Dubai Airshow 2021 took off with Saudi military companies, international big players participation

Dubai Airshow 2021 took off with Saudi military companies, international big players participation
An Orion-E unmanned combat aerial vehicle on display ahead of Dubai Airshow 2021. Getty
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Updated 14 November 2021

Dubai Airshow 2021 took off with Saudi military companies, international big players participation

Dubai Airshow 2021 took off with Saudi military companies, international big players participation
  • Major Saudi companies participating in five-day event to showcase products, services

RIYADH: Major players in the aviation industry are set to showcase their products and services at the Dubai Airshow that begins today.
More than 85,000 visitors are likely to attend the five-day event that brings aviation, aerospace, space, and defense industries together.
It will be attended by over 370 new exhibitors and representatives from almost 150 countries. There will be civil and military delegations from more than 140 countries and the event will feature 20 country pavilions.
Andre Martins, partner, Oliver Wyman, said: “The Dubai Airshow will be a great event to reconnect the key industry leaders. Stakeholders will be keen to understand the latest perspectives on the recovery and rebuild of the aviation industry, along with airline growth and sustainability plans, scale-up production plans from suppliers as well as innovations.”
The General Authority for Military Industries, General Authority of Civil Aviation, and the Saudi Aerospace Co. will all be in attendance at the event.
Other Saudi companies present will be Saudi Arabian Military Industries (SAMI); Advanced Electronics Co., Saudi Arabian Airlines, OxfordSaudia Flight Academy, and GDC Middle East.
Describing GAMI’s purpose of participating in the airshow, Ahmed bin Abdulaziz Al-Ohali, the authority’s governor, told Arab News: “One of GAMI’s objectives has been to be the main representative of the military industries sector internationally and introduce this promising sector and the opportunities that it provides.
“During our participation in international events, several agreements and partnerships have been signed, which will be reflected in the military industries sector in the Kingdom and its national economy.”
SAMI CEO Walid Abukhaled echoed similar views, as he said: “We are looking forward to capitalizing on Dubai Airshow 2021 to further our business growth objectives and contribute to Saudi Vision 2030’s goal of localizing more than 50 percent of Saudi Arabia’s military spending by the end of the decade.”
To a question about the impact of COVID-19 on the defense industry, he said it has in the past remained largely unsusceptible to international shocks.
“But, the repercussions of COVID-19, however, posed challenges to the industry, with global supply chains coming under immense pressure in the face of lockdowns, border closures, and mobility restrictions. Nonetheless, businesses like SAMI soon reconsidered their strategies to maintain resilience and continue to deliver on their contracts and mandates,” Abukhaled said.
Commenting on the airshow, Ziad Al-Musallam, president and CEO of AEC, said: “We look forward to an excellent opportunity to showcase our engineering, manufacturing and MRO capabilities along with our solutions in C4I, cybersecurity, air operations centers, and unmanned aerial vehicles (drones). It will also be an excellent forum to explore new opportunities for driving innovation and transfer of technology, in line with the Saudi Vision 2030 goals to localize more than 50 percent of the military spending.” 


Construction firm Rawasi Albina sets listing date as Saudi IPO spree continues

Construction firm Rawasi Albina sets listing date as Saudi IPO spree continues
Updated 13 sec ago

Construction firm Rawasi Albina sets listing date as Saudi IPO spree continues

Construction firm Rawasi Albina sets listing date as Saudi IPO spree continues

RIYADH: Rawasi Albina Investment Co., a construction firm serving major companies including telecom giant stc and Saudi Electricity Co., will list its shares on the Kingdom’s stock market on Aug. 18.

The price guidance for a direct listing on Nomu was set at SR40 ($11), where the opening price will be based on supply and demand for the stock, according to a bourse filing.

Established in 2008, Riyadh-headquartered Rawasi Albina provides infrastructure works for telecom, electricity, and water projects.

Along with stc and Saudi Electricity, among its major clients are Ericsson, Huawei Technologies Co., and Nokia Corp.

Rawasi Albina will mark the Saudi Exchange’s third listing of the week, after Naqi Water Co. and Saudi Networkers Services Co.


NRG Matters — GAC Bahrain installs 552 solar panels to generate power, Egypt mulls energy cooperation with Slovenia

NRG Matters — GAC Bahrain installs 552 solar panels to generate power, Egypt mulls energy cooperation with Slovenia
Updated 31 min 23 sec ago

NRG Matters — GAC Bahrain installs 552 solar panels to generate power, Egypt mulls energy cooperation with Slovenia

NRG Matters — GAC Bahrain installs 552 solar panels to generate power, Egypt mulls energy cooperation with Slovenia

RIYADH: GAC Bahrain, a shipping and forwarding agency, will install photovoltaic solar panels on the rooftop of its warehouse in Bahrain Investment Wharf in Al Hidd, Trade Arabia reported. 

It has partnered up with renewable energy construction firm Al-Mannai Projects to install 552 solar panels that will generate around 300 kilowatts to meet the facility’s electricity needs.

It is part of the company’s commitment to environmental protection and reducing its carbon footprint across the maritime and logistics industries. 

Japanese JERA

Japan’s power generator JERA will spend around 15 billion yen ($112 million) to buy a 35.1 percent stake in Vietnamese renewable energy company Gia Lai Electricity JSC to expand its overseas business.

Egypt’s energy cooperation with Slovenia

Egypt is mulling cooperation with Slovenia in the fields of electricity, new energy and green hydrogen, according to the State Information Service. 

Minister of Electricity and Renewable Energy Mohamed Shaker has affirmed the country’s efforts to become a clean energy hub in the African continent.

This came during a meeting between the minister and Slovenia’s Ambassador to Cairo Mateja Prevolšek to discuss ways to reinforce cooperation between the two countries.


Nasdaq-listed Anghami's revenue jumps 29% boosted by collaboration with Arab artist Amr Diab

Nasdaq-listed Anghami's revenue jumps 29% boosted by collaboration with Arab artist Amr Diab
Updated 42 min 9 sec ago

Nasdaq-listed Anghami's revenue jumps 29% boosted by collaboration with Arab artist Amr Diab

Nasdaq-listed Anghami's revenue jumps 29% boosted by collaboration with Arab artist Amr Diab

RIYADH: A collaboration with Egyptian artist Amr Diab, who has over 1.2 billion streams on the platform, pushed Abu Dhabi’s streaming platform, Anghami Inc. to record higher revenues and user growth for the first half of the year. 

The Nasdaq-listed platform reported a 29 percent jump in revenues to $21.1  million in the first six months of 2022, while its first-half active users jumped 46 percent to reach 19.5 million, it said in a statement.

Its monthly paying subscribers increased 41 percent year-on-year, driven by improved customer retention.

Angamis began the year by partnering with Rotana Music, one of Arab music's premier labels, and with Saudi media company MBC Group, one of the Middle East and North Africa region's largest.

On July 5, Anghami completed the acquisition of Spotlight Events, which creates and manages events and concerts in the MENA, further strengthening its position.


TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell

TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell
Updated 50 min 58 sec ago

TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell

TASI settles flat amid uncertainty over oil prices, higher inflation: Closing bell

RIYADH: Saudi Arabia’s benchmark index settled flat on Tuesday’s trading session, as investors scramble to assess the impact of declining energy prices and higher inflation on the index

The Tadawul All Share Index ended the session flat at 12,545, while the parallel market, Nomu, edged 0.34 percent lower to finish at 22,034.

In the energy market, Brent crude reached $95.55 a barrel, while US West Texas Intermediate declined to $90.14 a barrel, as of 3:24 p.m. Saudi time.

The country’s biggest lender Saudi National Bank increased 0.55 percent, while the Saudi British Bank decreased 0.35 percent.

Saudi Aramco lost 1.61 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts’ expectations.

Dallah Healthcare Co. edged up 0.85 percent, after posting a 52 percent gain in profit during the first half of 2022, reaching SR152 million.

KEIR International fell 1.92 percent, after it partnered with US-based Quadratics Development to deploy its eco-friendly building system and technology in Saudi Arabia

Qassim Cement Co. dropped 2.45 percent, after reporting a 73 percent decline in first-half profits to SR54 million.

Al-Etihad Cooperative Insurance Co. shed 1.45 percent after its profits dropped 93 percent to SR2 million in the first half.

Abo Moati for Bookstores Co. rose 0.68 percent, following a 125 percent profit surge to SR4.3 million for the second quarter of 2022.

The Saudi Industrial Development Co. edged down 1.23 percent, after its losses widened by 88 percent to SR11 million during the first half.

Al Kathiri Holding Co. declined 2.71 percent, after it turned into losses of SR5.5 million in the first half of 2022.

 


Uber appoints regional general manager for Middle East and Africa

Uber appoints regional general manager for Middle East and Africa
Updated 16 August 2022

Uber appoints regional general manager for Middle East and Africa

Uber appoints regional general manager for Middle East and Africa

RIYADH: Uber has appointed Frans Hiemstra as the new regional general manager for the Middle East and Africa region.

Based in Dubai, Frans will hold the responsibility to lead the next phase of growth for Uber’s ride-sharing business across the region, which spans 15 countries, according to a statement.

He will aid in identifying areas of growth, lay down regional priorities, and drive operational excellence to fuel the Uber business, it added. 

Having been with Uber since 2015, most recently Hiemstra was the general manager of the Sub-Saharan Africa region. 

“I’m honored to be tasked with leading the Middle East & Africa region as we focus our efforts on growing our shared mobility business, committing to our sustainability goals, and creating more earnings opportunities for drivers and couriers who use the Uber app,” Hiemstra said.