SARCO's OGM disapproves board remuneration for 2024
Saudi Arabia Refineries Co.'s (SARCO) ordinary general meeting (OGM) refused to approve SAR 1.74 million board remuneration for the year ended Dec. 31, 2024.
In a statement to Tadawul, the company said that shareholders authorized the board of directors to distribute interim dividends for 2025 on a semiannual or quarterly basis.
According to data compiled by Argaam, SARCO's board decided in March to withhold dividends for 2024.
The company reported a net loss of SAR 53.5 million in 2024, versus a profit of SAR 7.7 million in 2023. Q4 2024 losses stood at SAR 36.5 million.
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Arab News
23 minutes ago
- Arab News
Plant-based diets transform Saudi agriculture and fuel Vision 2030
RIYADH: A green revolution is taking root in Saudi Arabia as plant-based diets gain popularity, reshaping the Kingdom's agricultural landscape and creating new opportunities for local farmers. This growing shift toward plant-based living not only reflects global dietary trends but also represents a strategic step toward economic diversification and environmental sustainability — key pillars of Saudi Arabia's Vision 2030 initiative. The agricultural sector has shown impressive growth, with the Kingdom's agricultural gross domestic product reaching a record SR114 billion ($30.3 billion) in 2024, according to PwC. Despite this progress, Saudi Arabia remains a net importer of both food and animal feed, highlighting ongoing challenges in achieving national food security. Experts say the solution lies in innovation. Phil Webster, partner at consulting firm Arthur D. Little and head of its consumer goods, retail, and agriculture division, emphasized the potential of alternative crops and supporting technologies. According to him, the greatest opportunity in agriculture lies in embracing innovation — from alternative crops to smart technologies — to meet rising demand, reduce costs, and enhance food sovereignty. As plant-based trends continue to flourish, Saudi Arabia's evolving agricultural strategy may well position the Kingdom as a regional leader in sustainable food production. 'Plant-based diets are often inherently more sustainable — production of meat and dairy for example is one of the most land and water intensive activities on the planet, as well as a major contributor to global warming due to land use change and methane emissions from ruminant animals,' Webster told Arab News. He added that plant-based diets necessitate consumers to seek non-meat protein alternatives, creating opportunities to focus more on conventional high-protein crops such as chickpeas, lentils, and quinoa, which naturally exhibit greater tolerance to drought and salinity compared to many other arable crops. The ADL partner noted that crops such as lentils can play a key role in improving meat alternatives, including products like lentil burgers, with ongoing efforts aimed at increasing their resilience to harsh environmental conditions. Webster also pointed to the growing momentum behind vertical farming, which is attracting more than $1 billion in annual venture capital investment. This method supports year-round, high-quality food production in compact urban environments by utilizing advanced lighting, irrigation, and automation technologies — enabling crops to be grown virtually anywhere with minimal risk of pests and diseases. He said: 'Finally, a rise in 'lab grown meat' has seen a temporary boom in investment, but then a subsequent decline due to the costs of production and also consumer appetite when it comes to taste and mouthfeel of unfamiliar products.' According to consultancy firm Strategy& Middle East, businesses across Saudi Arabia's agricultural sector are increasingly adopting integrated, technology-driven supply chain models to meet the growing demand for plant-based and locally sourced products. Roger Rabbat, partner at Strategy&, highlighted that major agribusinesses such as NADEC are leading this shift by implementing controlled-environment farming in partnership with Pure Harvest. This approach enables the year-round production of pesticide-free, locally grown vegetables, enhancing both food quality and supply chain resilience. 'Startups have also been active to adapt to these trends as well, with companies like Red Sea Farms collaborating with Saudia Airlines to supply sustainable food to customers by levering RSF's innovative solutions around irrigation and greenhouse technology,' Rabbat told Arab News. Supply chain Providing sustainable, locally sourced food not only strengthens national food security but also supports public health initiatives — including biofortification, which enhances the nutritional value of food without requiring major changes to traditional eating habits. Patrick Wall, a medical doctor, veterinarian, and professor of public health at University College Dublin, noted that Saudi poultry producers, in collaboration with King Abdulaziz University, are exploring the use of algal oil in animal feed as a way to address nutrient deficiencies and improve overall public health outcomes. 'Microalgae are tiny aquatic organisms that, while not technically classified as plants, are photosynthetic and can be sustainably cultivated for use in both animal feed and dietary supplements,' Wall, who is also a former chair of the European Food Safety Authority, told Arab News. Wall emphasized that fortifying poultry with Omega-3 DHA could play a significant role in combating heart disease and diabetes in Saudi Arabia, which ranks among the world's largest poultry consumers. He explained that the human body cannot produce sufficient Omega-3 fatty acids on its own, making dietary intake essential. However, fish — a primary source of Omega-3s — is often avoided by many Saudis, particularly younger generations, leading to nutritional gaps that enriched poultry could help address. 'Tanmiah and Arabian Farms are the first companies in the region to produce DHA (Docosahexaenoic Acid) enriched poultry and eggs and they helped King Abdulaziz University to deliver this research. They are showing that the private sector is ready to engage in food innovation that benefits both public health and business growth,' Wall said. Rabbat, from Strategy&, noted that the record agricultural GDP achieved by the Kingdom in 2024 is being driven by ecosystem-wide innovation, supported by the introduction of new products and technologies such as precision irrigation and vertical farming. 'SADAFCO has launched Saudia Oat Milk, the Kingdom's first locally produced oat based milk, to meet the rising demand for plant-based alternatives. Mishkat Agritech, based in Jeddah, leverages hydroponic greenhouse and vertical farming techniques to reduce water usage by up to 90 percent compared to traditional agriculture,' he said. The Strategy& Middle East partner added: 'These innovations directly support Vision 2030 by advancing food security, reducing import dependence, enabling sustainable resource use, and fostering a resilient, tech-driven economy.' Food system innovation There is no doubt that Vision 2030 places strong emphasis on building a vibrant society, enhancing quality of life, diversifying the economy, and empowering the private sector in Saudi Arabia. In the agri-food sector, this vision translates into prioritizing public health and nutrition, developing consumer-friendly products, strengthening food security, and advancing sustainable food production. From the perspective of Arthur D. Little, innovation in sustainable food systems is a cornerstone of this national transformation. One particularly promising area is the use of functional ingredients to boost the nutritional profile of everyday foods. Webster highlighted that Saudi scientists are working to reduce the country's dependence on imported animal feed by cultivating microalgae locally. Researchers at King Abdullah University of Science and Technology are leading efforts to develop seawater-adapted microalgae strains and are investigating the potential for algae farming on the salt flats along the Arabian Gulf. Projects like TOPIAN, part of NEOM Food Co., are showcasing how advanced, climate-resilient infrastructure can bolster local food production. TOPIAN recently inaugurated its first controlled-environment glasshouses, engineered to grow fruits and vegetables year-round. These facilities also serve as testing grounds for evaluating the viability of various crops across different production systems. 'Cooling efficiency, radiation control, solar integration, and water conservation are among the key innovations being explored to enable consistent domestic supply of crops such as lettuce, tomatoes, and strawberries,' Webster said. The ADL partner acknowledged that while the full impact of these innovations on national food system productivity is still emerging, their long-term potential is substantial. From Strategy&'s perspective, Rabbat emphasized that the growing 'plant-based prosperity' trend is steering Saudi agriculture toward sustainable, technology-driven models designed to address water scarcity, climate challenges, and increasing consumer demand.
Argaam
33 minutes ago
- Argaam
Market Performance: What to expect on ME tensions?
Tadawul All Share Index (TASI) ended the week 1.5%, or 164 points, lower at 10,841, as geopolitical tensions in the Middle East intensified. Israel launched airstrikes early today on sites inside Iran, in a major escalation of the crisis surrounding Tehran's nuclear program. The strikes reportedly targeted nuclear facilities. In response, global oil prices surged, with Brent crude jumping 8% to surpass the $75 per barrel mark.
Arab News
37 minutes ago
- Arab News
State-led startup momentum poised for sustainable growth under Vision 2030
RIYADH: Amid a record-breaking surge in venture funding and a wave of regulatory reforms, Saudi Arabia is drawing global attention for its ambitious push to build a vibrant startup economy. The Kingdom's entrepreneurial landscape is being reshaped thanks to the work of Saudi Venture Capital, a subsidiary of the National Development Fund, and incubation support from the Small and Medium Enterprises General Authority, known as Monsha'at. With government capital underwriting much of the early momentum, the challenge now lies in translating that support into private-sector-driven sustainability, with some market observers cautioning against confusing rapid growth with long-term sustainability. 'The long-term sustainability of this support will depend on continued private-sector participation and market-driven investment flows,' Philip Bahoshy, CEO of MAGNiTT, told Arab News in an interview. He accepted that sovereign-led investment vehicles have played a foundational part in catalyzing early-stage innovation, saying: 'Saudi initiatives like SVC and Monsha'at have played a critical role in expanding access to capital, fostering entrepreneurship, and developing the broader startup ecosystem.' Bahoshy cited SVC's strategy of acting as a fund-of-funds as a key mechanism for increasing market liquidity, alongside new instruments such as venture debt and private equity. These tools are designed not only to finance startups but to build institutional depth across the capital stack. Beyond financial capital, the initiatives have emphasized ecosystem development through mentorship and education. 'Another key pillar is their focus on education — whether they be in-person events or the content they share through sponsorships like MAGNiTT — to educate the market,' Bahoshy added. Monsha'at, he added, has expanded its support through physical incubators and SME-focused regulatory facilitation, helping reduce barriers for company formation and early operations. Capital drives diversification For Said Murad, senior partner at Global Ventures, these efforts are not just supportive — they are catalytic. 'SVC has invested in 54 private capital funds that invested in over 800 startups and SMEs via $3 billion in AUM (assets under management). This has resulted in entrepreneurship growth and economic diversification,' the venture capitalist told Arab News in an interview. Murad added that this flow of capital has had knock-on effects beyond startups, helping to 'drive jobs and economic growth' across sectors and enabling venture firms like his to back 'emerging technologies across platforms built by exceptional founders.' In assessing sustainability, the venture community is looking for more than just headline investment totals. Bahoshy pointed to a broadening of sector focus as a positive indicator. 'Indicators of sustainable growth include diversified sector investment, rising follow-on funding rounds, and an increasing number of successful exits,' he said. MAGNiTT's recent report with the National Technology Development Program, he noted, shows Saudi Arabia outperforming the wider Middle East and North Africa region on follow-on investment metrics — evidence of startups moving successfully through the funding pipeline. Murad emphasized deal activity and capital market maturation. 'Achieving a record number of deals in 2024 (178), which was 31 percent of MENA's total deal number, reflects positively on activity,' he said. He also cited the growing pipeline of exits and public listings, saying: 'More than 50 IPO applications are currently under review by the regulator and the exchange, showing further momentum in the Saudi market.' The increase in mergers and acquisitions transactions — up 17.4 percent year on year — suggests the market is entering a phase of consolidation and liquidity, which is critical for long-term investor confidence, he stated. Still, the pace and scale of state-backed capital injections have prompted some caution. 'Concerns about government-driven funding inflating valuations remain,' Bahoshy warned. He stressed the need to monitor startup profitability, organic market demand, and the inflow of non-government capital to guard against artificial inflation. In his view, sustainable ecosystems are those where 'startups demonstrate strong unit economics' and attract both domestic and international private capital. Murad agreed that macroeconomic indicators must be matched with real operational progress. 'From an investor's perspective, distinguishing between real market development and an overheated ecosystem requires a mix of macroeconomic signals and sector-specific insight,' he said. Those metrics include gross domestic product growth, employment contribution, and non-oil revenue gains. At a sectoral level, fintech remains a bellwether. 'In fintech, for example, sustained growth in digital payment adoption, rising financial inclusion, and tangible collaboration between fintech and incumbent banks signal structural integration rather than hype,' Murad explained. On the structural side, Saudi startups face a different set of challenges as they scale regionally and globally. While local capital and infrastructure offer a strong base, market fragmentation across the MENA region presents real operational hurdles. 'Key challenges include regulatory differences, talent mobility constraints, and fragmented market demand,' Bahoshy said. In particular, sectors such as fintech and health tech often require jurisdiction-specific compliance, which can stretch the resources of scaling companies. Murad underscored the importance of localization and talent strategy in overcoming those barriers. 'Startups operating in sectors such as fintech or health tech may find it particularly difficult to navigate differing compliance standards and approval timelines,' he said, adding that hiring local talent is often critical. 'Our portfolio company Rabbit, a hyperlocal e-commerce platform, has made the recruitment of local employees a key part of its Saudi market entry strategy,' said Murad. Despite these headwinds, both Bahoshy and Murad see a strategic shift toward long-term market integration. 'Saudi startups are increasingly positioning themselves as regional leaders within MENA,' Bahoshy said, with many expanding into the UAE, Egypt, and other Gulf Cooperation Council markets. Murad added that founders are building their businesses 'with scalability in mind,' and are 'leveraging the Kingdom's strong capital base, infrastructure, and Vision 2030 momentum to compete across borders.' Next growth phase Ultimately, the next phase for Saudi Arabia's startup ecosystem will depend on how effectively it balances public ambition with private execution. While Vision 2030 provides a powerful narrative and institutional backing, sustained impact will be measured by market maturity, depth of innovation, and the ability of startups to solve real problems across borders and sectors. As Saudi Arabia's startup ecosystem transitions from state-backed momentum to market maturity, investors and policymakers are shifting their focus from funding volume to long-term value creation. This next phase will test whether startups can scale beyond subsidized growth and become embedded drivers of innovation across sectors and borders. 'What often matters most is on-the-ground visibility: how embedded startups are in daily life, how their products are solving real problems, and how much institutional trust they've earned,' said Murad. That visibility — whether in finance, healthcare, or logistics — is increasingly seen as a litmus test for lasting impact. Startups that succeed in the Kingdom are now expected to meet regulatory standards, address market needs, and contribute to non-oil GDP. Murad pointed to the fintech sector, where startups are not only attracting investment but also becoming integral to the financial system through collaboration with banks and the adoption of digital infrastructure. He noted that alignment with national priorities, like those in the Financial Sector Development Programme, helps reinforce sector-wide progress. Regional expansion remains an important strategic goal, but the road to cross-border growth is uneven. Bahoshy pointed out that as Saudi startups expand into nearby markets, they encounter challenges such as varying regulations, limited movement of skilled talent, and inconsistent consumer demand across the region. To mitigate these challenges, firms are increasingly investing in local knowledge and partnerships rather than applying one-size-fits-all models.
