British Firm JMN Gears Up for Riyadh HQ Launch

JMN partners, Jesper Schertiger (left) and Robin Shelly, at the Saudi Ministry of Investment (Asharq Al-Awsat)
JMN partners, Jesper Schertiger (left) and Robin Shelly, at the Saudi Ministry of Investment (Asharq Al-Awsat)
TT

British Firm JMN Gears Up for Riyadh HQ Launch

JMN partners, Jesper Schertiger (left) and Robin Shelly, at the Saudi Ministry of Investment (Asharq Al-Awsat)
JMN partners, Jesper Schertiger (left) and Robin Shelly, at the Saudi Ministry of Investment (Asharq Al-Awsat)

British firm “Jet Media Network” (JMN) plans to set up its main office in Riyadh, Saudi Arabia, capitalizing on the increasing interest in investing in new cultural ventures in the Kingdom.

With its recent license approval from the Saudi Ministry of Investment, JMN aims to oversee regional operations, including management, technology development, and content creation, according to Jesper Schertiger, CEO and co-founder of JMN.

The move is expected to strengthen ties with Saudi Arabia and support its Vision 2030 goals, while also expanding the company's reach across Asia, the Middle East, and Africa.

Speaking to Asharq Al-Awsat, Schertiger revealed that JMN has already partnered with global stars like Ronaldinho to promote Saudi projects worldwide.

Schertiger announced that JMN has recently signed deals with 25 global stars in music, entertainment, sports, and gaming, including big names like Virat Kohli, Roberto Firmino, and Cardi B.

These stars collectively have a social media following of 1.8 billion.

Moreover, Schertiger said JMN is teaming up with regional experts to use ICONOME as a platform to promote budding talents from the Middle East.

He affirmed that JMN’s focus on the region, especially Saudi Arabia, is growing steadily.

Schertiger emphasized JMN’s dedication to showcasing Saudi talents globally and supporting Vision 2030's goals of promoting sports and entertainment. He highlighted the company’s involvement in prestigious events like the Music Cities Conference, the AFC Asian Cup, and the FIFA World Cup.

Additionally, he stressed the significance of Riyadh hosting Expo 2030, showing the Kingdom’s leadership in sports, music, and culture.

He mentioned that with the network’s current celebrity lineup and their massive social media reach, JMN/ICONOME will gather valuable insights from global communities.



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
TT

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.