Egypt Kuwait Holding Set to Launch First Commercial Project in Saudi Arabia

Egypt Kuwait Holding CEO Jon Rokk.
Egypt Kuwait Holding CEO Jon Rokk.
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Egypt Kuwait Holding Set to Launch First Commercial Project in Saudi Arabia

Egypt Kuwait Holding CEO Jon Rokk.
Egypt Kuwait Holding CEO Jon Rokk.

Egypt Kuwait Holding (EKH) plans to announce its first investment in Saudi Arabia’s oil and gas sector within two to three months, after completing the bulk of the project’s capital expenditures, CEO Jon Rokk said.

In an exclusive interview with Asharq Al-Awsat, Rokk described the project as “promising" and said it had been “in the planning stages for a long time.”

EKH, one of the fastest-growing investment firms in the Middle East and North Africa, manages a diverse portfolio spanning five key sectors: fertilizers, petrochemicals, gas distribution, power generation and distribution, and non-banking financial services, including insurance.

As part of EKH's expansion strategy, it is close to officially announcing its first investment in Saudi Arabia—a promising oil and gas project that has been in the works for some time, Rokk said.

EKH is leveraging its extensive expertise and strong track record in Egypt, including the development, operation, and maintenance of the largest private gas distribution network in the Middle East, he added.

EKH eyes Saudi, European expansion

EKH is set to announce its first investment in Saudi Arabia’s oil and gas sector within the next few months, having already completed the bulk of its capital expenditures, Rokk told Asharq Al-Awsat.

EKH has been working on this project for a long time and it is now in the final stages, preparing to commence commercial operations soon, Rokk revealed. This will enable the company to generate revenue in the coming months.

While he did not disclose further details, he said that EKH is evaluating additional investment opportunities worth between $150 million and $200 million over 2025 and 2026 as part of its expansion strategy.

EKH reported a net profit of $185 million in 2024. According to the company, revenue climbed to $642 million last year, with gross profit and operating profit margins increasing by 40% and 39%, respectively. Net profit rose to $185 million, with net profit margins improving by two percentage points to 29%. Profit attributable to shareholders reached $163 million.

In its 2024 financial statement, EKH said it expects 2025 to bring further improvements in capital allocation and a sharper focus on high-value projects, underscoring the significance of its first Saudi investment.

Saudi investment and growth outlook

While Rokk described EKH’s Saudi project as relatively small compared to its overall portfolio, he stressed its strategic importance.

This is a key step for EKH’s entry into the Saudi market, where it sees significant growth potential, he said.

He also expected the project to unlock future opportunities. This investment could pave the way for securing additional concessions, strengthening EKH's presence in one of the region’s most critical energy markets.

Expanding into Europe

Beyond the Middle East, EKH is developing a new project in Northern Europe, which Rokk described as a major growth driver.

This strategic investment will give it early access to an emerging sector, enhancing its competitiveness and market presence from the outset, he said. EKH anticipates strong returns, supporting its growth and international expansion.

The company’s broader strategy includes increasing foreign currency exposure, tapping into high-growth markets, and diversifying its investment portfolio.

EKH is finalizing the project details and expect to provide further updates by the third quarter as it moves toward execution, Rokk added.

In 2025, EKH aims to expand further—both by entering Saudi Arabia and launching its European project—while continuing to grow its existing businesses.

Strengthening presence in Egypt

EKH is also reinforcing its foothold in Egypt, with plans to boost exports and foreign currency inflows in 2025.

It is exploring several options, including acquisitions and strategic partnerships, focusing on sectors with strong export potential and dollar-denominated returns, Rokk said.

The company aims to leverage Egypt’s competitive advantages—such as low production costs and strategic location—to increase exports and maximize foreign currency earnings.



Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)
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Türkiye Cuts Key Interest Rate to 36%, First Cut in Months

Central Bank of Türkiye (Official Website)
Central Bank of Türkiye (Official Website)

Türkiye's central bank cut its key interest rate on Thursday to 36 percent in the first cut in nine months, pointing to a recent slowdown in inflation.

At a policy meeting, the bank "decided to reduce the policy interest rate ... from 37 percent to 36 percent," it said in a statement.

It was the first cut since January when the bank cut the key rate from 38 to 37 percent, a rate which it held until Thursday's meeting.

"Despite monthly fluctuations, recent inflation figures and leading indicators confirm the downward trend," a bank statement said.

"Data on economic activity and the limited impact of supply shocks on domestic prices suggest that the weak trend in domestic demand continues," it added.

However, ongoing geopolitical tensions were keeping energy prices high, which could push inflation higher, it warned, saying the effects of such geopolitical developments "are being closely monitored".

Türkiye's annual inflation rate eased to 29.7 percent in September from 31.5 percent in August - the first time it had fallen below 30 percent in nearly five years, official figures showed.

At the time, Finance Minister Mehmet Simsek said it was at its lowest level since November 2021. "Disinflation is spreading across the board, excluding transportation," he wrote on X.

The official figures are disputed by the ENAG group of independent economists that publishes its own data, which said its figures showed year-on-year inflation stood at 46.6 percent in September.

 

 

 

 


Saudi Stock Market Drops 2.3% to Lowest Close Since 2021

A person stands in front of a screen showing falling stock prices (Reuters)
A person stands in front of a screen showing falling stock prices (Reuters)
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Saudi Stock Market Drops 2.3% to Lowest Close Since 2021

A person stands in front of a screen showing falling stock prices (Reuters)
A person stands in front of a screen showing falling stock prices (Reuters)

Saudi Arabia's benchmark stock index ended Thursday's session down 2.3 percent, shedding 231 points to close at 9,696, its lowest closing level since 2021, with total trading turnover reaching approximately SAR 4.9 billion.

The Tadawul All Share Index (TASI) fluctuated between an intraday low of 9,640 points and a high of 9,888 points.

Thursday's decline brought the index's weekly losses to more than 400 points, or 4.1 percent, marking its eighth consecutive week of declines.

Most stocks fell during the session, led by Saudi National Bank, which dropped more than 5 percent to SAR 34.62, with approximately 9 million shares traded.

Saudi Aramco and Al Rajhi Bank each declined 1 percent, closing at SAR 25.40 and SAR 59.80, respectively, while Maaden fell 5 percent to SAR 55.90.

Shares of Retal, Al Yamamah Steel, East Pipes, Jahez, Gulf Training and Saudi Steel Pipe ended the session with losses ranging from 5 to 9 percent.

Meanwhile, Electrical Industries, Abo Moati, Umm Al-Qura Cement, Saleh Al-Rashed, Wafrah, Saudi Vitrified Clay Pipe and Watani Iron Steel each fell 10 percent.

On the upside, Al-Etihad rose 10 percent to SAR 6.16, followed by JAZADCO with gains exceeding 9 percent. Shares of Al Arabia, UCIC and Saudi Kayan advanced between 1 and 3 percent.


Barclays Bank to Cut about 5,000 Jobs amid AI Drive

Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
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Barclays Bank to Cut about 5,000 Jobs amid AI Drive

Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File

British bank Barclays announced Thursday plans to cut around 5,000 jobs, or roughly five percent of its global workforce, by the end of 2026 in an AI efficiency drive.

The announcement came alongside an earnings update that showed Barclays' net profit grew 13 percent in the third quarter, fueled by surging income across its equities division, said AFP.

Barclays said in an earnings presentation that it was implementing "organizational simplification and technology change efficiency driven by AI".

"About 60 percent of the job losses relate to support functions, including fewer developers as AI makes our people more productive," it added.

The bank's profit after tax grew to £1.65 billion ($2.2 billion) in the third quarter from £1.46 billion in the July-September period a year earlier.

Barclays chief executive C. S. Venkatakrishnan noted "ongoing momentum of... operational and financial performance" and said the investment bank division "delivered strong equities performance".

Revenue from equities jumped 47 percent year-on-year, while total group income for the quarter climbed three percent to £7.37 billion.

Barclays' share price was up slightly following the news updates.

The AI "announcement comes as the company failed to match expectations with its third-quarter performance -- with the unveiling of a healthy share buyback failing to entirely ease investors' disappointment", noted AJ Bell investment director Russ Mould.

"Across the wider group, costs went up and Barclays shareholders are also having to contend with two major clouds over the business.

"The first being a widely expected increase in tax on the sector in next week's (UK) budget and the other being a reported probe into possible misrepresentation of risks in its private credit portfolio."