Women should not relinquish their rights in business, says Suzy Kanoo

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Updated 24 May 2022

Women should not relinquish their rights in business, says Suzy Kanoo

Women should not relinquish their rights in business, says Suzy Kanoo

DUBAI: When it comes to taking a huge step like running a family business, most entrepreneurs would flinch, especially in a male-dominated industry. Female successors would instead pass their rights to a male than take the path of leadership.

In an exclusive interview with Arab News, the CEO and president of Khalil bin Ebrahim Kanoo Co. and International Motor Trading Agency, Suzy Kanoo, shared her advice on what women should do when put in that position, and it’s not relinquishing their rights.

Speaking on the sidelines of the Arab Women Forum event in Dubai, Kanoo, who has also authored “Hear Us Speak: Letters from Arab Women,” expressed that one of the main obstacles women face in the business world is not believing in themselves.

“The Japanese call it Ikigai. Find a purpose and passion, do it well, and make sure it benefits society. Whatever it is, anything that you think is insignificant isn’t insignificant for that individual. So, find that purpose and do it well,” she added.

Kanoo has been the voice of the Arab world, and her book discusses real-life stories about Arab women that have experienced physical or emotional abuse but outlived their circumstances.

“My book emphasizes that never let a male, whether a cousin or a brother, force you or coerce you into signing documents asking you to relinquish your rights of the family business,” she said.

Her book brought to light the circumstances of the marginalized women who succumbed to male domination and gave away what was rightfully theirs.

However, Kanoo feels those were different times. She finds Gen Z is the most empowered generation. They believe that nothing should stop them from achieving their goals. In addition, they understand technology better than the previous generations.

But the struggle is not over. Even emancipated women have to fight on multiple fronts. An accomplished writer and businesswoman, Kanoo is currently facing problems with the automotive business. Her production declined by 50-60 percent.

Does that mean she is letting off the reins? No chance. The feisty lady is expanding into different sectors, opening a restaurant from personal investments and launching an advisory company for blockchain technology.

 

 

 

 

 


TASI starts flat amid higher inflation and lower oil prices: Opening bell

TASI starts flat amid higher inflation and lower oil prices: Opening bell
Updated 11 sec ago

TASI starts flat amid higher inflation and lower oil prices: Opening bell

TASI starts flat amid higher inflation and lower oil prices: Opening bell

RIYADH: Saudi Arabia’s benchmark index opened flat for the fourth consecutive session as investors struggled to assess the impact of declining oil prices and higher inflation.

TASI opened Wednesday at 12,545, while Nomu, the parallel market, started 0.77 percent lower at 22,034, as of 10:04 a.m. Saudi time.

In the energy market, Brent crude reached $93.19 a barrel, while US West Texas Intermediate declined to $87.46 a barrel, as of 10:06 a.m. Saudi time.

ACWA Power Co. added 1.73 percent, after announcing it will sign a $2.4 billion wind power deal with Uzbekistan's Ministry of Investment & Foreign Trade.

Amana Cooperative Insurance Co. climbed 3.03 percent, after its first-half losses narrowed by 50 percent to SR31 million.

Saudi Enaya Cooperative Insurance Co. increased 1.86 percent, after narrowing its net loss before zakat by 53 percent to SR14 million.

Alinma Tokio Marine Co. gained 1.73 percent, after turning into a profit of SR2.4 million in the first half of 2022.

Wataniya Insurance Co. fell 2.02 percent, after it saw its losses widen by 44 percent to SR37 million in the first half of 2022.

Arabian Centres Co. added 0.48 percent, after reporting a higher second-quarter profit of SR128 million.

Al Jouf Cement Co. rose 0.19 percent, after Abdul Karim Al-Nuhair was appointed CEO after Jamal Al Amer resigned.

Saudi Aramco lost 0.13 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.


Saudi insurer Salama proposes raising capital by $53m following 60% cut

Saudi insurer Salama proposes raising capital by $53m following 60% cut
Updated 6 min 17 sec ago

Saudi insurer Salama proposes raising capital by $53m following 60% cut

Saudi insurer Salama proposes raising capital by $53m following 60% cut

RIYADH: Salama Cooperative Insurance Co.’s board has proposed raising the company’s capital by SR200 million ($53 million) in a bid to support growth plans.

The insurer seeks to increase its capital from SR100 million to SR300 million, after its shareholders approved a 60 percent capital cut, according to a bourse filing.

Salama said the capital increase will be conducted through a rights issue offering, for which it hasn’t appointed a financial advisor yet.

The transaction is subject to approval from the Saudi Central Bank, the Capital Market Authority, and the company’s extraordinary general assembly.

To offset accumulated losses, the Saudi-listed firm recently announced a capital reduction from SR250 million to SR100 million by canceling 15 million shares.


Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales

Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales
Updated 31 min 20 sec ago

Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales

Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales

RIYADH: Domino's Pizza regional operator Alamar Foods Co. recorded a 10 percent profit increase after seeing significant sales growth in the first half.

Alamar’s profits jumped to SR67 million ($17 million) during the first half of the year, compared to SR60.9 million in the first half of 2021, according to a bourse filing.

The profit was coupled with a 31 percent increase in revenues to reach SR527 million at the end of the first six months of 2022.

The results were driven by higher sales, partially offset by higher raw material costs due to global inflation, as well as higher expenses related only to the second quarter.


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

Here’s what you need to know before Tadawul trading on Wednesday
Updated 40 min 44 sec ago

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

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

RIYADH: Saudi stocks settled flat on Tuesday, as news over potential global inflation spurred investor worries, while the market continued to see positive earnings reports.

The main index, TASI, ended the session flat at 12,545, while the parallel market Nomu edged 0.34 percent lower to finish at 22,034.

Stock market gains across the whole region were subdued, amid volatile oil trading due to recession concerns.

Abu Dhabi and Bahrain lost 0.2 percent, while Dubai, Oman, Qatar, and Kuwait advanced between 0.2 and 0.5 percent.

Outside the Gulf, the Egyptian index EGX30 closed 0.7 percent lower.

Brent crude reached $93.31 a barrel by 9:16 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $87.56 a barrel.

Stock news

ACWA Power Co. said it will sign today a $2.4 billion deal with Uzbekistan’s Ministry of Investment & Foreign Trade for a 1,500-megawatt wind project

Amana Cooperative Insurance Co.’s net losses narrowed by 50 percent to SR31 million in the first half of 2022

Wataniya Insurance Co. was awarded an SR54 million insurance contract with Samsung C&T Corp. for the NEOM spine water infrastructure

Wataniya Insurance saw its losses widen by 44 percent to SR37 million in the first half of 2022

Anaam International Holding Group Co.’s board approved liquidating two fully owned subsidiaries

Alinma Tokio Marine Co. turned into a profit of SR2.4 million in the first half of 2022

Saudi Enaya Cooperative Insurance Co.’s loss before zakat narrowed by 53 percent to SR14 million

Arabian Centres Co., known as Almrakez, reported a higher profit of SR128 million for the second quarter of 2022

Salama Cooperative Insurance Co. received shareholders’ approval to reduce its capital by 60 percent to SR100 million

Al Jouf Cement Co. appointed Abdul Karim Al-Nuhair as CEO following Jamal Al Amer's resignation

Naseej for Technology Co. reported SR7.7 million in profits for the first half, down 22 percent from the previous year

Al Moammar Information Systems Co. signed an SR39 million contract with the Saudi Ministry of Environment, Water, and Agriculture 

Alamar Foods Co. reported an SR66 million net profit in the first half of 2022, a 10 percent increase from the first half of last year

Saudi Tadawul Group Holding Co. entered a non-binding deal to acquire a 51 percent stake in financial technology provider Direct Financial Network Co.

National Co. for Learning and Education Co. announced the opening of the Trbyh Namouthajiya International Schools campus in Dhahran

Banan Real Estate Co. saw its first-half profit grow 16 percent to SR15 million

Leading franchise retailer Fawaz Abdulaziz Alhokair Co. reported a 26 percent profit surge to SR58 million for the second quarter of 2022

Alhokair said that its accumulated losses have been cut to zero, following a 45.3 percent capital reduction

Al Yamamah Steel Industries Co.’s profits were down 58 percent to SR70 million during the nine months ending June 30

Saudi Research and Media Group posted a 24 percent rise in half-year profit to SR281 million

Calendar

August 17, 2022

Saudi Networkers Services Co. will start trading its shares on Nomu

August 18, 2022

Rawasi Albina Investment Co. will start trading its shares on Nomu


Retail operator Almrakez posts higher profit despite fire outbreak losses

Retail operator Almrakez posts higher profit despite fire outbreak losses
Updated 17 August 2022

Retail operator Almrakez posts higher profit despite fire outbreak losses

Retail operator Almrakez posts higher profit despite fire outbreak losses

RIYADH: Arabian Centres Co. announced a higher second-quarter profit of SR128 million ($34 million), despite incurring an impairment loss on investment properties following the partial fire at Mall of Dhahran.

The impairment loss on investment properties reached SR25 million, the company which trades in the name of Almarkez said in a bourse filing.

The Saudi retail operator revenue grew by 10.2 percent year-over-year to book SR563 million, primarily due to an increase in net rental earnings.