https://arab.news/pjp93
TOKYO: Osaka Gov. Yoshimura Hirofumi congratulated Saudi Arabia after Riyadh was named the venue for Expo 2030.
“As Osaka, the host city of the 2025 Expo, we are going to realize a great Expo,” he said, adding that Osaka will hand over the Expo flag to the Kingdom. “Let’s do our best together,” he said.
The Osaka Expo will take place from April 13 to Oct. 13, 2025, under the theme “Designing Future Society for Our Lives.” So far, 159 countries have committed to taking part in the Osaka Expo.
JEDDAH: Qatar-based Estithmar Holding has issued a 500 million Qatari riyal ($137 million) sukuk, marking the first corporate issuance denominated in local currency under its 3.4 billion-riyal program.
The issuance marks a significant milestone for the company, demonstrating its ability to diversify funding sources to support its long-term strategic growth plans and objectives, the company said in an announcement on the Qatar Stock Exchange.
Mohamad bin Badr Al-Sada, Group CEO of the company, said: “The issuance of the first corporate Qatari-riyal-denominated sukuk is a historic milestone for Estithmar Holding.”
On being listed on the London Stock Exchange’s International Securities Market, he said this issuance has garnered significant interest from diverse investors.
Operating with 28,000 employees from 91 nationalities, Estithmar Holding, one of the leading industrial pillars of Qatar’s economy, is a publicly listed Qatari company with a diverse portfolio of 66 businesses across four strategic sectors.
RIYADH: Egypt’s economy is showing signs of recovery, as the government’s recent efforts to restore macroeconomic stability have started to yield positive results, the International Monetary Fund said.
In its latest review report, the IMF said that the inflation rate in Egypt remains elevated but is coming down.
The North African country has been implementing several economic reforms to maintain fiscal stability, which includes the unification of the official and parallel exchange rates in March.
Since then, the country’s economy has improved significantly, with the Egyptian pound becoming market-determined, the foreign exchange backlog at banks eliminated, and daily interbank global exchange turnover increasing.
“The unification of the exchange rate and the accompanying monetary policy tightening have curtailed speculation, brought in foreign inflows, and have moderated price growth. With signs of recovery in sentiment, private sector growth should be poised for a rebound,” said Antoinette Sayeh, deputy managing director and acting chair at the IMF.
She added: “A sustained shift to a flexible exchange rate regime and a liberalized foreign exchange system, continued implementation of a tight monetary policy stance, and further fiscal consolidation coupled with proper implementation of the framework to monitor and control public investment should support internal and external balance.”
The international financial institution added that the country is facing hurdles in implementing the ongoing reforms due to geopolitical issues like the conflict in Gaza and tensions in the Red Sea.
“Risks remain significant. Regional conflicts and uncertainty about the duration of disruption of trade in the Red Sea are important sources of external risk. Maintaining appropriate macroeconomic policies, including a flexible exchange rate regime, would help ensure economic stability,” added Sayeh.
The report highlighted that ongoing fiscal consolidation efforts in Egypt will help place public debt on a decisive downward path.
“To ensure that resources are still available to meet vital spending needs to help Egyptian families, including on health and education, particular attention will be needed to strengthen domestic revenue mobilization and contain fiscal risks from the energy sector. This will also assist in generating some fiscal space to expand social spending in support of vulnerable groups,” added the IMF.
Sayeh also suggested several implementations that could boost the economic stability of Egypt in the future, including a structural reform agenda and measures that increase tax revenues.
She added that restoring energy prices to their cost recovery levels by December 2025, including retail fuel prices, is essential to supporting the smooth provision of energy to the population and reducing imbalances in the sector.
The report further said that the banking sector in Egypt remains stable and that financial institutions in the country could achieve profitability and have sufficient capital liquidity.
The IMF added that it has softened several conditions of its $8 billion financial support package to Egypt, including allowing Cairo more time to implement reforms.
In the latest review, approved in late July but published on Aug. 26, the IMF said that it agreed to delay the publication of Egypt’s annual fiscal account audits by its Central Auditing Organization until the end of November from the original end of March.
BEIJING: Oil prices paused recent advances to trade in a range on Tuesday, after a surge of more than 7 percent in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oil fields, according to Reuters.
Brent crude futures was up 3 cents at $81.46 a barrel by 09:30 a.m. Saudi time, while US West Texas Intermediate crude futures dropped 6 cents to $77.36 a barrel.
“Losses in oil prices may seem contained in today’s session, which suggests prices taking a breather following a sharp rally over the past few days,” said Yeap Jun Rong, market strategist at IG.
“With the jump in oil prices pricing for geopolitical risks in the Middle East and a production halt in Libya, market participants are now in some wait-and-see to assess further developments.”
The rise of the previous three sessions was driven by expectations of US interest rate cuts that could boost fuel demand, military assaults between Israel and Hezbollah in Lebanon over the weekend that threaten a wider Middle East conflict, disrupting supply from the key producing region and the risk of Libyan closures.
Over that period, WTI gained 7.6 percent and Brent gained 7 percent.
Oilfields in eastern Libya responsible for almost all its production will be closed and production and exports halted, the eastern-based administration said on Monday, after a flare-up in tension over the leadership of the central bank.
There was no confirmation from the internationally recognized government in Tripoli or from the National Oil Corp, which controls the country’s oil resources.
The political dispute could affect almost all of the 1.17 million barrels per day of output from the North African country, based on data from the latest Reuters survey of production by the Organization of Petroleum Exporting Countries in July.
While bearish demand sentiment could weigh on oil prices, with Chinese demand having an outsized impact, the potential closure of Libya’s oil fields would tighten supply and brake declining oil prices, said Vortexa analyst Serena Huang.
“Other oil producers would be rejoicing at the higher oil prices, and may not necessarily bring in additional supply immediately.”
Oil has also been supported by the escalation of the conflict between Israel and Hezbollah, with a major exchange of missiles between them as Hezbollah attempts to retaliate for the killing of a senior commander last month.
“Markets remain on edge as skirmishes between Israel and Hezbollah intensify,” ANZ analysts said in a note.
A top US general said on Monday the danger of a broader war had eased somewhat but that an Iran strike on Israel remained a risk.
RIYADH: The number of pharmaceutical and medical device factories in Saudi Arabia has reached 206, with investments totaling SR10 billion ($2.6 billion), according to official data.
The Ministry of Industry and Mineral Resources reported that this growth includes 56 pharmaceutical factories licensed by the Saudi Food and Drug Authority, with investments in the pharmaceutical sector alone exceeding SR7 billion.
The medical device sector in Saudi Arabia has seen notable advancements. Globally, this market is valued at $500 billion, with Saudi Arabia's share estimated at $6.6 billion.
The Kingdom now boasts 150 licensed medical device factories, representing a 200 percent increase since 2018. Investments in this sector have reached SR3.1 billion, with notable achievements including the production of advanced respiratory devices, insulin syringes, and specialized surgical instruments.
This expansion aligns with the ministry’s broader efforts to localize the pharmaceutical industry and reduce reliance on imports.
Globally, the pharmaceutical market is valued at approximately $1.1 trillion, with the Middle East and Africa accounting for $31 billion of this total.
Saudi Arabia, the largest pharmaceutical market in the region, holds a $10 billion share, representing 32 percent of the market.
Between 2019 and 2023, the Saudi pharmaceutical market grew by 25 percent, rising from $8 billion to $10 billion annually.
This growth highlights a successful push toward localization, with the Kingdom reducing its dependence on pharmaceutical imports from 80 percent in 2019 to 70 percent by 2023.
In June 2022, the ministry announced over SR11 billion in new investment opportunities in the vaccine and biopharmaceutical sectors, aligning with the Kingdom’s strategic goals of enhancing health security and establishing Saudi Arabia as a hub for pharmaceutical and biopharmaceutical production.
Government initiatives, such as the “Made in Saudi” program, have also been instrumental in this expansion by promoting local products on international platforms.
The ministry has focused on enhancing value chains by fostering collaborations in research and development and securing essential raw materials locally.
The Kingdom aims to localize 80-90 percent of its government procurement needs for insulin and vaccines while also attracting foreign investments in the pharmaceutical and healthcare sectors.
Saudi Arabia’s industrial sector demonstrated notable resilience during the COVID-19 pandemic. The ministry quickly ramped up domestic production capacity for essential medical supplies, increasing the daily output of medical masks from 450,000 to 3 million.
In just three months, the number of hand sanitizer factories grew from 12 to 70. These efforts highlight the Kingdom's ability to respond effectively to global supply chain disruptions and further solidify its growing prominence in the pharmaceutical and medical device industries.
RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,261.18 points on Monday, losing 1.46 points, or 0.01 percent.
MSCI Tadawul 30 Index lost 0.40 points or 0.03 percent to finish at 1,536.44.
The parallel market, Nomu, also fell 256.47 points, or 0.96 percent, to conclude the day at 26,433.91.
The main index posted a trading value of SR9 billion ($2.4 billion), with 85 stocks advancing and 137 declining. On the other hand, Nomu has 26 gainers and 40 losers, reporting a trade volume of SR35.9 million.
Al-Baha Investment and Development Co. was the top performer on TASI as its share price surged 8.33 percent to SR0.13. Saudi Real Estate Co. also jumped 6.33 percent to SR22.86.
Saudi Pharmaceutical Industries and Medical Appliances Corp. was also among the top gainers, climbing 4.99 percent to SR33.65. Al-Omran Industrial Trading Co. and Saudi Research and Media Group rose 4.49 percent and 3.48 percent to SR40.75 and SR261.40, respectively.
Savola Group was the day’s worst performer, with its share price dipping 5.01 percent to SR25.60.
Wafrah for Industry and Development Co. and Herfy Food Services Co. also performed poorly with their stocks dropping by 3.62 percent and 2.90 percent, to close at SR41.25 and SR26.80, respectively.
Saudi Automotive Services Co. and Kingdom Holding Co. were also among the worst performers.
Savola Group’s share price drop followed shareholder approval of a board recommendation to increase the company’s capital through a rights issue aimed at strengthening its financial position and supporting future investments.
The capital increase will involve offering 600 million ordinary shares at SR10 per share, raising a total of SR6 billion. This move will more than double Savola’s capital from SR5.34 billion to SR11.34 billion, enabling the company to pay off debts and distribute shares in Almarai Co. to eligible shareholders.
The rights issue will be available to shareholders registered at the close of trading on the day of the extraordinary general assembly meeting, with eligibility being finalized two days later.
This capital increase will result in a 112.36 percent rise in the company’s share count, expanding from 533.98 million shares to 1.13 billion shares.
In a separate bourse filing, Rawasi Albina Investment Co. reported a SR9.4 million loss for the first half of the year. The company’s net profit saw a significant drop from SR15.1 million in the same period last year, primarily due to increased spending on project implementation and operational capacity. Revenue also decreased by 59.5 percent year on year to SR38 million, down from SR94.2 million.
Mohammed Hasan AlNaqool Sons Co. also announced its financial results for the same period, witnessing a 55.7 percent growth in revenue.
The company’s sales reached SR29,233 in the first half of the year, up from SR18,770 in the same period last year. This was mainly attributed to an increase in revenue from subsidiaries.
Net profit also increased to SR1,201, up from a loss of SR652 last year.
