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Saudi-Singaporean Business Forum to Seek Ways to Boost Economic Partnership

Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
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Saudi-Singaporean Business Forum to Seek Ways to Boost Economic Partnership

Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)
Saudi Minister of Commerce Dr. Majid Al-Qasabi. (SPA file photo)

Saudi Minister of Commerce Dr. Majid Al-Qasabi headed the Kingdom’s delegation consisting of 36 public and private sectors representatives to Singapore where they will participate in the Saudi-Singapore Business Forum, reported the Saudi Press Agency on Monday.

The forum, which runs through to September 27, will tackle bilateral trade in goods and services and ways to boost economic partnership.

Al-Qasabi met with Singaporean Minister of Education Chan Chun Sing, and Singaporean Minister of Social and Family Development and Minister-in-charge of Muslim Affairs Masagos Zulkifli on Monday to discuss cooperation in education, mostly equipping students with the skills required by future industries, digital literacy, and entrepreneurship.

They discussed the main features of the Singaporean education system, exchanging experience and holding training courses, cooperation between universities and schools, and expanding scholarship programs.

Vice Minister of Commerce and CEO of the National Competitiveness Center Dr. Eman Al-Mutairi and Saudi Ambassador to Singapore Abdullah Al Madhi attended the meeting.

Al-Qasabi also met with Chairman of Singapore Economic Development Board Png Cheong Boon and with Chairman of JTC Corporation Tan Chong Meng to discuss cooperation to stimulate economy, commercial solutions offered to companies, developing industrial zones and business parks, and digitization in manufacturing.

Also discussed was cooperation in the field of service economy and reviewing the best practices and key programs to enhance competitiveness.

Prospects for National Competitiveness Center and the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy cooperation in research were also discussed with Vice Dean of the School Francesco Mancini and Director of the Institute Paul Cheung.

Over the next two days, Al-Qasabi will hold meetings with several Singaporean ministers and officials, including Minister for Trade and Industry Gan Kim Yong, Minister for Manpower Tan See Leng, Minister for Communications Josephine Teo, Chairman of Enterprise Singapore Peter Ong, and Chairman of the Board of Directors of the Supply Chain and Logistics Academy Robert Yap.

The Saudi delegation will visit specialized educational institutions, business innovation centers, and the port of Tawas, the world's largest automated port, with the aim of getting familiarized with best practices and quality services in various fields.

It will also participate on Tuesday in the Saudi-Singapore Business Forum, organized by the National Competitiveness Center in cooperation with the Federation of Saudi Chambers and the Singapore Business Federation.

The forum will discuss the progress made in implementing the Kingdom's Vision 2030 since its launch in 2016, opportunities to boost economic partnership, and strengthening cooperation between the two countries in several vital sectors, including logistics, e-commerce, and modern technologies.

The delegation includes several government agencies, including the ministries of commerce, investment, education, health, and industry and mineral resources, the Standards, Metrology and Quality Organization, the Small and Medium Enterprises General Authority (Monshaat), the Saudi Data and AI Authority (SDAIA), the Saudi Business Center, the Saudi Ports Authority (Mawani), the Food and Drug Authority, the National Competitiveness Center, the National E-Learning Center, the Saudi Logistics Academy, the Federation of Saudi Chambers, and officials from Saudi companies.

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Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.