Tech champions can help GCC to add $255bn to regional GDP by 2030, says report

Tech champions play a significant role as they provide the economies of scale and scope necessary for innovation, talent attraction, job creation, large-scale investment, and exports. 
Tech champions play a significant role as they provide the economies of scale and scope necessary for innovation, talent attraction, job creation, large-scale investment, and exports. 
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Updated 02 June 2022

Tech champions can help GCC to add $255bn to regional GDP by 2030, says report

Tech champions can help GCC to add $255bn to regional GDP by 2030, says report

RIYADH: The Gulf Cooperation Council countries can add $255 billion to the regional gross domestic product by 2030, with Saudi Arabia contributing $119 billion alone, according to a report by Strategy& Middle East. 

Strategy& Middle East, a consulting company that is part of PwC’s network, suggests that this would happen by instituting the right policies and by developing tech champions in GCC countries. 

Tech champions play a significant role as they provide the economies of scale and scope necessary for innovation, talent attraction, job creation, large-scale investment, and exports. 

“While the GCC digital economy is growing rapidly, that alone will not make the region internationally competitive,” said Chady Smayra, partner with Strategy& Middle East. 

“Conversely, with the help of tech champions, regional GDP could jump by a cumulative 5 percent by 2030, creating some 600,000 technology jobs,” he added.

“As the regional economy transitions to being led by digital disruptors, the digital economy could increase its contribution to regional GDP potentially by $30 billion over the next five years, from $169 billion to $204 billion,” Tarek El Zein, another partner, said. 


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

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m
Updated 14 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.


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 12 min 20 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 27 min 4 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.


Jordan, Qatar lift restrictions on passenger, cargo flights 

Jordan, Qatar lift restrictions on passenger, cargo flights 
Updated 43 min 52 sec ago

Jordan, Qatar lift restrictions on passenger, cargo flights 

Jordan, Qatar lift restrictions on passenger, cargo flights 
  • The MoU is expected to have significant positive outcomes on the overall economic and investment activity and increase the volume of air transport between the two countries

Jordan and Qatar have lifted all restrictions on the capacity and number of passenger and cargo flights operating between the two countries, the Jordan News Agency (Petra) reported on Wednesday. 

Chief Commissioner and CEO of the Jordan Civil Aviation Regulatory Commission (CARC) Haitham Misto and the President of Qatar Civil Aviation Authority (QCAA) signed a Memorandum of Understanding (MoU) to fully resume direct air transport between the two countries. 

The MoU is expected to have significant positive outcomes on the overall economic and investment activity and increase the volume of air transport between the two countries, Petra said. 

The move is also in line with Jordan’s gradual liberalization policy of air transport under the National Air Transport Strategy, according to Petra. 


Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise

Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise
Updated 53 min 1 sec ago

Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise

Saudi Astra Industrial H1 profit zooms 202% to $85m as sales rise

RIYADH: Saudi Astra Industrial Group saw its profit soar 202 percent to SR318 million ($85 million) during the first half of 2022, bolstered by a rise in sales.

The company’s net profit almost tripled from SR105 million in the same period in 2021, driven by revenue growth of over 10 percent, according to a bourse filing.

Its revenue surged to SR1.24 billion, compared to SR1.12 billion a year earlier, while the profit per share went up to SR3.97 from SR1.32.

During the second quarter, Astra Industrial Group’s Al Tanmiya Steel sold its stake in Iraqi unit Al Anmaa for Construction Materials Production in a SR731 million deal.

Its companies are involved in various industrial segments including pharmaceuticals, steel construction, specialty chemicals and mining.