Latest news with #SAR
RTHK
an hour ago
- Business
- RTHK
Cut rents further to lift catering sector
Cut rents further to lift catering sector Simon Wong says visitors to Hong Kong are spending less. Photo: RTHK A catering sector representative on Saturday said rents will continue to be a challenge despite a recent reduction. Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades told a Commercial Radio programme that even though the SAR has been welcoming more tourists this year, business performance is worse than the pre-Covid period. This is because spending for each visitor has dropped by 20 percent. Noting that landlords have slashed rents by up to 15 percent on average in the past half-year – and even 30 percent in some districts – Wong expressed the hope that they would go down even further. "If there's so much empty space on the street, the landlords would feel that kind of pressure and they are willing to lower their rent at this moment. And I'm looking forward to more decrease in the rent because still the rents compared to other expenses are quite high," he told reporters. "Our operating expenses is comprised of rent, salaries and also food costs, and rental is one of the major expenses we encounter. So if the rent can go down by at least another 20 or 25 percent, it would help us a lot." Wong also noted that the phenomenon of Hongkongers heading north to spend is "irreversible", but he hopes that the government will expand multiple-entry visas to cover the entire Greater Bay Area, or even other mainland cities to help the catering sector. Meanwhile, Wong said he expects a campaign – which sees more than 3,800 restaurants offering discounts of up to 29 percent to celebrate the 28th anniversary of the SAR's establishment on July 1 –to boost business by up to 15 percent that day.
Tahya Masr
3 hours ago
- Business
- Tahya Masr
EFG Hermes Successfully Completes Advisory on USD 500 Million IPO of Specialized Medical Company on the Saudi Exchange
EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its investment banking division successfully completed its advisory on the USD 500 million initial public offering (IPO) of Specialized Medical Company (SMC), one of the leading healthcare providers in the Kingdom of Saudi Arabia, on the Main Market of the Saudi Exchange (Tadawul). This marks EFG Hermes' third IPO in the healthcare space in the past 12 months, further reinforcing its position as a trusted advisor across the region's most dynamic sectors. The company began trading today under the ticker 4019. Specialized Medical Company offered a total of 30% of its total issued share capital through the sale of 75 million ordinary shares at SAR 25 per share, implying a market capitalization of SAR 6,250 million (USD 1,667 million). The orders recorded during the institutional book-building exceeded SAR 121.3 billion, representing a coverage of 64.7x. Karim Meleka, Co-Head of Investment Banking at EFG Hermes , said, 'We are proud to have advised on the IPO of Specialized Medical Company. Despite heightened geopolitical tensions in the region, the offering attracted overwhelming interest from a diverse base of local, regional, and international investors — a clear vote of confidence not only in SMC's fundamentals but also in the resilience of Saudi Arabia's capital markets and the strength of its macroeconomic outlook.' SMC was founded in 1999 and is one of Riyadh's leading multi-specialty private healthcare providers, with a 25-year track record of delivering high-quality, patient-centric medical care. The Company operates two state-of-the-art hospitals in Riyadh with a combined capacity of 578 inpatient beds and 266 outpatient clinics. SMC is strategically expanding into Northern Riyadh, where rapid urban development is creating strong demand for healthcare services. With three additional hospitals, it is expected to capture over 25% of private hospital capacity in the area, establishing a leading position in an underpenetrated region with limited existing healthcare infrastructure – one that is set to become Riyadh's new urban hub. Once operational, the new facilities are expected to more than double the Company's current capacity to approximately 1,276 beds and 770 outpatient clinics . EFG Hermes acted as a Joint Financial Advisor, Joint Bookrunner, and Joint Underwriter on the transaction . EFG Hermes has advised on six IPOs across the region year to date, including landmark transactions on Tadawul, the Abu Dhabi Securities Exchange, the Muscat Stock Exchange, and the Egyptian Exchange, underscoring its regional leadership in equity capital markets .
Mid East Info
3 hours ago
- Business
- Mid East Info
In the Presence of H.E. Al-Jasser … Mawani Signs Privatization Contracts for Multipurpose Cargo Terminals at Eight Saudi Ports with Private Sector Investments Exceeding SAR 2.2 Billion
RIYADH, Saudi Arabia, June , 2025: In the presence of H.E. Eng. Saleh bin Nasser Al-Jasser, Minister of Transport and Logistic Services and Chairman of the Saudi Ports Authority, Mawani — in collaboration with the National Center for Privatization — signed contracts to privatize multipurpose cargo terminals at eight Saudi ports under a Build-Operate-Transfer (BOT) model spanning 20 years. The agreements were signed with national partners Saudi Global Ports and Red Sea Gateway Terminal Company, with private sector investments exceeding SAR 2.2 billion. The signing ceremony was also attended by Mr. Mazen bin Ahmed Al-Turki, Acting President of Mawani; Eng. Abdullah bin Mohammed Al-Zamil, Chairman of Saudi Global Ports; Mr. Aamer Alireza, Chairman of Red Sea Gateway Terminal; and a number of other officials. Speaking at the ceremony, H.E. Eng. Saleh Al-Jasser noted that these successive private sector investments reflect the strong appeal of Saudi ports and the logistics sector — a sector that receives generous support from the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince, may God protect them. He also stated that Saudi ports have witnessed remarkable progress in operational efficiency, cargo handling rates, and maritime connectivity, according to international indices — driven by significant investments from leading global and national logistics companies. The Minister emphasized that the transport and logistics ecosystem will continue to strengthen its partnerships with the private sector across all areas and regions of the Kingdom. He noted that these privatization contracts represent an extension of Mawani's strategic partnerships with major national and international companies, enabling growth in the maritime transport sector, diversifying the economy, and reinforcing Saudi Arabia's position as a global logistics hub — in line with the goals of the National Transport and Logistics Strategy and Saudi Vision 2030. For his part, H.E. Mr. Mohannad bin Ahmed Basodan, CEO of the National Center for Privatization, affirmed that the Center aims to empower the private sector to play a key role in enhancing public services and improving operational efficiency. He noted that the signing of these privatization contracts across eight seaports is one of the most significant initiatives in this regard, enabling the private sector to leverage its expertise to develop advanced maritime services aligned with the highest global standards — thereby enhancing operational performance and unlocking broad prospects for economic growth. These efforts also reflect the Center's vision of building an effective privatization ecosystem that delivers sustainable economic impact and supports the Kingdom's ambition to become a global logistics hub under Saudi Vision 2030. Under the contracts, Saudi Global Ports will develop, manage, and operate multipurpose terminals at four Eastern Province ports under Mawani's jurisdiction: King Abdulaziz Port in Dammam, Jubail Commercial Port, King Fahd Industrial Port in Jubail, and Ras Al-Khair Port. Red Sea Gateway Terminal will manage the development and operations of multipurpose terminals at four Western Province ports: Jeddah Islamic Port, Yanbu Commercial Port, King Fahd Industrial Port in Yanbu, and Jazan Port. The privatization contracts for King Fahd Industrial Port in Yanbu involve increasing container handling capacity through the deployment of the latest STS and RTG cranes, reach stackers, modern trucks and trailers, as well as reducing truck turnaround times and vessel berth stays — all contributing to improved operational efficiency. Notably, these privatization contracts between Mawani and the private sector were signed following approval from the Supervisory Committee for Privatization in the Transport and Logistics Sector, chaired by H.E. Eng. Saleh bin Nasser Al-Jasser. They aim to enhance the competitiveness of Saudi ports, expand operational capacity, support economic growth, and contribute to sustainable development.
Time Business News
8 hours ago
- Time Business News
Makkah Hotel to Jeddah Airport Transfer
Visiting Makkah is a spiritual journey like no other. But once your pilgrimage is complete, getting to Jeddah Airport (King Abdulaziz International Airport) is the next important step. Whether you're traveling for Umrah, Hajj, or a regular visit, knowing your transport options from your hotel in Makkah to the airport can save time, stress, and money. Let's break it all down and help you find the best way to travel smoothly, safely, and comfortably. Distance and Travel TimeTotal Distance The distance between Makkah and Jeddah Airport is around 90 km (56 miles). The actual time depends on your choice of transport and traffic conditions. Estimated Travel Time By Private Taxi: 1 hour to 1 hour 30 minutes By SAPTCO Bus: 1.5 to 2 hours By Haramain Train + Taxi: Around 1 hour 45 minutes total Transportation OptionsPrivate Taxi Services This is the most popular choice for comfort and convenience. Benefits of a Private Cab Door-to-door pickup from your hotel No waiting for other passengers Air-conditioned vehicles More luggage space Perfect for families and elderly travelers Booking a Trusted Umrah Taxi Look for services that specialize in Umrah and Hajj routes. You can easily book online through platforms like Luxury Umrah Cab or local travel operators. Ride-Sharing Apps (Careem/Uber) Convenient and easy to use, ride-share apps are widely available in Makkah. Pros Instant booking via smartphone GPS tracking English language support Cons Surge pricing during peak times Not always reliable during prayer hours SAPTCO Buses The budget-friendly option for solo travelers. Why Choose SAPTCO? Low-cost fare (around SAR 25-35) Air-conditioned buses Scheduled timings Things to Consider You need to get to the bus terminal first Less luggage flexibility May not drop you directly at the airport Haramain High-Speed Railway A scenic and fast alternative. Train Travel Details Travel from Makkah Train Station to King Abdulaziz Airport Station Travel time: 54 minutes Clean, modern trains with assigned seating Transfers Needed You'll still need a taxi from your hotel to Makkah Station And another transfer at the airport station if not on the North Terminal Cost Comparison of All OptionsOption Estimated Cost (SAR) Best ForPrivate Cab 180 – 250 Families, comfortUber/Careem 130 – 200 Solo or couplesSAPTCO Bus 25 – 35 Budget travelers Train + Taxi 100 – 150 Speed, scenic travel Luggage Handling and ComfortWhich Option Handles Luggage Best? Private cabs provide trunk space and driver assistance Train passengers carry luggage onboard Buses have limited luggage compartments Best for Families and Elders Always go with a private cab Some companies offer wheelchair assistance on request Travel Tips for PilgrimsBest Time to Leave for the Airport Plan to leave at least 5 hours before your flight time. Fridays and holidays may need extra buffer. Avoiding Traffic Jams Avoid peak hours—typically before Maghrib and after Fajr during pilgrim seasons. Booking in Advance vs. On-the-SpotWhy Pre-booking is Smart Guaranteed availability No surge pricing Fixed rate How to Book Use official websites WhatsApp-based cab services Apps like Careem or Uber Safety and CleanlinessHygiene Post-COVID Look for services with: Sanitized vehicles Masked drivers Regular vehicle maintenance Which Is the Safest Option? Private Umrah cabs top the list for security, privacy, and hygiene. Accessibility and Special NeedsWheelchair Users Private cabs can be pre-booked with ramps or space Buses and trains may not offer proper accessibility Help for the Elderly Friendly drivers in private services Assisted boarding in premium cab companies Weather ConsiderationsTraveling in Heat Makkah to Jeddah can be scorching, especially in summer. Air-conditioned vehicles are a must. Best Choice for Heat Private vehicles or trains Avoid buses without proper climate control Multi-Lingual SupportEnglish-Speaking Drivers Most Umrah-specialized cab services offer drivers who understand basic English or Urdu. Apps That Help Use: Google Translate Careem's in-app language settings Translation cards Pilgrim Testimonials and ExperiencesReal Stories 'After performing Umrah, we booked a private taxi to Jeddah Airport—clean car, respectful driver, and smooth ride.' 'SAPTCO was cheap but took longer due to multiple stops. Not ideal with kids.' What People Recommend 90% of pilgrims prefer private taxi or Uber Most complaints come from public bus delays Common Mistakes to AvoidLast-Minute Bookings Prices can jump, and you might not find a reliable option. Underestimating Travel Time Traffic in Jeddah can be unpredictable. Always give yourself cushion time. Our Top RecommendationPrivate Umrah Cabs Are #1 They offer: Door-to-door service Fixed pricing Air-conditioned vehicles Luggage and elderly support How to Book Visit trusted Umrah cab websites Book via WhatsApp or phone Confirm vehicle type, driver info, and pickup time Conclusion Whether you're headed home or flying to your next destination, the journey from your Makkah hotel to Jeddah Airport doesn't have to be stressful. With multiple travel options available—from private taxis to trains—you can choose the one that suits your budget and needs. Still, for maximum comfort, flexibility, and peace of mind, a private Umrah cab remains the top choice for most pilgrims. Travel smart, and may your journey be blessed and smooth. FAQsQ1: What is the cheapest way from Makkah to Jeddah Airport? A: The SAPTCO bus is the most affordable, costing around SAR 25–35. Q2: How much time should I leave for airport check-in? A: Leave Makkah at least 5 hours before your flight, especially during busy seasons. Q3: Can I travel directly from my hotel in Makkah to Jeddah Airport? A: Yes, with a private taxi or Uber, you get direct door-to-door service. Q4: Is the train a good option for families? A: It can be, but you'll still need to transfer from your hotel and at the airport. Q5: What if my flight is early in the morning? A: Pre-book a private cab for overnight service to ensure timely arrival. TIME BUSINESS NEWS
Time Business News
9 hours ago
- Business
- Time Business News
Marketing Tools to Look for in E-commerce Platforms
Two things. First, in 2023, internet penetration in the Kingdom of Saudi Arabia stood at 99%. Second, a significant proportion of its population is young, tech-savvy, working age and can be assumed to have money. The result? A growing Saudi Arabian e-commerce market. In fact, ecommerce sales using the national payment system Mada cards grew 25.82% year-on-year in 2024 to reach SAR 197.42 billion. That does not even include credit card-enabled ecommerce transactions. What does this mean? Businesses are missing out if they're not online. There's no excuse not to be when ecommerce platforms like Salla exist. Ecommerce platforms make setting up an ecommerce store online frictionless, even for the non-tech-savvy, generational family business owner. They make everything easy to do: registering for an account, opening an ecommerce store, listing products, keeping track of orders, accepting payments, and shipping out items. These platforms set up a whole ecosystem of tools and applications that any ecommerce seller could want and need. A seller can quickly design and roll out their storefront and their store's category, and product pages. They can add to their available payment methods as their needs warrant, make their store available in many languages, and add to their shipping and delivery options as needed. These tools are native to or pre-integrated into the environment (i.e., the platform). As such, activating an essential or add-on function can be as straightforward as ticking a checkbox on an intuitively designed and laid-out seller dashboard. Some platforms even offer marketing tools. They empower you to promote your products so their users can find you and your products. Deciding on an ecommerce platform for your business? The following are some of the marketing tools to look for from an ecommerce platform: Induce a sale, especially for value-driven buyers. Discount coupons are codes customers can use on all or select products in your store that will take a certain percentage off the item price. Use them to welcome new users to your store, reward registered customers for their loyalty, or boost sales during certain seasons. You may even pair a discount code with a slow-moving item to boost turnover or clear inventory. Special offers are time-limited or product-specific deals you may activate and track. They are still discounts, but buyers don't need to enter a discount code to get the discounted rate. They just have to shop on a particular date or time and buy a specific product, too. Promos like 'Buy 2, Get 1 Free' or flash sales can move slow inventory. Use store statistics to refine your offers and continue those that convert best. You can offer discounts to customers paying with a specific bank's card. Check with banks; they may cut your merchant fees if you offer their clients a discount for using their payment card. This is a good strategy to maximize sales during payday and seasonal sales offers. Initiate marketing campaigns activated by certain triggers. Your store can automatically send reminders to visitors who left items in their cart. You set the rules and triggers. For instance, you can arrange it so the system sends an email after one hour of cart abandonment. After 24 hours, you can set it so the system sends an SMS offering a special discount coupon or a freebie. Abandoned cart campaigns can remind distracted buyers to continue shopping. The offered incentive may also convince hesitant buyers to proceed with their purchase. The result? You recover lost sales. Centralized Advertising Platform Your store needs visitors to make sales, and advertising gets you that. It's particularly crucial when you're new and your organic marketing channels have yet to kick in and bring visitors to your store. Conveniently manage your Google, Facebook, and Instagram ads from one place. It's particularly useful during product launches and seasonal sales because it enables you to run synchronized ad campaigns. Text Messages and App Notifications Send bulk SMS or app notifications to the ecommerce users' mobile phones. This is a good way to promote flash sales, restocks and exclusive deals. Short messages and notifications with a clear call to action get the best results. Turn customers into brand ambassadors. Affiliates actively promote your products to other people through reels, blog posts, landing pages, and social media posts. Your affiliates get a commission for every sale you make through their affiliate links. Track specific events to learn how visitors interact with your store. You can log page views and store sign-ups. You can also record adds to the cart. Use your store's events data to refine your ads and design conversion paths. Create content to draw visitors to your store and enhance your brand. You can write blog posts on relevant topics, including how to use your products and helpful tips on maximizing your products' utility. Talk about customer pain points and position your product as a solution to these problems. Address barriers to purchase, too, so you can negate concerns or reframe your value proposition so the perceived barrier becomes irrelevant. Blogging not only gives customers the answers they're looking for. It establishes you as an authority in your niche and builds trust in your brand. Blogs are a good place to put links back to your category and product pages (i.e., your money pages), and they are also a convenient repository of highly relevant keywords for which search engines can index your store. Ecommerce platforms make selling online easier, especially for non-tech-savvy business owners, because they provide an entire ecosystem of easy-to-use apps and tools. The best ecommerce platform comes with ecommerce marketing tools out of the box. TIME BUSINESS NEWS
