Egyptian non-oil economy contracts in October as supply chain disruptions intensify: IHS Markit

Egyptian non-oil economy contracts in October as supply chain disruptions intensify: IHS Markit
Egypt, Cairo, Old City (Getty)
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Updated 03 November 2021

Egyptian non-oil economy contracts in October as supply chain disruptions intensify: IHS Markit

Egyptian non-oil economy contracts in October as supply chain disruptions intensify: IHS Markit

Egypt’s Purchasing Managers’ Index (PMI) fell to a five-month low thanks to escalating supply chain issues in the country, according to the latest IHS Markit report.

The PMI dropped to 48.7 in October, slightly down from 48.9 in September, 

Shortfalls in inputs induced a significant drop in output and also led to the steepest jump in costs and charges for over three years. 

While local sales regained some recovery and kept overall demand conditions “relatively buoyant”, export sales dropped at the fastest pace in 17 months, IHS Markit said.

Meanwhile, employment levels reached its highest level in two years due to businesses requiring more workers as the adverse effects of the pandemic ease off.


Saudi Jazadco profits jump 76% as sales rise

Saudi Jazadco profits jump 76% as sales rise
Updated 12 sec ago

Saudi Jazadco profits jump 76% as sales rise

Saudi Jazadco profits jump 76% as sales rise

RIYADH: Jazan Energy and Development Co. has posted a 76 percent rise in profit to SR3.56 million ($950,293) in the first quarter of 2022.

Traded in the name of Jazadco, the Saudi-listed firm saw its profit jump from SR2 million reported in the first quarter of 2021, according to a bourse filing.

The rise in profits resulted from a 14 percent increase in sales, where both agricultural and aquaculture sectors grew by 25 percent.

The company’s revenues in the real estate sector increased by 16 percent as occupancy rates improved in the first quarter.


Future Hospitality Summit begins in Riyadh on May 24 to discuss ‘reimagined horizons’

Future Hospitality Summit begins in Riyadh on May 24 to discuss ‘reimagined horizons’
Updated 14 min 7 sec ago

Future Hospitality Summit begins in Riyadh on May 24 to discuss ‘reimagined horizons’

Future Hospitality Summit begins in Riyadh on May 24 to discuss ‘reimagined horizons’

RIYADH: Saudi Arabia will host the Future Hospitality Summit  in a new format this year on May 24 at the Riyadh Airport Marriott.

The two-day event, to be held under the theme “Reimagined Horizons,” will see speakers discuss the future of hotel development, destination impact, aviation, sustainability, restaurant investment and human capital, said a press release issued by the summit’s co-organizer, The Bench.

The summit will be attended by Saudi Tourism Minister Ahmed Al-Khateeb and top people from the hospitality industry such as AIMS Hospitality CEO Muhammad Al-Amir; Emma Banks, vice president, F&B strategy and Development EMEA, Hilton; and Federico Gonzalez, CEO of Radisson Hotel Group.

FHS will feature a series of sessions covering topics such as the future of hotel asset management, the future of loyalty schemes, transparency and brand loyalty.

“Our focus will be on the future of our industry and delegates will have over 40 opportunities to deliberate, learn and network over two exciting days. With a range of different formats from main stage presentations, workshops and panel discussions to interviews, break-out sessions and networking opportunities, we look forward to facilitating ground-breaking conversations on what’s next for the hospitality industry,” said Jonathan Worsley, chairman of The Bench.

Saudi Arabia hosted the first FHS in October 2020, organized by the Ministry of Tourism and the G20 Saudi Secretariat, which was attended by more than 6,000 people from around the world.


Kuwait’s central bank issues $792m worth of bonds and tawarruq

Kuwait’s central bank issues $792m worth of bonds and tawarruq
Updated 19 min 3 sec ago

Kuwait’s central bank issues $792m worth of bonds and tawarruq

Kuwait’s central bank issues $792m worth of bonds and tawarruq
  • Tawarruq is a financing arrangement where the buyer can obtain cash immediately through a series of sale transactions

RIYADH: The Central Bank of Kuwait has issued bonds and tawarruq with an accumulated value of 240 million Kuwaiti dinars ($792 million).

Tawarruq is a financing arrangement where the buyer can obtain cash immediately through a series of sale transactions.

CBK issued a statement announcing the maturity period will be three months, with a rate of return standing at 1.625 percent, Kuwait News Agency reported. 

Last week, the bank allocated two bonds and tawarruq issues.

The first was valued at 100 million Kuwaiti dinars with a one-year maturity and a yield rate of 2.625 percent and the second was valued at 240 million Kuwaiti dinars with a six-month maturity and a yield rate of 2 percent.


Saudi venture capital firm 8020 Capital launches $10m accelerator fund 

Saudi venture capital firm 8020 Capital launches $10m accelerator fund 
Updated 19 min 23 sec ago

Saudi venture capital firm 8020 Capital launches $10m accelerator fund 

Saudi venture capital firm 8020 Capital launches $10m accelerator fund 

RIYADH: Saudi-based venture capital firm, 8020 Capital, has launched a $10 million accelerator fund targeting tech-driven startups.

Founded in 2022 by Osama Al-Salloum, the firm is a graduate from the Accelerator and Startup Studio program in Silicon Valley.

The firm will support startups in Saudi Arabia and the US to develop emerging companies in the global advanced technology sector.


China In-Focus: Investments in solar power projects surged 200%; blockchain infrastructure project to expand internationally

China In-Focus: Investments in solar power projects surged 200%; blockchain infrastructure project to expand internationally
Updated 27 min 55 sec ago

China In-Focus: Investments in solar power projects surged 200%; blockchain infrastructure project to expand internationally

China In-Focus: Investments in solar power projects surged 200%; blockchain infrastructure project to expand internationally

RIYADH: China’s investments in solar power projects tripled in the first four months of 2022. On the other hand, the state-backed Blockchain-based Service Network is set to launch its first major international expansion. In another development, US President Joe Biden has left it up to the 13 countries which are part of his new scheme regarding economic engagement in Asia to decide whether China will be part of the plan. Meanwhile, stocks have slipped amid surging COVID-19 cases.

·      China’s investments in solar power projects surged 200 percent in the period between January and April 2022 to stand at 29 billion yuan ($4.3 billion), Bloomberg reported, citing a statement from the National Energy Administration. The figure compares to 51.3 billion yuan invested in solar over the first 11 months of 2021.

·      China’s state-sanctioned blockchain infrastructure project Blockchain-based Service Network is set to launch its first-ever major international expansion, CNBC reported. The firm intends to make the international version of its product — also referred to as Spartan Network — open source for people to examine. The product is projected to be made up of six public blockchains that do not operate with cryptocurrencies.  

·      US President Joe Biden has launched a scheme — referred to as Indo-Pacific Economic Framework for Prosperity — concerning US economic engagement in Asia as of Monday, leaving it up to the 13 founding countries to decide if China will ever get to join and how to implement the agreements, Reuters reported. 

·      After two consecutive weeks of gains, China’s stocks slipped on Monday as a result of new Covid-19 cases were reported in capital Beijing, Reuters reported. While the blue chip CSI300 index dropped 0.6 percent to stand at 4,053.98 points, the Shanghai Composite index SSEC remained almost flat standing at 3.146.86 points.