All you need to get ready for the trading week on Tadawul, January 9

All you need to get ready for the trading week on Tadawul, January 9
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Updated 09 January 2022

All you need to get ready for the trading week on Tadawul, January 9

All you need to get ready for the trading week on Tadawul, January 9

RIYADH: Saudi Arabia’s stock indexes closed last week lower as worries over the spike in COVID-19 cases rose and the potential lifting of US interest rates spooked investors globally.

The main index TASI edged down by 0.2 percent to close the latest session at 11,431 points, while the parallel market Nomu added 1.1 percent to reach 25,618.

Nomu’s positive performance was buoyed by its two latest listings of food delivery startup Jahez and Advance International Co., or AICTEC.

The slight decline in the TASI came in line with GCC indexes where Dubai’s DFMGI led the fall, down 0.9 percent on Thursday.

Bourses of Abu Dhabi, Bahrain, Kuwait registered losses in the range of 0.1 to 0.4 percent, while Qatar’s QSI gained 0.3 percent. Oman’s MSX30 ended flat.

Dubai’s main index recovered on Friday while Abu Dhabi’s ADI fell further, shifting their trading week to align with global markets.

Last week, Crude prices rose on news that OPEC+ sticked to plans to boost output in February and unrest broke in Kazakhstan, Central Asia’s largest oil producer.

Brent crude reached $81.75 per barrel, while US WTI crude oil neared $79 per barrel as of Friday.

On Friday, the Saudi Health Ministry confirmed 3,575 new coronavirus cases, up from 3,045 the day before.

Stock news

  • Saudi Tihama Advertising and Public Relations Co. and WPP plc have extended their agreement to create a Bahrain-based holding group through a merger till June. 30, 2022
  • Growth Avenue Investment Co. – a fully owned subsidiary of Maharah Co. – received the green light from the General Authority for Competition to acquire an 85-percent stake of Alshifa Medical Co.
  • Saudi Co. for Hardware, or SACO, opened a new showroom in Makkah, bringing its total number of stores to 35 Kingdom-wide. This is expected to enhance the company’s profitability and reflects positively on shareholders, it said in a bourse filing
  • Saudi National Co. for Learning and Education, or NCLE, reported a 378 percent increase in its net profits during the quarter ending on Nov. 30, 2021, compared to the same quarter last year
  • Saudi Cable Co.’s application to reduce its capital to SR262 million has been approved by the Capital Market Authority

Calendar

Jan. 13,  2022

Last day to subscribe to Allied Cooperative Insurance Group’s rights issue


UAE’s KRUSH Brands raises $4.5m in a pre-series A funding

UAE’s KRUSH Brands raises $4.5m in a pre-series A funding
Updated 11 sec ago

UAE’s KRUSH Brands raises $4.5m in a pre-series A funding

UAE’s KRUSH Brands raises $4.5m in a pre-series A funding

RIYADH: UAE-based omni-channel food and beverage company, KRUSH Brands, raised $4.5 million in a pre-series A funding round by Skelmore Holdings.

The funding is aimed at the company’s recently launched marketplace, Locale, which is an ecosystem for food-preneurs.

The brand will use its funding to grow Locale’s proprietary portfolio into a food-preneur group of around 20 innovative brands as well as boost its technology operations, MAGNiTT reported.


Saudi Cabinet approves fintech strategy

Saudi Cabinet approves fintech strategy
Updated 3 min 3 sec ago

Saudi Cabinet approves fintech strategy

Saudi Cabinet approves fintech strategy

RIYADH: The Saudi Cabinet on Tuesday approved the Kingdom’s financial technology strategy. 
It seeks to develop a diversified and effective financial sector that supports the national economy.

The launch of Open Banking in Saudi Arabia in 2022, which allows firms to share consumer current account data once permission has been given, is also expected to speed up the pace of fintech development.

Experts expect this move will provide existing fintech investors with more opportunities, and will attract funds to the sector.


Google drives digital business worth $3.5 billion in Saudi Arabia in 2021

Google drives digital business worth $3.5 billion in Saudi Arabia in 2021
Updated 9 min 46 sec ago

Google drives digital business worth $3.5 billion in Saudi Arabia in 2021

Google drives digital business worth $3.5 billion in Saudi Arabia in 2021

DUBAI: Google drove SR12.2 billion ($3.5 billion) in economic activity in Saudi Arabia in 2021, signaling a new era of digital enterprises powering the economy of the Kingdom.

The search engine giant announced the figures in its latest impact report released on Tuesday. The report was based on public polling, economic modeling and third-party data.

“Saudi Arabia is young, smart and digital, and we’re proud to be an engine of growth in the country and an enabler in its digital transformation journey,” said Anthony Nakache, the new managing director of Google MENA.

“We’re excited to see what great things people can do there given the right tools and skills, and we are committed to doing more through programs and local partnerships.”

The report further stated that people in the Kingdom were using Google to learn new skills (75 percent), research COVID-19 (72 percent), and entertain their children with YouTube Kids (64 percent).

It further highlighted that 61 percent used Google to find new jobs, including an astounding 5 million Saudi women every month.

“Women were disproportionately hit by the pandemic,” said Nakache. “And so, being able to give them an opportunity to find a job and stay in the workforce is something that we are proud of and can have a massive impact.”

HIGHLIGHTS

Sixty-one percent people in Saudi Arabia used Google to find new jobs, including an astounding 5 million Saudi women every month.

Job search was also crucial for people in the UAE, with 67 percent turning to the search engine to look for employment opportunities, including 1.8 million women.

The total number of developers making $10,000 per month on Google Play grew by 15 in the Kingdom and 16 percent in the UAE last year.

In October 2020, Google announced a $13 million fund to help 1 million people and businesses in the MENA region learn advanced digital skills and grow their businesses by the end of 2021.

Fueling the economy in UAE

Job search was also crucial for people in the UAE, with 67 percent turning to the search engine to look for employment opportunities, including 1.8 million women.

On the other hand, businesses also turned to Google and YouTube for their needs, with 71 percent of people in the UAE using Google Maps to find a local business.

The company drove 11.3 billion dirhams ($3.08 billion) in economic activity in the UAE in 2021.

Saudi Arabia is young, smart and digital, and we’re proud to be an engine of growth in the country and an enabler in its digital transformation journey.

Anthony Nakache

“So, to put things in perspective, this is the GDP contribution of Portugal and Denmark together,” said Nakache. “This is a big number.”

The tech giant is also working with the creator and developer ecosystem. For example, internal Google data showed that YouTube channels making six figures or more in revenue are up by 20 percent year-on-year in Saudi Arabia and 40 percent in the UAE.

According to Google data, the total number of developers making $10,000 per month on Google Play grew by 15 in the Kingdom and 16 percent in the UAE last year.

The Android Developer ecosystem supports at least 50,000 jobs in the UAE and 29,000 in Saudi Arabia.

“That’s a sign of a very healthy developer ecosystem,” said Nakache. “As the region attracts more developers, the contribution to the overall economy will grow. Developers often learn and study our technologies through some of our learning programs.”

Anthony Nakache, the new managing director of Google MENA, said: “We're excited to see what great things people can do there (Saudi Arabia) given the right tools and skills. Supplied

Encouraging startups in MENA

Google for Startups Accelerator in the Middle East and North America has also harnessed local entrepreneurial spirit. A case in point is Lamsa World, an Arabic education platform for children between the ages of two and eight.

Badr, the founder of Lamsa, built the app to encourage more Arabic-speaking children to read and learn Arabic. He took part in the Google startup program and registered a 300 percent increase in content downloads.

In October 2020, Google announced a $13 million fund to help 1 million people and businesses in the Middle East and North Africa learn advanced digital skills and grow their businesses by the end of 2021.

The program aims to accelerate the MENA region’s economic recovery through digital transformation by offering digital tools, training and financial grants to support local businesses and job seekers.


Saudi recycling firm Tadweeer to start trading on Nomu this week

Saudi recycling firm Tadweeer to start trading on Nomu this week
Updated 16 min 55 sec ago

Saudi recycling firm Tadweeer to start trading on Nomu this week

Saudi recycling firm Tadweeer to start trading on Nomu this week

RIYADH: National Environmental Recycling Co. will start trading on Saudi Arabia’s parallel market Nomu on, May 26, according to a statement by the Saudi Exchange.

The company, known as Tadweeer, has set its price guidance for direct listing at SR65 ($17.3) per share.

Established in 2015, Tadweeer is specialized in recycling electronics and electrical waste in support of the Saudi Green Initiative.


Mining industry won’t cope with rising demand without circularity, Eurasian Resources CEO says

Mining industry won’t cope with rising demand without circularity, Eurasian Resources CEO says
Updated 38 min 4 sec ago

Mining industry won’t cope with rising demand without circularity, Eurasian Resources CEO says

Mining industry won’t cope with rising demand without circularity, Eurasian Resources CEO says

RIYADH: The mining industry will not be able to cope with rising demand without circularity, the CEO of Eurasian Resources group has said.

Speaking at the World Economic Forum session in Davos, Benedikt Sobotka added that this would mean higher prices and more inflation for consumers in the developing world. 

“The demand is incredibly wasteful. To give you just one number per year, there’s about 50,000,000 tons of electronic waste being thrown away,  17 percent of that is being recycled,” he said.

“The time of cheap commodities is over,” Sobotka said, pointing to minerals and metals, as they have energy cost increases that make them more expensive. 

The global mining industry needs more attention and investment from external investors which were not seen, he said, adding that it is valued at $1.5 trillion, which is a fraction of what it is actually worth in terms of value creation for the world.