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Saudi Arabia to Implement Strategic Approach to Develop Biotechnologies at Global Level

The Riyadh International Biomedical Technology Summit concluded on Thursday. (Asharq Al-Awsat)
The Riyadh International Biomedical Technology Summit concluded on Thursday. (Asharq Al-Awsat)
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Saudi Arabia to Implement Strategic Approach to Develop Biotechnologies at Global Level

The Riyadh International Biomedical Technology Summit concluded on Thursday. (Asharq Al-Awsat)
The Riyadh International Biomedical Technology Summit concluded on Thursday. (Asharq Al-Awsat)

Participants in the Riyadh Global Biomedical Technology Summit underlined the need to launch an international coalition to work on the implementation of a set of recommendations issued at the end of the two-day conference.

Held under the auspices of Crown Prince Mohammad bin Salman, the Riyadh International Biomedical Technology Summit concluded on Thursday, with the participation of a large number of government officials, experts and scientists in biomedical technology.

The conference emphasized the importance of maximizing health technology investment and cell and gene therapy, as well as researching ways to eliminate solid tumors by targeting cancer cells using cell therapy, and improving research and development productivity.

Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, said that the Kingdom followed a strategic and comprehensive approach to building the right infrastructure for biotechnology on a global level, with the aim to attract the best talents, promote innovation, and turn Saudi Arabia into an international leader in the field of healthcare and life sciences.

The minister added that Saudi Arabia had 50 registered pharmaceutical factories that cover the domestic reserves, with a rate of 28 percent in terms of value, and 42 percent in terms of volume, noting that pharmaceutical exports amounted to 1.5 million riyals ($400,000).

Al-Khorayef emphasized that the chemical pharmaceutical sector in the Kingdom “has proven its efficiency and ability to deal with challenges during the pandemic.”

Eng. Suliman Almazroua, CEO of the National Industrial Development and Logistics Program (NIDLP), touched on the Saudi Vision 2030 programs, which seek to transform the country into a leading industrial power in the world and the region.

The conference sessions discussed clinical trials, the development of the working mechanisms of the Real World Evidence (RWD), and the significant role of the Real World Data and artificial intelligence in reading the present and the assumed future.

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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.