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Riyadh set to host annual coffee and chocolate expo

The 9th International Coffee and Chocolate Exhibition, scheduled from Dec. 5-9, aims to serve as a platform for engagement, offering an opportunity for dialogue with industry players and enthusiasts interested in exploring the sector’s prospects. File
The 9th International Coffee and Chocolate Exhibition, scheduled from Dec. 5-9, aims to serve as a platform for engagement, offering an opportunity for dialogue with industry players and enthusiasts interested in exploring the sector’s prospects. File
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Updated 22 November 2023
Arab News
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Riyadh set to host annual coffee and chocolate expo

Riyadh set to host annual coffee and chocolate expo
Updated 22 November 2023
Arab News
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RIYADH: Entrepreneurs exploring investments in the coffee and chocolate industry can seize opportunities at an upcoming exhibition in Riyadh.

The 9th International Coffee and Chocolate Exhibition, scheduled from Dec. 5-9, aims to serve as a platform for engagement, offering an opportunity for dialogue with industry players and enthusiasts interested in exploring the sector’s prospects.

Encouraging innovation and the growth of institutions specialized in coffee and chocolate manufacturing, the Middle East Coffee and Chocolate Awards will be given to the most successful establishments in the region to support the development of the local economy and the growth of non-oil export revenues.

The Middle East Coffee Conference, one of the largest forums dedicated to the coffee industry, is a known platform for international speakers to address major relevant topics.

The event features curated workshops, including sessions on investment opportunities in the coffee and chocolate industry and the challenges facing this sector due to climate change. Experts will also shed light on the latest technological advances being used in the field.

Additional activities include the Saudi Barista Championship, accredited within the World Barista Championship, and the Saudi World Brewers Cup, held for the first time in the Kingdom with global accreditation.

The exhibition aims to attract investors, importers, and seekers of new investments in the coffee and chocolate field and provide a platform to launch new products. It will also attract government agencies, entrepreneurs, producers and exhibitors for coffee and chocolate products and equipment, as well as several donors.

It is the largest annual international event for coffee and chocolate manufacturers and providers worldwide, attracting more than 300 local and international businesses from more than 40 countries.

Topics: 9th International Coffee and Chocolate Exhibition

Saudi ministry signs deal with Lendo to boost industrial financing

Saudi ministry signs deal with Lendo to boost industrial financing
Updated 27 August 2024
Miguel Hadchity
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Saudi ministry signs deal with Lendo to boost industrial financing

Saudi ministry signs deal with Lendo to boost industrial financing
Updated 27 August 2024
Miguel Hadchity

RIYADH: The Kingdom’s Ministry of Industry and Mineral Resources has signed an agreement with the digital lending marketplace Lendo Saudi Arabia to support and enhance industrial enterprises.

The partnership aims to offer innovative financing solutions that align with the National Industrial Strategy and promote sector sustainability, according to the Saudi Press Agency.

The agreement was signed by Al-Badr bin Adel Fouda, acting industrial development undersecretary and general supervisor of the Industry Empowerment Agency at the ministry, and Osama Al-Raee, CEO of Lendo Saudi Arabia.

Lendo is a Shariah-compliant peer-to-peer digital lending marketplace that offers pre-financing for outstanding invoices for businesses in the Kingdom. The platform connects borrowers with investors seeking alternative investment opportunities.

The financing solutions outlined in the agreement include invoice and reverse financing. The ministry will share information and data about beneficiary industrial enterprises, facilitate cooperation between these establishments and Lendo, and promote collaboration between the digital firm and leading companies in the industrial sector, as reported by SPA.

Additionally, Lendo will offer crowdfunding services to industrial enterprises, ensuring efficient financing solutions according to best practices. The agreement also includes improving and activating financing tools, providing the ministry with periodic reports on the monetary solutions provided by Lendo, their impact on the sector, and reasons for any rejected requests.

This deal is part of the ministry’s efforts to foster a sustainable industrial sector, enabling enterprises to access necessary financing solutions for their growth and development and address financial challenges they may encounter.

Topics: Finance

Saudi e-commerce startups attract over $400m in venture funding in 2023: Monsha’at

Saudi e-commerce startups attract over $400m in venture funding in 2023: Monsha’at
Updated 27 August 2024
MANAL AL-BARAKATI
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Saudi e-commerce startups attract over $400m in venture funding in 2023: Monsha’at

Saudi e-commerce startups attract over $400m in venture funding in 2023: Monsha’at
  • By the end of this year, e-commerce revenues are expected to reach SR211 billion
  • E-commerce platform users in the Kingdom are projected to reach 34.5 million by 2025-commerce platform users in the Kingdom are projected to reach 34.5 million by 2025
Updated 27 August 2024
MANAL AL-BARAKATI

RIYADH: Saudi Arabia’s e-commerce sector is witnessing robust expansion, with venture capital investments in startups hitting SR1.6 billion ($426.7 million) in 2023, official figures showed. 

According to a report from the Small and Medium Enterprises General Authority, or Monsha’at, e-commerce platform users in the Kingdom are projected to reach 34.5 million by 2025, reflecting a 42 percent increase from 2019 to 2024. 

This surge underscores the sector’s crucial role in the Kingdom’s economic diversification strategy. 

The Saudi digital marketplace transformation is part of a broader national initiative to foster innovation and stimulate economic growth. 

The establishment of the E-Commerce Council in 2018 was a key move to enhance the sector, focusing on advancements in financial technology, payment solutions, and logistics. 

These developments have positioned Saudi Arabia as one of the most dynamic e-commerce markets in the Middle East and North Africa. 

In 2020, the sector accounted for 4 percent of the Kingdom’s gross domestic product, with 8 percent of goods and 25 percent of services purchased online, according to Muhannad Al-Mulhim, a consultant at the Ministry of Commerce. 

Al-Mulhim said: “According to the E-Commerce Council, developments in several key sectors, including infrastructure and the legislative environment, have been driven by programs under Saudi Vision 2030, such as the e-commerce stimulus program. This led to the issuance of the e-commerce system by the Ministry of Commerce.” 

He added: “Additionally, the financial sector development program, in cooperation with the Saudi Central Bank, has resulted in a comprehensive development of the financial technology sector and prompted several transformations in the logistics services sector.” 

By the end of this year, e-commerce revenues are expected to reach SR211 billion, he added. 

Despite this rapid expansion, e-commerce sales currently make up only 18 percent of total retail sales in the Kingdom, suggesting substantial room for growth. 

By 2025, the sector’s contribution to GDP is projected to reach 12 percent, supported by a targeted 15 percent compound annual growth rate from 2020 to 2025. 

Looking further ahead, 80 percent of transactions in Saudi Arabia are expected to be conducted electronically by 2030, aligning with the broader objectives of Vision 2030. 

As the Kingdom continues to implement its ambitious agenda, the e-commerce sector is set to play a critical role in driving economic diversification, innovation, and new business opportunities. 

Topics: Saudi Arabia e-commerce Small and Medium Enterprises General Authority General Authority for Small and Medium Enterprises (Monshaat) Monsha’at Saudi E-Commerce Council Saudi ministry of commerce main

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Saudi Arabia’s esports sector poised for $13.3bn boost by 2030
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Saudi Arabia’s esports sector poised for $13.3bn boost by 2030

Saudi Arabia’s esports sector poised for $13.3bn boost by 2030

Saudi Arabia’s esports sector poised for $13.3bn boost by 2030
Updated 27 August 2024
Nirmal Narayanan
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Saudi Arabia’s esports sector poised for $13.3bn boost by 2030

Saudi Arabia’s esports sector poised for $13.3bn boost by 2030
Updated 27 August 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s esports sector is projected to contribute $13.3 billion to the Kingdom’s gross domestic product by 2030 and create nearly 39,000 jobs, according to a recent analysis.

The latest report from PwC Middle East, in collaboration with the Saudi Esports Federation, highlights significant growth in the global esports industry, which is currently valued at over $1.4 billion. PwC further estimates that the global esports sector could reach $1.86 billion by next year, driven by various revenue streams including media rights, sponsorships, advertisements, ticket sales, and game publisher fees.

This report comes amid a notable surge in esports within Saudi Arabia, exemplified by the nation’s first Esports World Cup, which featured a record-breaking prize pool of $62.5 million.

Saudi Arabia introduced its National Gaming and Esports Sector Strategy in 2022, aiming to develop a competitive and appealing esports ecosystem. This strategy aligns with the Kingdom’s broader goals of diversifying its economy and reducing its long-term reliance on oil.

The Kingdom boasts 23.5 million gaming enthusiasts, making up 67 percent of its population. Additionally, nearly 1,000 individuals are pursuing esports as a full-time career in Saudi Arabia.

“As we look to the future, the esports sector stands as a testament to Saudi Arabia’s commitment to innovation and youth empowerment,” said Turki Alfawzan, CEO of the Saudi Esports Federation.

He added, “Through strategic investments and a dedicated focus on talent development, we are building an ecosystem that positions the Kingdom as a global leader in esports. We are excited to continue this journey, fostering a vibrant community that drives creativity, engagement, and excellence on the world stage.”

The report also notes the growing interest in the esports industry across the Middle East, with substantial investments from both government and private sectors. In 2023, gaming revenues in the Middle East and Africa region were approximately $7.2 billion, with Saudi Arabia emerging as a significant contributor to this growth.

“The high levels of mobile and digital penetration, a large youth population, as well as active support from the governments in the Middle East, has created a favorable environment for the growth of esports in the region,” said Abdulrahman Kanafani, consulting partner at PwC Middle East.

 

Topics: main

Closing Bell: Saudi main index closes in red at 12,182

Closing Bell: Saudi main index closes in red at 12,182
Updated 27 August 2024
Miguel Hadchity
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Closing Bell: Saudi main index closes in red at 12,182

Closing Bell: Saudi main index closes in red at 12,182
Updated 27 August 2024
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 78.98 points, or 0.64 percent, to close at 12,182.20.

The total trading turnover of the benchmark index was SR8.42 billion ($2.24 billion), as 79 stocks advanced, while 143 retreated.

The MSCI Tadawul Index decreased by 11.85 points, or 0.77 percent, to close at 1,524.59.

The Kingdom’s parallel market Nomu also dipped, losing 42.82 points, or 0.16 percent, to close at 26,391.09. This comes as 28 stocks advanced, while as many as 37 retreated. 

The best-performing stock of the day was Red Sea International Co., with its share price surging 7.53 percent to SR41.40.

Other top performers included Allianz Saudi Fransi Cooperative Insurance Co. and Zamil Industrial Investment Co., with share prices rising by 5.54 percent to SR17.14 and 4.51 percent to SR26.65.

Najran Cement Co. and Savola Group also recorded positive trajectories today.

The worst performer was Al-Baha Investment and Development Co., with its share price falling by 7.69 percent to SR0.12.

Miahona Co. and Sustained Infrastructure Holding Co. also saw significant declines, with their shares dropping by 4.67 percent and 3.42 percent to SR31.65 and SR33.85, respectively.

On the announcement front, Saudi Networkers Services Co. announced its interim financial results for the first six months of this year.

The company’s net profit surged by 19.2 percent in this period, reaching SR19.7 million compared to SR16.5 million in the similar period for the previous year.

Its sales rose by 2 percent from SR276.4 million in the first half of 2023 to SR282.2 million in 2024 due to increase in business activities with the existing customers and addition of new customers.

Molan Steel Co. also announced its financial results for the same period with net losses easing by 21 percent to SR2.4 million in 2024 from SR3.1 million in the first six months of 2023.

In a statement on Tadawul, the firm said that the main reason for the decrease in net losses is due to not having provisions related to inventory and customers because of the efficient operating cycle for the inventory and customers. 

The company’s sales dropped by 9.3 percent reaching SR39.8 million this year down from SR43.9 million last year, driven by a decrease in the selling price of products by 7.5 percent.

For the first half of this year, Sure Global Tech Co.’s net profits edged up by 1.5 percent to reach SR16.1 million, up from SR15.9 million in the same period in 2023.

This upward trajectory was attributed to the company obtaining new projects during the first half of 2024, as part of those projects were completed during the current period of 2024, as revenues increased by 23.89 percent and by a value of SR102.4 million compared to the same period of the previous year.

The company’s sales also surged, reaching SR102.4 million, up by 23.8 percent from SR82.6 million in 2023. This was mainly due to an increase in the cost of revenues and a decrease in other revenues.

Starting Aug. 27,  trading of Altharwah Albashariyyah Co.’s shares began on the parallel market at a price of SR62 per share, under the ticker symbol 9606.

The company offered 705,700 shares to qualified investors, representing 15 percent of its total capital, which amounts to SR23.5 million after the offering, divided into 4.71 million shares with a nominal value of SR5 per share. The offering was oversubscribed by 107.9 percent, according to Al-Ekhbariya.

Topics: Finance

Saudi private sector propels Hail region development process, official reveals

Saudi private sector propels Hail region development process, official reveals
Updated 27 August 2024
REEM WALID 
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Saudi private sector propels Hail region development process, official reveals

Saudi private sector propels Hail region development process, official reveals
  • Hail Gov. Prince Abdulaziz bin Saad said region is witnessing qualitative shift in economic, investment and tourism levels
Updated 27 August 2024
REEM WALID 

RIYADH: Saudi Arabia’s private sector is considered to play an important role in the development of the northern province of Hail, according to a top official.

During his weekly session at Aja Palace, Hail Gov. Prince Abdulaziz bin Saad said that the region is witnessing a qualitative shift in economic, investment, and tourism levels.

This was positively reflected in the statistics and number of point-of-sales that witnessed significant growth, the Saudi Press Agency reported. 

Hail region plays an essential role in achieving the Kingdom’s goals through its contribution to enhancing food security and developing the tourism sector.

It also aligns with Saudi Arabia’s National Investment Strategy, which aims to drive the growth and diversification of the Kingdom’s economy, working toward several Vision 2030 goals. 

These include increasing the private sector’s contribution to gross domestic product to 65 percent, raising foreign direct investment’s contribution to GDP to 5.7 percent, and boosting non-oil exports’ contribution to GDP from 16 percent to 50 percent. Additional goals include reducing unemployment to 7 percent and positioning Saudi Arabia among the top 10 economies in the Global Competitiveness Index by 2030.

“It is good to see this movement in more than one direction to harness the capabilities of the region and its people and highlight its strengths,” Prince Abdulaziz said, adding that “time is not measured by hours but by achievements in which we hope everyone will have an effective and influential role and in the accelerating movement.”

He added: “The scene is accelerating in the region in an amazing way on various levels, and the capabilities that we see today did not exist five years ago, as Hail has become a city pulsating with vitality that rivals the largest cities of this country.”

He said there are many examples of the region’s ability and purchasing power that must be invested in positively.

The governor went on to praise the movement witnessed by the agricultural sector, which placed the region in a nationally advanced position, and the ongoing efforts by the state and its relevant agencies to combat the harmful practice of commercial cover-up, which causes significant economic damage.

Prince Abdulaziz also expressed his aspirations to activate recreational programs and activities directed at all components of the family, and said women play a key role in enriching economic movement and are becoming an influential and effective part of the business sector. 

In July, the governor said that Hail is set to attract increased investments due to its strategic and logistical importance. 

At the time, Prince Abdulaziz highlighted the pivotal role of the Ministry of Investment in fostering performance that aligns with the nation’s broad growth objectives. 

Topics: Saudi Arabia Hail region main Saudi private sector

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