ARTEX sells subsidiary building for SAR 41.3M, expects SAR 38.7M in returns, cash flows
In a statement to Tadawul, the company said that the asset's book value is SAR 592,260, adding tht there are no preferential terms or conditions.
According to the company, the financial statements for the last three years of the asset forming the subject matter of the transaction are as follow: In 2022, the amount is SAR 883,535, in 2023 (SAR 767,024), and in 2024 (SAR 650,515).
The transaction aims at the implementation of the company's strategic plan and achieving returns through optimal utilization of unused assets.
The transaction is expected to have a positive impact as follows: Achieving returns and cash flows of SAR 38.70 million.
According to Argaam 's data, Artex signed, on May 7, a binding agreement worth SAR 41.31 million with Lamina Co. Ltd. to waive the lease contract of a land plot belonging to the Saudi Authority for Industrial Cities and Technology (MODON) in the Riyadh Second Industrial City, which was formerly used as a spinning factory site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
43 minutes ago
- Arab News
First commercial food delivery robots launched in Saudi Arabia
RIYADH: Saudi Arabia's first autonomous food delivery service has been launched in the ROSHN Front's Business Area in Riyadh. A partnership between housing developer ROSHN Group and delivery app Jahez, the service aims to reduce delivery times in addition to cutting carbon emissions, and is licensed by the Kingdom's Transport General Authority. Jayesh Maganlal, ROSHN Group's chief information and digital officer, told Arab News that the launch aligned with the company's strategy of 'expansion, innovation and sustainability.' Mohammed Al-Barrak, the chief technology officer at Jahez, said: 'We're happy that we officially launched autonomous delivery with ROSHN, as (we were) the first company to get the license from the sandbox (regulatory sandbox program) from the Transport General Authority.' The initial stage of the launch will see five autonomous robots operating within ROSHN Front's Business Area during working hours, as part of a wider initiative to test autonomous deliveries. Maganlal said: 'As of now, it is operating within our ROSHN business front. The next expansion will be within the ROSHN Front shopping mall areas. And then we will roll it out within our communities, across the ROSHN Group.' The five autonomous robots begin operating this week and will deliver food orders from nearby restaurants between 9 a.m. and 5 p.m. Each robot is equipped with more than 20 sensors and six cameras to ensure safe and precise navigation. They operate via GPS with additional cooling systems tailored for the Kingdom's climate. Al-Barrak said the robots can handle most tasks without human intervention. When asked how they can navigate walking paths that may have a lot of foot traffic, the engineers at Jahez said that the machines can communicate with pedestrians by displaying messages such as 'I need help' and 'Hello.' The robots are also equipped with suspension that can help them navigate bumpy roads. Maganlal highlighted expansion plans, and added: 'We will also want to bring this closer to our customers and people who live in our communities, to help them get the same experience.' This is not the first news of Jahez working with autonomous deliveries. On the sidelines of the LEAP 2024 Exhibition, Jahez announced that 10 self-driving vehicles would deliver orders. Al-Barrak told Arab News: 'Part of our strategy is to always optimize on automation, and this is part of the automation. To be innovative we chose to optimize in our key pillar, which is (logistics). 'So we decided to go with the autonomous delivery. And this is part of many upcoming technologies that will help with the automation of delivery, like within gated communities.' ROSHN Group said the robots would operate within a green mobility framework, contributing to lower carbon emissions, reducing reliance on traditional vehicles, easing traffic congestion, and improving air quality within urban environments.
Arab News
an hour ago
- Arab News
Saudis to get more leadership roles as PepsiCo expands, says regional CEO
DHAHRAN: Food manufacturer PepsiCo will offer more leadership roles to Saudis, its regional CEO pledged at the inauguration of the SR300 million ($79.97 million) expansion of its Dammam facility. Speaking to Arab News, Ahmed El-Sheikh explained how the company supports the Kingdom's Vision 2030 economic diversification plan through three main areas — using local resources, Saudization, and increasing exports. The announcement came during a visit to the site by Minister of Industry and Mineral Resources Bandar Alkhorayef, who praised the facility's contribution to job creation, export growth, and the overall development of the food manufacturing sector in Saudi Arabia. The site serves as a key hub in the region, which supplies local markets and exports products to 20 countries across the Middle East. The PepsiCo MENAP CEO said: 'We're proud to say that 85 percent of our workforce at the Dammam plant are Saudi nationals, one of the highest rates across any of our facilities in the region. With 280 employees currently, this is just the beginning. We plan to grow even further.' He added: "As we move toward greater digitization and automation, we're also opening up more opportunities for Saudis to step into technical and leadership roles.' Recent regulatory changes, which have been made possible through collaboration with the Kingdom's Ministry of Environment and Agriculture, now permit PepsiCo to utilize locally grown potatoes for export. This development has been described by Alkhorayef as a 'significant milestone' for both local farming and policy reform. 'It demonstrates how we've been able to work with PepsiCo over the last few years to ensure the entire supply chain, from farming to production and export, is well managed,' the minister told Arab News. 'As a result of our success working as a team, we were able to amend the policy so that PepsiCo can now use Saudi grown potatoes for export,' he added. Bandar Alkhorayef cutting the ribbon on the Dammam facility. Sustainability and resource efficiency were focal points during the visit, and Alkhorayef noted that the Kingdom now holds 'a record in terms of water efficiency in potato cultivation,' a development he called inspiring, not only locally, but globally. The Dammam plant sources 100 percent of its potatoes from Saudi farms, and uses local materials for secondary packaging, with 70 percent of primary packaging now locally sourced, a percentage PepsiCo aims to push to full localization. PepsiCo operates in the Kingdom across 86 locations and employs nearly 9,000 people through direct and partner operations. The company has opened a new regional headquarters in Riyadh's King Abdullah Financial District, which will oversee operations across the Middle East, North Africa, and Pakistan, aligning with Saudi Arabia's Regional Headquarters Program. Further investment is also planned, and El-Sheikh said: 'In addition to the SR300 million we've just invested in the Dammam plant, we're preparing to open a state-of-the-art R&D facility in Riyadh in just two months' time.' The center will cost SR30 million and serve as a hub for product and packaging innovations in the Gulf Cooperation Council region, according to a statement from PepsiCo released in April. When it comes to employment, Alkhorayef stressed that Saudization is driven by data and standards. 'This plant is a great example. It has around 85 percent Saudization, and female participation is about 22–23 percent, with more than 25 percent women in the plant workforce itself. That's a significant achievement.' He added that the government takes a comprehensive approach to measuring local content, and went on to say: 'But measurement is not the goal, it's a baseline. The real goal is to use it as a foundation to increase both local sourcing and hiring.' The Dammam plant is one of PepsiCo's most advanced in the region, and features energy efficient heating, ventilation, and air conditioning systems, solar panels generating 510 megawatt-hour yearly, and uses recycled water in its processing systems. These investments align with the sustainability goals in the Kingdom's National Industrial Strategy.
Arab News
2 hours ago
- Arab News
Pakistan ruling party chief discusses strengthening bilateral defense, economic ties with Saudi envoy
ISLAMABAD: The president of Pakistan's ruling Muslim League-Nawaz (PML-N) party Nawaz Sharif and his daughter, Punjab Chief Minister Maryam Nawaz, met Saudi Ambassador Nawaf bin Said Al-Malki on Thursday to discuss strengthening bilateral defense, political and economic ties between the two countries, an official of the Punjab government said. Pakistan and Saudi Arabia enjoy close defense, economic and diplomatic ties. In recent months, the two countries have sought closer economic cooperation, with Islamabad and Riyadh signing 34 business-to-business agreements last year worth $2.8 billion. During their meeting, Sharif and the Punjab chief minister conveyed their sincere wishes and respect for Saudi Arabia's King Salman Bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, the public relations officer to the Punjab chief minister said in a message circulated to media. 'The meeting included discussions on matters of mutual interest, economic cooperation, defense partnership, and unity of the Muslim Ummah,' the statement said. It added that both sides reaffirmed to further strengthen the historic, political, economic and defense ties between Pakistan and Saudi Arabia. 'Both sides agreed to expand defense partnership, joint training, intelligence sharing and mutual cooperation,' it said. The Punjab chief minister said Pakistan and Saudi Arabia's relationship is based on mutual trust, shared values and long-standing brotherhood. 'Relations with Saudi Arabia are a central pillar of Pakistan's foreign policy, which continues to grow stronger in political, economic, and other sectors,' she was quoted as saying. Nawaz said Islamabad is grateful to Saudi Arabia for hosting 2.5 million Pakistani expatriates in the Kingdom. 'Maintaining close and continuous contact with Saudi Arabia at the consular level is a top priority of the Punjab government,' she added. Apart from being a key regional ally and close business partner, Saudi Arabia also happens to be the largest source of foreign remittances for Pakistan. These remittances are a lifeline for Pakistan's cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and its supporting balance of payments.
