BEIJING/SHANGHAI: Apple’s latest iPhone 11 range hit stores in China on Friday, with short queues of die-hard fans contrasting with the hundreds who camped out ahead of some previous launches.
The sales performance of the US tech giant’s latest line-up is being closely watched in the world’s largest smartphone market, where Apple has been losing ground to competitors with cheaper and feature-packed handsets in recent years.
The queues at the Shanghai and Beijing stores, which combined added up to few dozen customers, were in sharp contrast to previous years, when hundreds used to wait for hours outside Apple’s shops to be the first to grab its latest offerings.
But much of the fanfare in China has moved online where the pre-sales for iPhone 11, priced between $699 and $1,099, started last week.
Analysts said they had gotten off to a better start than the last cycle a year ago. Chinese e-commerce site JD.com said day one pre-sales for the iPhone 11 series were up 480 percent versus comparable sales for the iPhone XR last year.
Among customers that took to a store in Beijing on Friday to make a purchase in person was a programmer who only gave his surname as Liu, who said he had a model from every Apple series since the 3G range.
He said he was particularly attracted to the more expensive iPhone 11 Pro, which has three cameras on the back. “When it comes to taking photos, it’s better for night shots and the image is clearer,” he told Reuters.
Other customers, however, said that they were concerned that the range was not enabled for fifth-generation networks, putting them behind 5G models already released by China’s Huawei Technologies and smaller rival Vivo, and expressed hopes that Apple could make it happen for its next line-up.
“I think by the end of next year, especially in big cities like Beijing, 5G will be commonplace,” said civil servant Liu Liu. “If they don’t research this then they’ll lag way behind.”
The in-store launch of the iPhone 11 in China came a day after Chinese smartphone maker Huawei unveiled new smartphones which it said were more compact, with more sensitive cameras and wraparound screens more vivid than those of the latest iPhone, though it played down concerns about the lack of access to Google’s popular apps.
Huawei has experienced a surge in support from Chinese consumers after the brand was caught up in a trade war between the United States and China, which has in turn eaten into Apple’s market share in the country.
No crowds as Apple’s iPhone 11 hits stores in China
No crowds as Apple’s iPhone 11 hits stores in China
- The sales performance of the US tech giant’s latest line-up is being closely watched in the world’s largest smartphone market
- Apple has been losing ground to competitors with cheaper and feature-packed handsets in recent years
Saudi media giant SRMG’s revenue surges to $997m
RIYADH: Saudi Research and Media Group’s revenues hit SR3.74 billion ($997 million) in 2023, reflecting a 0.98 percent increase compared to 2022 figures.
According to a Tadawul statement, this increase in sales is primarily attributed to enhanced revenue generated by the publishing and visual and digital content segment, as well as other divisions.
However, the printing and packaging business witnessed a decline in revenues due to several planned projects not being secured.
The total shareholders’ equity for the parent company, after excluding non-controlling interest, as of Dec. 31, 2023, stands at SR3.08 billion, reflecting a 16.26 percent increase compared to the corresponding period a year earlier.
Meanwhile, SRMG’s net profits reached SR559 million by the end of last year, showing a decrease of 13.74 percent compared to the same period in 2022.
The decline was primarily attributed to the drop in revenue of the printing and packaging division, along with the goodwill impairment associated with the same segment, in addition to the operating costs of certain projects.
In January, SRMG, the largest integrated media group from the Middle East and North Africa region, announced the appointment of several new editors-in-chief, deputy editors-in-chief, and assistant editors-in-chief.
This announcement aligned well with SRMG’s digital transformation, growth, and expansion strategy, showcasing the group’s dedication to cultivating the next generation of journalists and media professionals to meet the demands of audiences worldwide.
Moreover, this decision reflected the significant shift in regional media consumption habits, particularly with the increasing popularity of digital, social, and audio-visual media platforms.
Foreign direct investment inflows to Saudi Arabia hit $5.17bn in Q4 2023
RIYADH: Foreign direct investment inflows to Saudi Arabia rose 17 percent in the fourth quarter of 2023 compared to the previous period, according to recent data.
The analysis, released by the General Authority of Statistics, utilizes an updated approach characterized by heightened transparency and governance standards. FDI inflows were shown to have reached SR19.38 billion ($5.17 billion), up from SR16.6 billion in the third quarter.
FDI outflows, representing the Kingdom’s investments in foreign countries, also increased by around 17 percent to SR6.19 billion during this period. Consequently, the net inflow, reflecting the difference between the two, reached SR13.187 billion.
The updated methodology for calculating FDIs aligns with international standards and was developed to enhance accuracy and comprehensiveness through collaborative efforts by the Ministry of Investment, the General Authority for Statistics, and the Saudi Central Bank, in conjunction with the International Monetary Fund.
The new methodology reflects the Kingdom’s commitment to enhancing investment promotion and transparency, aiming to create an attractive global financial environment.
This effort includes initiatives such as the National Investment Strategy, the Regional Headquarters Program, and zero-income tax incentives for foreign companies. These measures are seen as essential for advancing Vision 2030, which aims to expand and diversify Saudi Arabia’s economy.
In 2023, the Kingdom saw a 12 percent increase in FDI inflows, reaching SR72.28 billion compared to SR64.6 billion in 2022. This excludes a major SR58.1 billion deal with Aramco in 2022, where a consortium led by BlackRock Real Assets and Hassana Investment Co. acquired a 49 percent stake in a new gas pipeline subsidiary.
Saudi Arabia’s regional headquarters program has attracted multinational corporations like Google, Microsoft, and Amazon to establish operations in the Kingdom. Additionally, companies such as Northern Trust, Bechtel, and Pepsico from the US, as well as IHG Hotels & Resorts, PwC, and Deloitte from the UK, have joined this initiative.
These moves enable these companies to participate in government contracts, energize Saudi Arabia’s hospitality sector, and establish it as a global business hub.
Looking ahead, the Kingdom aims to achieve an FDI inflow target of SR388 billion by 2030, equivalent to 5.7 percent of gross domestic product, while positioning itself among the 15 largest economies in the world.
Unemployment rate in Saudi Arabia drops to 4.4% in Q4 2023: GASTAT
RIYADH: Saudi Arabia’s overall unemployment rate dropped to 4.4 percent in the fourth quarter of 2023, marking a decrease of 0.4 percentage points from the same period in 2022.
When compared with the previous three months, the latest report from the General Authority for Statistics revealed a 0.7 percentage point decline in the Kingdom’s joblessness rate in the fourth quarter of 2023.
GASTAT data showed that non-employment among Saudi nationals stood at 7.7 percent in the fourth quarter of last year, indicating a decrease of 0.3 percentage points compared to the same period in 2022.
However, the participation of locals in the labor force during the last three months of 2023 decreased by 1.2 percentage points year on year, reaching 51.3 percent.
Reducing the number of people without jobs is a crucial objective outlined in Saudi Arabia’s Vision 2030, with goals set for such rate to decrease to 7 percent by the end of the decade, alongside a projected women’s participation rate in the workforce of 30 percent.
In the fourth quarter, the unemployment rate among Saudi females decreased by 2.6 percentage points to 13.7 percent compared to the previous three months.
For Saudi males, this remained unchanged at 4.6 percent in the fourth quarter, while their labor force participation decreased by 0.2 percentage points to 66.6 percent.
Meanwhile, the employment-to-population ratio among women increased by 0.6 percentage points to 30.70 percent during the same period.
The GASTAT survey revealed that a significant 94.9 percent of Saudi nationals without jobs are open to working in the Kingdom’s private sector.
Moreover, 80.1 percent of non-employed Saudi females and 91 percent of males indicated that they would accept work for eight hours or more per day.
The report showed that 62.1 percent of non-employed Saudi females and 43.8 percent of males are willing to commute for a maximum of one hour.
The most commonly used active job search method among Saudis was to seek assistance from friends and relatives, with 85.6 percent of aspirants following this practice.
GASTAT reported that 73 percent of Saudi job seekers applied directly to employers, while 59.4 percent made use of the National Employment Platform, also known as Jadarat.
Oil Updates - prices advance as investors reassess US inventories data
TOKYO: Oil prices edged up on Thursday, following two consecutive sessions of decline, as investors reassessed the latest data on US crude oil and gasoline inventories and returned to buying mode, according to Reuters.
Brent crude futures for May were up 31 cents, or 0.4 percent, at $86.40 a barrel while the more actively traded June contract rose 32 cents, or 0.4 percent, to $85.73 at 7:15 a.m. Saudi time. The May contract expires on Thursday.
US West Texas Intermediate crude futures for May delivery were up 39 cents, or 0.50 percent, to $81.74 a barrel.
Both benchmarks were on track to finish higher for a third consecutive month, and were up about 4.5 percent from last month.
In the prior session, oil prices were pressured following last week’s unexpected rise in US crude oil and gasoline inventories, driven by a rise in crude imports and sluggish gasoline demand, according to Energy Information Administration data.
However, the crude stock increase was smaller than the build projected by the American Petroleum Institute.
“We ... expect US inventories to rise less than normal in reflection of a global oil market in a slight deficit,” Bjarne Schieldrop, chief commodities analyst at SEB Research, said in a note, adding: “This will likely hand support to the Brent crude oil price going forward.”
Also providing support to prices were US refinery utilization rates, which rose 0.9 percentage points last week.
Recent disappointing inflation data affirms the case for the US Federal Reserve to hold off on cutting its short-term interest rate target, a Fed governor said on Wednesday, but he did not rule out trimming rates later in the year.
“The market is converging on a June start to cuts for both the Fed and the European Central Bank,” JPMorgan analysts said in a note. Lower interest rates support oil demand.
Investors will watch for cues from a meeting next week of the Joint Monitoring Ministerial Committee of producer group the Organization of Petroleum Exporting Countries amid supply concerns over geopolitical risks.
OPEC and its allies, known as OPEC+, are is unlikely to make any oil output policy changes until a full ministerial gathering in June, but any sign of members not sticking to current production quotas will be viewed as bearish, analysts at ANZ Research said.
“The lack of a ceasefire deal between Israel and Hamas continues to keep tension in the Middle East elevated,” ANZ said.
Dubai sees 550% annual rise in global SMEs attracted to the emirate
RIYADH: Asian and Australian businesses helped fuel a 550 percent annual rise in small and medium enterprises setting up in Dubai in 2023, according to a report.
The emirate’s international chamber has revealed 104 SMEs were attracted to Dubai in the 12 months to the end of December, a development that underlines its ambitions to double the size of the emirate’s economy and consolidate its position among the top three global cities.
According to a statement, 32 percent of the firms shifting to the emirate were from the Middle East and Eurasia, followed by Asian and Australian SMEs at 29 percent.
Latin America and Europe accounted for 26 percent of companies, while 13 percent attracted were from Africa.
The top sector for these SMEs was trade and logistics at 17 percent, followed by IT at 13 percent, and food and agricultural firms third with 10 percent.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, attributed the rise to the emirate’s business-friendly environment, the ongoing development of services together with favorable legislation, and the diverse range of investment opportunities available.
He added: “Our network of international representative offices in key global markets has effectively promoted Dubai’s business community and highlighted the emirate’s value for companies seeking global expansion.
“We remain dedicated to contributing to the objectives of the Dubai Economic Agenda, with a primary focus on attracting foreign direct investments in both traditional and emerging sectors.”
The growth in SMEs from across the globe moving to Dubai sits alongside a goal from the emirate’s leadership to see home-grown small businesses expand overseas.
The total number of representative offices across the world operated by the Dubai International Chamber increased by 16 in 2023 and now stands at 31.
This expansion received additional fuel in January when Dubai’s Crown Prince Sheikh Hamdan bin Mohammed announced a 500 million dirham ($136.16 million) plan to help SMEs tap into global markets.
The initiative was launched in conjunction with Emirates NBD, Dubai’s biggest lender by market value, and will see the bank provide financing to companies at competitive rates.
According to a release at the time, the SME sector accounts for 60 percent of the workforce in the emirate.