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  • Mohamed Salah’s agent shuts down potential Saudi Arabia transfer from Liverpool

    Mohamed Salah’s agent has dismissed speculation that the Liverpool attacker could join the exodus to Saudi Arabia this summer. Reports in the Middle East claimed that Al Ittihad are prepared to pay a fee of £60million ($76.3m) and offer the Egypt international around £155m in wages over the course of two years. However, his representative, Ramy Abbas, insists that Salah has no interest in ending his six-year stay at Anfield.

  • Slowdown in new work orders impacted Saudi’s non-oil business growth in July

    Saudi Arabia's non-oil private sector maintained its strong performance in July thanks to favourable local economic conditions. However, overall growth has lost momentum since June, reflecting the slowest rise in new work orders over the last seven months. At 57.7 in July, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) was down from 59.6 in June and the lowest since December 2022. The latest reading was slightly above the long-run survey average (56.9) and signalled strong underlying business conditions, despite the slowdown since June. The rise in new work was the slowest for seven months, according to the PMI data.

  • Saudi: Yanbu Cement’s profits down to $22.93mln in H1-23

    Yanbu Cement Company achieved SAR 86.29 million in net profit after Zakat and tax during the first half (H1) of 2023, down 0.78% from SAR 86.97 million in H1-22. The revenues shrank by 17.14% year-on-year (YoY) to SAR 397.56 million in H1-23 from SAR 479.80 million, according to the interim financial statements. Earnings per share (EPS) remained unchanged at SAR 0.55 in the six-month period that ended on 30 June 2023.

  • Doubling Down on Saudi Arabia Stocks Helps EM Fund Manager Beat Peers

    Saudi Arabia’s stocks offer some of the best buying opportunities in emerging markets, if investors look beyond oil, according to a top-performing fund manager. The kingdom’s initiatives to reduce its economic reliance on crude will boost the market even as the global backdrop may be challenging, says Fiera Capital’s Dominic Bokor-Ingram, who has doubled his fund’s exposure to Saudi stocks to 20%. His EM fund has beaten 99% of peers this year, according to data compiled by Bloomberg.

  • Saudi graffiti artist steps out of the shadows

    Saudi graffiti artist Maajed Ahmed has a gift — transforming blank walls into captivating bursts of color intertwined with Arabic typography that invariably have passers-by stopping to look. While graffiti artists in pop culture are often depicted as working in the shadows, Ahmed proudly presented his artistry at the second MDLBeast, the largest music festival in the Middle East that inspires Saudi youth with its eclectic blend of music, art and culture.

  • Delivery Hero doubles down on Middle East with Saudi deal

    Delivery Hero, the German online food delivery company, said Friday that it is taking full ownership of its Saudi subsidiary in a transaction valued at $297 million. The company said it has bought the remaining 37% stake in HungerStation, which operates Delivery Hero in Saudi Arabia — in a deal that represents an effort from the Berlin-headquartered firm to expand its presence in the Middle Eastern food delivery market.

  • Delivery Hero doubles down on Middle East with Saudi deal

    Delivery Hero, the German online food delivery company, said Friday that it is taking full ownership of its Saudi subsidiary in a transaction valued at $297 million. The company said it has bought the remaining 37% stake in HungerStation, which operates Delivery Hero in Saudi Arabia — in a deal that represents an effort from the Berlin-headquartered firm to expand its presence in the Middle Eastern food delivery market.

  • U.S. Bans 14 Iraqi Banks in Crackdown on Iran Dollar Trade

    The U.S. has barred 14 Iraqi banks from conducting dollar transactions, U.S. officials said, part of a sweeping crackdown on the siphoning of U.S. currency to Iran and other sanctioned Middle East countries. The ban, which was imposed Wednesday by the Treasury Department and the Federal Reserve Bank of New York, is likely to provoke new tensions between Baghdad and Washington and could spark more economic turmoil for ordinary Iraqis.

  • Saudi inflation rate ticks down in June

    Saudi Arabia's annual inflation rate eased to 2.7% in June from 2.8% the previous month, government data showed on Sunday. Prices for housing, water, electricity, gas and other fuels rose by 9.1% overall in June compared with the same month last year, while restaurant and hotel prices were up by 4.3% and education up by 3%, the kingdom's General Authority for Statistics data said. On the other hand, prices for clothing and shoes fell 2.9%, communication costs were down by 0.7%, and miscellaneous personal goods and services by 0.1%.

  • Saudi output cut removes downside risk from oil market

    If the cuts are implemented in full, they will reduce global production and expected inventories by as much as 45 million barrels by the end of August, on top of the 30 million Saudi Arabia is already removing in July. The production cuts would reverse the previous accumulation of inventories, where commercial stocks held in the advanced economies increased by 75 million barrels in the first five months of 2023.