Solutions by stc completes $79m acquisition of Devoteam Middle East

This strategic move aligns with the growth strategy of the stc group and Solutions by stc, aiming to explore new markets and promising business sectors. Supplied

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Updated 04 February 2024

ARAB NEWS

February 04, 2024 17:13

Solutions by stc completes $79m acquisition of Devoteam Middle East

Updated 04 February 2024

ARAB NEWS

February 04, 2024 17:13

RIYADH: Saudi Arabia’s digital reach extends globally, with the Arabian Internet and Communications Services Co. acquiring a 40 percent stake in Devoteam Middle East.

The investment, totaling SR296.69 million ($79.1 million), solidifies the position of the company, also known as Solutions by stc, in the digital market. The completion of the acquisition of Devoteam Group’s regional subsidiary leads to a valuation of SR741.7 million for the acquired company, as reported by the Saudi Press Agency.

This strategic move aligns with the growth strategy of the stc group and Solutions by stc, aiming to explore new markets and promising business sectors. The initiative leverages investment opportunities within the communications and information technology divisions in both the Kingdom and the broader region.

The acquisition was first initiated in June 2023 during the France-Saudi Investment Forum in Paris.

Omar Al-Nomani, CEO of Solutions by stc, emphasized the acquisition as the cornerstone of a strategic partnership between the two companies.

This collaboration is expected to broaden the business horizons for both entities, offering a suite of integrated and innovative services rooted in the best digital practices.

The partnership is designed to cater to the burgeoning demand for technical products and digital solutions in Saudi Arabia and the region.

Al-Nomani emphasized that this cooperation is poised to empower the clientele of both companies, enabling them to stay up-to-date on the rapid developments and innovations in technical services and digital products. This collaboration aims to accelerate their transformation journeys and support their growth and sustainability objectives.

Osama Al-Ghoul, CEO of Devoteam Middle East, expressed his enthusiasm about the strategic alliance with Solutions by stc, viewing it as a pivotal chapter in the partnership’s evolution.

He underscored the role of this collaboration in positioning Devoteam Middle East as a principal enabler of digital transformation within the Kingdom.

The firm has been committed to fostering digital acceleration by establishing its regional office in the Kingdom.

Additionally, last November, the company announced its intention to enhance solutions by providing Google Cloud services to clients in the Kingdom.

This development aligns with the official launch of Google Cloud’s services in the Kingdom and the establishment of the firm’s local data centers.

Topics: STC

Oil Updates — prices rise in thin pre-Christmas trade

Updated 19 sec ago

Reuters

December 24, 2024 11:04

Oil Updates — prices rise in thin pre-Christmas trade

Solid economic prospects for the US are also supporting prices

Updated 19 sec ago

Reuters

December 24, 2024 11:04

LONDON: Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by slightly positive market outlooks for the short term and stronger US economic data, despite thin trade ahead of the Christmas holiday.
Brent crude futures were up 33 cents, or 0.5 percent, to $72.96 a barrel, and US West Texas Intermediate crude futures rose 29 cents, or 0.4 percent, to $69.53 a barrel at 07:22 a.m. Saudi time.
FGE analysts said they anticipated the benchmark prices would fluctuate around current levels in the short term “as activity in the paper markets decreases during the holiday season and market participants stay on the sidelines until they get a clearer view of 2024 and 2025 global oil balances.”
Supply and demand changes in December have been supportive of their current less-bearish view so far, the analysts said in a note.
“Given how short the paper market is on positioning, any supply disruption could lead to upward spikes in structure,” they added.
Some other analysts also pointed to signs of a positive outlook for oil over the next few months.
“The year is ending with the consensus from major agencies over long 2025 liquids balances starting to break down,” said Neil Crosby, Sparta Commodities’ assistant vice president of oil analytics, in a note. “The EIA’s STEO (short-term energy outlook) recently shifted their 2025 liquids to a draw despite continuing to bring back some OPEC+ barrels next year.”
Solid economic prospects for the US, the world’s largest oil consumer, are also supporting prices.
New orders for key US-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the US economy is on a solid footing toward the year-end.
In the shorter term, traders are looking for indications of US demand from the crude oil and fuel stockpiles data due from the American Petroleum Institute industry group later on Tuesday.
Analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to Dec. 20 in a sign of healthy demand. The Energy Information Administration is due to release its data on Friday.

Topics: Oil Updates oil prices Oil market Brent crude

Arab markets see 60% surge in trading volumes in November: AMF

Updated 24 December 2024

Nour El-Shaeri

December 24, 2024 09:49

Arab markets see 60% surge in trading volumes in November: AMF

Updated 24 December 2024

Nour El-Shaeri

December 24, 2024 09:49

RIYADH: Trading activity across Arab financial markets surged in November, with volumes jumping nearly 60 percent, driven by strong performance in Iraq and other regional exchanges, a new report showed.

In its latest monthly analysis, the Arab Monetary Fund reported that the Iraq Stock Exchange led the way with a 131.24 percent surge in trading volumes, followed by the Beirut Stock Exchange, which recorded an 87.83 percent increase.

Other standout performers included the Damascus Securities Exchange with a 71.80 percent gain, Bahrain Bourse with 68.22 percent, and Dubai Financial Market with 54.26 percent.

The surge in trading volumes across Arab financial markets comes against the backdrop of a region grappling with a complex mix of economic recovery efforts, geopolitical challenges, and fluctuating investor sentiment.

While some countries are benefiting from stabilizing oil prices and diversification efforts, others face hurdles such as political instability, currency pressures, and regional tensions

Modest gains were seen in Egypt and Casablanca, which posted increases of 19.08 percent and 0.58 percent, respectively. However, some markets faced declines, with the most significant drop recorded by the Abu Dhabi Securities Exchange, where trading volumes fell by 61.67 percent.

The market capitalization of Arab financial markets included in the Arab Monetary Fund’s composite index showed a slight improvement, rising 0.13 percent, or $5.54 billion, by the end of November compared to October.

Nine exchanges reported gains, led by the Damascus Securities Exchange, which saw an increase of 16.17 percent in market capitalization, followed by the Dubai Financial Market at 5.17 percent.

Other markets, including Casablanca, Iraq, Amman, and Kuwait, posted increases ranging from 3.71 percent to 1.23 percent.

Conversely, declines were recorded in Beirut, Tunisia, Muscat, and Saudi Arabia, each reporting drops of less than 1 percent. Larger declines were observed in Palestine and Qatar, where market capitalization fell by 1.05 percent and 1.29 percent, respectively.

“In terms of contribution to the overall monthly change in trading value, the Dubai Financial Market had the largest positive contribution at 2.18 percentage points,” the report noted.

Meanwhile, the Saudi Stock Exchange made the most significant negative impact, contributing a decline of 0.31 percentage points.

In contrast to the growth in trading volumes and marginal improvement in market capitalization, trading values across Arab financial markets plummeted by 25.11 percent in November compared to October.

Six exchanges recorded increases in trading value, while nine posted declines. The Bahrain Bourse led the gains, with a 154.94 percent rise in trading value, followed by Beirut and Damascus, which grew by 87.97 percent and 58.81 percent, respectively.

Dubai Financial Market also saw a 49.47 percent increase, contributing the highest positive impact of 2.18 percentage points to the monthly trading value change.

On the downside, the Egyptian Exchange experienced the steepest decline in trading value, dropping 32.93 percent, while the Tunis Stock Exchange followed with a sharp 71.57 percent decrease.

Other markets, including Kuwait, Saudi Arabia, Palestine, and Iraq, recorded declines ranging from 6.64 percent to 18.66 percent.

The Egyptian Exchange contributed the largest negative impact to the overall change in trading value, accounting for an 8.25 percentage-point drop.

Topics: Arab Monetary Fund stock exchanges ARab

Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park

Updated 23 December 2024

Nirmal Narayanan

December 23, 2024 17:40

Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park

TRIBE Riyadh King Salman Park hotel will feature two restaurants, meeting facilities, banquet hall, gym, and swimming pool
TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units

Updated 23 December 2024

Nirmal Narayanan

December 23, 2024 17:40

RIYADH: French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Saudi Arabia.

The project, featuring a 250-key property, will be situated within Riyadh’s King Salman Park and will include the debut of TRIBE Living, a new residential community concept.

The collaboration builds on the partnership between the two entities, which successfully launched Fairmont Ramla Serviced Residences last year, according to a press release.

This initiative aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and boost the tourism sector, targeting 150 million annual visitors by 2030.

“The introduction of TRIBE and TRIBE Living to Saudi Arabia showcases our focus on design-led, lifestyle experiences that meet the growing demand for modern, accessible hotel offerings in Riyadh,” said Duncan O’Rourke, Accor’s CEO for premium, midscale and economy brands for Middle East, Africa and Asia Pacific.

The TRIBE Riyadh King Salman Park hotel will also feature two restaurants, meeting facilities, a banquet hall, a gym, and a swimming pool.

TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units, offering residents access to the hotel’s dining and recreational amenities, the release added.

Since its launch in 2017, the TRIBE brand has grown to 18 hotels with 2,708 rooms globally.

Riyadh is emerging as a global hub for business and leisure, fueled by growing demand for premium accommodations. Accor aims to capitalize on this trend with 1,683 operational keys in the city and 2,740 in the pipeline.

The announcement follows the King Salman Park Foundation’s plan to develop its first real estate investment plot in collaboration with Naif Alrajhi Investment.

“We are delighted to be working with Accor once again, a trusted partner, to introduce new and iconic brands to the local market for the first time. This partnership is a significant step forward in our ongoing commitment to delivering world-class destinations that cater to both local and international audiences,” Naif Saleh Al-Rajhi, chairman and CEO of Naif Alrajhi Investment.

The project is part of King Salman Park’s Package 1, a 290,000-sq.-meter mixed-use development featuring residential, commercial, retail, and recreational spaces. The district is strategically located near the park’s key attractions, such as the Royal Arts Complex and Visitors Pavilion.

Accor is planning substantial growth in the Kingdom, with 45 new establishments and 9,800 keys expected by 2030, O’Rourke told Arab News in May.

Saudi Arabia’s hospitality sector has gained momentum, driven by large-scale events such as Riyadh Season and AlUla Season.

A report by JLL released earlier this month highlighted that urban infrastructure development is creating new opportunities in the Kingdom, driven by the government’s push for economic diversification and increased tourism.

Topics: Accor TRIBE hotels Saudi hotels

Closing Bell: Saudi main index closes in green, reaches 11,949 points

Updated 23 December 2024

NOUR EL-SHAERI

December 23, 2024 17:14

Closing Bell: Saudi main index closes in green, reaches 11,949 points

MSCI Tadawul Index increased by 15.52 points, or 1.05%, to close at 1,500.07
Parallel market Nomu lost 285.18 points, or 0.91%, to close at 30,953.11 points

Updated 23 December 2024

NOUR EL-SHAERI

December 23, 2024 17:14

RIYADH: Saudi Arabia’s Tadawul All Share Index increased by 0.84 percent or 99.42 points to reach 11,948.79 points on Monday.

The total trading turnover of the benchmark index was SR4.9 billion ($1.3 billion), as 111 of the listed stocks advanced, while 117 retreated.

The MSCI Tadawul Index also increased by 15.52 points, or 1.05 percent, to close at 1,500.07.

The Kingdom’s parallel market Nomu dropped, losing 285.18 points, or 0.91 percent, to close at 30,953.11 points. This comes as 32 of the listed stocks advanced while 51 retreated.

The main index’s top performer, Zamil Industrial Investment Co., saw a 4.31 percent increase in its share price to close at SR33.90.

Other top performers included Saudi Reinsurance Co., which saw a 4.20 percent increase to reach SR47.15, while the Mediterranean and Gulf Insurance and Reinsurance Co.’s share price rose by 4.16 percent to SR23.52.

Red Sea International Co. also recorded a positive trajectory, with share prices rising 3.89 percent to reach SR56.10.

Kingdom Holding Co. also witnessed positive gains, with 3.75 percent reaching SR9.13.

National Co. for Learning and Education was TASI’s worst performer, with the firm’s share price dropping by 3.94 percent to SR204.60.

Aldrees Petroleum and Transport Services Co. followed with a 3.84 percent drop to SR120.20. Riyadh Cement Co. also saw a notable drop of 3.61 percent to settle at SR32.05.

Walaa Cooperative Insurance Co. and MBC Group Co. were among the top five poorest performers, with shares declining by 3.52 percent to settle at SR17.56 and by 3.17 percent to sit at SR54.90, respectively.

On the announcement’s front, Almujtama Alraida Medical Co. disclosed that Khabeer Althanyia Investment Co. — a major shareholder — has announced its intention to distribute and deposit its 630,673 shares in Almujtama Alraida, representing 6.64 percent of the company’s capital, into the investment portfolios of its current partners.

The move, according to a filing on Tadawul, will result in changes to the list of the company’s major shareholders.

Almujtama Alraida Medical Co.’s share price dropped 2.91 percent on Monday to settle at SR30.05.

Najran Cement Co. announced that its shareholders approved the transfer of SR163.62 million from its statutory reserve, as reported in its financial statements for the year ending Dec. 31, 2023, to its retained earnings balance of SR138.15 million.

The decision was made during the company’s extraordinary general meeting held on Dec. 22, according to a statement on Tadawul.

Shareholders also approved the repurchase of up to 17 million shares to be held as treasury shares, citing the board’s view that the company’s stock is trading below its fair value.

The share buyback will be financed through the firm’s resources, including cash balances or credit facilities, with the board authorized to complete the process within 12 months of the meeting date.

The repurchased shares can be retained for a maximum of 10 years, after which the company will comply with applicable laws and regulations, the statement said.

Najran Cement Co.’s share price saw a 1.22 percent dip on Monday to close at SR8.92.

Topics: Saudi Arabia Tadawul All Share Index (TASI) Closing Bell MSCI Tadawul Index NOMU Tadawul TASI Saudi stock market Saudi Stock Exchange (Tadawul)

Saudi Arabia inaugurates Yanbu Grain Terminal to boost food security, trade

Updated 23 December 2024

Nadin Hassan

December 23, 2024 15:11

Saudi Arabia inaugurates Yanbu Grain Terminal to boost food security, trade

Yanbu Grain Handling Terminal will serve public and private sector importers
It boasts a storage capacity of 156,000 tonnes, including 12 silos with a combined capacity of 96,000 tonnes

Updated 23 December 2024

Nadin Hassan

December 23, 2024 15:11

RIYADH: Saudi Arabia has inaugurated the Yanbu Grain Handling Terminal, underscoring the Kingdom’s efforts to strengthen public-private partnerships, enhance agricultural trade, and bolster food security across the region.

The event was attended by Abdulrahman Al-Fadli, minister of environment, water and agriculture, and by various government and private sector officials, according to the Saudi Press Agency.

The Yanbu Grain Handling Terminal will serve public and private sector importers, and boasts a storage capacity of 156,000 tonnes, including 12 silos with a combined capacity of 96,000 tonnes.

Food security has risen up the agenda in recent years, as countries in the Gulf contend with the impacts of climate change, the consequences of trade-disrupting conflicts such as the Ukraine-Russia war, and interruptions to supply routes through the Red Sea.

In September 2022, in response to these challenges, the Kingdom collaborated with regional partners to launch a food security action plan with an initial funding of $10 billion.

The Yanbu Grain Handling Terminal will be operated by the National Grains Co., a joint venture between the national shipping carrier Bahri and the Saudi Agricultural and Livestock Investment Co.

It features a 650-meter conveyor belt and a discharge rate of 800 tonnes per hour directly from ships, with an annual handling capacity exceeding 3 million tonnes of grain.

According to Bahr’s statement to the Saudi Stock Exchange, the inauguration delay was caused by the inclusion of additional requirements to enhance future operational efficiency, along with the construction of extra infrastructure to accommodate potential future expansions.

The company said that because of this the total project cost rose by 7 percent from the initially allocated SR412.5 million ($109.7 million), though the increase is not deemed significant.

The Yanbu Grain Handling Terminal aims to become a world-class logistics hub, connecting three continents and supporting the Kingdom’s vision for a resilient and efficient agricultural supply chain.

Established in 2020 as a strategic partnership between SALIC and Bahri, the National Grain Co. aims to fulfill the Kingdom’s future feed grain requirements while enhancing its global competitiveness.

It is committed to advancing grain trade, handling, and storage through the Yanbu terminal, strengthening supply chains and ensuring price stability across Saudi Arabia.

SALIC, a Public Investment Fund-owned company, was formed in 2011 to secure food supply for Saudi Arabia through mass production and investment.

When the project was announced in 2020, Al-Fadli, who is also the chairman of SALIC’s board of directors, said: “The project aims to enhance the velocity of the main grain influx to Saudi Arabia and is considered the first regional center for grains in the commercial port of Yanbu.”

He added that SALIC relies on the geographical location of the Kingdom and the port infrastructure to enhance food distribution in the region by linking the Kingdom to global grain sources, especially countries where SALIC is investing.

A grain delivery service to customers within the Kingdom has been introduced as part of the project, ensuring greater proximity to clients, enhanced customer experience, and improved profitability margins.

Topics: food security Yanbu Grain Terminal grain Yanbu Saudi Arabia

Solutions by stc completes $79m acquisition of Devoteam Middle East

Solutions by stc completes $79m acquisition of Devoteam Middle East

stc group joins GCC telecom firms to enhance energy efficiency with Sustainability Innovation Hub

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Oil Updates — prices rise in thin pre-Christmas trade

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Oil Updates – crude falls on demand growth concerns, robust dollar

Arab markets see 60% surge in trading volumes in November: AMF

Arab markets see 60% surge in trading volumes in November: AMF

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Arab Monetary Fund extends $615.8m loan to Egypt for financial reforms

Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park

Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park

Accor to build 45 new hotels in Saudi Arabia by 2030: CEO

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Closing Bell: Saudi main index closes in green, reaches 11,949 points

Closing Bell: Saudi main index closes in green, reaches 11,949 points

Closing Bell: Saudi main index slips to close at 11,849

Closing Bell: Saudi main index ends week in red; trade volume nears $3bn

Saudi Arabia inaugurates Yanbu Grain Terminal to boost food security, trade

Saudi Arabia inaugurates Yanbu Grain Terminal to boost food security, trade

Saudi Arabia strengthens food security with trout farming breakthrough

Smart tech key to solving Middle East food security crisis

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Solutions by stc completes $79m acquisition of Devoteam Middle East

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