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Al-Qasabi: Over 70% of Saudi Investor Problems in Egypt Have Been Resolved

Egypt Prime Minister Mustafa Madbouly meets with Saudi Commerce Minister Majed Al-Qasabi and his accompanying delegation. (Asharq Al-Awsat)
Egypt Prime Minister Mustafa Madbouly meets with Saudi Commerce Minister Majed Al-Qasabi and his accompanying delegation. (Asharq Al-Awsat)
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Al-Qasabi: Over 70% of Saudi Investor Problems in Egypt Have Been Resolved

Egypt Prime Minister Mustafa Madbouly meets with Saudi Commerce Minister Majed Al-Qasabi and his accompanying delegation. (Asharq Al-Awsat)
Egypt Prime Minister Mustafa Madbouly meets with Saudi Commerce Minister Majed Al-Qasabi and his accompanying delegation. (Asharq Al-Awsat)

Saudi Minister of Commerce Majid al-Qasabi said more than 70 percent of the problems facing Saudi investors in Egypt have been solved.

Egypt’s Prime Minister Mustafa Madbouly received a Saudi delegation led by the Saudi Minister and included Chairman of the Saudi-Egyptian Business Council Bandar al-Amiri, several Saudi businessmen, Minister of Trade and Industry Ahmed Samir, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, and Ambassador Osama al-Nugali.

During the meeting, they discussed ways to enhance economic and trade partnership between Saudi Arabia and Egypt.

The Prime Minister welcomed the Saudi Minister and his accompanying delegation, stressing the strength of the bilateral relations between Egypt and the Kingdom.

Madbouly indicated that cooperation between them will continue to serve common issues.

He stressed that Egypt continues to improve the investment climate, removing obstacles, and resolving investor issues.

For his part, Qasabi explained that the Egyptian government is trying to solve the remaining issues.

He confirmed that Custodian of the Two Holy Mosques King Salman, and Prince Mohammed bin Salman, Crown Prince and Prime Minister, have issued directives to continue cooperation with Egypt and increase Saudi investments in its markets.

The accompanying delegation included 91 Saudi businessmen, said Qasabi, noting that they held meetings with Egyptian officials, and as a result, they developed three paths for cooperation.

The first path includes investment in the industrial sector with the aim of integration.

The chambers of commerce of the two countries and the Businessmen Association agreed to identify opportunities and determine priorities, said Qasabi, adding that they would develop a clear roadmap to promote the opportunities.

The second track discusses integration to implement projects by Egyptian and Saudi ministries through integration between their governments.

The final addressed institutional work between Saudi Arabia and Egypt to define the roles of business and chambers of commerce and the tasks assigned to them.

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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.