts
  • The funds will be used to drive short-term growth, with initiatives including awareness campaigns and product development

DUBAI: The entrepreneurship unit of Aramco, Wa’ed, was one of the investors in Joi Gift’s recent funding round that gained $2.5 million in proceeds.

Joi Gifts is an online marketplace for gifts, which operates in eight countries, including Saudi Arabia, the UAE, Jordan, and Egypt.

Dubai-based Knuru Capital also participated in the Series A funding round, the startup said in a statement.

The funds will be used to drive short-term growth, with initiatives including awareness campaigns and product development. The company is also planning further regional expansion, after it announced its eighth country market earlier this year.

“We are thrilled with this investment, which enables Joi Gifts to further enhance and improve what is already the MENA region’s leading online one-stop shop for gifts,” Rami Kahale, Joi Gifts chief, said.

The company said the UAE and the Kingdom had some of the highest average spend on gifts globally, which contributes to its success.


Euro zone’s trade surplus narrows; supply bottlenecks prompt different policies in different countries: Economic wrap

Euro zone’s trade surplus narrows; supply bottlenecks prompt different policies in different countries: Economic wrap
Updated 13 sec ago

Euro zone’s trade surplus narrows; supply bottlenecks prompt different policies in different countries: Economic wrap

Euro zone’s trade surplus narrows; supply bottlenecks prompt different policies in different countries: Economic wrap
  • In addition, imports from Russia and the United States rose noticeably as they jumped by yearly rates of 107.1 percent and 18.4 percent respectively

 

The trade surplus of the Euro area steeply shrank to EUR4.8 billion in August, compared to EUR20.7 billion in the previous month. According to Eurostat data, this was mainly driven by a 26.6 percent surge in imports as energy prices rose. 

In particular, imports of fuels and lubricants soared by 84.4 percent year-on-year. Imports of crude materials also grew significantly in August, rising by a yearly rate of 65.4 percent.

In addition, imports from Russia and the United States rose noticeably as they jumped by yearly rates of 107.1 percent and 18.4 percent respectively.

Global inflation risks

Following elimination of pandemic-related restrictions, a rising global demand has been met with supply shortages all over the world. The Wall Street Journal reported that surging costs for energy and raw materials are the result of this clash.

While more than a dozen central banks have raised their interest rates, two of the most influential, the Federal Reserve and the European Central Bank, are yet to raise their rates. 

This likely means that different central banks have different views over the current inflationary fears. Some predict it to be temporary and will gradually taper off; others expect that it will feed into even more inflationary pressures and thus act accordingly with a contractionary monetary policy.

Italy’s growth forecasts

Italy’s business lobby, Confindustria, has favorably revised its growth outlook for the country. The lobby’s research unit now forecasts the economy to grow by 6.1 percent this year and 4.1 percent in 2022. 

In April, the forecast for 2021 was a lower 4.1 percent.

This means that GDP will be above pre-pandemic levels in the first half of 2022. Limited impact of the Delta variant and robust economic indicators were cited as reasons for this revision.

European Inflation 

Official data showed that France's consumer price inflation rate recorded its highest rate since October 2018, as it increased to 2.2 percent year-on-year in September, higher than last month’s 1.9 percent. Energy costs had the highest jump, growing by 14.9 percent. 

Moreover, according to Italy’s National Institute of Statistics, the country’s yearly inflation rate rose to 2.5 percent in September 2021, rising from 2% in August. Higher energy costs drove this increase as they rose by 20.2 percent. This is the highest inflation rate since November 2012.

However, Italian consumer prices declined by 0.2 percent month-on-month compared to a 0.4 percent rise in August.

Indonesian balance of trade 

In the 17th straight month of continued trade surplus, Indonesia's surplus expanded from $2.4 billion in September 2020 to $4.4 billion in this year’s September, data from Statistics Indonesia showed.

This was mainly due to significantly high export growth, as it increased by a yearly rate of 47.6 percent due to larger oil and non-oil exports. Imports also surged, albeit at a slightly slower pace, growing by 40.3 percent. Oil and gas imports soared by 59.2 percent while purchases of non-oil and gas rose by 38.2 percent.


Tunisia in talks with Saudi Arabia, UAE for financial support

Tunisia in talks with Saudi Arabia, UAE for financial support
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Updated 45 min 30 sec ago

Tunisia in talks with Saudi Arabia, UAE for financial support

Tunisia in talks with Saudi Arabia, UAE for financial support
  • The nation is looking to secure $4 billion from the IMF over three years

CAIRO: Tunisia has reached out to Saudi Arabia and the UAE for financial assistance, while talks with the International Monetary Fund are also ongoing, a central bank official said.

Central bank official Abdelkarim Lassoued said an agreement with the two gulf states could be reached soon, amid mounting pressure to repay its debts, as reported by Asharq.

The nation is looking to secure $4 billion from the IMF over three years, which will be used to meet its foreign commitments. 

“There will be no problem in repaying debts” after the deal, Lassoued said. 

Tunisia has been battling long-running economic troubles since July as the country’s political crisis continues to deepen, leading Moody’s Investor Service to cut its assessment of the country by a notch last week.


Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases


Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases

Updated 51 min 50 sec ago

Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases


Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases

  • This growth is due to a rise in sales of transport and petroleum services sector, as well as the reevaluation of its investments

Saudi Arabia’s Aldrees Petroleum and Transport Services Company reported a 50 percent net profit rise in the first 9 months of 2021, signaling a strong recovery from COVID-19 pandemic. 

Profit rose from from SR81.6 million during the first nine months of 2020, to SR122.7 million in the same period this year, the company said in a bourse filing.

This growth is due to a rise in sales of transport and petroleum services sector, as well as the reevaluation of its investments.

Revenues have almost doubled in the third quarter of 2021, compared to the same time the previous year.  

The new figures came despite higher marketing, general, administrative expenses, financial and Zakat charges, as well as a decrease in the joint venture’s investment profit. 


TASI Stocks up by 0.6 percent in early trading: Market wrap

TASI Stocks up by 0.6 percent in early trading: Market wrap
Updated 17 October 2021

TASI Stocks up by 0.6 percent in early trading: Market wrap

TASI Stocks up by 0.6 percent in early trading: Market wrap
  • Aldrees net profit surges 50 percent to SR122.7 million for the first nine months of 2021

RIYADH: Saudi Arabia’s main market, Tadawul, traded 0.6 percent higher on Sunday morning, at 11,750 points.

Here’s a wrap of market movements as of 10:30 a.m. Riyadh time:

Aldrees net profit surges 50 percent to SR122.7 million for the first nine months of 2021. 

Derayah-REIT goes ex dividend today. 

Saudi Real Estate Co.’s subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), signed a contract with Diriyah Gate Development to carry out Wadi Hanifa's infrastructure work with the Diriyah Development Authority.

AlKathiri Holding Co’s subsidiary, Alian Industry Co. received a land plot of 7,000 square meters from the Abdul Rahman Al-Rashed Company to build a ready-mixed concrete plant.

UCA recommends capital hike through SR300 million right Issues.

“The Market Authority” approves the public offering of the units of the “Capital Flexible Investment Fund for Saudi Equities”.

Nayifat Finance announces the initial prospectus for subscription.

Savola Group’s wholly-owned subsidiary, Savola Foods Co., completed the acquisition of 100 percent of Bayara Holding Limited. 


Egypt, Cyprus sign power grids interconnection agreement

Egypt, Cyprus sign power grids interconnection agreement
Updated 17 October 2021

Egypt, Cyprus sign power grids interconnection agreement

Egypt, Cyprus sign power grids interconnection agreement

CAIRO: Egypt and Cyprus signed a memorandum of understanding to study the establishment of the electrical interconnection project between the two countries, which provides direct connection for the exchange of electricity between them.

The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker said in a statement that the agreement is a necessary preparations for signing the final contracts for the electrical interconnection project between Egypt, Cyprus and Greece.

Shaker added that the final procedures are currently underway to review the studies of the electrical interconnection project with Cyprus and Greece, in preparation for the start of implementing the project with a capacity of 2,000 megawatts, and it may reach 3,000 megawatts, explaining that the link with Cyprus allows Egypt to link with all European countries after it is completed, connecting it with Crete and then Greece.

Egypt and Greece concluded a similar agreement last week, paving the way for an underwater cable to transport electricity generated from clean energy sources from North Africa to Europe, the first infrastructure of its kind in the Mediterranean region.