Category: Business

Manama, The Kingdom of Bahrain has achieved a new international milestone, as the Passports Services at the Bahrain International Airport has been ranked third globally among the 2024 World Airline Awards (Skytrax).

It won in the “Best Airport Passport Services” category after applying strict standards that include the efficiency and speed of procedures, ease of movement, the efficiency of passport staff in terms of receiving visitors, and the extent of travellers’ satisfaction.

The achievement is an international testimony to the excellence and leadership in the services provided by the Nationality, Passports, and Residence Affairs (NPRA) and its continuous keenness to enhance travellers’ experiences at the Bahrain International Airport. Bahrain ranked third after Singapore Changi Airport and Zurich International Airport in Switzerland.

Shaikh Hisham bin Abdullah Al Khalifa, the Interior Ministry’s Undersecretary for NPRA, expressed his pride in the achievement, asserting dedication to providing the best
services for travellers via the Bahrain International Airport to promote Bahrain’s status as a leading regional centre in air transport.

He noted that the Airport Passports Services plays a significant role in facilitating travellers’ procedures and providing them with exciting travelling experiences. He hailed the fruitful cooperation between the NPRA and Bahrain Airport Services.

Skytrax World Airlines is a London-based consultancy founded in 1989. It operates an airline and airport review website and offers annual awards known as the Skytrax World Awards based on traveller reviews.

Source: Bahrain News Agency

Manama, Bahrain All Share Index has closed at 2,013.12 points, marking a decrease of 3.92 points below the previous closing.

This decrease was due to the drop in the Industrial Sector, Material Sector and Consumer Staples Sector.

Bahrain Islamic Index has closed at 762.17 points, marking a decrease of 4.15 points below the previous closing.

Results indicated that 82 equity transactions took place with a volume of 1,716,324 worth BD 686,846.

Investors traded mainly in the Non-Bahraini Companies Sector, representing 58.54% of the total value of securities traded.

Source: Bahrain News Agency

Ramallah – Together – The General Authority of the Palestine Stock Exchange held its fourteenth annual meeting, to discuss and approve the topics on the agenda, in the presence of the representative of the Registrar of Companies at the Ministry of National Economy, Bilal Kataneh, the external auditor, Abdul Karim Mahmoud, representing Ernst and Young, and the legal advisor, Mr. Haitham Al-Zoubi and Samer Al-Kakhan, representing the Capital Market Authority.

Through the platform of the General Authority, the Chairman of the Board of Directors of the Palestine Stock Exchange, Mr. Samir Hulileh, expressed what the Palestinian economy has suffered, especially since the last quarter of the fiscal year 2023 until this moment, which in turn has sharply affected the performance of various economic and operational sectors, both in the Gaza Strip and the West Bank, adding that Listed companies were not immune to this exceptional situation, which became clear through their preliminary financial statements for the resul
ts of the year 2023, as the profits of listed companies according to these statements amounted to approximately 155 million dollars, a decrease of 60% compared to the previous year, a number that was not recorded. On the Palestine Stock Exchange for more than 10 years, indicating that we are awaiting somewhat harsh results in the same context for the first quarter of the year 2024, due to the continuation of the aggression.

He pointed out, “This situation did not affect at all the commitment of profitable companies to their shareholders, as dividends are still strongly present in many of the recommendations of the general bodies of listed companies, and we at the Palestine Stock Exchange will work hard to continue the process of progress and growth, despite the serious challenges, and to These include poor market liquidity and accumulated losses as a result of the aggression.

The General Assembly approved the Board of Directors’ report and financial statements, and the members of the Board of Directors were
discharged from their liabilities for the fiscal year 2023, in addition to re-electing Ernst and Young to audit the stock exchange’s accounts for the fiscal year 2024.

It is noteworthy that the Palestine Stock Exchange was established in 1995 as a private joint stock company, and in 2012 it was listed for trading after it was transformed into a public joint stock company. The Stock Exchange seeks to be a local financial market with international standards, in light of providing innovative services to customers through a trading environment characterized by fairness, transparency and safety. It is noteworthy that the Palestine Stock Exchange is listed in the most important global financial indices: within the frontier markets ‘Frontier Markets’ and ‘FTSE Global Financial Times’ and within an independent index for ‘Palestine’ in both Morgan Stanley and Standard and Poor’s.

Source: Maan News Agency

Riyadh: The Communications, Space, and Technology Commission (CST) issued the Saudi Internet Report 2023 during the ICT (information and communication technology) Indicators Forum 2024. The comprehensive report highlights key insights and statistics on internet usage in the Kingdom, which aims to enhance digital services, enable investors and entrepreneurs, and contribute to the development of a thriving digital economy.

The report showed various indicators and data highlighting users’ internet usage and behavior in the Kingdom during 2023. It indicated that the peak hours of Internet usage are from 9:00 PM to 11:00 PM, and it pinpointed Friday as one of the busiest days of the week. Mobile telephones emerged as the most used devices for browsing the internet, accounting for 98.9% of usage compared to other devices. The report also included a study on online shopping behavior, revealing that 93% of such shopping occurs on local websites, rather than international ones.

The report revealed detailed informati
on about the growth of internet usage in the Kingdom, which reached 99% of the population, with the average mobile data consumption per person reaching 44 GB monthly.

The report also featured an analysis of the top data-consuming applications and services, placing YouTube on the top list, followed by TikTok and Facebook. Moreover, the most downloaded e-government applications in 2023 are “Nafath’ application, “Absher,” and “Tawakkalna Services.”

Source: Saudi Press Agency

Riyadh: The Communications, Zce and Technology Commission (CST) concluded the 10th edition of the Information and Communications Technology (ICT) Indicators Forum 2024, which revealed the growth of the ICT sector market size to reach SAR166 billion in 2024, with a compound annual growth rate (CAGR) of 8% during 2018 – 2023. The forum was attended by prominent ICT experts and leaders. It included four main presentations and a panel discussion that highlighted the ICT sector indicators in the Kingdom and its future trends.

The forum started with a presentation on ICT Sector Performance Indicators by Mufarreh Nahari, CST’s General Manager of Studies. The presentation highlighted the ICT sector’s development and growth. The Kingdom ranks 2nd among the G20 in the ICT Development Index 2023. The indicators also revealed the increase in mobile services penetration rate reaching 198%, while the IoT M2M subscriptions reached 12.6 Million.

Moreover, the mobile internet speed in the Kingdom reached 215 Mbit in 2023, w
ith a 99% internet penetration rate, and the number of cloud computing service providers listed in CST reached 31 local and global providers.

The second presentation, titled “Navigating the Innovation Frontier: Technology Market Outlook for Saudi Arabia,” was presented by Hamza Naqshbandi, IDC’s Vice President of Custom Solutions in (META) and Regional Director in Saudi Arabia and Bahrain, and Jyoti Lalchandani, the Group Vice President and Regional Managing Director (META) at IDC. The presentation highlighted the emerging technologies in the Saudi tech market, emphasizing that by the end of 2024, the total spending on technology will reach $18.4 billion, while the government spending on AI, IoT, Cybersecurity, and Big Data Analytics will exceed $752 billion.

The panel discussion on “The Future of the Tech Landscape in Saudi Arabia” presented the prospects for ICT market experts, with the participation of Salman Faqeeh, the Managing Director at Cisco in Saudi Arabia, Fahad AlTurief, the Vice President of Te
ch Cloud, in Saudi Arabia, Levant and North Africa at Oracle, and Othman Alhokail, a Partner at Merak Capital.

During the 3rd presentation, Jassem AlJobran, Head of Research at Aljazira Capital, discussed the “ICT Sector Financial Performance in Argaam”. He stated that the assets of the listed ICT companies had reached SAR250 billion. The Kingdom’s current market represents 37% of the total ICT assets in the GCC countries. Additionally, the total revenue of ICT-listed companies is around SAR119 billion, with the Kingdom accounting for 41% of the GCC countries’ revenue. Furthermore, the market value for the listed ICT companies also reached SAR379 billion, representing the largest share in the GCC countries of 57%.

The forum concluded with Sami Aldaham, director of Internet Services Development at CST, announcing the “Saudi Internet 2023” report. The report addresses internet usage and growth in the Kingdom, including indicators and information related to user’s behaviour and preferences, trending apps, and
data consumption per person.

Source: Saudi Press Agency

Riyadh: The National Debt Management Center announced the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was set at SAR 7.396 billion.

The Sukuk issuance was divided into three tranches as follows:

The first tranche has a size of SAR 2.235billion maturing in 2029.

The second tranche has a size of SAR 1.648billion maturing in 2031.

The third tranche has a size of SAR 3.513 billion maturing in 2036.

The Kingdom also plans to expand funding activities during 2024, reaching up to a total of SR 138 billion from what has been stated previously in the Annual Borrowing Plan, with a portion of this amount already covered up to date. This step comes with the aim of capitalizing on market opportunities to achieve proactive financing for the coming year and utilizing it to bolster the state’s general reserves or seize additional opportunities to enhance transformative spending during this year, thereby accelerating strategic projects and pr
ograms of Saudi Vision 2030.

Source: Saudi Press Agency

Jizan, Over 40 years ago, the Jizan Mountainous Areas Development and Reconstruction Authority established the Agricultural Experiment Station to cultivate agricultural crops suitable for the region’s climate and to generate promising economic returns.

They initiated the “Propagation of Agricultural Crops Using Plant Tissue Culture” program, which produced disease-free plants with desirable characteristics by replicating matching plants.

The Authority has played a pivotal role in the sustainable development of the mountainous regions, forming strategic partnerships with both government and private sectors to drive economic growth and enhance quality of life.

They have developed basic infrastructure, improved social and educational services, fostered human development, and promoted rural, cultural, and recreational tourism while preserving the region’s authenticity.

The Jazan region, known for its mountainous terrain, fertile plains, and abundant water, has become one of the Kingdom’s most important agricu
ltural regions due to diligent efforts.

Field crops are harvested across 700 square kilometers of agricultural land, representing 7% of the Kingdom’s total agricultural regions.

Today, the Jazan region boasts a diverse agricultural landscape, producing over 30 different types of fruits, with the Authority’s nurseries being a major contributor. They produce a variety of fruit seedlings, including guava, figs, pomegranates, Annona, mangoes, bananas, jackfruits, dragon fruits, papayas, lemons, and cocoa.

The Mango and Tropical Fruits Festival, starting tomorrow, celebrates the successes of the Mountainous Areas Development and Reconstruction Authority, positioning its mountainous regions among the top producers of tropical fruits.

This initiative exemplifies the success of their partnerships, initiatives, and projects, shaping a bright future for the region.

The Authority has created a developed and attractive investment environment, representing a significant aspect of the competitive advantages and promis
ing opportunities enjoyed by the Jazan region, particularly its mountainous areas.

Source: Saudi Press Agency

Riyadh: The National Housing Company (NHC) is pleased to announce a strategic partnership with Urbas Middle East Real Estate Company, a subsidiary of the esteemed Spanish Urbas group. This collaboration marks a significant milestone in the development of the Al-Fursan suburb with the construction of 589 innovative residential units worth of around SAR 1 Billion. Spanning approximately 150,000 square meters, this project promises to set new standards in housing development.

The agreement was formalized in a ceremony attended by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, the Ambassador of the Kingdom of Spain to KSA, Jorge Hevia along with the CEO of NHC, Mohammed bin Saleh Albuty, the President and CEO of Urbas, Juan Antonio Acedo Fernández, and the Executive Director of Urbas, Adolfo Guerrero. The event was hosted at the NHC headquarters, underlining the commitment of both parties to this ambitious project.

Al-Fursan, known as one of the largest urban development
projects in the region, is designed to align with Saudi Arabia’s Vision 2030. The suburb covers an area of 35 million square meters and will feature over 50,000 residential units, accommodating more than 250,000 residents. It is equipped with over 190 vital facilities, including educational, healthcare, and recreational services, all surrounded by more than 6 million square meters of green spaces. This extensive greenery is part of a broader initiative to enhance the living environment and contribute to the Saudi Green Initiative by planting over half a million trees.

Urbas Group, with its presence in over 20 countries and a portfolio of more than 30,000 residential units, brings a wealth of experience to this project. The already established Urbas Middle East aims further to increase its operations in the Saudi Arabian market, reflecting the group’s commitment to expanding its global footprint.

In addition to this exciting new development, NHC has also reported the successful sale of 1,300 residential unit
s in the first quarter of the year within Al-Fursan, generating a total value exceeding 1.5 billion Saudi riyals. This achievement underscores NHC’s dedication to creating vibrant, quality living spaces that not only meet but exceed the expectations of modern residents.

Source: Saudi Press Agency

Jeddah, The Jeddah Chamber is set to organize the Jeddah International Building Exhibition (Jibex) 2024 at the Jeddah Center for Exhibitions and Events from May 7 to 9.

Jibex 2024 will see the participation of over 300 exhibitors from Saudi Arabia and abroad.

Jibex stands as the premier exhibition specialized in construction and decoration in the western region of Saudi Arabia.

It serves as a platform that brings together solution providers, industry professionals, and suppliers to showcase innovative solutions in the construction sector.

The exhibition provides a regional platform for local and international companies to capitalize on the vast opportunities in the Saudi construction sector.

Source: Saudi Press Agency

Riyadh, Undersecretaries of the Ministries of Commerce in the Gulf Cooperation Council (GCC) countries held their fifty-eighth preparatory meeting today in the Qatari capital, Doha.

The meeting aimed to enhance cooperation between GCC member states, with the participation of Jihad bin Hamad Al-Huthail, General Manager of International Organizations.

During the meeting, several agenda items were discussed, including monitoring updates to commercial laws in the GCC countries, addressing challenges in intra-GCC trade, reviewing small and medium-sized enterprise projects and entrepreneurial initiatives, and monitoring the activities of committees under the Trade Cooperation Committee.

The meeting serves as preparation for the sixty-sixth meeting of the GCC ministers of commerce and industry, scheduled for Wednesday, May 1, in Qatar.

Source: Saudi Press Agency

Hanover, Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef held meetings with officials from German global companies during his visit to the Hannover Messe 2024 Fair.

Alkhorayef, who also is chairman of the board of directors of the Saudi Exports Development Authority, met with the Deutsche Messe chairman of the managing board and CEO of the Deutsche Messe Technology Academy.

He met with the Knauf Group managing partner, the founder and chairman of the V-Line Group, and other private-sector officials participating in the fair.

In addition, the minister inaugurated the ministry’s pavilion at Hannover Messe, which shines under the slogan “Saudi Made.”

He checked on the national companies taking part in the fair, which spans from April 22 to 26, to showcase their pioneering technological innovations in industry.

Several bodies belonging to the industry and mineral resources sectors in the Kingdom participated in the fair, including the Saudi Exports Development Authority, the Saudi EX
IM Bank, and the Ministry of Investment.

The Small and Medium Enterprises General Authority “Monsha’at,” the Saline Water Conversion Corporation (SWCC), and several national industrial companies also participated.

Source: Saudi Press Agency

Manama, Bahrain Economic Development Board (Bahrain EDB) is set to host a high-level delegation from the Principality of Monaco, led by Frédéric Genta, the Secretary of Attractiveness, Development and Digital at the Government of Monaco on a two-day visit to the Kingdom of Bahrain on April 24 and April 25, 2024.

This strategic visit aims to foster collaboration, exchange best practices, and explore potential cross-investment opportunities between the two nations.

During the visit, the Monaco delegation, which is composed of key government officials and influential C-suite executives from the business community, will engage in a series of high-level meetings with key counterparts and stakeholders from both the private and public sectors.

Designed to provide the visiting delegation with deeper insights into Bahrain’s economic landscape and investment potential, the curated meetings aim to facilitate meaningful discussions on potential areas of collaboration, with a focus on shared synergies namely financial
services, digital transformation, and tourism.

Both the Kingdom of Bahrain and the Principality of Monaco are renowned for their commitment to fostering digital innovation and creating business-friendly environments that encourage foreign investment. By promoting increased knowledge sharing of economic strengths and respective experiences, the two nations strive to build a solid foundation to pave the way for long-term cooperation and increased cross-investment.

Source: Bahrain News Agency