Switzerland in demand with Gulf travelers

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Switzerland in demand with Gulf travelers
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Updated 16 November 2021

Switzerland in demand with Gulf travelers

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  • Switzerland Tourism and its partners are visiting Saudi Arabia with a roadshow celebrating the beauty and variety of the European country

JEDDAH: Switzerland is in demand with Gulf travelers, as visitor numbers from the region almost reached 2019 pre-pandemic levels.

Swiss borders reopened in late June for fully jabbed Gulf Cooperation Council tourists and those with a negative COVID-19 test result, and visitors from the region generated 27,139 overnight hotel stays during the July-September period.

The country wants to increase its visitor share from GCC countries, especially Saudi Arabia, through tourism strategies and a new campaign called “Swisstainable.”

“We want to showcase how sustainable travel in Switzerland is,” GCC director for Switzerland Tourism, Matthias Albrecht, told a press conference in Jeddah on Monday. “We are extremely happy and feel quite emotional that we were able to go back to what we do best, to host guests in our magnificent country. We believe with our beautiful nature and uncrowded boutique towns, as well as wide-open landscapes, Switzerland is the natural choice for a post-COVID holiday. Now that borders are open, we are happy to welcome all our guests again.

“And, as Saudi Arabia is an extremely important market for us, we are even more happy to be back in Saudi Arabia and to meet the media and the travel trade again. Guests from Saudi Arabia were extremely loyal and returned right after the crisis – the more people can travel, the more will return to Switzerland.”

Albrecht said the two biggest source markets from the GCC were Saudi Arabia and the UAE.

Switzerland Tourism and its partners are visiting Saudi Arabia with a roadshow celebrating the beauty and variety of the European country.

The roadshow is organized and hosted by Switzerland Tourism GCC, with delegates meeting travel representatives and tourism agencies from Saudi Arabia.

 


Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn
Updated 13 sec ago

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

RIYADH: Saudi Arabian Mining Co., better known as Ma’aden, saw its profit soar 232 percent to SR6.2 billion ($1.7 billion) during the first half of 2022, according to a bourse filing.


Here’s what you need to know before Tadawul trading on Thursday 

Here’s what you need to know before Tadawul trading on Thursday 
Updated 10 min 37 sec ago

Here’s what you need to know before Tadawul trading on Thursday 

Here’s what you need to know before Tadawul trading on Thursday 

RIYADH: Saudi stocks ended higher for a third straight day on Wednesday, thanks to strong earnings results from most listed companies.

TASI, the main index, gained 0.8 percent to close at 12,431 and the parallel Nomu market edged 0.13 percent higher to 22,227.

Most Gulf peers advanced in line with Saudi Arabia, led by a 0.8 percent gain for Abu Dhabi’s bourse.

Dubai, Oman, and Qatar added 0.3, 0.1, and 0.4 percent, respectively, while Bahrain and Kuwait were down 1 percent and 0.2 percent, respectively.

Elsewhere in the Middle East, Egypt’s EGX30 exited the session almost flat.

In energy trading, Brent crude was priced at $97.31 a barrel by 9:16 a.m. Saudi time on Thursday, while US West Texas Intermediate traded at $91.79 a barrel.

Stock news

ACWA Power Co. said that operations at Umm Al Quwain IWP were launched, with a production capacity of 682,000 cubic meters per day of desalinated potable water

ACWA Power recorded a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022

Savola Group entered an SR459 million agreement to sell its shares in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited to Taiba Investment Co.

Astra Industrial Group reported a 202 percent profit surge to SR318 million for the first half of 2022

Saudi Co. for Hardware turned into losses of SR19 million during the first half of 2022. The company also appointed Sameer Alhamidi as vice chairman of the board effective Aug. 11

Saudi Vitrified Clay Pipes Co.'s net losses widened by 661 percent to SR9 million during the first half of 2022

Eastern Province Cement Co. posted a 41 percent profit drop to SR72 million

Walaa Cooperative Insurance Co. got the Capital Market Authority’s approval to increase its capital to SR850 million for the merger with SABB Takaful

Saudi Arabian Mining Co. announced that Mansourah & Massarah gold mine plant is near completion, adding that pre-commissioning activities started

Saudi Industrial Services Co.’s profit dropped 93 percent during the first half of 2022 to SR3.9 million

Calendar

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription

August 15, 2022

Naqi Water Co. will start trading its shares on the Saudi Exchange’s main market

 


PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m
Updated 5 min 39 sec ago

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has posted a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022, a bourse filing revealed.

Profits of the energy giant grew mainly in response to new projects beginning operations, which boosted income from equity-accounted investors, it said.

Most recently, ACWA Power announced the start of operations at a $797 million desalination plant in the UAE, namely Umm Al Quwain IWP.

With an SR251-billion portfolio, ACWA Power was the second largest utility company on the Saudi bourse after Saudi Electricity Co.


Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO
Updated 40 min 46 sec ago

Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO

RIYADH: Naqi Water Co. will start trading its shares on Saudi Arabia’s stock market on Aug. 15, after attracting huge demand during the initial public offering, according to a bourse filing.

The Saudi-based water producer generated SR560 million ($150 million) worth of subscriptions as it offered 600,000 shares to retail subscribers.

Prior to that, the final offer price was set at the top end of an indicated range of SR69, following a strong bidding period.

Naqi Water will float a 30 percent stake, representing six million shares, on the Kingdom’s main stock index TASI.


Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m
Updated 55 min 30 sec ago

Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m

RIYADH: Savola Group has entered into an SR459-million ($122 million) agreement to sell its stake in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited.

This move came in light of Salove’s strategy of focusing on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses, the group said in a bourse filing.

Knowledge Economic City is owned by Savola Group directly and indirectly at an approximate share of 11.47 percent.

Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56.