RIYADH: Jazan Energy and Development Co. said first-quarter net profit increased by 299 percent year on year to SR2.1 million as sales increased led by a 10.3 percent jump in agriculture and aquaculture products.
Revenue rose 2.6 percent year on year to SR23.2 million, a decline of 6.3 percent on the previous quarter, the company said in a filing to the Saudi stock exchange. Real Estate revenue climbed 4.5 percent year on year on an increase in occupancy rates, while industrial sector revenue declined 19 percent because of the coronavirus pandemic.
A decline in sales and marketing costs and a drop in the allowance for doubtful debts allowed for higher profits from the previous quarter even as sales fell. Net profit was 81.3 percent higher compared with the final three months of 2020.
Jazan Energy and Development profit quadruples as food sales surge
https://arab.news/9tjfj
Jazan Energy and Development profit quadruples as food sales surge
- Revenue increase led by 10.3 percent increase in agriculture and aquaculture
- Higher occupancy rates boost real estate revenue
Oil Updates – prices fall for a third day as Middle East ceasefire hopes rise
NEW YORK/SINGAPORE: Oil prices fell for a third day on Wednesday amid increasing hopes of a ceasefire agreement in the Middle East and rising crude inventories and production in the US, the world’s biggest oil consumer
Brent crude futures for July fell 70 cents, or 0.8 percent, to $85.63 a barrel by 7:56 a.m. Saudi time. US West Texas Intermediate crude for June declined 75 cents, or 0.9 percent, to $81.18 per barrel.
Expectations that a ceasefire agreement between Israel and Hamas could be in sight, following a renewed push led by Egypt to revive stalled negotiations between the two, pushed oil prices lower.
“The potential for a ceasefire agreement between Israel and Hamas has eased concerns of an escalation of the conflict and any possible disruptions to supply,” ANZ analysts said in a note on Wednesday.
However, Israeli Prime Minister Benjamin Netanyahu vowed on Tuesday to go ahead with a long-promised assault on the southern Gaza city of Rafah, whatever the response by Hamas to the latest proposals for a halt to the fighting and a return of Israeli hostages.
Also pressuring prices were swelling US crude oil inventories and rising crude supply.
US production rose to 13.15 million barrels per day in February from 12.58 million bpd in January, its biggest monthly increase in about 3-1/2 years, the Energy Information Administration said on Tuesday.
“Continued signs of inflation also raised concerns about demand for crude oil. This comes ahead of the US driving season, where demand for gasoline rises strongly,” analysts at ANZ said.
Keeping oil from slipping further, output by the Organization of the Petroleum Exporting Countries was seen falling by 100,000 bpd in April to 26.49 million bpd, a Reuters survey found on Tuesday.
The survey reflected lower exports from Iran, Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.
Saudi Arabia’s real GDP rises by 1.3% in first quarter: GASTAT
RIYADH: Saudi Arabia’s real gross domestic product saw a 1.3 percent rise in the first three months of this year compared to the previous quarter, official data showed.
According to the General Authority for Statistics, this rise in real GDP was propelled by oil and non-oil activities which increased by 2.4 percent and 0.5 percent during the period, respectively.
On the other hand, government activities in the Kingdom witnessed a decline of 1 percent in the first quarter of this year, compared to the last quarter of 2023.
However, GASTAT revealed that Saudi Arabia’s real GDP decreased by 1.8 percent in the first quarter of 2024 compared to the same period of the preceding year.
The authority attributed this decline to a drop in oil activities, which decreased by 10.8 percent year-on-year in the first quarter. The fall in oil exports stemmed from the Kingdom’s decision to curtail crude output, in line with an agreement by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
In a bid to maintain market stability, Saudi Arabia decreased its oil output by 500,000 barrels per day in April 2023, a measure that has now been extended until December 2024.
Meanwhile, non-oil activities in the Kingdom witnessed a 2.8 percent year-on-year increase in the first quarter, with government activities experiencing a growth of 2 percent during the same period.
Saudi Arabia, UAE supplied 85% of Japan’s crude oil in March
- Further 10% of Japan’s needs were from Arab sources including Kuwait, Qatar, Oman and the Neutral Zone
TOKYO: Saudi Arabia and the UAE provided 85 percent of Japan’s total crude oil needs in March, according to the Agency of Natural Resources and Energy of the nation’s Ministry of Economy, Trade and Industry.
A further 10 percent of Japan’s needs were from Arab sources including Kuwait, Qatar, Oman and the Neutral Zone. This means that the Arab region provided nearly 95 percent of Japan’s needs.
Crude oil represents about a third of Japan’s energy needs.
Japan imported 32.77 million barrels from the UAE, or 44.1 percent of total imports, in March. Saudi Arabia’s share amounted to 30.51 million barrels, or 41 percent of total imports.
During March, Japan imported 74.39 million barrels of oil, of which the Arab share was 94.7 percent, or 70.45 million barrels.
Kuwait provided 5.12 million barrels (6.9 percent) and Qatar 1.56 million barrels (2.1 percent). Japan imported 0.1 percent from Oman and 0.6 percent from the Neutral Zone.
With Japan’s ban on importing oil from Iran and Russia continuing in March, the rest of the country’s oil imports came from the US (4.1 percent), Central and South America (0.9 percent), and Oceania (0.3 percent).
Europe to launch chamber of commerce in Riyadh
RIYADH: The first European Chamber of Commerce in the Gulf region will open next week in Riyadh, the EU’s special representative for the Gulf region has told Arab News.
Luigi Di Maio said the new body would bring Saudi and European companies together to enhance trade and cooperation.
“We’ve worked very hard with the Ministry of Investment, your Ministry of Trade. The EU delegation in Riyadh did a great job. And now we are going to inaugurate this chamber,” Di Maio said.
“That is in order to bring closer our companies, Saudi companies and European companies, to take on both sides the new opportunities of the Vision 2030 program … of our new European Green Deal, Next Generation EU, and others.”
Saudi Arabia’s Vision 2030 reform program had transformed the global business community’s view of the Kingdom, Di Maio said. “The ambitions, especially economic ambitions, of Saudi Arabia are totally changing perceptions of the Kingdom around the world,” he said. “There is a business community that is more and more interested in these ambitions, in this vision, and in a new generation of dreamers in this country.”
There was a growing recognition of the Kingdom’s diplomatic and economic influence, Di Maio said. “Saudi Arabia is becoming more and more the point of reference because now it is implementing its vision for the region that is not just an economic ambition, but is a new policy and new initiatives in order to de-escalate, to make the region in peace and wind down on tensions like the tension that we are experiencing now.
“The partnership and the strategic partnership between the EU and GCC countries, in particular with countries like Saudi Arabia, is vital.”
Red Sea Global offers more than 50 leisure activities: top official
RIYADH: Contrary to popular conception, sporting activities provided in the Red Sea and AMAALA are not just confined to water, but these destinations offer exciting leisure choices on land as well, said a top official.
Speaking to Arab News at the Future Hospitality Summit, Oliver Wood, senior director of Destination Development at Red Sea Global, said the destination currently offers more than 50 activities for visitors.
Wood said that RSG created three business entities last year — Galaxea, WAMA, and Akun.
Galaxea provides diving experiences to visitors, while WAMA and Akun offer water activities and adventure sports respectively.
“Galaxea is a coral that’s endemic to the Red Sea. It looks like, a kind of submarine galaxy that sits below a constellation and is beautiful. Then we created WAMA which is a way for water. And then we created Akun, which to us, is obviously ‘to be’ in the moment, start when you stand, breathe, leave everything behind,” said Wood.
He added: “So, all three of these businesses work together to do something that will reduce the misconceived fact that we are just water. We are land as well. In fact, similar to our surroundings, our land was created by water. Fifty million years ago, the sea was 120 km inland and 200 m higher. So we’re finding dinosaur bones. We’ve got petroglyphs, we’ve got ancient trade routes.”
According to Wood, some of the land activities offered in the Red Sea and AMAALA destinations include biking and hiking, with RSG recently delivering electric fat bikes for visitors.
“So for us, it’s about taking you out hiking. It’s taking you biking, supercool Akun electric fat bikes that we just got delivered. So, you can go sand, and gravel wherever you want. It’s about climbing to the top of our mountains,” he added.
The RSG executive also lauded the efforts of the Saudi Sailing Federation and the Saudi Water Sports and Diving Federation in promoting water sports in the Kingdom.
“The Saudi Sailing Federation, Saudi Water Sports and Diving Federation, they’re bringing this sport to the forefront. So, together we’ve created this blueprint so that you have more Saudis in the water, more tourists that are going in the water,” he noted.
Wood said that the availability of e-foils is one of the major attractions in the destination.
“E-foils is a surfboard that’s electrified, has this fin in the middle that pushes you above the water, so you glide through it without any friction. That is one of the most popular things we do. It is really good fun,” said Wood.
He added: “You can kayak through mangroves. And, then below the water is incredible. It’s one of the most well-preserved reefs in the world, and we’re very lucky to be working with KAUST on the scientific side.”
According to Wood, Galaxea is not just a diving brand, but it will allow visitors to understand the beauty and value of nature.
“There are lots of rare and endangered species beneath the water and it’s just incredible. It is a beautiful experience that allows you to reset your mind and just have a beautiful time in the Red Sea,” said the RSG official.
He revealed that RSG brand Corallium, which is a marine life institute, will help travelers understand more about protecting, preserving, and supporting water ecosystems.
Wood added that Corallium would also help divers communicate with experts in real-time, as they enjoy the beauty of the marine world.
According to the RSG website, Corallium can host 650 people at one time, and guests will be able to walk underwater, snorkel with rare species, participate in lab tours as well as dive into the depths of the Red Sea in a submarine.
“So as a diver, so you go snorkeling, you’re kind of shut off from it and experiencing it. Then you can speak to somebody afterward and understand.
“We try and extend that a bit further. you actually get to go out in these experiences and dive with a full face mask, communicating in real-time, under the water with our team,” he noted.
Wood also revealed that RSG has plans to create a scuba spa, where people can enjoy the silence in water.
Talking about the multiple options available for travelers in the Red Sea, he said: “You can be in the middle of desert dunes, you can be out in granite mountains. You can even go down to volcanoes. We have incredible volcanic lava fields that sit close to us. And then you can be in the water. You can be in front of 600-year-old pillars of coral reef. You can go through caves into the water.”
Wood also hinted that RSG is working toward offering Red Sea and AMAALA destinations to people who fall both in the luxury class and the middle range.
“We’re trying to show generosity in the value that we offer everybody there. We’ve tried to not only benchmark globally but try and push it right down so it is accessible to everybody and so that everybody can come and really enjoy it,” said Wood.
He added: “For me, it’s about building things around that enable people to come and get involved with it. So there are all sorts of things that we’re working on right now that will be revealed and are coming up.”
