Telecom operator Zain KSA’s shares up 4.3% as profit more than doubles

The Saudi telecom operator’s profit surged 157 percent from SR83 million in the same period a year earlier. (File Pic)
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Updated 18 July 2022
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Telecom operator Zain KSA’s shares up 4.3% as profit more than doubles

RIYADH: Shares of Zain KSA, formally known as Mobile Telecommunication Co. Saudi Arabia, closed 4.3 percent higher on Sunday in response to news that its profit more than doubled to SR214 million ($57 million) in the first half of 2022.

The telecom operator’s profit surged 157 percent from SR83 million in the same period a year earlier on the back of higher revenue, according to a filing to the Saudi Exchange.

Its revenue rose from SR3.8 billion to SR4.4 billion driven by the growth in the business-to-business, fifth generation and other revenue streams in addition to a post-pandemic return of international visitors.

Speaking to Argaam, CEO Sultan Al-Deghaither added the figures were propelled by rising demand from government agencies, institutions, and companies in the Kingdom for the portfolio of business sector products and support services.

"Through global strategic partnerships, we were able to transfer the 5G experience in the Kingdom to a new level, and we sought to complete our partnerships by providing digital infrastructure that enables obtaining the best results,” he noted. 

 


Dar Global launches $1bn Trump Plaza project in Jeddah 

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Dar Global launches $1bn Trump Plaza project in Jeddah 

RIYADH: A $1 billion Trump-branded mixed-use development has been launched in Jeddah, expanding Saudi Arabia’s pipeline of high-end real estate projects.  

Dar Global, a London-listed luxury real estate developer majority-owned by Saudi developer Dar Al-Arkan, said the project marks its third collaboration with the Trump Organization in the Kingdom. 

The development, called Trump Plaza Jeddah, will include executive and premium residences, home offices, retail outlets and curated dining offerings, the company said in a statement. 

The launch follows the unveiling of Trump Tower Jeddah in December 2024 and comes as Saudi Arabia steps up efforts to attract private capital and foreign buyers into its real estate sector. 

Eric Trump, executive vice president of the Trump Organization, said: “Expanding our presence in Saudi Arabia with Trump Plaza Jeddah underscores our commitment to world-class quality and iconic design.”  

He added: “This project reflects the strength of our relationship with Dar Global and our confidence in Jeddah as a dynamic, globally relevant city. Trump Plaza Jeddah will set a new benchmark for integrated urban destinations.” 

The lifestyle project will also have a 4,000 sq. meter members-only Vitality Club, featuring golf simulators, a spa, sports medicine and recovery facilities. 

The Vitality Club will also include swimming pools, fine dining, a cigar and library lounge, a coffee bar, and high-performance wellness spaces. 

“The launch of Trump Plaza Jeddah represents a major milestone in our Saudi portfolio. This is not a single-use development, but a carefully curated urban ecosystem designed for global residents who want to live, work, and connect within the best address in Jeddah,” said Ziad El Chaar, CEO of Dar Global. 

He added: “Anchored by a private park and supported by world-class amenities, Trump Plaza Jeddah introduces a new model for modern city living in the Kingdom.” 

The destination will also feature retail and dining concepts, including Trump Grill, Trump Daily, an artisan bakery, and a fitness pro shop, reinforcing the project’s positioning as a district that operates day and night. 

Trump Plaza Jeddah is located within the 1,000,000-sq.-meter Amaya development and is supported by foreign-ownership incentives, a 0 percent capital gains tax and accelerated infrastructure investment, the company said. 

Earlier this month, Dar Global unveiled the first of two Trump-branded projects planned for Riyadh, launching a 2.6 million-sq.-meter Trump International Golf Club in Wadi Safar.