Taiba Investments returns to profits of $15m on pandemic recovery in H1

Taiba Investments returns to profits of $15m on pandemic recovery in H1
Ramadan and the Hajj season contributed to increased hospitality revenues and improved lease performance. (Supplied)
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Updated 18 August 2022

Taiba Investments returns to profits of $15m on pandemic recovery in H1

Taiba Investments returns to profits of $15m on pandemic recovery in H1

RIYADH: Taiba Investments Co. has turned into a profit of SR55 million ($15 million) in the first half of the year, wiping out losses of SR14.8 million from the same period last year.

The results are primarily due to the gradual recovery of Taiba’s activities from the COVID 19 pandemic, it said in a bourse filing.

Its revenues soared 103 percent to SR134 million during the first six months of 2022.

Ramadan and the Hajj season contributed to increased hospitality revenues and improved lease performance for the company's properties during the period, it said.

Listed in the Saudi main index, Taiba Investments Co. specializes in investing in real estate, tourism, maintenance, operations, industry, mining, agriculture, and trade.


UAE’s e-commerce market value to hit $9.2bn by 2026: Dubai Chamber of Commerce

UAE’s e-commerce market value to hit $9.2bn by 2026: Dubai Chamber of Commerce
Updated 28 sec ago

UAE’s e-commerce market value to hit $9.2bn by 2026: Dubai Chamber of Commerce

UAE’s e-commerce market value to hit $9.2bn by 2026: Dubai Chamber of Commerce

RIYADH: E-commerce trade in the UAE is projected to reach $9.2 billion by 2026, while its share of total retail sales is expected to hit 12.6 percent in the same year, according to the latest analysis by the Dubai Chamber of Commerce.

The analysis, which utilized data from Euromonitor, shows that e-commerce sales in the UAE recorded remarkable growth in 2021, reaching $4.8 billion during the year, compared to $2.6 billion in 2019, news agency WAM reported.

According to the report, the sale of mobile gadgets like smartphones and tablets accounted for the majority of transactions in 2021, totaling $2.6 billion, equal to 44 percent of the total e-commerce market value.

The study report further noted that mobile retail sales are expected to record a compound annual growth rate of 15.6 percent over the 2022-2026 period, to reach $4.6 billion.

The analysis showed more than one-third of UAE consumers use their smartphones to purchase products or services at least once a week  — above the global average.

The study further noted that the availability of several apps which aid consumers with price comparison has driven the growth of e-commerce purchases in the nation.

The report pointed out that 73 percent of shoppers in the UAE preferred local retail websites, while foreign websites received only a 27 percent share.

The market share of foreign e-commerce platforms is expected to grow by 19.2 percent between 2022 and 2026, which would mark a 34 percent gain in the total retail share.

The report also pointed out that the improvement and modernization of payment systems and services was a crucial factor that elevated the rate of e-commerce shopping in the UAE.

In 2021, consumer electronics which include smartphones, phone accessories, computer accessories, tablets, computers and television accounted for a 34 percent share of the e-commerce sector, followed by apparel and footwear at 31 percent, food and beverages at 12 percent, media products at 8 percent, personal accessories at 5.8 percent, and consumer appliances at 3.3 percent.


Saudi Arabian Plastic Industrial share soars 19% on debut

Saudi Arabian Plastic Industrial share soars 19% on debut
Updated 25 min 4 sec ago

Saudi Arabian Plastic Industrial share soars 19% on debut

Saudi Arabian Plastic Industrial share soars 19% on debut

 RIYADH: Arabian Plastic Industrial Co.’s shares climbed 18.52 percent above its listing price on its market debut on Wednesday, suggesting investors still have an appetite for local initial public offerings.

The shares of the APICO rose to SR32 ($9) in its early trading on Tadawul’s Nomu-Parallel Market, against a listing price of SR27.

APICO offered 1 million shares, or 20 percent, of its SR50 million market capitalization.

The offering coverage was 15.43 times oversubscribed, with the offer price set at SR27 per share.

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.


PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan

PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan
Updated 30 min 56 sec ago

PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan

PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan

RIYADH: Saudi Arabia’s Public Investment Fund has a complete plan in place to grow the fund’s assets to between $2 to $3 trillion by the end of this decade, said its Governor Yasir Al-Rumayyan, as the Kingdom steadily progresses towards achieving its goals outlined in Vision 2030. 

In an interview given to the Thmanyah podcast, Al-Rumayyan said that any company established by PIF aims to be offered for subscription in the Saudi market. He added that the number of the fund’s subsidiaries reached 85, with 50 companies founded by the PIF.

According to data released by Sovereign Wealth Fund Institute in April, PIF is currently in the fifth spot among the largest sovereign funds in the world with assets valued at $620 billion.

“We want to reach $1 trillion by 2025. And we are almost now less than $700, we need close to $400 billion to reach this size of assets,” said Al-Rumayyan.

He added: “We have a complete plan from now till 2030, on how to reach a trillion and reach between $2 to $3 trillion, and His Highness Crown Prince is determined to reach it.”

During the interview, Al-Rumayyan revealed that PIF created 400,000 jobs in the last five years, and added that the fund aims to create another 1.8 million jobs in the next five years.

He also pointed out that PIF has placed entertainment and sports among its strategic sectors, and added that investments in the electronic games sector will be one of the best choices in terms of returns.

Al-Rumayyan further added that the PIF made over 40 percent profits from SR35 billion worth of investments during the COVID-19 pandemic.

The PIF executive noted that local content is targeted to reach 60 percent of the projects and added that PIF is a driver of the Saudi economy, which should invest in new sectors, of which the local content is part.

He also added that the fund is paving the way for private sectors to mark their presence in the cinema industry, with six companies already operating in the market.


OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today
Updated 05 October 2022

OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today

RIYADH: The meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, set to take place today in Vienna is an important one and “will take the right decision,” according to the UAE Energy Minister Suhail al- Mazrouei. 

OPEC+ producers are expected to agree to a deep cut in their output target, curbing supply in an already tight market despite US pressure to pump more, according to a Reuters report. 

Citing OPEC+ sources, Reuters reported that OPEC+ will discuss output cuts of up to 2 million barrels per day, and a cut of that magnitude will be the biggest since the pandemic outbreak. 

Ahead of the meeting, oil prices moderated slightly. 

Brent crude was down 0.04 percent to $91.76 a barrel at 10.50 a.m Saudi time, while US West Texas Intermediate fell 0.09 percent to $86.43 per barrel.


Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5
Updated 05 October 2022

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

RIYADH: Arabian Plastic Industrial Co.’s shares are scheduled to begin trading on Tadawul’s Nomu-Parallel Market today, Oct. 5.

APICO offered 1 million shares, or 20 percent of its SR50 million ($13 million) market capitalization.

The offering coverage was 15.43 times oversubscribed, with the offer price set at SR27 per share.

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.