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Backed by the rapid expansion of its international network, Saudi Arabia’s national flag carrier Saudia has been ranked 23rd in the Skytrax list of the world’s best airlines for 2023.
The 2023 World Airline Awards were announced at a ceremony held in Air and Space Museum at the Paris Air Show on Tuesday.
The full-service carrier, which launched its second destination to France earlier this month, jumped 11 positions from last year’s ranking of 34, making it one of the fastest-growing airlines in the region.
Formerly known as Saudi Arabian Airlines, Saudia is continuing its rapid rise up Skytrax’s ranking, having moved from 82nd to 51st in 2017, and then to 26th in 2021, winning the award for the most improved airline in each of those years.
Started in 1999 by Skytrax, the World Airline Awards is widely regarded as the Oscars of the aviation industry, with its rankings based on customer surveys.
Singapore Airlines was voted the world’s best airline in 2023, followed by Qatar Airways. Emirates was ranked fourth.
The advancement in the Skytrax classification is timely for Saudia as the state carrier is working toward contributing to the goals of the National Transport and Logistics Strategy and the National Aviation Sector Strategy.
In March, Skytrax placed Saudi Arabia’s King Fahd International 44th on its list of the world’s best airports, up six places from 2022.
Riyadh’s King Khalid International Airport rose from 29th to 27th place, while the King Abdulaziz International Airport in Jeddah climbed three spots from last year to be ranked 41st globally.
Prince Mohammad Bin Abdulaziz International Airport in Madinah climbed six positions to secure 52nd place in the world’s best airports.
RIYADH: With the middle-income countries seeing slower growth in demand, the global trade in agricultural commodities is estimated to grow at 1.3 percent annually, half the recorded pace in the past decade, according to a UN report.
In their 2023-2032 outlook, the Food and Agriculture Organization of the UN and the Organization for Economic Cooperation and Development stated that maize, wheat and soybeans will experience the biggest drop in annual growth despite being the highest contributor to trade in the past decade.
The expansion of livestock and fish production is expected to grow at a slower rate of 1.3 percent annually over the next decade. Poultry meat is projected to account for nearly half of the overall increase in total meat production by 2032.
With regard to milk production, the report said that a 1.5 percent annual growth is forecast globally over the next 10 years.
India and Pakistan will play a significant role, contributing to over half of the increase and accounting for approximately one-third of the global milk output in 2032.
However, milk production in the EU is projected to experience a slight decline due to the ongoing shift toward more environmentally sustainable production systems.
South and Southeast Asia are expected to experience a surge in net imports of agricultural commodities, continuing the trend of becoming net importers in recent years. The region’s strong demand growth is the primary driver behind this projection.
Meanwhile, sub-Saharan Africa is projected to witness a nearly doubled trade deficit in major food items by 2032, largely due to rapid population growth outpacing other regions.
On the other hand, Latin America anticipates an expansion of its agricultural trade surplus by 17 percent, with the exported share of agricultural production projected to reach 40 percent by 2032.
North America is expected to maintain its position as the second-largest exporter of agricultural commodities globally, although its net export position may be slightly impacted by robust domestic consumption growth.
Agricultural emissions to increase by 7.5%
The report further projected that global direct agricultural emissions are set to increase by 7.5 percent over the coming decade.
Livestock production is expected to contribute to 80 percent of the overall increase in greenhouse gas emissions.
The majority of these emissions are projected to occur in middle- and low-income regions, primarily due to the higher growth in ruminant production, which tends to have higher emission intensity.
In addition, synthetic fertilizers play a significant role in direct greenhouse gas emissions. Factors such as high energy prices, domestic policies, and market access developments will influence the global use of fertilizers, leading to potential shifts in their usage patterns.
RIYADH: Saudi Arabia’s small and medium enterprises are witnessing robust growth in entrepreneurial activity, with the total number of registered SMEs reaching 1.2 million at the end of the first quarter, as the Kingdom pushes ahead with its goal to expand local businesses.
This includes more than 88,000 new businesses which were established throughout the Kingdom in the first quarter of 2023, registering 4.8 percent growth over the fourth quarter of 2022, and a striking 179 percent growth from 2016, according to the latest report from SME General Authority, also known as Monsha’at.
The growth was driven by a combination of supporting business policies, advantageous macroeconomic circumstances, prospective investments, and an established entrepreneurial culture.
“The Kingdom has undertaken a series of bold initiatives to develop its economy, reduce its dependency on oil, and contribute to achieving Vision 2030’s goal of building a diversified and sustainable ecosystem, developing SMEs, and supporting entrepreneurs through private and public sector cooperation,” Munir Mohammad Nasser bin Saad, chairman of Al-Madinah Al-Munawarah Chamber said in the report titled SME Monitor.
He commended the role played by Monsha’at to “enable the wider entrepreneurship ecosystem through its many innovative services designed to help SMEs overcome challenges and build the businesses of tomorrow.”
Saudi Arabia’s SME ecosystem extends throughout the country, but Riyadh region continues to dominate the sector, as the capital city fosters dynamic growth across several key industries, the report said.
The first quarter report stated that Riyadh “played a significant role” as it had the highest percentage of SMEs at a rate of 41.4 percent, followed by Makkah and Eastern province at 18.9 percent and 11.1 percent respectively.
The Kingdom’s emerging new SMEs also managed to attract $359 million in venture capital funding in the first quarter of 2023.
The unprecedented growth in SME activities saw the sector employing 6.5 million people in Saudi Arabia by the end of first quarter.
Meanwhile, Monsha’at also helped launch the SME Bank which played an important role in increasing the productivity of SMEs and boosting their contribution to the gross domestic product to 35 percent by 2030.
Also noteworthy were the achievements of the Biban 2023 Forum — an event held in Riyadh in March and attended by an estimated 145,000 visitors from all over the world — which generated over $13.8 billion in agreements and announcements for SMEs in the Kingdom.
Monsha’at also recently obtained three international ISO certificates for applying the best international practices and standards to build a competitive and sustainable ecosystem spurring growth across various sectors, the report noted.
RIYADH: In one of the major power equipment deals, Saudi Arabia’s Electrical Industries Co. has received a SR153 million ($40.78 million) contract to supply transformers to the oil giant Saudi Aramco, the company said in a bourse filing.
The electrical equipment manufacturer said it won the 20-month contract through its subsidiary Saudi Power Transformers Co., adding that the deal will positively impact its fiscal position in two years, EIC said in a bourse statement released on Thursday.
“The contract is expected to have a positive impact on the financial results of the company for the year 2025,” the statement added.
EIC was established with the merging of two leading electrical manufacturers — Wahah Electric Supply Co. of Saudi Arabia and the Saudi Transformers Co. — to meet the growing demand for electrical equipment in the Kingdom.
In April, EIC’s subsidiary Saudi Power Transformers Co. was also awarded a transformers provision contract worth SR79 million, the bourse revealed at the time.
The project was awarded by the Ministry of Electricity and Water and Renewable Energy in Kuwait.
This comes after another deal its subsidiary signed in May with Al-Babtain Contracting Co. for SR66.6 million to supply electrical transformers.
Last year, EIC reported a 92.8 percent increase in its net profits to SR94.17 million compared to SR48.84 million recorded in 2021.
As for the company’s revenues, they rose from SR770.7 million in 2021 to SR1.06 billion in 2022, showing a 38.3 percent increase annually.
Companies in the Kingdom are making continued efforts to develop electricity locally, with the state-owned Saudi Electricity Co. planning to increase expenditure in 2023.
In its financial presentation made in March, the Public Investment Fund-owned firm said that it intended to allocate between SR30 billion and SR35 billion for its 2023 capital expenditure.
This is at least 10 percent higher than its 2022 capex which stood at SR27.4 billion.
Even though SEC did not provide a clear breakdown of the allocated amount, it is projected that expenditure in transmission and distribution infrastructure will be a priority considering that they dominated the firm’s capital expenditure for the past three years.
CAIRO: Saudi Arabia-based food technology startup NOMU has successfully raised $5 million in a funding seed round from a range of investors, including DIV Capital, Shurfah, Core Vision, and Purity for Information Technology, as well as family offices such as Altoukhi Family Office and Bakr Family Office.
The newly secured funds will be utilized by NOMU to expand its presence in the hotel, restaurant, and catering sector.
Additionally, the company plans to develop a software as a service solution and an artificial intelligence-enabled procurement chatbot.
Moreover, NOMU has plans to extend its operations to Pakistan and sub-Saharan Africa in the near future.
The company was established in late 2022 following a merger between commerce startups Saudi-based Jumlaty and Egypt’s Appetito.
The successful funding round demonstrates the investor confidence in NOMU’s business model and growth potential, according to a statement.
“We are thrilled with the overwhelming support we have received from our investors, both in terms of funding and strategic partnerships,” said Shehab Mokhtar, co-founder and CEO of NOMU Group.
With the fresh capital infusion, the company is well-positioned to enhance its market presence, expand its product offerings, and capitalize on emerging opportunities in the food tech sector.
“This seed round allows us to strengthen our business-to-business HORECA (hotel, restaurant, and catering) offering, invest in cutting-edge technology, and expand into new markets. NOMU is committed to revolutionizing the food tech supply chain, providing greater convenience and efficiency for businesses in the MENA (Middle East and North Africa) region,” Mokhtar added.
The company operates in Saudi Arabia, Egypt, Tunisia and Morocco with plans to expand into 50 new cities by 2025.
UAE’s HR technology firm alfii raises $2.5m in a pre-seed funding round
The UAE-based human resources technology startup alfii has successfully raised $2.5 million in a pre-seed funding round led by Preface Ventures, a US-based venture capital firm, along with the participation of Kayan Ventures, Aditum Ventures, and Wayfinders.
Founded in 2022 by Yousef Al-Barqawi, Becky Jefferies and Dina Mohammad-Laity, alfii aims to assist growing businesses in managing their HR workload and streamlining administrative tasks.
With the newly secured funding, alfii plans to expand its team and further develop its HR automation platform, which is powered by financial technology solutions.
“We’re looking to build the next generation of this product class, and we’re building it entirely in-house — which means we need to bring on world-class talent to grow our business and better serve our customers,” said Al-Barqawi, alfii’s CEO and co-founder.
The investment will support the company’s growth strategy and enable it to better serve its clients by optimizing its HR processes and improving overall efficiency.
Additionally, several local and regional angel investors contributed to the funding round.
Morocco’s Chari raises $1.5m in funding
Morocco-based business-to-business e-commerce and fintech startup Chari has successfully raised $1.5 million in funding from Verof-Kepple Africa Ventures.
The investment will play a crucial role in enabling Chari to expand its operations across Africa and further develop its portfolio of financial services.
Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari offers a platform that allows retailers to directly purchase large quantities of inventory items from suppliers.
By facilitating efficient business-to-business transactions, Chari aims to streamline the procurement process for businesses.
“We are thrilled to onboard VKAV as our partner as we establish a cutting-edge and fundamental financial services infrastructure for the mass market in our country,” Ismael Belkhayat, CEO and co-founder of Chari, said, adding: “With VKAV’s extensive network across Africa and profound connections with the Japanese corporate society, we believe they will consistently bring value to our endeavors.”
In addition to the funding, Chari has appointed Ryosuke Yamawaki, a partner at VKAV, as a strategic advisor.
“Chari is uniquely positioned to transform the informal retail sector and redefine the category of informal trade in Africa. We firmly believe that their innovative approach will benefit the local market and serve as a showcase to the rest of the world,” Yamawaki said in a statement.
This strategic collaboration will provide valuable insights and guidance to support Chari’s growth and strategic decision-making.
The recent funding round marks Chari’s third successful fundraising effort this year.
In March, the company secured a seed round from Plug and Play and received $1 million in funding from Orange Ventures.
MENA startups raise $35.6m in June
Startups in the MENA region secured $35.6 million last month across 45 deals, closing the first half of the year at $1.6 billion.
In terms of funding value, Saudi Arabia claimed the top position in June, securing $25 million across 12 rounds, followed by the UAE as a distant second, with its startups raising $6 million through 20 rounds.
Egyptian startups ranked third in terms of capital received with $4.8 million, largely due to a $3.5 million funding round for Egypt’s trucking marketplace, Trella.
Fintech emerged as the sector with the highest number of deals, as seven startups raised $3 million.
However, it was the foodtech space that received the largest funding, with over $20 million raised across four startups, representing 56 percent of the total funds secured. Investor interest was also seen in other sectors such as logistics, esports and mobility.
RIYADH: US energy firms last week added oil and natural gas rigs for the first time in 10 weeks due to the biggest weekly increase in gas rigs since October 2016, energy services firm Baker Hughes Co. said in its closely followed report.
The oil and gas rig count, an early indicator of future output, rose six to 680 in the week to July 7.
Despite the previous week’s rig increase, Baker Hughes said the total count was still down 72 rigs, or 10 percent, below this time last year.
US oil rigs fell five to 540 last week, their lowest since April 2022, while gas rigs rose 11 to 135 their highest since early June.
In the Permian in West Texas and eastern New Mexico, drillers added seven gas rigs, bringing the gas total up to a near 10-year high of 12, and cut six oil rigs, bringing the oil total down to a 15-month low of 330, according to Baker Hughes.
The seven Permian gas rigs added were the most in a week since January 2013.
India’s June fuel demand rises 4.2% year on year
India’s fuel consumption, a proxy for oil demand, rose by 4.2 percent year on year in June to about 19.31 million tons, data from the Petroleum Planning and Analysis Cell of the Indian Oil Ministry showed.
Sales of gasoline, or petrol, climbed 6.2 percent to 3.15 million tons and sales of diesel increased around 5 percent to 7.91 million tons in June from a year ago, the data dated on Friday showed.
Russian energy ministry says cutting oil exports by 500k bpd
Russia’s energy ministry on Friday confirmed that it was cutting oil supplies by 500,000 barrels per day in August by cutting exports, state news agency TASS reported.
EastMed pipeline project still viable, Edison CEO says
A project to build a 2,000 km pipeline to bring natural gas from East Mediterranean fields to Europe is still alive, the CEO of Italian energy group Edison said on Friday.
Edison CEO Nicola Monti said that the group, which is one of the promoters of the pipeline, was actively talking with Cyprus and Israel about the project.
Last month, the energy minister of Cyprus told Reuters the country was proposing a shorter pipeline to bring gas from Israel’s East Mediterranean fields to the island where the gas could be partially liquefied to be transported to the European markets.
The shorter connection could be seen as an alternative to the more ambitious EastMed pipeline.
“A link between Israel and Cyprus can be a first portion of the (EastMed) pipeline we are promoting. Because from Cyprus we could then connect with Crete and Greece,” Monti said, speaking with journalists on the sidelines of a meeting of energy industrial lobby Confindustria Energia.
He said he believed that the total costs of building the EastMed pipeline would be lower than the investment needed to build a shorter Israel-Cyprus connection, a liquefaction plant and the expenses of shipping the gas to European markets.
(With input from Reuters)