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 Arabia’s agricultural sector grew at a rate of 7.8% in 2021

Saudi Arabia’s agricultural sector grew at a rate of 7.8% in 2021
Updated 14 sec ago

Saudi Arabia’s agricultural sector grew at a rate of 7.8% in 2021

Saudi Arabia’s agricultural sector grew at a rate of 7.8% in 2021

RIYADH: Saudi Arabia’s agricultural sector grew at a rate of 7.8 percent in 2021 as compared to the previous year, the Saudi Press Agency reported on Monday.

The agricultural output during the period was valued at SR72.25 billion ($19.23 billion) — the highest in more than five years — as compared to SR67.05 billion in the previous year.

The Ministry of Environment, Water and Agriculture attributed this growth to its strategies implemented in line with Vision 2030. In addition to that recovery from the coronavirus disease pandemic also helped the sector’s growth, the ministry added.

The Kingdom’s agriculture output in 2017 was estimated at SR65.29 billion, around SR65.49 billion in 2018, and SR66.20 billion in 2019.

It recorded around SR67.05 billion in 2020, noting that the sector’s contribution to the gross domestic product in general amounted to 2.3 percent last year, while the contribution of agricultural output to non-oil GDP was 3.6 percent, an increase of 0.2 percent compared to 2020.

The ministry highlighted that the Kingdom’s balance of trade achieved a surplus of SR462.5 billion, an increase from the year 2020, which recorded SR134.5 billion, due to increased exports during 2021. The agricultural exports amounted to SR13.16 billion.


PIF, Cain International invest $900m in Aman Group to boost its global expansion

PIF, Cain International invest $900m in Aman Group to boost its global expansion
Updated 34 min 26 sec ago

PIF, Cain International invest $900m in Aman Group to boost its global expansion

PIF, Cain International invest $900m in Aman Group to boost its global expansion

RIYADH: Saudi Arabia’s Public Investment Fund and Cain International have invested $900 million in Aman Group to help accelerate the global expansion of the hospitality and lifestyle brand management company.

The investment will be used to enhance the existing portfolio, drive the construction of the pipeline of Aman and Janu destinations, as well as support the acquisition and development of additional sites, according to a statement issued on Monday. 

Following the new funding, the company is now valued at over $3billion.

Aman is a renowned collection of 34 hotels across 20 countries, 12 of which include Aman Branded Residences, with nine further hotels and residences projects under construction and a committed pipeline of additional destinations in countries including USA, Japan, Mexico, South Korea, Saudi Arabia, and European destinations, among others. 

Vlad Doronin, owner, chairman and CEO of Aman Group, said: “The investment from PIF and Cain International is a vote of confidence in my vision and the work the team has done over the last eight years, cementing the brand’s evolution and ability to deliver this vision at pace.”

Commenting on the investment, Turqi Al-Nowaiser, deputy governor and head of International Investments Division at PIF, said: “The investment is in line with PIF’s strategy to invest in promising sectors to achieve sustainable, attractive returns in Saudi Arabia and globally.”

“We are excited to be investing in this phenomenal brand and look forward to building upon our longstanding partnership with Vlad and his team,” said Jonathan Goldstein, CEO and co- founder of Cain International. 


PIF-owned Helicopter Co. to add Airbus ACH160 to its fleet 


PIF-owned Helicopter Co. to add Airbus ACH160 to its fleet 

Updated 15 August 2022

PIF-owned Helicopter Co. to add Airbus ACH160 to its fleet 


PIF-owned Helicopter Co. to add Airbus ACH160 to its fleet 


RIYADH: The Helicopter Co., fully owned by the Public Investment Fund, has announced that Airbus ACH160 multi-purpose Helicopter will become part of its fleet in early 2023.

The new ACH160 is one of the world’s most technologically advanced helicopters with a new rotor blade design that results in significantly reduced noise, according to a statement posted on LinkedIn.

The company will obtain six new ACH160 helicopters, with the first being set to join the fleet early in 2023.

The new helicopter comes in line with the firm’s aims to deliver an improved environmental footprint and lower fuel consumption.


Macro Snapshot — China unexpectedly cuts key rates as economic data disappoints; Japan’s economy expands

Macro Snapshot — China unexpectedly cuts key rates as economic data disappoints; Japan’s economy expands
Updated 15 August 2022

Macro Snapshot — China unexpectedly cuts key rates as economic data disappoints; Japan’s economy expands

Macro Snapshot — China unexpectedly cuts key rates as economic data disappoints; Japan’s economy expands

CAIRO: China’s central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.

The grim set of figures indicate the world’s second largest economy is struggling to shake off the June quarter’s hit to growth from strict COVID-19 restrictions, prompting some economists to downgrade their projections.

Egypt’s unemployment rate  

Egypt’s unemployment rate in April to June remained unchanged from the previous quarter at 7.2 percent, the country’s Central Agency for Public Mobilization And Statistics announced on Monday.

Thai GDP grows 

Thailand’s economy expanded at the fastest pace in a year in the second quarter as eased COVID-19 restrictions boosted activity and tourism, reinforcing views that more rate hikes will be needed to curb inflationary pressures.

The Southeast Asia’s second-largest economy is making a steady recovery after the lifting of pandemic curbs but still faces headwinds ranging from inflation at 14-year highs to China’s slowdown and weaker global demand. Read full story

The government slightly revised its 2022 economic growth forecast to 2.7 percent to 3.2 percent from an earlier 2.5 percent to 3.5 percent range. Last year’s 1.5 percent growth was among the slowest in Southeast Asia.

Japan’s economy expands

Japan’s economy expanded an annualized 2.2 percent in the April-June period to mark the third straight quarter of expansion on solid private consumption, government data showed on Monday.

The increase in gross domestic product was slower than a median market forecast for a 2.5 percent expansion. It translated into quarterly growth of 0.5 percent against market forecasts for a 0.6 percent rise.

Private consumption rose 1.1 percent in the April-June period from the previous quarter, compared with a median market forecast for a 1.3 percent increase, the data showed.

 

 


Fitch upgrades Oman rating to BB

Fitch upgrades Oman rating to BB
Updated 15 August 2022

Fitch upgrades Oman rating to BB

Fitch upgrades Oman rating to BB

DUBAI: Global rating agency Fitch Ratings upgraded the long-term foreign currency issuer default rating on Oman to BB from BB-.

The outlook on Oman is stable, Fitch said on Monday.

The agency said the upgrade “reflects significant improvements in Oman’s fiscal metrics, a lessening of external financing pressures and ongoing efforts to reform public finances.”

A relatively small crude producer when compared to its wealthier Gulf neighbors, Oman is more sensitive to oil price swings, meaning it was hit especially hard by the pandemic-driven price crash in 2020.

But higher oil prices this year along with fiscal reforms, Fitch said, will support the sultanate to register its first budget surplus since 2013 and contain debt levels over the next few years.

“Higher oil revenue will underpin budget surpluses in 2022 and 2023,” Fitch said.