Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

The Egyptian labor force grew to 29.99 million from 29.89 million in the previous quarter, where the employment figures increased from 27.750 million to 27.834 million. 
The Egyptian labor force grew to 29.985 million from 29.895 million in the previous quarter, where the employment figures increased from 27.750 million to 27.834 million. 
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Updated 15 August 2022

Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

CAIRO: The unemployment rate in the North African country remained unchanged at 7.2 percent in the second quarter of 2022, according to a report from the Central Agency of Public Mobilization and Statistics.

The Egyptian labor force grew to 29.99 million from 29.89 million in the previous quarter, where the employment figures increased from 27.75 million to 27.83 million. 

The unemployment level also slightly increased from 2.15 million in the first quarter of 2022 to 2.15 million in the second quarter of 2022.  

New ministers take charge

On Aug. 13, 13 new ministers took oath including Ahmed Issa, the new minister of tourism and antiquities.

Ahmed Issa brings years of banking experience to the table as the former CEO of retail banking at Commercial International Bank.

Apetito and Purity sign MOU

Saudi-based Purity has signed a memorandum of understanding with Apetito— an Egyptian online grocery store operating in Egypt, Tunisia, and Morocco — to help expand its services in Saudi Arabia and the Middle East and North Africa region.

Purity is known for its expertise in IT infrastructure and app development; therefore, it would serve Apetitio in achieving its $25 million investment goal.

Moreover, Purity CEO Abdullah Al-Namlah will become part of Appetito’s board of directors, reported Daily News Egypt.

“We are very pleased with this partnership with Purity, which is a regional leader in IT and investments,” stated Apetito CEO Shehab Mokhtar.

 “We aim to massively expand our operations in Saudi Arabia, as well as prospective presence across neighboring markets,” he added.

BONBELL closes $350K deal

BONBELL— a foodtech startup founded in Egypt in 2022— has secured a $350,000 investment from a Canadian angel investor.

 The startup provides an online platform for food orders and deliveries with its restaurant partners, in addition to providing in-app table reservations.

 This new investment will be used to increase its partnership with other restaurants,  aiming at 750 restaurants by the end of this year.

Moreover, BONBELL is targeting another $10 million investment with two venture capital funds from Europe and the Gulf, reported WAMDA.

 


IMF to open a regional office in Saudi Arabia

IMF to open a regional office in Saudi Arabia
Updated 22 sec ago

IMF to open a regional office in Saudi Arabia

IMF to open a regional office in Saudi Arabia

RIYADH: The International Monetary Fund will open a regional office in Saudi Arabia as both parties prepare to sign a memorandum of understanding in this regard on Oct. 3 in Riyadh. 

The MoU, to be signed between the Saudi Arabian ministry of finance and the IMF, will be followed by a joint press conference at Ritz Carlton in Riyadh, a ministry release said. 

The opening of a new regional office in Saudi Arabia holds significance as the IMF expects the Kingdom to become one of the world's fastest-growing economies, recording a growth of 7.6 percent in the gross domestic product this year.

It should be also noted that credit rating agency S&P has affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook citing higher oil revenues, rising oil production, and the government’s robust reform program.


Saudi Arabia to host ICAO Air Services Negotiation conference in  2023

Saudi Arabia to host ICAO Air Services Negotiation conference in  2023
Updated 5 min 55 sec ago

Saudi Arabia to host ICAO Air Services Negotiation conference in  2023

Saudi Arabia to host ICAO Air Services Negotiation conference in  2023

RIYADH: Saudi Arabia will host the 15th International Conference on Air Services Negotiations of the International Civil Aviation Organization in December 2023, in Riyadh, as the Kingdom leapfrogs in the aviation sector in line with the goals outlined in its Vision 2030. 

Saleh Al-Jasser, Saudi Arabian Minister of Transport and Logistics, said that the conference will be an important platform for member states to discuss ways of organizing and managing the air transport sector, Saudi Press Agency reported. 

“Choosing the Kingdom to host the International Conference on Air Services Negotiations 2023 is an affirmation of the Kingdom’s position and its effective contributions in the aviation sector at the global level, and in appreciation of its efforts to enhance air connectivity in line with the National Strategy for Transport and Logistics Services, which is based on the Kingdom’s Vision 2030,” Al-Jasser added. 

Meanwhile, Saudi Arabia has been elected to the membership of the Council of ICAO for the period 2023-2024-2025. 

The decision was made during the 41st General Assembly of the organization held in Montreal, Canada. 

The Kingdom was reelected after a voting process with the participation of 193 member states of the UN to find a position in the ICAO Council comprising 36 members. 

“Since the establishment of the first airline in the Kingdom in 1945, the Kingdom, with the unlimited support of the wise leadership, has proven its commitment and tireless work toward the sector of aviation both domestically and internationally,” Al-Jasser further said. 

He added that the Kingdom is now working in line with the vision of Crown Prince Mohammed bin Salman by consolidating its global leadership role in the sector. 

The civil aviation strategic plan is one of the most crucial goals outlined in Vision 2030. 

According to the civil aviation strategic plan, the Kingdom is aiming for 330 million passengers annually and 250 destinations around the world by 2030.


TASI starts the week higher as traders watch the market: Opening bell

TASI starts the week higher as traders watch the market: Opening bell
Updated 02 October 2022

TASI starts the week higher as traders watch the market: Opening bell

TASI starts the week higher as traders watch the market: Opening bell

RIYADH: The Saudi main index ticked up on Thursday, but September still marked a dismal month for the stock exchange, marked by persistent inflation, unstable gas prices, and aggressive Fed hikes.

The Tadawul All Share Index ended September dropping 7 percent over the course of the month to reach 12,283 at the closing bell of Thursday’s session. 

This is despite closing the last session of September in green, with a 2.11 percent gain.

Other Gulf markets also ended Thursday’s session in green. The Qatari index closed 1.2 percent higher while Abu Dhabi’s index added 0.4 percent.

In spite of this, there was a 0.8 percent drop in Dubai’s main share index.

Outside the Gulf, Egypt’s blue-chip index climbed 1.3 percent on Thursday, reversing six straight losses.

Stock news

Nahdi Medical Co. established Al-Sakhaa Integrated Solutions Co., owned by its subsidiaries in Egypt, to support the company's business and strategy.

The Saudi Paper Manufacturing Co. signed SR166 million ($44 million) agreement with Italian-based Toscotec for a raw tissue paper roll production line.

Tourism Enterprise Co. and SHUAA Capital Saudi Arabia extended their MoU to buy three hotels in Riyadh, Jeddah and Dammam for an additional period starting, Sept. 30, until Nov. 30, 2022.

Tihama Advertising and Public Relations Co. and UK-based WPP plc delayed their agreement to create a Bahrain-based holding group via a merger until Oct. 31, 2022.

Unitholders of Saudi Economic and Development Securities Co. will receive a cash dividend of SR0.18 per unit for the period from July 2 to Sep. 30th 2022. 

Retal Urban Development Co.’s shareholders approved a cash dividend of SR2 per share for the first half of 2022.

Al-Baha Investment and Development Co. settled all Zakat claims for the years 2000-2010.


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

Here’s what you need to know before Tadawul trading on Sunday
Updated 02 October 2022

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

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

RIYADH: The Saudi main index ticked up on Thursday, but September still marked a dismal month for the stock exchange, marked by persistent inflation, unstable gas prices, and aggressive Fed hikes.

The Tadawul All Share Index ended September dropping 7 percent over the course of the month to reach 12,283 at the closing bell of Thursday’s session. 

This is despite closing the last session of September in green, with a 2.11 percent gain.

Other Gulf markets also ended Thursday’s session in green. The Qatari index closed 1.2 percent higher while Abu Dhabi’s index added 0.4 percent.

In spite of this, there was a 0.8 percent drop in Dubai’s main share index.

Outside the Gulf, Egypt’s blue-chip index climbed 1.3 percent on Thursday, reversing six straight losses.

Stock news

Nahdi Medical Co. established Al-Sakhaa Integrated Solutions Co., owned by its subsidiaries in Egypt, to support the company's business and strategy.

The Saudi Paper Manufacturing Co. signed SR166 million ($44 million) agreement with Italian-based Toscotec for a raw tissue paper roll production line.

Tourism Enterprise Co. and SHUAA Capital Saudi Arabia extended their MoU to buy three hotels in Riyadh, Jeddah and Dammam for an additional period starting, Sept. 30, until Nov. 30, 2022.

Tihama Advertising and Public Relations Co. and UK-based WPP plc delayed their agreement to create a Bahrain-based holding group via a merger until Oct. 31, 2022.

Unitholders of Saudi Economic and Development Securities Co. will receive a cash dividend of SR0.18 per unit for the period from July 2 to Sep. 30th 2022. – remove as old?

Retal Urban Development Co.’s shareholders approved a cash dividend of SR2 per share for the first half of 2022.

Al-Baha Investment and Development Co. settled all Zakat claims for the years 2000-2010.


Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec

Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec
Updated 02 October 2022

Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec

Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec

RIYADH: Saudi Paper Manufacturing Co. has signed an agreement with Italy-based Toscotec for the production and supply of a tissue paper production line for the total cost of SR166 million ($44 million).

The deal is part of a letter of understanding both companies signed in June to purchase the fifth production line in Dammam 2nd Industrial City, which will produce tissue rolls with a capacity of 60,000 tons annually for SR300 million.

Upon signing the SR166 deal, Saudi Paper will make an advance payment within two months maximum, and the remaining amount will be paid in installments, corresponding to delivery, installation, receipt, and final operation.

As part of the contract, the company will receive a performance guarantee from the supplier for 16 months from the signing date.

The transaction will increase the company's tissue paper roll production capacity from 130,000 tons per annum to 190,000 tpa, in order to meet the needs of the local market and to expand exports.

In addition to the proceeds from the sale of some non-operating assets, the deal will be financed mainly from the company's operating revenues and the proceeds from the sale of certain non-operating assets, as well as proceeds from legal claims, for which judgments were awarded in favor of the company.

Banks and local finance agencies will also play a role in obtaining part of the funding for this project.

The financial impact of the project will become apparent from the fourth quarter of 2022.

Toscotec is one of the world's leading tissue paper producers and offers the latest technologies and solutions. With this eco-friendly technology, maximum production efficiency is achieved, consumption is reduced, operating costs are reduced, and final products are of the highest quality.