Outdoor advertising market will be worth $360m by 2025: Arabian Contracting Services 

Outdoor advertising market will be worth $360m by 2025: Arabian Contracting Services 
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Updated 18 October 2021

Outdoor advertising market will be worth $360m by 2025: Arabian Contracting Services 

Outdoor advertising market will be worth $360m by 2025: Arabian Contracting Services 

Jeddah: Arabian Contracting Services expects spending on outdoor advertising in the Kingdom to reach approximately SR1.3 billion ($360 million) by 2025, according to Argaam.

The company, which recently issued the prospectus for its planned IPO, announced an increase in its net profit of 68.6 percent — SR91.7 million — between the fiscal years 2018 and 2019.

Its revenues increased by 23.3 percent from SR639.2 million in 2018 to SR787.5 million in 2019.

The company attributed this growth to growing revenues from digital transformation in addition to the increase in the rate of advertising spend from some key customers, as well as the impact of Riyadh and Jeddah seasons.

Arabian Contracting Services clarified the decrease in revenues in 2020, down SR289.9 from 2019 was due to the impact of the pandemic and the ensuing imposition of a curfew. 

As the Kingdom resumed its activities, revenues returned to a gradual improvement starting from the end of June 2020.

“The company is keen to use the latest technologies in the outdoor advertising sector, where the company has imported the latest billboards from specialized international companies,” said the head of the company, Muhammad Al-khureigy.


Egypt and Jordan agree to more than double the electric capacity between them

Egypt and Jordan agree to more than double the electric capacity between them
Updated 14 sec ago

Egypt and Jordan agree to more than double the electric capacity between them

Egypt and Jordan agree to more than double the electric capacity between them

Egypt and Jordan have agreed to strengthen the electrical interconnection between them in a plan that could see them exchange energy with the rest of the region.

The two governments have settled on a deal that will see the current capacity of 500 megawatts increased to up to 2000 MW, with Jordanian Minister of Energy and Mineral Resources Saleh Al-Kharabsheh saying it “benefits both sides.”

“Our relationship with Egypt is distinguished, as the electrical connection between Jordan and Egypt began in 1999, and there is an exchange of electrical energy with capacities of up to 500 megawatts, and the new agreement may raise this capacity to 1,000 or 2,000 megawatts in the future,” Al-Kharabsheh said, at a press conference in the Jordanian capital of Amman.

“It is possible that Jordan and Egypt will eventually be able to exchange electrical energy between the countries of the region and link it to each other and with other countries such those in Europe or through Egypt to the African continent, which helps encourage and strengthen cooperation between the two countries,” he continued.

Speaking alongside Al-Kharabsheh, the Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker said his country has managed to raise its electrical capacity enough to be able to export.

He added that Egypt plans to increase the percentage of renewable energy from its electrical capacity to 42 percent in 2035.

Shaker also explained that Cairo is studying a new link line with Europe through Greece and Cyprus, explaining that strengthening the link with Jordan opens the way for the exchange of capabilities.

 


16 more fintech firms enter Saudi market in Q3 of 2021

16 more fintech firms enter Saudi market in Q3 of 2021
Updated 25 min ago

16 more fintech firms enter Saudi market in Q3 of 2021

16 more fintech firms enter Saudi market in Q3 of 2021

RIYADH: Saudi Arabia issued licenses to 16 fintech companies in the third quarter of 2021, Sabq quoted Saudi Central Bank governor as saying at an event on Monday.

Fahad Almubarak said 13 of those companies work in the field of payments and electronic wallets, and three firms are engaged in insurance and finance sector.

Saudi Arabia witnessed a 37 percent rise in the number of fintech firms entering the market and also recorded an increase in venture capital investments that exceeded SR680 million ($181 million).

Capital Market Authority chairman Mohammed Elkuwaiz said fintech companies develop technical ideas that challenge the current situation, which has an added value because it offers a product that did not exist before, Sabq paper reported.

Fintech in Saudi Arabia has competitive advantages over other countries, and 90 percent of transactions in the Saudi financial market are automated and have been conducted electronically for more than 10 years, Argaam reported.


Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December
Updated 39 min 28 sec ago

Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December

RIYADH: China’s developers face around $1.3 billion of bond payments in December, following a month of investors’ sentiment stabilising toward the property sector.

In November, the total bond payments was $2 billion, with no defaults reported, according to Bloomberg. 

Investors' scrutiny regarding principal and interest payments lingers as the cash crisis hits the real estate industry. 

China’s Evergrande group unit and Kaisa group’s grace periods are ending by mid-December on coupons of a total of $171 million. 


SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021
Updated 45 min 32 sec ago

SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021

RIYADH/MOSCOW: Annual growth in total credit provided to small and medium enterprises by Saudi banks slowed in the third quarter of 2021 to 12.9 percent from 25.3 percent in the previous quarter, the Saudi Central Bank report issued on Sunday showed.
Loans given to SMEs reached SR186.2 billion ($49.6 billion) in the third quarter of 2021 compared to SR165 billion in the same quarter a year ago.
A descending trend in quarterly growth rates has also been observed as the value of SME lending increased by just 0.8 percent in the third quarter of 2021, the lowest quarterly rate of growth recorded since the fourth quarter of 2019.
In addition, lending to SMEs from finance companies totaled SR14.2 billion in the third quarter of 2021 compared to SR13.5 billion in the previous quarter. It was also higher than last year’s SR10.8 billion in the same period.


Indian crypto unicorn plans IPO

Indian crypto unicorn plans IPO
Updated 51 min 5 sec ago

Indian crypto unicorn plans IPO

Indian crypto unicorn plans IPO

RIYADH: India's first unicorn cryptocurrency, CoinDCX, plans to list on the stock market  as soon as government regulations allow.

The share sale will be a major vote of confidence in India's digital asset industry, similar to the Coinbase listing earlier this year, co-founder Neeraj Khandelwal said in an interview with Bloomberg Television.

“As soon as the government or wider situation allows us, we will try for an IPO (initial public offering),” he said.

“An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly we want to instill a similar level of confidence with an IPO of CoinDCX.”

Khandelwal said the company will decide an exact timeline depending on the incoming government regulations.

“We certainly will look at that in order to grow the industry further,” he added.