18m olive, palm trees planted in Jouf in line with Saudi Green Initiative

18m olive, palm trees planted in Jouf in line with Saudi Green Initiative
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Updated 01 November 2021

18m olive, palm trees planted in Jouf in line with Saudi Green Initiative

18m olive, palm trees planted in Jouf in line with Saudi Green Initiative

RIYADH: A total of 18 million olive and palm trees have been planted in Saudi Arabia’s northern Jouf region in line with the Saudi Green Initiative.

With its fertile soil and moderate climate, Jouf is the biggest producer of olive olive and is home to vast orchards holding millions of trees. Also known as the “food basket of the Kingdom,” the region is far ahead of the world in the production of olive oil and holds a Guinness record for the vast area used for olive tree plantation.

Olive trees in Jouf produce more than 10,000 tons of oil and 15,000 kg of table olives.
“Planting olive trees is a strategic option in line with SGI and Saudi Vision 2030, to achieve food sufficiency and stimulate investment,” olive expert Bassam Al-Aweesh said. 

“Olive trees will increase the vegetation cover, in order to improve climate,” he said.


Ma’aden appoints Sofina Foods' Wilt as new CEO

Ma’aden appoints Sofina Foods' Wilt as new CEO
Updated 12 sec ago

Ma’aden appoints Sofina Foods' Wilt as new CEO

Ma’aden appoints Sofina Foods' Wilt as new CEO

RIYADH: The Saudi Arabian Mining Co., or Ma’aden, has appointed Robert Wilt as its new chief executive officer, it announced in a bourse filing. 

The appointment ends the tenure of Abdulaziz Al-Harbi who was only serving the company on a temporary basis. 

Immediately prior to Ma’aden, Wilt was the CEO of Sofina Foods Canadian, a leading meat manufacturer. 

Wilt, who is also joining the Saudi firm as an executive board member, has 30 years of experience spending a significant time at Alcoa, the US-based aluminum producer, where he held various executive positions.

The American executive is an Engineering Management graduate at the US Military Academy, and he also holds a master’s degree from Harvard University. 


Brace for the trading week on Tadawul as earnings season comes into play

Brace for the trading week on Tadawul as earnings season comes into play
Updated 14 min 26 sec ago

Brace for the trading week on Tadawul as earnings season comes into play

Brace for the trading week on Tadawul as earnings season comes into play

RIYADH: Last week, Saudi Arabia’s main stock index TASI wrapped up ten straight days of gains amid heightened investor sentiment. Earnings season is starting to get into full swing for the Kingdom’s listed companies.

In the latest session, TASI gained 0.3 percent to reach 12,291 points, while the parallel market Nomu slipped 0.3 percent to close at 26,071 points.

Other GCC members saw fractional declines on Thursday, including main indexes of Qatar, Oman, Bahrain, and Kuwait, all down in the range of 0.1 to 0.8 percent.

Elsewhere in the Middle East, the Egyptian index EGX30 edged up by 0.1 percent.

Dubai’s DFMGI index and Abu Dhabi’s FTSE ADX General index were both up on Friday by 1.3 and 0.3 percent, respectively.

In energy trading, oil prices snapped the seven-year high as higher inventories of US crude and fuel prompted profit-taking.

Brent crude oil reached $87.9 per barrel on Friday, and US benchmark WTI crude oil settled at $85 per barrel.

Stock news

  • Saudi dairy giant Almarai recorded a 21 percent decline in profit in 2021 as pandemic and value-added tax, VAT, weighed on revenues
  • The Saudi Real Estate Co., known as Alakaria, has secured a bridge loan of SR400 million ($107 million) to finance part of the price of the land it’s purchasing in the east of Riyadh
  • East Pipes Integrated Co.’s initial public offering was 71.8 times oversubscribed. The final offer price has been set at SR80 per share
  • Arabian Centres Co. said in a bourse filing that its board of directors accepted the resignation of the CEO Faisal Abdullah Al-Jedaie, effective Jan. 31, 2022
  • Digital security firm Elm Co. set its initial public offering price range between SR113 and SR128 per share. The book-building period will start today Jan. 23 and end on Jan. 28
  • Saudi Basic Industries Corp., also known as SABIC, has begun operations of its petrochemical joint venture with US ExxonMobil on the US Gulf coast
  • Tadawul approved the listing of SR2.83 billion ($755 million) worth of government debt instruments, submitted by the Ministry of Finance
  • Saudia Dairy and Foodstuff Co., or SADAFCO, reported a 28.6 percent decline in profit during the nine months ending Dec. 31, 2021. Profits dropped to SR146 million
  • Saudi food firm Wafrah for Industry and Developments has appointed Khaled Saleh Al Amoudi as CEO on Thursday
  • Dammam-based Gas Arabian Services will start offering 790,000 shares in an IPO on the parallel market Nomu on Sunday, Jan. 23

Calendar

Jan. 23, 2022

  • Start of Elm Co.’s IPO book-building
  • Start of Gas Arabian Services’ initial public offering subscription

Jan. 24, 2022

  • Start of East Pipes Integrated Co.’s initial public offering subscription

Jan. 25, 2022

  • End of East Pipes Integrated Co.’s initial public offering subscription
  • Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year

Jan. 27, 2022

  • End of Gas Arabian Services’ initial public offering subscription
  • End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

  • End of Elm Co.’s IPO book-building 

 


PIF-owned Elm begins IPO book-building as it seeks to float 24m shares

PIF-owned Elm begins IPO book-building as it seeks to float 24m shares
Updated 53 min 56 sec ago

PIF-owned Elm begins IPO book-building as it seeks to float 24m shares

PIF-owned Elm begins IPO book-building as it seeks to float 24m shares
  • Riyad Capital has set the IPO price range between SR113 and SR128 per share

RIYADH: Saudi digital security firm Elm Co. has started institutional book-building for its initial public offering on the Saudi stock exchange.

Elm, which is fully owned by the Public Investment Fund, will tap interest from institutional investors until Jan. 28 as it aims to raise 24 million shares, or 30 percent of its SR800 ($213 million) capital, as announced by Riyad Capital, the bookrunner of the offer.  

Riyad Capital has set the IPO price range between SR113 and SR128 per share. The final offer price will be determined upon completion of the book-building session.

The eligible parties shall subscribe to a minimum of 100,000 shares and a maximum of 3.99 million shares.

As for retail investors, the subscription period is scheduled for Feb. 3 and will run for four days, with 7.2 million shares offered.

Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.


Saudi dairy giant Almarai posts 21% profit drop amid pandemic challenges

Saudi dairy giant Almarai posts 21% profit drop amid pandemic challenges
Updated 23 January 2022

Saudi dairy giant Almarai posts 21% profit drop amid pandemic challenges

Saudi dairy giant Almarai posts 21% profit drop amid pandemic challenges
  • Net profit dropped from SR1.98 billion ($529 million) to SR1.56 billion on an annual basis

RIYADH: Saudi-based dairy giant Almarai has recorded a 21 percent decline in profit in 2021 as pandemic and value-added tax, VAT, weighed on revenues.

Net profit dropped from SR1.98 billion ($529 million) to SR1.56 billion on an annual basis, a bourse statement by the dairy giant revealed.

Its gross profit was down 8.6 percent due to structural reforms of subsidy reduction

This followed a challenging year for Almarai amid rising COVID-19 repercussions and supply chain disruptions as well as VAT-related changes in purchases.


Arabian Centers' CEO Al-Jedaie resigns

Arabian Centers' CEO Al-Jedaie resigns
Updated 23 January 2022

Arabian Centers' CEO Al-Jedaie resigns

Arabian Centers' CEO Al-Jedaie resigns

RIYADH: Arabian Centres Co. said in a bourse filing that its board of directors accepted the resignation of the CEO Faisal Abdullah Al-Jedaie.

The resignation was accepted on Jan. 20 and it will be effective from 31 January 2022.

The board delegated the managing director Mohamad Rafic Mourad as CEO effective from 01 February 2022 until further notice, the statement said.