TASI up 0.3 percent; supported by the banking sector: Market Wrap

TASI up 0.3 percent; supported by the banking sector: Market Wrap
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Updated 19 October 2021

TASI up 0.3 percent; supported by the banking sector: Market Wrap

TASI up 0.3 percent; supported by the banking sector: Market Wrap

RIYADH: The Tadawul All Share Index rose on Tuesday by 0.3 percent, or 34 points, to 11.792 points. 

Some 198.6 million of shares changed hands in 341,000 deals, with heavy trading in ACWA Power, AL Rajhi, and Petro Rabigh. 

The market's rise is supported by an increase in banking shares, led by Al-Rajhi Bank, which rose by 3.1 percent — the highest increase since 2006.

Etihad Etisalat shares also rose by 2.8 percent, supported by the company's profit growth in the third quarter, which amounted to SR281 million — up 56.6 percent. The firm also reported a 7.4 percent growth in revenues.

The biggest winners today were National Buildings and Marketing by 12.1 percent, Shams by 4.3 percent, Al Naqool by 3.5 percent, Al Rajhi by 3.1 percent, Mebco by 2.9 percent, Mobily and Saudi Re by 2.8 percent. 

Other News:

Arabian Contracting Services Co. announced that 1.5 million shares will be offered to individual subscribers, the equivalent of 10 percent of the total shares offered for public subscription. The price of the offering ranges between SR90-100 per share, according to the director of the offering, GIB Capital.

The Arab Company for Internet and Communications Services "Solutions" achieved a net profit with the amount of SR257 million in the third quarter of 2021, compared to SR240 million for the same period last year — an increase of 7.08 percent 

The company said that the profit growth is mainly due to the increase in gross profit by 6.7 percent (SR29 million), thanks to a rise in total revenues by 0.46 percent (SR 9million) and a decrease in revenue costs by 1.3 percent (SR20 million)

The parallel stock market index Nomu closed up 24368.26 points, or 2.23 percent, where 464.4 thousand shares were traded, with 1885 deals. 

The biggest fallers today were Yansab by 3.5 percent, Arabia Insurance cooperative, Alinma Tokio Marine, and Petro Rabigh by 3.1 percent respectively, and Sumou and United Cooperative Assurance by 2.9 percent each.


Egypt, Israel sign memorandum on gas supplies for re-export

Egypt, Israel sign memorandum on gas supplies for re-export
Updated 17 sec ago

Egypt, Israel sign memorandum on gas supplies for re-export

Egypt, Israel sign memorandum on gas supplies for re-export
  • The MoU also considers the possibility of using the existing pipeline between the two countries to transport hydrogen in future.

CAIRO: Egypt and Israel have signed a memorandum of understanding to consider the possibility of increasing Israeli gas supplies to Egypt with the aim of re-exporting and using the pipeline between the two countries to transport hydrogen in the future.
Last year, Egypt and Israel announced the start of pumping Israeli gas to Egypt through the EastMed Gas Pipeline, with the purpose of liquefying it at Egyptian liquefaction stations and re-exporting it to Europe.
A statement issued by the Egyptian Ministry of Petroleum added that the agreement is part of efforts aimed at expanding the use of less polluting fuels to reduce greenhouse gas emissions in the region.
The MoU said that natural gas is a transitional fuel, as its use in the Eastern Mediterranean contributes to a significant reduction in emissions, especially after the sharp decline in the use of coal and petroleum in Egypt and Israel.
During the last few months, joint working groups from both countries held several meetings, during which a comprehensive review of the possibility of expanding natural gas supplies for re-export was conducted.
Tarek El Molla, Egyptian minister of petroleum and mineral resources, said that supporting joint cooperation in order to benefit from the natural resources in both countries is important.
Karine Elharrar, the Israeli minister of national infrastructures, energy and water resources, said Egypt is an important partner in achieving energy security in the region.


Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief

Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief
Updated 9 min 59 sec ago

Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief

Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief
  • E-commerce platform with environment at heart of its strategies

DUBAI: For many, sustainable fashion is an interest or trend. For the founders of global sustainable e-commerce platform Plain Tiger, it’s a necessity.
In the middle of the night, Oliver Baillie woke up in his new home in South Africa to find strange men in his house. He began thrashing, worried it was a robbery until his wife, Alexandra Baillie, explained it was the paramedics. He had had a seizure and needed to be taken to hospital immediately.
The prognosis wasn’t good; a brain tumor — with no prior symptoms – was the cause. Following surgery and treatment, it led to a year of healing practices for the entrepreneur, who had recently moved to Cape Town after a long career heading international operations at a leading British bank based in Dubai. 
“What I learned is that what’s good for the body is also good for the planet,” said Baillie, the co-founder and CEO, during the regional soft launch at the Mandarin Oriental Jumeirah in Dubai.

“A plain tiger is an orange butterfly found in the region and ‘they’ say seeing one signifies positive change. They kept landing on our conference room window as we were building the business. And so, we named the brand Plain Tiger: A global platform for conscious luxury lifestyle products.”
The first of its kind, the platform curates leading ethical and sustainable fashion, beauty and home decor brands from across the world. Many of the 185 brands are exclusively available through Plain Tiger in the Middle East and North Africa and represent the most carefully crafted products from over 20 countries across six continents. These are brands on the rise in cities like Paris, London, Milan, Sydney and New York.
“At a time when sustainability has such a strong focus in the region, it’s the perfect time to be launching in MENA,” said Baillie, who now moved back to Dubai with his wife. “Governments like those of the UAE and Saudi Arabia are driving positive change, and businesses are looking to improve their environmental impact.”  
Last month, Saudi Arabia’s crown prince launched a Middle East Green Initiative, aimed at raising $10.4 billion for an investment fund and clean energy projects to reduce carbon emissions. Meanwhile, the UAE will play host to global climate summit COP 28 in 2023. The steps are in place and brands like Plain Tiger have a true opportunity to make a difference.
The brand is also launching a sustainability accelerator in the region, inviting local startups to assess their ethical practices at early stages of building their businesses.
“Sustainability is a buzzword that can be thrown around, but we have really stringent requirements for brands hosted on our e-commerce platform,” said Baillie.
At a time when many businesses are still setting strategies to become net zero, Plain Tiger has already secured a “climate positive” status. Each order made has a positive impact on the environment thanks to Plain Tiger’s three-part strategy: Conscious product curation, minimizing company carbon emissions, and offsetting double the remaining carbon emissions by investing in reforestation projects in Uganda and Brazil through their partnership with leading offset provider Pachama. 
Plain Tiger also has a 70 percent female team. The featured designers and manufacturers are all selected for their expertise in their craft and commitment to ethical and sustainable practices, often leveraging processes steeped in tradition and indigenous ingredients or materials. Transparency and traceability is key to Plain Tiger’s ethos. 
“We believe you should know the hands that made your products,”  said co-founder and director, Alexandra Baillie. Her background in luxury retail includes Estee Lauder, La Mer and The Four Seasons spas.
From the packaging to the material, any product purchased on the site holds a promise of ethical luxury. Add to that the passion of the founders and you’ve got powerhouse potential with a lot of heart, too.


China’s industrial profits growth accelerates in Oct

China’s industrial profits growth accelerates in Oct
Updated 16 min 8 sec ago

China’s industrial profits growth accelerates in Oct

China’s industrial profits growth accelerates in Oct

REUTERS: Profits at China’s industrial firms grew at a faster pace in October, the statistics bureau said on Saturday, providing a buffer for a faltering economy battered by soaring raw material prices.
Profits in October rose 24.6 percent from a year earlier to 818.7 billion yuan ($128.1 billion), the official data showed, quickening from a 16.3 percent gain reported in September.
For the January-October period, industrial firms’ profits rose 42.2 percent year-on-year to 7.2 trillion yuan, slower than a 44.7 percent rise in the first nine months of 2021.
The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.
Prices in China have surged amid a power crunch and Beijing has been trying to cool a red-hot market for coal.


Xiaomi to open electric vehicle plant in Beijing

Xiaomi to open  electric vehicle  plant in Beijing
Updated 18 min 4 sec ago

Xiaomi to open electric vehicle plant in Beijing

Xiaomi to open  electric vehicle  plant in Beijing

BEIJING: Chinese smartphone giant Xiaomi Corp. will build a plant that can produce 300,000 vehicles annually in Beijing for its electric vehicle unit, authorities in the capital said on Saturday.
The plant will be constructed in two phases and Xiaomi will also built its auto unit’s headquarters, sales and research offices in the Beijing Economic and Technological Development Zone, the government-backed economic development agency Beijing E-Town said on its official WeChat account.
Beijing E-Town said it anticipated the plant reaching mass production in 2024.
In March, Xiaomi said it would commit to investing $10 billion in a new electric car division over 10 years. The company completed the business registration of its EV unit in late August.


Italy’s Snam buys stake in Algerian gas pipelines

Italy’s Snam buys stake in Algerian gas pipelines
Updated 21 min 58 sec ago

Italy’s Snam buys stake in Algerian gas pipelines

Italy’s Snam buys stake in Algerian gas pipelines

MILAN: Italy’s Snam has agreed to buy a stake in pipelines carrying Algerian gas into Italy in a move that could pave the way for hydrogen imports from Africa into Europe.
Europe’s biggest gas infrastructure group said on Saturday it would pay energy company Eni €385 million ($436 million) for a 49.9 percent stake in the pipelines to jointly control the assets with its fellow Italian company.
Snam, which makes most of its money from managing Italy’s natural gas transport grid, has pledged to spend more on new, clean business lines such as green hydrogen.
Like other European gas grid operators, it is upgrading its national network to be hydrogen ready.
Snam also owns 20 percent of the TAP pipeline that carries Azeri gas into Italy.