Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years

Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years
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Updated 01 December 2021

Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years

Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years
  • Saudi Arabia's food and beverage market has grown since the launch of Vision 2030

CAIRO: PJP Investment Group has announced its partnership with Papa John’s to open more than 100 new restaurants in Saudi Arabia over the next five years, according to a statement. 

PJP, which specializes in food and beverages and is wholly owned by Levant Capital, opened the first four new outlets in Riyadh on Tuesday, October 26 in Sulaimaniyah, Al-Nouzha, Al-Malqa and Qurtubah.

“Our plan is to open more than 100 restaurants in the next 10 years.” said Tapan Vaidya, CEO of PJP Investment Group.  

Saudi Arabia’s food and beverage market has grown since the launch of Vision 2030, making it the leading market for quick-service restaurants and giving them the opportunity to grow their global presence by opening new branches in the Kingdom. 

 ”It’s an amazing opportunity to develop the Papa John’s brand in Saudi Arabia and contribute to the Kingdom’s Vision 2030.” Vaidya also said.


Saudi stocks edge up in line with oil prices: Opening bell

Saudi stocks edge up in line with oil prices: Opening bell
Updated 25 sec ago

Saudi stocks edge up in line with oil prices: Opening bell

Saudi stocks edge up in line with oil prices: Opening bell

RIYADH: Saudi Arabian stocks opened higher on Wednesday as they tracked the energy market that witnessed a rebound in oil prices.

Brent crude oil crossed $88 per barrel, and US benchmark WTI crude oil reached $85.5 per barrel as of 10:15 a.m. Saudi time.

The main index TASI rose 0.3 percent to 12,139 points, and the parallel market Nomu edged up 0.2 percent to 25,595 points as of 10:24 a.m.

Shares in Saudi Automotive Services Co., known as SASCO, soared nearly 10 percent, topping early morning gains.

SASCO has earlier acquired 80 percent of gas station operator NAFT Services Limited Co. for $1.1 billion ($293 million).

Saudi oil giant Aramco awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes.

The share price of the latter surged 2.6 percent in response to the transaction, while Aramco opened 0.14 lower.

One of the Kingdom’s largest valued banks, Al Rajhi Bank edged 0.14 lower, whereas Alinma Bank added 0.18 percent amid trading of over 1 million shares.

Advanced Petrochemical recorded gains at 4.3 percent after its board recommended boosting capital to SR2.6 billion in expansion push.

Telecommunication firm Etihad Atheeb led the fallers, down over 3 percent.


Advanced Petrochemical to boost capital to $693m through offering bonus shares

Advanced Petrochemical to boost capital to $693m through offering bonus shares
Updated 15 min 15 sec ago

Advanced Petrochemical to boost capital to $693m through offering bonus shares

Advanced Petrochemical to boost capital to $693m through offering bonus shares

RIYADH: Saudi-based Advanced Petrochemical said its board has recommended boosting capital to SR2.6 billion ($693 million) through issuing bonus shares.

The capital increase amounts to around 20 percent, up from SR2.16 billion, the Jubail-based petrochemical firm said in a bourse filing.

As per the rules set out, shareholders will be granted one bonus share for every five shares, which will be financed through statutory reserves and retained earnings.

The step comes as the company aims to strengthen its capital base and aid future expansions.


Boeing nears Qatar freighter deal ahead of emir visit: sources

Boeing nears Qatar freighter deal ahead of emir visit: sources
Image: Shutterstock
Updated 37 min 16 sec ago

Boeing nears Qatar freighter deal ahead of emir visit: sources

Boeing nears Qatar freighter deal ahead of emir visit: sources
  • Qatar has indicated it is willing to look at buying as many as 50 freighters

Boeing Co is in advanced talks with Qatar Airways to secure a launch order for a proposed new freighter, and a deal could come as early as next week when the country's ruling emir visits Washington, two people familiar with the matter said on Tuesday.


Qatar Airways is looking at renewing its existing fleet of around 34 freighters with the larger new 777X version in a deal potentially worth $14 billion at list prices, the people said.

Qatar has indicated it is willing to look at buying as many as 50 freighters, with the larger number likely to include options.


Both companies declined comment


GM invests $7 billion to rival EV competitors

GM invests $7 billion to rival EV competitors
Updated 26 January 2022

GM invests $7 billion to rival EV competitors

GM invests $7 billion to rival EV competitors

DETROIT: General Motors said Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups, intensifying a battle with rival Ford Motor for EV supremacy in North America. This report produced by Jillian Kitchener.

General Motors is putting the pedal to the metal in its race toward an electric vehicle future.

The company announced Tuesday it will invest $7 billion in Michigan, much of that aimed at dramatically boosting production of full-size electric pickups.

CEO Mary Barra said the investment will benefit four Michigan manufacturing sites and will create 4,000 jobs:

“The 7 billion investment is the largest in GM’s history and its so appropriate that it’s in Michigan. It includes a new Ultium Cell LLC battery plant – will be located near Lansing. As well as the conversion of our assembly plant in Orion township for the production of the Chevrolet Silverado and the GMC Sierra EV pickups.”

GM said its Detroit-Hamtramck and Orion Township plants will be able to build more than 600,000 electric trucks a year by late 2024, including different variations of the new Chevrolet Silverado and GMC Sierra electric pickups.

“And all together, we will have more than a million units of EV capability in North America by the end of 2025.”

Tuesday’s announcement intensifies a battle with Ford for EV dominance in North America.

In January, Ford said it will have the annual capacity to build 600,000 electric vehicles, including 150,000 F-150 Lightning pickups, within 24 months.

But, both Ford and GM will have to contend with the current EV leader – Tesla. It will soon open a second U.S. plant in Austin, Texas, and is on pace to sell more than 1 million electric vehicles globally in 2022.


Here’s what you need to know before opening bell today

Here’s what you need to know before opening bell today
Updated 26 January 2022

Here’s what you need to know before opening bell today

Here’s what you need to know before opening bell today

RIYADH: Saudi Arabia’s main stock index TASI ended Tuesday’s session in positive territory as gains in the energy, financial, and insurance sectors pushed the index higher.

TASI recorded gains at 0.3 percent, reaching 12,109 points, and the parallel Nomu market closed flat at 25,551 points.

Most major GCC indexes also recorded gains on Tuesday.

Dubai’s DFMGI, Abu Dhabi’s FTSE ADX general index, and the Qatari QSI index all edged up between 0.1 and 0.3 percent.

Bourses of Bahrain, Oman, and Kuwait were down, as well as the Egyptian EGX30 index which closed 0.6 lower.

In energy trading, oil prices rebounded as Brent crude oil crossed $88 per barrel, and US benchmark WTI crude oil reached $85.3 per barrel as of 9:05 a.m. Saudi time.

Stock news

  • The Saudi Automotive Services Co. has acquired 80 percent of gas station operator NAFT Services Limited Co. for $1.1 billion ($293 million)
  • Advanced Petrochemical Co.’s board recommended increasing capital to SR2.6 billion, or by 20 percent, through issuing bonus shares. They also recommended buying back 1.5 million shares to allocate in an employee incentives program
  • Saudi oil giant Aramco has awarded a SR268 million contract to Arabian Pipes Co. to provide steel pipes
  • Dallah Healthcare Co. has signed a memorandum of understanding with KUN Investment Holding Co. for the purchase of 19 percent of International Medical Center Co. through a share swap

Calendar

Jan. 27, 2022

End of Gas Arabian Services’ IPO book-building

End of Scientific and Medical Equipment House’s IPO book-building

Jan. 28, 2022

End of Elm Co.’s IPO book-building