DUBAI: Saudi jeweler L’azurde has returned to profitability as it cut costs and benefited from a rebound in sales, especially in Egypt.
It reported a profit of SR10.2 million ($2.7 million) in the first quarter of 2021 compared to a loss of SR1.6 million. Group operating revenues for the first quarter of 2021 gained about 21.4 percent from a year earlier to SR138.9 million,.
Saudi retail revenues increased by 2.4 percent compared to the same quarter of last year due to the easing of COVID-19-related precautionary measures, it said.
That helped to partially offset the decline in sales in airports. In Saudi Arabia, wholesale revenues were 8.6 percent higher than a year earlier.
However it was Egypt that was the stand out performer for the group over the quarter.
"In Egypt, retail revenues impressively increased by 62.1 percent mainly attributable to the growth of revenues in same shops, the successful launch of Miss L’, the new fast growing Lazurde e-commerce platforms and the opening of six new outlets in the last twelve months,” the company said in a stock exchange filing.
It said that a number of strategic initiatives undertaken by the company, including the optimization of its gold working capital, had started to yield results.
Group finance costs in the first quarter of 2021 fell about 22 percent to SR9.5 million from a year earlier.
Saudi jeweler L’azurde returns to profit as Egypt sales surge
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Saudi jeweler L’azurde returns to profit as Egypt sales surge
- It reported a profit of SR10.2 million ($2.7 million) in the first quarter of 2021 compared to a loss of SR1.6 million
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
