Q2 2025: Key events shaping Saudi retail sector
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Al Arabiya
an hour ago
- Al Arabiya
China and US still key trade partners, commerce minister says
China and the United States remain important trade and economic partners, and American companies are welcome to invest, the Chinese commerce minister told a US business delegation on Wednesday, according to his ministry. Trade relations between the countries have seen ups and downs but dialogue and consultation on 'an equal footing' are the key to resolving differences, Wang Wentao told the US-China Business Council, the ministry statement said. The minister also pointed to the trade talks between China and the US, the latest one being held in Stockholm earlier this week, and said it is hoped both countries can meet halfway so that they can jointly maintain stable relations. US and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.
Arab News
2 days ago
- Arab News
DIFC reports 32% surge in company registrations in H1
RIYADH: Dubai International Financial Center saw 1,081 new companies register between January and June, a 32 percent increase compared to the same period of 2024. The total number of active registered firms at the financial hub rose to 7,700 in the first half of the year, an annual rise of 25 percent, according to the Government of Dubai Media Office. DIFC also reported a 9 percent increase in its workforce, bringing the number of professionals employed in the center to 47,901. The performance comes as Dubai continues to strengthen its position as a global financial hub, with the DIFC consistently ranking among the top 20 financial centers worldwide. It hosts more than 250 wealth and asset management companies, worth over $450 billion, which contribute about 5 percent to the emirate's nominal gross domestic product. 'Dubai has entered a new and greater phase of growth, and these results highlight the competitiveness, attractiveness, and global confidence it enjoys,' said the Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, Maktoum bin Rashid Al-Maktoum. He added: 'We firmly believe the future holds even more opportunities, and we will continue to strengthen DIFC's capabilities and its ecosystems that foster innovation, agility, and business growth.' The Dubai Financial Services Authority, which regulates entities operating from the center, reported a 28 percent year-on-year increase in financial services approvals, reaching 78 in the first half of 2025. Hedge funds registered through DIFC also grew 72 percent to 85 accounts, reinforcing its role as the region's largest hub for the sector. Essa Kazim, governor of DIFC, said the center 'remains the driving force behind Dubai's economic growth' by diversifying the financial services sector. The number of companies in fintech, artificial intelligence, and other innovation-driven industries rose 28 percent to 1,388. DIFC also hosted major events, including Dubai AI Festival in April and Dubai FinTech Summit in May, underlining its ambitions to become a major hub for financial technology. DIFC Academy, the center's education arm, trained 4,947 learners in the first half of 2025 and continues to advance its '1 Million Learners' initiative to equip individuals with sustainability skills by 2030. In real estate, the launch of DIFC Heights sold out in three days, and over 1.6 million sq. feet of new commercial space is under development to meet growing demand, the media office added.
Argaam
6 days ago
- Argaam
Jamjoom Pharma ups profit margin forecast to 33%: CEO
Tarek Youssef Hosny, CEO of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), said he expects the company to continue growth and achieve added value, saying that the forecast for the EBITDA margin for 2025 was raised to a range between 31.5-33%, from previous estimates of 30-31.5%, following the company's performance in the first half of the year. In an interview with Argaam, the top executive said that Jamjoom Pharma maintained its exceptional performance during H1 2025, attributing the continued growth to the strong momentum achieved in the first quarter, reflecting the resilience of its strategy in a dynamic operating environment, by focusing on strategic brands, improved operational efficiency, and disciplined cost management. He indicated that enhanced operational efficiency in research and development, manufacturing, and distribution contributed to boost profitability while maintaining a commitment to innovation and quality, adding that the company also continued to strengthen its key partnerships, launch new products, and continue its sustainability efforts. Meanwhile, the company's sales witnessed strong momentum across key markets during H1 2025. The Saudi market continued to drive growth, with revenues rising by 20.6% to SAR 577.8 million, accounting for more than two-thirds of the company's total revenue. Gulf markets accounted for SAR 107.7 million, led by the UAE and Oman, while sales in the Iraqi market grew by 27.3% to SAR 83.2 million, according to the top executive. He also highlighted that revenue from the Egyptian market grew by 12.8% in Egyptian pound, but declined when converted to Saudi riyals due to the depreciation of the Egyptian pound. Meanwhile, revenue from other export markets amounted to SAR 48.4 million, down 10% due to regional tensions in Jordan and Lebanon. However, export growth in Morocco and Libya helped mitigate the negative impact. Hosny also stated that the company is currently re-evaluating its distribution channels to ensure margin sustainability and achieve lower-risk growth in those markets. The company's H1 revenue was backed by several therapeutic areas, most notably general medicine, which grew by 37.7%. The ophthalmology and dermatology segments together accounted for 43.1% of topline. The diabetes drug portfolio grew by 71.5%, while cardiovascular treatments saw a 31.1% increase in sales, he added. Total production at the company's three plants reached 86 million units during H1, topped by the Jeddah plant with 68 million units at a utilization rate of 90.5%. Production at the Egypt plant grew by 54.1%, reaching 14 million units. The new sterile products plant in Jeddah continued its expansion, doubling its annual output to 4 million units with a utilization rate of 32.2%, which supported supplies in ophthalmology and sterile product segments, according to the CEO. As regards the Algeria project, Hosny said the project contributed SAR 6.5 million to H1 profit, as part of the company's expansion strategy in North Africa, while leveraging local manufacturing to enhance efficiency and reduce costs. He noted that this provides a solid platform for future expansion into neighboring North and West African markets. He also highlighted that the company will continue expanding into high-value therapeutic areas, accelerating regional expansion initiatives, and strategically investing in research and development and business alliances, especially in its core focus areas, with disciplined spending and a scalable platform.
