عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Major Projects Confirm Riyadh’s Ability to Organize Exceptional Expo 2030

The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)
The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)
TT
TT

Major Projects Confirm Riyadh’s Ability to Organize Exceptional Expo 2030

The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)
The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28. (SPA)

The General Assembly of the International Bureau of Exhibitions (BIE) is preparing to choose the country which will host Expo 2030, as the representatives of 182 member states of the (BIE) will cast their ballots on Tuesday, to determine whether Riyadh, Busan or Rome will organize the international event.

Saudi Arabia’s giant projects have confirmed the country’s ability to organize an exceptional exhibition, making Riyadh one of the top 10 cities in the world in 2030.

The Kingdom has seen an unprecedented rise in the number of tourists, according to the World Tourism Organization (WTO), ranking second worldwide in the increase of international tourists in the first quarter of 2023, and the highest quarterly performance with a growth rate of 64 percent, during which it received about 7.8 million tourists.

The new international version of the Media Oasis is being held by the Saudi Ministry of Information in Paris from Nov. 26-28, in conjunction with Saudi Arabia’s participation in the 173rd General Assembly meeting.

The majority of participants have agreed in their discussions that the major Saudi projects, which are displayed at the event, prove the city’s ability to organize “an exceptional and unprecedented version that contributes to anticipating the future,” as previously announced by Prince Mohammed bin Salman, Crown Prince and Prime Minister.

Those projects include the King Salman Park and the Sports Track, the largest longitudinal park in the world, the New Square, as well as one of the world’s largest urban afforestation projects, known as Green Riyadh.

In addition to its future projects, the Saudi capital also presents a model of a city with a rich history, with developmental transformations and comprehensive renaissance.

The Diriyah Gate Development Authority introduces the city as the first historical Saudi capital, where culture, beauty, nature and art, make it an exceptional world destination for enthusiasts of history and culture.

Most Viewed

 
 
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)
TT
TT

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.