Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
Image: Shutterstock
Short Url
Updated 23 January 2022

Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
  • The Ready-made Garments Export Council has attracted 23 new factories in 2021

The value of Egyptian ready-made garment exports set an all-time high record during 2021.

They increased to $2.49 billion, up from $1.457 billion the previous year, amounting to a 41 percent increase.

The Ready-made Garments Export Council has attracted 23 new factories in 2021, with 11 facilities from small and medium factories re-attracted, the head of the council, Marie Lewis, revealed. 

Lewis added that services provided by the council are being expanded, to include promotional and marketing services. It has prepared a number of initiatives to develop e-marketing tools for its exporters.

The council has also participated in four international and local exhibitions, and has provided 33 export opportunities. It also arranged 22 bilateral meetings between its exporters and buyers.

It organised 32 workshops and training programs to enhance the export capabilities and production efficiency of the council's exporters, she added. 


Saudi IT firm Naseej's shares drop 1.4% on stock market debut

Saudi IT firm Naseej's shares drop 1.4% on stock market debut
Updated 12 sec ago

Saudi IT firm Naseej's shares drop 1.4% on stock market debut

Saudi IT firm Naseej's shares drop 1.4% on stock market debut

RIYADH: Riyadh-based Naseej for Communication and Information Technology Co.’s shares were down 1.4 percent on its stock market debut on May 24.

The stock price reached SR20.5 ($5.5) per share at noon Riyadh time, as it started trading on Saudi Arabia’s parallel Nomu market.

The company joined the Kingdom’s stock exchange as a direct listing.

Founded in 1989, Naseej is mainly specialized in computer programming, artificial intelligence, virtual reality, and information technology-related activities.


Hilton plans to grow olive oil locally in Saudi Arabia

Hilton plans to grow olive oil locally in Saudi Arabia
Updated 4 min 40 sec ago

Hilton plans to grow olive oil locally in Saudi Arabia

Hilton plans to grow olive oil locally in Saudi Arabia

RIYADH: American hospitality giant Hilton plans to grow olive oil locally in Saudi Arabia, as the hotel chain is encouraged by Saudi Arabia’s efforts to push for local sourcing as part of its strategy to develop non-oil sectors including tourism, a senior executive at the company has revealed. 

While speaking at the Future Hospitality Summit in Riyadh on May 24, Emma Banks, vice president, F&B Strategy & Development EMEA, at Hilton also revealed that the company has signed a deal with Nadec, one of the largest agricultural and food-processing companies in the Middle East, to purchase 200 tons of tomatoes.

She also affirmed Hilton’s commitment to protecting the community in which it operates.

Banks revealed that Hilton has been working hard to reduce carbon emissions by implementing strategic measures in its operations. 


Saudi food chain Raydan narrows losses by 49% in Q1

Saudi food chain Raydan narrows losses by 49% in Q1
Updated 6 min 12 sec ago

Saudi food chain Raydan narrows losses by 49% in Q1

Saudi food chain Raydan narrows losses by 49% in Q1

RIYADH: Raydan Food Co.’s losses narrowed by 49 percent in the first quarter of 2022, helped by higher sales and revenues.

Net losses reached SR4.7 million ($1.3 million) in the first quarter of 2022, from SR9.2 million in the prior-year period, according to bourse filing.

The company attributed the results to an increase in quarter one revenue by 14 percent to SR37,338.

In a separate announcement, Raydan Food announced that accumulated losses reached 48 percent of capital, amounting to almost SR162 million.


Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr

Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr
Updated 36 min ago

Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr

Saudi Arabia has its own unique food heritage, says Culinary Art Commission CEO Mayada Badr

RIYADH: Saudi Arabia has its own unique food heritage and there is no necessity to copy from other regions, according to Mayada Badr, CEO of the Culinary Arts Commission. 

“We want to do a lot more in Saudi cuisine. We have our own heritage and we don’t want to copy it. We are using what we have,” she said. 

While speaking at the Future Hospitality Summit in Riyadh on May 24, Badr revealed that several young Saudi nationals are entering the culinary art sector. 

According to Badr, international brands have made their presence felt in the Saudi market along with local brands, which is ultimately resulting in healthy competition in the food and beverage industry. 

Talking about the impact of Vision 2030 on the F&B sector, she added, “With Vision 2030, we Saudis decided to share more than ever. You go to those tiny towns and you feel welcomed. They share food and you get exposed to all sorts of traditional food.” 


PIF’s ROSHN plans to put downtown Jeddah on the map

PIF’s ROSHN plans to put downtown Jeddah on the map
Updated 40 min 4 sec ago

PIF’s ROSHN plans to put downtown Jeddah on the map

PIF’s ROSHN plans to put downtown Jeddah on the map

DUBAI: ROSHN, a real estate company owned by Saudi Arabia’s Public Investment Fund, has charted out master plans to develop downtown Jeddah, revealed Amr Khashoggi, chairman of Amkest Group.

Deprived neighborhoods in Saudi Arabia’s coastal city are undergoing significant redevelopment after decades of relentless urbanization.

Jeddah’s municipal authorities are clearing districts and squatter settlements where planners say substandard infrastructure, crime, and disease are blighting the lives of roughly half a million people.

“Today, if you drive around in those areas, you will find flatlands available for development,” said Khashoggi on the sidelines of the Top CEO event in Dubai.

The area includes the historical region of the city, and Jeddah Islamic Port, the biggest gateway for Saudi Arabia’s imports and exports, with 75 percent of the country’s exports and inbound transshipment going through it.

“The biggest cost of development is the cost of land, and that’s available already, so it’s going to be easier for companies like ROSHN to come and develop high-quality housing and commercial investment,” he said.

Jeddah is also seeing other significant developments in the central of the city, led by Jeddah Central Development Company, including the coastal part known as the Jeddah waterfront. The area recently hosted Formula One, the highest class of international car racing.

“It will be a good area for people to entertain,” he said.

The city’s rebirth has led to a surge in demand for real estate and resulted in increasing prices.

“The demand is there, but the question is whether people can afford it or not,” said Khashoggi.

Banks today are contributing by offering mortgages in more accessible ways than before, which will help close the gap.

“We are in the building material business, and we see that the demand is increasing; many contractors have been awarded jobs,” he said.

To Khashoggi, the challenge today for the construction sector is not finding new projects; the challenge is finding enough labor.

There is a labor shortage; many have gone home during COVID-19 and never returned.

Amkest Group was founded by Amr Khashoggi in 1983, investing in sectors of landscaping, information technology, transportation, telecommunications, and building materials.