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MoU to Empower Saudi Women in the Industrial Sector

MoU to Empower Saudi Women in the Industrial Sector
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MoU to Empower Saudi Women in the Industrial Sector

MoU to Empower Saudi Women in the Industrial Sector

The Saudi Industrial Property Authority (MODON) signed a memorandum of understanding (MoU) with the Women and Children Social Commission to boost cooperation, increase efficiency, promote women’s participation in the labor market, and empower them to find suitable job opportunities in industrial cities.

The MoU also aims to contribute to non-profit societal development, support women entrepreneurs and empower their initiatives in the industrial sector.

The agreement was signed by MODON Director General Khalid bin Mohammed Al-Salem and the commission’s deputy head Hoda Al-Rowaished.

The MoU is part of MODON’s efforts to build cooperation ties with the parties that would boost development of the industrial sector, prepare an adequate environment, hold partnerships with the private and the non-profit sectors, and develop expertise and human capital, said Salem.

In another context, the Ministry of Labor and Social Development approved guidelines that streamline its decision to nationalize 12 activities in the retail sector.

The 12 work areas banned for expats are: watch shops, optical stores, medical equipment stores, electrical and electronics shops, outlets selling car spare parts, building material shops, outlets selling all types of carpets, automobile and mobile phone shops, shops selling home furniture and ready-made office material, sales outlets of ready-made garments, children clothes and men’s supplies, household utensils shops and pastry shops.

In this regard, a committee was formed to develop a program for nationalizing jobs in the 12 occupations and coordinating with relevant authorities. The committee members were drawn from the Ministry of Labour and Social Development, the Human Resources Development Fund (HADAF), and the Social Development Bank.

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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)
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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.