MBC Group-backed Al Arabia secures advertising deal for the FIFA World Cup

MBC Group-backed Al Arabia secures advertising deal for the FIFA World Cup
Al Arabia will seek to attract customers and businesses to the local market in Saudi Arabia, Egypt, Bahrain and Kuwait during the FIFA World Cup 2022. (Shutterstock)
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Updated 19 June 2022

MBC Group-backed Al Arabia secures advertising deal for the FIFA World Cup

MBC Group-backed Al Arabia secures advertising deal for the FIFA World Cup

RIYADH: Arabian Contracting Services Co., known as Al Arabia, has secured a deal to provide advertising services to Qatar’s Elan Media Advertising.

As part of the agreement, Al Arabia will seek to attract customers and businesses to the local market in Saudi Arabia, Egypt, Bahrain and Kuwait during the FIFA World Cup 2022 to be held in Qatar, according to a bourse filing

MBC Group backed-Al Arabia's scope of work also includes preparing a media plan with the company and a commercial offer.

Elan is one of the leading media groups that owns and operates various outdoor and indoor advertising and media platforms in Qatar.


Saudi Cabinet authorizes ministers to discuss agreements with Thailand in energy, tourism sectors

Saudi Cabinet authorizes ministers to discuss agreements with Thailand in energy, tourism sectors
Updated 12 sec ago

Saudi Cabinet authorizes ministers to discuss agreements with Thailand in energy, tourism sectors

Saudi Cabinet authorizes ministers to discuss agreements with Thailand in energy, tourism sectors

RIYADH: Saudi Arabia’s Cabinet on Tuesday authorized the ministers of energy and tourism to discuss with Thailand a draft cooperation agreement in their respective fields, the Saudi Press Agency reported. 

The council of ministers also approved an initial agreement on cooperation in the field of labor between Saudi Arabia and Azerbaijan.

The Cabinet also approved two memorandums of understanding between Saudi Arabia and France in the field of railways.

The council has also endorsed an initial agreement between Saudi Arabia’s General Authority for Statistics and the UK’s Office for National Statistics to boost cooperation.

The Saudi Cabinet also discussed the decisions taken at the recent OPEC+ ministerial meeting to amend the production level for the month of September 2022 stressing the need for full compliance with the specified production quotas.

It added that the stability and balance of the oil market is one of the pillars of the Kingdom’s energy strategy, as oil is an important element in supporting the growth of the global economy. 


China In-Focus — Shares edge up; Luckin plans store expansion; Asian giant forecasts 6m electric cars sale

China In-Focus — Shares edge up; Luckin plans store expansion; Asian giant forecasts 6m electric cars sale
Updated 12 min 48 sec ago

China In-Focus — Shares edge up; Luckin plans store expansion; Asian giant forecasts 6m electric cars sale

China In-Focus — Shares edge up; Luckin plans store expansion; Asian giant forecasts 6m electric cars sale

RIYADH: China shares edged up on Tuesday, led by energy and renewable energy stocks, while gains were capped as COVID-19 outbreaks and tensions with the US weighed on sentiment.

The blue-chip CSI300 index rose 0.2 percent, to 4,156.29, while the Shanghai Composite Index gained 0.3 percent to 3,247.43 points.

The Hang Seng index fell 0.2 percent, to 20,003.44, while the China Enterprises Index lost 0.4 percent, to 6,794.77 points.

China’s Luckin plans store expansion, remains committed to US market

Two years after it was forced to withdraw from the Nasdaq for an accounting fraud, China’s Luckin Coffee believes it has emerged from its “darkest moment,” and said it remains committed to US capital markets as it expands its stores and sales.

Luckin admitted in 2020 that about $310 million of its sales were fabricated in the previous three quarters, bringing the coffee maker to the brink of collapse after having blazed a trail as a homegrown challenger to US coffee giant Starbucks.

“That was Luckin’s darkest moment. The company was facing a huge crisis at the time,” David Li, chairman and CEO of Chinese private equity firm Centurium Capital, told Reuters, referring to the accounting fraud.

China electric car sales to hit 6 million

The China Passenger Car Association has raised the forecast of electric car sales from 5.5 million to 6 million this year, Bloomberg reported.

The association raised its forecast after deliveries of new-energy vehicles more than doubled in July to around 486,000 units, thus accounting for 26.7 percent of the overall automobile market.

PCA also revealed that overall passenger vehicle sales rose 20 percent in July to 1.84 million units compared to the same period last year. 

(With input from Reuters)


Southern Province Cement posts 42% profit decline on lower demand

Southern Province Cement posts 42% profit decline on lower demand
Updated 27 min 23 sec ago

Southern Province Cement posts 42% profit decline on lower demand

Southern Province Cement posts 42% profit decline on lower demand

RIYADH: Southern Province Cement Co. reported a 42 percent profit drop to SR150 million ($40 million) for the first half of 2022, according to a bourse filing.


Saudi miner Amak sees 11% profit drop in H1 after $333m IPO

Saudi miner Amak sees 11% profit drop in H1 after $333m IPO
Updated 4 min 45 sec ago

Saudi miner Amak sees 11% profit drop in H1 after $333m IPO

Saudi miner Amak sees 11% profit drop in H1 after $333m IPO

RIYADH: Saudi miner Amak has recorded an 11 percent profit drop for the first half of 2022, after making a strong debut on the Kingdom’s stock market earlier this year.

Formally known as Al Masane Al Kobra Mining Co., the firm posted SR82 million ($22 million) in profit, down from SR93 million in the same period last year, it said in a bourse filing.

Amak debuted on the Saudi stock market in March, after raising proceeds amounting to SR1.2 billion in an initial public offering.

The lower profits were attributed to IPO-related costs and a rise in marketing and Zakat expenses, despite a boost in sales from the operation of the Guyan mine at full capacity.

Revenues of the TASI-listed company went up by 15 percent during the six-month period, reaching SR303 million. 


MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts

MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts
Updated 34 min 11 sec ago

MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts

MENA Project Tracker — Kuwait invites bids for $1.7bn water treatment plan; KOC awards $388.5m contracts

CAIRO: Kuwait’s Public Works Ministry is inviting bids for the expansion of $1.7 billion North Kabd wastewater treatment plant.

The deadline for the engineering, procurement and construction contract bids is Aug. 23.

Following the expansion, the plant is expected to hold up to 1 million cubic meters a day, according to MEED.

ENOC opens second compact service station

The Emirates National Oil Co. has opened its second compact service station in Al-Salamah 1 in Umm Al-Quwain, reported Zawya.

“The launch of a new service station in Umm Al Quwain reinforces our ambition to invest in the country’s growing infrastructure in order to meet both short- and long-term fuel needs,” stated ENOC Group CEO Saif Humaid Al-Falasi. 

KOC awards $388.5m contracts  

The Kuwait Oil Co. has awarded three contracts worth $388.5 million to Spetco, Contracting and Marine Services , and Fawares Petroleum Services Co.  for the supply and installation of sucker rod pumps at its oil fields, reported MEED.

NWC to invest $29bn on water infrastructure

Saudi Arabia’s National Water Co. has revealed its $29 billion investment plan for water infrastructure over five years, reported MEED.

The plan seeks to ensure water security and meet the country’s needs. 

This will be achieved by increasing the number and capacity of sewage treatment plants across the Kingdom.