Saudi Mobily fastest growing firm in Middle East telecom sector in 2024: Brand Finance

Brand Finance also placed the firm’s CEO, Salman bin Abdulaziz Al-Badran, among the top 10 business chiefs in the global brand protection index. Shutterstock
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Updated 27 March 2024
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Saudi Mobily fastest growing firm in Middle East telecom sector in 2024: Brand Finance

RIYADH: Saudi Mobily has been ranked as the fastest-growing firm in the telecommunication sector in the Middle East in 2024 by marketing consultancy Brand Finance.

The list revealed that the value of the company has risen by about 18 percent compared to the previous year, thereby maintaining its leading position among the largest companies in the sector in the Middle East. 

The newly released rankings and figures align with Saudi Arabia’s goal to further develop and promote digital transformation in the Kingdom and upgrade the services provided in the information and communication technology field.

“Mobily has become the best choice for both individual and corporate customers, as its achievements at the brand level reflect its outstanding performance in providing integrated and pioneering digital services in the Kingdom and its achievement of great progress in digital infrastructure development,” Senior Vice President of Brand and Corporate Communications at Mobily Noura Al-Shiha said. 

Brand Finance also placed the firm’s CEO, Salman bin Abdulaziz Al-Badran, among the top 10 business chiefs in the global brand protection index.

This was mainly attributed to the various initiatives he launched since joining the company, also referred to as Etihad Etisalat Co., in 2019, and his pivotal role in enhancing the growth of the firm’s brand.

Al-Shiha said that Mobily’s CEO’s inclusion in the global brand protection index reflects his interest in making the company one of the strongest business names in the world. 

Brand Finance evaluates labels based on several main criteria, including the Brand Strength Index, the companies’s impact on boosting revenue and profit, and future growth expectations.

The majority of Mobily’s investments focus on developing infrastructure and adopting new technologies such as cloud computing and the Internet of Things, increasing data centers, and expanding the scope of 5G network deployment. 

Seeking to provide a modern experience to its customers, the company is keen to make them the focus of its attention by adopting the “Customer First” approach. This strategy aims to achieve the goals of Saudi Vision 2030, which strives to improve the quality of life for families and individuals in the Kingdom.


Nintendo shares rise on Saudi Public Investment Fund report

Updated 07 October 2024
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Nintendo shares rise on Saudi Public Investment Fund report

  • Nintendo’s shares jumped 4.44% to end at 8,087 yen
  • Kingdom has built up a stake of 8.6% in Nintendo as part of a $38-billion push

TOKYO: Nintendo shares jumped more than four percent Monday after a top official of Saudi Arabia’s sovereign wealth fund was quoted as saying it was mulling hiking its stake in the Japanese gaming giant.
Riyadh has built up a stake of 8.6 percent in Nintendo as part of a $38-billion push into gaming under Crown Prince Mohammed bin Salman’s Vision 2030 program to diversify away from oil.
It also has stakes in “Resident Evil” maker Capcom, Activision Blizzard, Electronic Arts, and Scopely, the US mobile games company behind “Monopoly Go!.”
“There are always opportunities,” Prince Faisal bin Bandar bin Sultan, vice-chair of Saudi Arabia’s Savvy Games — a subsidiary of the Public Investment Fund — told Kyodo News in an interview published Saturday.
He added, however, that the fund had no intention of raising stakes without the consent of the firms concerned.
“It’s important to keep the communication going so you get there in the right way,” he said. “We don’t want to rush into anything.”
Nintendo’s shares jumped 4.44 percent Monday to end at 8,087 yen ($54.48).
Saudi Arabia aims to create 250 gaming companies and studios on its soil, 39,000 game-related jobs, be in the top three of professional gamers per capita and to produce a blockbuster “AAA” game by 2030.
Savvy has already bought esports tournament organizer ESL Gaming and platform FaceIt. Riyadh last year hosted the eSports World Cup that saw 2,500 gamers battle for $60 million in prize money.
“There’s a lot we want to do to get it done and to reach our targets at 2030,” Prince Faisal told AFP in an interview in May.
“But we also want to make sure that we are taking the time to study things, to look at things. And make sure we’re making the right steps and not just throwing cash out there to see what hits,” he had said.


UAE-Jordan trade projected to reach $8bn after CEPA signing, minister says 

Updated 07 October 2024
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UAE-Jordan trade projected to reach $8bn after CEPA signing, minister says 

RIYADH: Bilateral trade between the UAE and Jordan is projected to increase to $8 billion by 2032, up from $4.2 billion in 2023, following the signing of a Comprehensive Economic Partnership Agreement, said a top official. 

UAE Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi emphasized that the CEPA, signed on Oct. 6, will create growth opportunities for businesses, young entrepreneurs, and startups in both nations. 

He noted that the agreement followed a series of negotiations and coordination meetings held in a short period, as reported by the state news agency WAM. 

The UAE has been actively strengthening its trade ties globally to enhance non-oil trade, in line with its economic diversification efforts, and in September the Emirates concluded talks to sign CEPAs with New Zealand and Australia, while also planning negotiations with Japan for a similar agreement. 

“The agreement will come into effect later this year after its ratification, and will mark the culmination of a long-standing, deep-rooted relationship between the two brotherly countries and their peoples,” Al-Zeyoudi told WAM after signing the CEPA with Jordan. 

Mutual investments between the UAE and Jordan are estimated at around $22.5 billion, with the the Gulf country being the largest international investor in its Middle Eastern neighbor at $4 billion, accounting for 14 percent of the Emirates’ total foreign direct investment, stated the minister. 

He added that promising areas of investments that both countries can explore include tourism, hospitality, real estate, and renewable energy, as well as transport, logistics, manufacturing, pharmaceuticals, and food security. 

Non-oil trade between the UAE and Jordan exceeded $4.2 billion in 2023, reflecting a 37.9 percent increase compared to 2021 and a 47.7 percent rise from 2019. 

The CEPA follows a $2.3 billion agreement signed last month to develop a 360-km railway network linking Jordan’s Aqaba port to its mining hubs at Al-Shidiya and Ghor Al-Safi. 

According to a press release, the project will be developed and operated by UAE’s Etihad Rail and is part of a $5.5 billion investment package agreed upon by the two countries in November 2023. 

The UAE has previously signed CEPAs with countries including India, Turkiye, Indonesia, and Cambodia, all expected to support the the country’s economy, which is projected to grow by 4 percent this year, according to a report from its the central bank last month. 


Oil Updates – prices extend gains on fears of wider Middle East conflict

Updated 35 min 49 sec ago
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Oil Updates – prices extend gains on fears of wider Middle East conflict

  • Brent crude rises toward $80
  • Conflict escalation risk counters demand-side pressures, says analyst

LONDON: Oil prices extended gains on Monday, with Brent nearing $80 to build on last week’s steepest weekly jump since early 2023, driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region.

Brent crude futures rose $1.11, or 1.4 percent, to $79.16 a barrel by 11:39 a.m Saudi time. US West Texas Intermediate crude futures jumped $1.28, or 1.7 percent, to $75.66.

Brent climbed by more than 8 percent last week while WTI soared by 9.1 percent on the possibility that Israel could strike Iranian oil infrastructure in response to an Iran’s Oct. 1 missile attack on Israel.

The potential escalation of the conflict has countered mounting demand-side pressures, said Priyanka Sachdeva, analyst at Phillip Nova.

Rockets fired by Iran-backed Hezbollah hit Israel’s third-largest city, Haifa, early on Monday. Israel, meanwhile, looked poised to expand ground incursions into southern Lebanon on the first anniversary of the Gaza war, which has spread conflict across the Middle East.

That spread has raised fears that the United States, Israel’s superpower ally, and arch-foe Iran will be sucked into a wider war.

ANZ Research, however, expects any immediate on supply to be relatively small.

“We see a direct attack on Iran’s oil facilities as the least likely response among Israel’s options,” it said, noting the buffer provided by producer group OPEC’s 7 million barrels per day of spare capacity.

OPEC and its allies including Russia, known collectively as OPEC+, are due to start raising production from December after cutting in recent years to support prices because of weak global demand.

OPEC+ has enough spare oil capacity to offset Israel knocking out Iranian supply, but it would struggle if Iran retaliates by attacking installations of neighboring Gulf nations, analysts have said.

When the Middle East conflict began a year ago, Brent stood at $88.15, but prices are now about $10 lower.

“While nothing can touch the emotion that the conflict has brought to the oil community, it has been well and truly smothered by macroeconomic considerations that have thwarted any idea of an increase in global demand,” said John Evans of oil broker PVM.


Closing Bell: Saudi main index slips to close at 11,769

Updated 06 October 2024
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Closing Bell: Saudi main index slips to close at 11,769

  • Parallel market Nomu lost 259.40 points, or 1.04%, to close at 24,655.96
  • MSCI Tadawul Index lost 22.10 points, or 1.48%, to close at 1,474.92

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 188.50 points, or 1.58 percent, to close at 11,769.04.

The total trading turnover of the benchmark index was SR6.20 billion ($1.65 billion), as 19 of the stocks advanced and 213 retreated. 

The Kingdom’s parallel market Nomu lost 259.40 points, or 1.04 percent, to close at 24,655.96. This comes as 17 of the listed stocks advanced while 48 retreated. 

The MSCI Tadawul Index lost 22.10 points, or 1.48 percent, to close at 1,474.92. 

The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price rose 7.14 percent to SR0.30. 

United Wire Factories Co. and Kingdom Holding Co. were among the other top performers.

The worst performer was Saudi Ceramic Co., whose share price dropped 7.26 percent to SR28.75. 

Other worst performers were Elm Co. and Arab Sea Information System Co.

Announcements

Almarai Co. has announced its interim condensed consolidated financial results for the period ending on Sept. 30. According to a Tadawul statement, the firm recorded a net profit of SR1.88 billion in the first nine months of the year, reflecting a 12.15 percent surge compared to the same period in 2023.

The increase in consolidated profits attributable to the company’s shareholders in the current period compared to last year is due to higher revenue growth, disciplined cost control, a favorable product mix, and stabilized commodity costs.

Al-Etihad Cooperative Insurance Co. has announced that it is signing a contract with the Ministry of Human Resources and Social Development to ensure the financial dues of non-Saudi workers in the private sector per the agreed terms and conditions and the insurance policy approved by the Insurance Authority.

A bourse filing revealed that the one-year SR391 million contract provides insurance coverage for the financial dues of non-Saudi workers in the delinquent entities of the private sector, in cooperation with several Saudi insurance and reinsurance companies, and in accordance with the agreed terms and conditions for one year. This will commence from the date of signing the agreement with the Ministry of Human Resources and Social Development and after obtaining the final approval of the Insurance Authority.

The policy represents the cooperation between the Ministry of Human Resources and Social Development and the Insurance Authority to protect the financial rights of non-Saudi workers in delinquent entities according to the ministry’s classification.

The insurance cover includes wages, unpaid dues, and a return ticket to the worker’s home country within the agreed-upon cover limits and following an agreed set of terms and conditions.

It is expected that the financial impact of this agreement will be reflected in the company’s financial performance starting from the fourth quarter of the year.


EVIQ, Ceer partner to enhance Saudi EV infrastructure

Updated 06 October 2024
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EVIQ, Ceer partner to enhance Saudi EV infrastructure

  • Initiative will establish a comprehensive charging network to support widespread electric vehicle adoption
  • Kingdom aims to convert 30% of vehicles in Riyadh to electric by 2030

JEDDAH: Saudi Arabia’s Electric Vehicle Infrastructure Co., EVIQ, has formed a strategic partnership with the Kingdom’s first EV brand, Ceer, to expand the nation’s charging infrastructure and promote sustainability. 

EVIQ, a joint venture between the Public Investment Fund and the Saudi Electricity Co., aims to bolster the electric vehicle ecosystem by collaborating with manufacturing brands and local partners to implement installation and maintenance operations.  

This initiative will establish a comprehensive charging network to support widespread electric vehicle adoption. 

EVIQ CEO Mohammad Baker Gazzaz highlighted the agreement’s significance in supporting the electric vehicle sector in Saudi Arabia.   

“This partnership will help encourage the wider adoption of electric vehicles, making them a seamless and convenient choice for drivers in the Kingdom. We look forward to fruitful cooperation with Ceer to achieve a more environmentally friendly and sustainable future for the Kingdom.” 

Saudi Arabia aims to convert 30 percent of vehicles in Riyadh to electric by 2030, part of a larger strategy to cut emissions in the capital by 50 percent and achieve carbon neutrality by 2060.  

The Kingdom is also targeting the production of approximately 300,000 vehicles by 2030, seeking a 50 percent share of car sales in the Gulf Cooperation Council countries by 2025. 

Ceer CEO James DeLuca emphasized that the partnership extends beyond building an electric vehicle industry. “We are also committed to providing an exceptional experience for electric vehicle owners in the Kingdom. We are pleased to partner with EVIQ to ensure a comfortable and seamless driving experience for electric vehicles in the Kingdom,” he said.   

The partnership signifies a major step toward realizing the Kingdom’s vision of developing an automotive industry and promoting sustainable transportation.  

By aligning Ceer’s commitment to advanced Saudi electric vehicles with EVIQ’s goals of building an effective network, this collaboration paves the way for a smooth transition to electric mobility. 

Last year, EVIQ announced plans to install over 5,000 fast chargers across 10,000 locations throughout the Kingdom.  

This strategic initiative not only enhances Saudi Arabia's electric vehicle infrastructure but also aligns with broader economic and environmental objectives, paving the way for a sustainable future and diversified economy. 

Ceer is investing significantly in research and development to produce competitive electric vehicles, with government support through incentives and regulations designed to foster industry growth.