Latest news with #Argaam
Argaam
2 days ago
- Business
- Argaam
Al Othaim says related-party deals reach 1% of annual revenue
Abdullah Al Othaim Markets Co. said its ongoing deal with subsidiary Mueen Human Resources Co. reached 1% of total revenue, based on the latest audited annual results. The labor supply contract runs for two years, renews automatically, and has a variable value assessed annually based on the company's requirements. The company said the deal is part of its ordinary course of business, carried out under standard commercial terms, and disclosed in line with Article 65, paragraph 11, of the Securities Offering and Ongoing Obligations Rules. According to Argaam estimates, 1% of Al Othaim's 2024 revenue is about SAR 107.2 million, from total revenue of SAR 10.7 billion.
Argaam
2 days ago
- Business
- Argaam
Apple launches online store in Saudi Arabia
Apple on Tuesday expanded its retail presence in Saudi Arabia with the launch of its online store and Apple Store app, marking the company's first direct support in the Arabic language. In a statement, Apple said customers in Saudi Arabia can now shop the full range of Apple products and receive direct support from Apple team members. Deirdre O'Brien, Apple's Senior Vice President of Retail, said the company is offering customers a new way to explore and purchase its full lineup of products and services. Apple revealed in December that it would expand in Saudi Arabia, starting with the launch of its online store in summer 2025, according to Argaam data. The company also plans to open its first physical Apple Store in the Kingdom in 2026.
Argaam
17-07-2025
- Business
- Argaam
Q2 2025: Key events shaping Saudi retail sector
Shopping cart In this report, Argaam sheds light on the significant events that may affect the performance of companies in discretionar
Argaam
10-07-2025
- Business
- Argaam
Saudi industrial services sector abundant with opportunities for Russian investors: Official
Shaaf Al-Osaymi, member of the Executive Committee of the Saudi-Russian Business Council, stated that there are abundant opportunities for Russian investors to seize in the services sector that supports the broader industrial field, particularly in emerging and advanced industries such as the mining sector, which requires growth-focused supporting services. In an interview with Argaam on the sidelines of the Saudi-Russian Roundtable Meeting in Moscow, Al-Osaymi highlighted that Russia is a key partner for the Kingdom, especially in the field of food security, as it is one of the largest producers of agricultural products, which aligns with the Kingdom's strategies for achieving sustainable food security. The roundtable discussed potential investment opportunities between the two sides, both within the Kingdom and in Russia, he added. Al-Osaymi affirmed that there are promising opportunities between the two countries, particularly as both sides operate in similar sectors stemming from the oil and gas industry, such as oil production, gas, petrochemicals, and mining, including gold and base metals, in addition to other sectors. Saudi Arabia offers diverse opportunities for Russian investors in fields such as industry, technology, technology transfer, cybersecurity, as well as in the construction sector and the execution of mega projects, he further said. Al-Osaymi also indicated that these pivots were also discussed during the economic forum held two days ago in Yekaterinburg, in the presence of Minister of Industry and Mineral Resources and a Saudi delegation of over 130 participants from both the public and private sectors. He highlighted that among the main challenges facing cooperation between the two sides are language barriers and differences in standards and specifications, as Saudi Arabia heavily relies on international standards, whereas Russia has its own unique standards and specifications, which can create obstacles when qualifying Russian entities to operate in the Kingdom.
Argaam
10-07-2025
- Business
- Argaam
Banks remain primary source of funding; bonds, sukuk see growth: HSBC
Banks are still the primary source of funding in the region and internationally, but bond and sukuk issuances have seen remarkable growth, said Karim Tannir, Head of Banking - MENAT at HSBC. In an interview with Argaam on the sidelines of HSBC's GCC Exchanges Conference 2025 in London, he added that the private credit market is still in its early stages, but is showing increasing interest in structured credit deals.
