Egypt e-commerce fashion platform TFK raises $2.6m in seed funding round

Egypt e-commerce fashion platform TFK raises $2.6m in seed funding round
TFK co-founders - Karim Abd El Kader, Fadi Antaki & Marianne Simaika. (Supplied)
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Updated 28 July 2022

Egypt e-commerce fashion platform TFK raises $2.6m in seed funding round

Egypt e-commerce fashion platform TFK raises $2.6m in seed funding round

RIYADH: Egypt-based curated fashion e-commerce platform The Fashion Kingdom raised $2.6 million in a seed funding round co-led by venture capital firms CVentures and A15.

The round also saw participation from other investors including Lotus Capital, Raba Parnership, Sunny Side Venture Partners, Foundation Ventures, and The Cairo Angels Syndicate Fund.

The company will use its acquired funding to accelerate its growth, scale its technology, and grow its team.

TFK currently has more than 200 local and international brands on its platform with 135,000 customers.

The company has also seen the number of customers grow by over three times per year and is planning to continue at this rate for 2022.


Air India plans more UAE, Qatar flights as FIFA World Cup frenzy picks up

Air India plans more UAE, Qatar flights as FIFA World Cup frenzy picks up
Updated 6 sec ago

Air India plans more UAE, Qatar flights as FIFA World Cup frenzy picks up

Air India plans more UAE, Qatar flights as FIFA World Cup frenzy picks up
  • About 1.5 million fans are expected to arrive in Qatar for the world’s biggest football tournament

DUBAI: Tata-owned Air India plans to offer more flights to the UAE and Qatar as the FIFA World Cup frenzy culminates with the opening of the quadrennial football event in November, UAE daily Gulf News reported.

About 1.5 million fans are expected to arrive in Qatar for the world’s biggest football tournament.

The carrier said it will add four weekly flights between Dubai and Kolkata once the winter schedule starts Oct. 22.

Air India will deploy its Airbus A320Neo single-aisle aircraft, which has a capacity of 12 business-class seats and 150 economy seats.

It is currently operating 69 weekly flights to Dubai.

Additional frequencies to Qatar meanwhile could be determined later this month when flight slots to the World Cup host become clearer.

Air India is currently selling discounted one-way flight fares for passengers departing from its Gulf network to celebrate India’s 75th Independence Day. These seats are available until Aug. 21 on a limited basis and are valid for travel until Oct. 15 this year.

India’s aviation authority meanwhile is lifting the caps on air fares in the country from Aug. 31 as the domestic segment continues its recovery from the coronavirus pandemic.

“After review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel… it has been decided to remove the fare bands notified from time to time regarding airfares with effect from 31.08.2022,” Satyendra Kumar Mishra, joint secretary for civil aviation ministry, said in his order issued on Wednesday.

“The airlines/operators shall, however, ensure that the guidelines to contain the spread of COVID-19 are strictly adhered to and COVID-19 appropriate behavior is strictly enforced by them during the travel,” he added.

The limits on capacity and fares were imposed in May 2020, as air travel was reopened after a nationwide lockdown, mainly to prevent a spike in ticket prices due to increased demand for flights as movement restrictions were eased.

Under the existing policy, tickets sold in 0-15 days on a rolling basis must be priced within the minimum and maximum band, although airlines are free to set their own fares for journeys beyond 15 days.


Saudi markets starts higher as wave of earnings reports lift stocks: Opening bell

Saudi markets starts higher as wave of earnings reports lift stocks: Opening bell
Updated 5 min 55 sec ago

Saudi markets starts higher as wave of earnings reports lift stocks: Opening bell

Saudi markets starts higher as wave of earnings reports lift stocks: Opening bell

 

RIYADH: Saudi Arabia’s benchmark index started the week’s final session higher as investors digest another wave of corporate earnings results for the first half.

TASI edged 0.39 percent higher at 12,479, while the parallel Nomu market added 0.15 percent at 22,261, as of 10:07 a.m. Saudi time.

Astra Industrial Group climbed 4.39 percent to lead the gainers, after its first-half profit soared 202 percent to SR318 million ($85 million).

Saudi Co. for Hardware slipped 3.56 percent to lead the fallers, after it turned into losses of SR19 million during the first half of 2022.

ACWA Power added 1.15 percent, after it recorded a 21 percent jump in profits to SR542 million for the first half of 2022.

Saudi Arabian Mining Co., better known as Ma’aden, gained 2.18 percent, after its first-half profit soared 232 percent to SR6.2 billion.

Saudi Vitrified Clay Pipes Co. declined 1.53 percent, after its net losses widened by 661 percent to SR9 million during the first half of 2022.

Saudi Industrial Services Co. shed 1.39 percent, after earning SR3.9 million in the first half of 2022, down 93 percent from the same period last year.

Saudi Electricity Co. rose 0.39 percent, after it obtained an international syndicated loan of $3 billion.

Eastern Province Cement Co. gained 0.55 percent, despite a 41 percent drop in profit to SR72 million in the first half.

Savola Group added 0.59 percent, after it entered an SR459 million agreement to sell its shares in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited.

Following the announcement, shares of  Knowledge Economic City increased by 1.10 percent.

The Kingdom’s largest valued bank Al Rajhi added 1.03 percent, while the Kingdom’s oil giant Saudi Aramco started the day with a 0.25 percent increase.


Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn
Updated 15 min 2 sec ago

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

RIYADH: Saudi Arabian Mining Co., better known as Ma’aden, saw its profit more than triple to SR6.2 billion ($1.7 billion) during the first half of 2022.

The Saudi-listed miner’s profit rose 232 percent from SR1.9 billion in the same period a year ago, according to a bourse filing.

This was coupled with an 80 percent revenue jump to SR20.8 billion, compared to SR11.6 billion last year.

Ma’aden said the robust performance was due to higher average sales prices of all products in addition to a rise in sales of ammonia, ammonia phosphate fertilizer, aluminum, and industrial mineral products.

A higher share in the profit from joint ventures, lower finance costs by 3 percent, and higher income from time deposits also contributed to the results, it added.


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

Here’s what you need to know before Tadawul trading on Thursday 
Updated 11 August 2022

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

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

RIYADH: Saudi stocks ended higher for a third straight day on Wednesday, thanks to strong earnings results from most listed companies.

TASI, the main index, gained 0.8 percent to close at 12,431 and the parallel Nomu market edged 0.13 percent higher to 22,227.

Most Gulf peers advanced in line with Saudi Arabia, led by a 0.8 percent gain for Abu Dhabi’s bourse.

Dubai, Oman, and Qatar added 0.3, 0.1, and 0.4 percent, respectively, while Bahrain and Kuwait were down 1 percent and 0.2 percent, respectively.

Elsewhere in the Middle East, Egypt’s EGX30 exited the session almost flat.

In energy trading, Brent crude was priced at $97.31 a barrel by 9:16 a.m. Saudi time on Thursday, while US West Texas Intermediate traded at $91.79 a barrel.

Stock news

ACWA Power Co. said that operations at Umm Al Quwain IWP were launched, with a production capacity of 682,000 cubic meters per day of desalinated potable water

ACWA Power recorded a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022

Savola Group entered an SR459 million agreement to sell its shares in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited to Taiba Investment Co.

Astra Industrial Group reported a 202 percent profit surge to SR318 million for the first half of 2022

Saudi Co. for Hardware turned into losses of SR19 million during the first half of 2022. The company also appointed Sameer Alhamidi as vice chairman of the board effective Aug. 11

Saudi Vitrified Clay Pipes Co.'s net losses widened by 661 percent to SR9 million during the first half of 2022

Eastern Province Cement Co. posted a 41 percent profit drop to SR72 million

Walaa Cooperative Insurance Co. got the Capital Market Authority’s approval to increase its capital to SR850 million for the merger with SABB Takaful

Saudi Arabian Mining Co. announced that Mansourah & Massarah gold mine plant is near completion, adding that pre-commissioning activities started

Saudi Industrial Services Co.’s profit dropped 93 percent during the first half of 2022 to SR3.9 million

Calendar

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription

August 15, 2022

Naqi Water Co. will start trading its shares on the Saudi Exchange’s main market

 


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

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m
Updated 58 min 8 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.

Profits of the energy giant grew mainly in response to new projects beginning operations, which boosted income from equity-accounted investors, it said.

Most recently, ACWA Power announced the start of operations at a $797 million desalination plant in the UAE, namely Umm Al Quwain IWP.

With an SR251-billion portfolio, ACWA Power was the second largest utility company on the Saudi bourse after Saudi Electricity Co.