Saudi fast food chain franchiser Alamar to list on main market

Saudi fast food chain franchiser Alamar to list on main market
The company said it plans to offer 10.63 million ordinary shares. (File)
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Updated 09 June 2022

Saudi fast food chain franchiser Alamar to list on main market

Saudi fast food chain franchiser Alamar to list on main market

RIYADH: Alamar Foods Co. has received regulatory approval from the Capital Market Authority to proceed with an initial public offering for its 42 percent stake on Saudi Arabia’s stock exchange.

The company said it plans to offer 10.63 million ordinary shares, according to a bourse filing.

The price at which all subscribers will purchase the shares will be determined following the book-building period, it added.


TASI sees sixth session of gains: Closing bell

TASI sees sixth session of gains: Closing bell
Updated 13 sec ago

TASI sees sixth session of gains: Closing bell

TASI sees sixth session of gains: Closing bell

RIYADH: The Saudi main index closed on a positive note for the sixth trading session in a row as investors’ recession fears faded.

The Tadawul All Share Index ended 1.49 percent higher to reach 11,780; the parallel market Nomu edged 1.32 percent higher to 20,339.

Saudi oil giant Aramco ended with a 0.70 percent decline, while Rabigh Refining and Petrochemical Co. edged up 4.9 percent.

The Saudi National Bank, the Kingdom’s largest lender, fell 2.36 percent, while Saudi British Bank increased by 1.73 percent.

The Kingdom’s most valued bank Al Rajhi gained 1.81 percent, while Alinma Bank gained 1.05 percent.

Arabian Internet and Telecommunication Co., known as solutions by stc, gained 7.67 percent to lead the gainers, after it completed all necessary procedures to acquire a $158 million stake in Egypt's Giza Systems Co.

Gulf General Cooperative Insurance Co. declined 2.58 percent to lead the fallers, followed by Alamar Foods Co. which fell 1.45 percent.

Among the gainers, Arabian Pipes Co. increased 7.54 percent, while Jabal Omar Development Co. added 6.67 percent.


Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen

Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen
Updated 3 min 36 sec ago

Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen

Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen

RIYADH: Saudi Arabia is working to boost its mining sector by attracting investments, spreading digital and advanced technologies, and applying sustainable standards, said the Kingdom’s vice minister for mining affair at the Ministry of Industry and Mineral Resources.

Khalid Al-Mudaifer is heading a Saudi delegation in South Africa, where the Kingdom seeks to explore investment opportunities to become a global supplier of hydrogen and emerge as a hub for green mineral and highly competitive manufacturing.

The delegation, comprising Saudi investors, is visiting South African capital Pretoria to meet local investors, the Saudi Press Agency reported.

The report said the Kingdom has many opportunities for integration with South Africa since it is one of the biggest economies in the continent.

One of the reasons for cooperation with South Africa is its strategic location, serving as a gateway to the entire African continent, as well as a link between the East and the West, Al-Mudaifer told Argaam.

South Africa is the hub for West Africa and Sub-Saharan Africa and the site for the export and trade of the Kingdom’s minerals. It also has great experience in mining, tourism, and other sectors.

Al-Mudaifer emphasized that Saudi Basic Industries Corp. and Saudi Arabian Mining Co. have representative offices in South Africa, which presents numerous opportunities for Saudi companies there.

“We can cooperate with South Africa to serve the Kingdom’s mining sector,” the vice minister noted.

The Kingdom has 14 mining sites with quantities of copper and zinc that will be auctioned after Al-Khunayqiyah and Umm Al-Damar. It needs marketing campaigns worldwide to attract companies, he added.

There are several South African firms operating in the Kingdom, including ADL, the official said, adding that some agreements were signed at Indaba. In addition to signing pacts with South African firms, other deals will be signed to transfer business into the Kingdom during this visit.

 


Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 
Updated 16 min 19 sec ago

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

RIYADH: The Saudi Ports Authority, Mawani, has inked a deal with Globe Group to establish a fully integrated logistics zone at Jeddah Islamic Port to enhance its competitive edge and support logistics-related companies on the ground.

This comes as a continuation of Mawani’s initiative to turn the Kingdom into a global logistics hub by creating such zones inside and outside ports.

Mawani said it aims to increase the contribution of the private sector to economic development and diversification in Jeddah Islamic Port, as well as provide and localize job opportunities in the logistics sector.

Jeddah Islamic Port is witnessing development operations aimed at improving its operational processes and increasing its capacity in an effort to make it among the top 10 ports in the world.

The port accounts for 75 percent of inbound maritime and transshipment trade in the Red Sea, making it the first re-export point in the region.

Recently, Mawani announced the signing of exceptional agreements to establish five promising logistic areas in Jeddah Islamic Port with an investment value of approximately SR2 billion ($532 million).

It also provides 6,000 direct and indirect job opportunities in the first phase, in an integrated partnership with local and international companies, including Maersk, CMA CGM, LogiPoint, DB World, Bahri.


B.TECH to drive more growth and expansion following investment by SEIC

B.TECH to drive more growth and expansion following investment by SEIC
Updated 38 min 36 sec ago

B.TECH to drive more growth and expansion following investment by SEIC

B.TECH to drive more growth and expansion following investment by SEIC

RIYADH: Egypt’s omnichannel retailer and consumer finance platform B.TECH is expected to drive more growth and expansion following the investment by the Saudi Egyptian Investment Co., a wholly-owned subsidiary of the Public Investment Fund, its CEO told Al-Arabiya.

B.TECH aims to increase its revenues by 30 percent by the end of 2022 to $1.5 million, while it aims to increase its locations to 153 by the end of the year.

Currently, B.TECH opens one location every ten days, according to B.TECH CEO Mahmoud Khattab.

B.TECH CEO Mahmoud Khattab (Supplied)

SEIC has acquired 34 percent of Egypt’s omnichannel retailer and consumer finance platform B.TECH.

SEIC’s acquisition was made via the purchase of a minority stake from African Development Partners II, a fund advised by Development Partners International.

B.TECH is 34 percent owned by DPI, while the remaining 66 percent belongs to BT Holding which is owned by the Khattab family that founded the company.

“In recent years, we have achieved significant milestones, rapidly expanded our e-commerce business and grew our store footprint, distribution and service centers, while also enhancing our digital capabilities,” Khattab said.

Working with SEIC, he said B.TECH will continue to accelerate its innovative growth strategy, its digitization efforts, while scaling new business verticals and existing core operations. 

Khattab added: “B.TECH will also invest in increasing financial inclusion efforts, supported by the growth of B.TECH’s digitally-enabled MiniCash consumer finance services, which will expand customer access to a wide range of financing solutions.”


Saudi telecom operator stc launches $1bn subsidiary to create regional media hub

Saudi telecom operator stc launches $1bn subsidiary to create regional media hub
Updated 04 October 2022

Saudi telecom operator stc launches $1bn subsidiary to create regional media hub

Saudi telecom operator stc launches $1bn subsidiary to create regional media hub

RIYADH: Saudi telecommunication firm stc has launched a new subsidiary, Center 3, linking Asia, Africa, and Europe through a regional media hub aiming to enhance the growth of the digital economy in the Kingdom.

Center 3 is a group of carrier-neutral data centers and a provider of international communication for the telecommunications sector through a submarine fiber-optic network.

The subsidiary firm was unveiled during a ceremony held in the Hilton hotel, nine months after the Center 3 MENA Hub initiative was initially announced.

“This is an initiative that is solidifying our digital offering not only to Saudi Arabia but far beyond to all of the global and digital ecosystem leveraging on being at the center of three continents,” Olayan Alwetaid, stc group CEO said.

Mohammed Alabbadi, stc group chief carrier and wholesale officer, added: “With an initial investment of $1 billion we are aiming to build the future; a future of unparalleled customer experience, carrier neutrality, and ensuring business continuity backed by a resilient and diverse network of sub-sea cables that connects Europe, Africa, and Asia."

Through the investment of $1 billion, stc aims to drive the growth of the Kingdom's economy and its gross domestic product.

“Today the real journey starts; the journey to solidify Saudi Arabia’s position at the heart of the ICT landscape in the region and the stepping stone beyond the region,” Alabbadi said.

He added: “Our vision is to create a digital community linking and hosting all stakeholders of the industry in one place — carriers, cloud, content, gaming all.”

The stc group chief carrier officer explained that the MENA HUB was inspired by the Kingdom's Vision 2030 in order to be an integral driver of connectivity between the three continents.

He added: “Today we are very proud to see stc deliver on its mission with an aim to help accelerate and drive these results even further.” 

During the ceremony, Fahad Alhajeri, Center 3 CEO, highlighted the subsidiary's business model, which includes the customer segments of hyperscalers and data center players, Tier 2 cloud, content and gaming, content delivery network, international carriers, local and regional carriers, and international enterprises.

“Our main objective is to make Saudi the digital hub in the region,” the Center 3 CEO said.

He noted that Saudi is forecasted to have the highest market share in the region. 

“We will continue in advancing our country's position and we are investing in 16 subsea cables, and nine lading stations by 2025. We will increase our connectivity capacity from 30TB to 130TB, and with our sub cables systems, we have access to more than 100 plus landing cities globally.” 

Center 3 CEO highlighted how the Middle East and Africa are underserved while the average global carrier of international connectivity from 2019 to 2025 is forecasted at 10 percent.

“The Middle East and Africa are growing two times faster than that at 20 percent and of course, among other factors, it's an indication of the gap in content localization. It is evident that a primary digital hub will evolve in the MENA region, creating a well-suited opportunity for the Kingdom,” Alhajeri said.

Center 3 aims to provide the three essential components in establishing a digital hub including media centers to store and process data, international connectivity to connect to international and regional markets, and active internet exchange.

“Usually these components are provided by multiple entities in different countries and regions that are the digital hub, we provide them all. Center 3 is the one-stop shop in the region,” he added.