LinkedIn reveals Saudi Arabia’s top 15 companies 

LinkedIn reveals Saudi Arabia’s top 15 companies 
LinkedIn ranked companies based on nine criteria, including career progression, ability for employees to advance, and skills growth (Shutterstock)
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Updated 18 April 2023
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LinkedIn reveals Saudi Arabia’s top 15 companies 

LinkedIn reveals Saudi Arabia’s top 15 companies 

RIYADH: Saudi Aramco has been ranked first on a list of the top 15 companies in Saudi Arabia by professional network platform LinkedIn.

Hospitality company Red Sea Global was second followed by leading telecommunications giant stc.

Manufacturing multinational Procter & Gamble came in fourth, with the Kingdom’s aviation and airline leader Saudia placed fifth.

LinkedIn ranked companies based on nine criteria, including career progression, ability for employees to advance, skills growth, and company stability. 

The firm also took into account external opportunity, company affinity, gender diversity, educational background and employee presence in the country.

The rankings were part of a broader measure of top companies across the region, and Lynn Chouman, managing editor at LinkedIn News Middle East and North Africa, said: “This year’s list is an indication that the world of work is still undergoing enormous change, and it is interesting to see how quickly our markets are evolving with 75 percent new entrants in the 2023 Top Companies lists for the UAE and Saudi Arabia.”

Multinational healthcare and health insurance company Bupa was placed sixth on the Saudi Arabia list, followed by pharmaceutical manufacturing company SPIMACO, and financial services provider SAB Alawwal.

Other firms ranked in the top 15 included state-owned mining firm Ma’aden, food and beverage company SADAFCO, and the Islamic Development Bank

The list shows the Kingdom’s progress towards diversifying its economy as well as maintaining its power by having one of the largest companies in the oil and gas space. 

It also highlights how multinational companies have established their market positions in the Kingdom making it a regional hub for global leaders. 

LinkedIn also revealed the UAE’s list of top 15 companies, with the airlines Emirates coming out top followed by Procter & Gamble and Kearney.


Closing Bell: Saudi benchmark index edges down 1.64% to 12,500

Closing Bell: Saudi benchmark index edges down 1.64% to 12,500
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Closing Bell: Saudi benchmark index edges down 1.64% to 12,500

Closing Bell: Saudi benchmark index edges down 1.64% to 12,500

RIYADH: Saudi Arabia’s Tadawul All Share Index shed 207.91 points or 1.64 percent on Tuesday to close at 12,500.43.

The total trading turnover of the benchmark index was SR10.22 billion ($2.72 billion), with 42 stocks advancing and 186 declining. 

Nomu, Saudi Arabia’s parallel market, also lost 239.21 points to close at 26,309.38. The MSCI Tadawul Index shed 31.821 points to 1,578.42. 

The best-performing stock was Red Sea International Co. The firm’s share price soared by 10 percent to SR33. 

Other top performers were Etihad Atheeb Telecommunication Co. and Saudi Steel Pipe Co., whose share prices surged by 6.57 percent and 4.59 percent respectively. 

Meanwhile, ACWA Power’s share price hit SR427 on Tuesday, an all-time high since the company’s listing on the main market. However, the company closed its trading at SR417. 

The worst performer of the day was Advanced Petrochemical Co., as its share price dipped by 5.30 percent to SR42.90. 

On the announcements front, United Electronics Co. revealed that its net profit for the first quarter of this year climbed 11 percent to SR93.9 million. 

In a Tadawul statement, the company, also known as eXtra said that the rise in net profit was driven by a 10 percent year on year rise in total revenues. 

Meanwhile, Al-Moammar Information Systems announced that its board of directors has recommended the payment of a cash dividend at 8 percent of capital, or SR0.8 a share for the first quarter of 2024. 

Moreover, the company’s board also recommended a three-year dividend policy until 2026. 

“The policy will be submitted for approval at the upcoming general assembly meeting, the date of which will be announced later. The policy aims to maintain a minimum dividend per share of 50 percent of net profits annually,” said Al-Moammar Information Systems in a statement. 


Saudi companies to attend energy conference in Dubai

Saudi companies to attend energy conference in Dubai
Updated 6 min 1 sec ago
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Saudi companies to attend energy conference in Dubai

Saudi companies to attend energy conference in Dubai

RIYADH: Comprehensive knowledge sharing is set to unravel at Dubai’s Middle East Energy conference, with over 17 Saudi companies participating in the event.  

The gathering, hosted at the Dubai World Trade Centre starting April 17, highlights the Middle East and Africa’s most extensive energy event, now in its 49th edition.  

A rescheduling to include an additional day on April 19 follows unexpected adverse weather conditions that led to pushing the event’s opening day from April 16 to April 17. 

This year, the Middle East Energy conference will expand across 14 halls, covering 28,500 sq. meters and will welcome more than 1,500 exhibitors and feature 14 national pavilions, showcasing the breadth of the global energy sector.  

Saudi Arabia is well-represented, with companies like Bahra Advanced Cable Manufacture Co. Ltd., Jeddah Cables Co., and Riyadh Cables Group Co. leading the contingent.  

Other participants include MEMF Electrical Industries Co., Electrical Industries Co., and International Tube & Conduit Co. Ltd. 

The conference will also feature Middle East Specialized Cables Co., Red Sea Cable Co., and United Transformers Electric Co., alongside Al-Haitam for Industries & Economic Development and Asharqiyah Cables Co. for Industry.  

With more than 250 speakers and three high-level strategic conferences, including the leadership summit, technical seminars, and the Intersolar and Electrical Energy Storage Middle East conference, the event promises crucial insights into energy transition, real-world solutions, and emerging challenges in sustainability and cybersecurity.  

These dialogues are key as the sector seeks to transform rapidly to meet global energy demands responsibly. 

Industry experts believe the region plays a significant role in the road to net-zero.  


stc Group top workplace in Saudi Arabia, LinkedIn study finds

stc Group top workplace in Saudi Arabia, LinkedIn study finds
Updated 16 April 2024
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stc Group top workplace in Saudi Arabia, LinkedIn study finds

stc Group top workplace in Saudi Arabia, LinkedIn study finds

RIYADH: Telecommunications major stc Group has been named the best workplace in Saudi Arabia by the professional networking platform LinkedIn. 

According to a press statement, the firm was followed in second place by hospitality giga-project Red Sea Global, with energy giant Saudi Arabian Oil Co., also known as Aramco, ranked third.

Motor vehicle manufacturing company Ceer took fourth place on the list, while ROSHN, backed by the Kingdom’s Public Investment Fund, and Riyad Bank, secured fifth and sixth spots, respectively. 

“LinkedIn top companies is an annual list created by data on its platform, which will help professionals identify the top workplaces to grow their careers. The list uncovers the organizations leading the way in growth and learning opportunities for their employees, equity in the workplace, and strong company culture,” according to the report. 

Business consulting firm Bain & Co. was named the top organization in the UAE, followed by Mastercard and Procter & Gamble. 

“This year’s lists show how companies in the UAE and Saudi Arabia are continuing to grow and expand, which further cements the region’s reputation as a leading business hub,” said Salma Altantawy, senior news editor at LinkedIn. 

She added: “Our research has previously indicated professionals’ appetite for new career moves in 2024, and this list recognizes those employers that can be a top choice for professionals looking to make those moves.” 

Saudi Entertainment Ventures, also known as SEVEN, was named the tenth-top company in Saudi Arabia, an indication of the sector’s growth in the Kingdom. 

“Entertainment companies Miral and Saudi Entertainment Ventures have joined the top 15 companies in the UAE and Saudi Arabia in 2024. Both companies took 10th place in their respective countries, which shows the rise of the entertainment industry across the region,” said LinkedIn in the report. 

According to the survey, a majority of regional professionals are considering switching jobs this year and the UAE has seen a growth in hiring over the last 12 months. 

In February, stc Group revealed that its net profit in 2023 rose 9 percent to SR13.3 billion ($3.55 billion) compared to the previous year. 

In a Tadawul statement, the company revealed that the rise in profit was driven by an SR4.90 billion year-on-year rise in revenues. 


ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects

ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects
Updated 16 April 2024
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ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects

ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects

RIYADH: Saudi energy giant ACWA Power has secured an $80 million equity bridge loan from the Bank of China for its Uzbekistan initiatives.

According to an official press release, the payment is split equally between Chinese yuan and US dollars, marking the first loan cooperation deal by a bank from the Asian country using its native currency involving a company from the Kingdom.

ACWA Power said the fund will boost its Tashkent 200 megawatts solar photovoltaic power plant and 500 MW per hour battery energy storage system project in Uzbekistan.

“This transaction culminated the initial agreement reached during the 3rd BRF (Belt and Road Forum) summit in October 2023, where ACWA Power was represented by its chairman as a keynote speaker,” the company said in a statement.

ACWA Power’s Chief Financial Officer, Abdulhameed Al-Muhaidib, highlighted the significance of this milestone, citing its alignment with Saudi Arabia’s Vision 2030 and China’s Belt and Road initiative. 

He said: “We are delighted to deepen our cooperation with Bank of China to bring renewable energy at competitive tariffs to our key markets, including Uzbekistan.”

ACWA Power has a longstanding relationship with Chinese entities, dating back over 15 years, with investments from the Asian country in the company’s projects exceeding $10 billion.

The General Manager of the Bank of China, Pan Xinyuan, said: “I believe that the Belt and Road Initiative is in harmony with Saudi Arabia’s Vision 2030. Bank of China will further leverage its strengths to support the cooperation between Saudi enterprises like ACWA Power and their Chinese partners for win-win objectives.”

He added: “Looking ahead, Bank of China will continue to improve financial connectivity to push the Belt and Road economies on a track of sustainable and high-quality development.”

ACWA Power has been collaborating with multiple countries to develop its plants.

Earlier this month, the company signed a $800 million agreement with Senegal’s Ministry of Water to develop a desalination facility.  

It announced the inking of a water purchase agreement for the construction of the facility in Dakar, Senegal in a statement on the Saudi stock exchange, Tadawul.  

ACWA Power will be responsible for the infrastructure, design and financing as well as construction, operation and maintenance of the Grande Cote seawater desalination plant in the West African country.


Microsoft to invest $1.5bn in UAE-based AI firm G42 

Microsoft to invest $1.5bn in UAE-based AI firm G42 
Updated 16 April 2024
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Microsoft to invest $1.5bn in UAE-based AI firm G42 

Microsoft to invest $1.5bn in UAE-based AI firm G42 

RIYADH: Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42, aiming to offer the latest AI solutions and skilling initiatives.      

As part of the deal, G42 will grant the US firm a minority stake and Brad Smith, Microsoft’s vice chair and president, will join the Emirati firm’s board of directors, according to a press release.  

G42 will utilize Microsoft Azure to run its AI applications and services, partnering to deliver advanced solutions to global public sector clients and large enterprises.

Smith said: “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations.”     

He added: “We will combine world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the United States.”    

The companies will collaborate to bring advanced AI and digital infrastructure to nations in the Middle East, Central Asia, and Africa, ensuring equitable access to services to address critical governmental and business concerns, while upholding high levels of security and privacy, the release added. 

“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said Tahnoon bin Zayed Al-Nahyan, chairman of G42.     

“This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally,” he added.   

The agreement also encompasses a $1 billion investment in a fund for developers, which aims to bolster the creation of a skilled and diverse AI workforce, as well as foster innovation and competitiveness for the UAE and the broader region. 

“This partnership significantly enhances our international market presence, combining G42’s unique AI capabilities with Microsoft’s robust global infrastructure. Together, we are not only expanding our operational horizons but also setting new industry standards for innovation,” said Peng Xiao, group CEO of G42. 

The release stated that this expanded collaboration will empower organizations of all sizes in new markets to harness the benefits of AI and the cloud, while ensuring they adopt AI that adheres to world-leading standards in terms of safety and security.