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Lucid aims to export 92% of Saudi plant's production: Exec

Lucid aims to export 92% of Saudi plant's production: Exec

Argaam18-03-2025

Faisal Sultan, Vice President, Managing Director of Lucid Middle East, said the company aims to export approximately 92% of its Saudi plant's production, while allocating 13% to GCC countries.

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إعلان شركة نفوذ للمنتجات الغذائية عن نتائج إجتماع الجمعية العامة غير العادية التي تضمنت الموافقة على زيادة رأس مال الشركة (الاجتماع الأول)
إعلان شركة نفوذ للمنتجات الغذائية عن نتائج إجتماع الجمعية العامة غير العادية التي تضمنت الموافقة على زيادة رأس مال الشركة (الاجتماع الأول)

3yon News

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  • 3yon News

إعلان شركة نفوذ للمنتجات الغذائية عن نتائج إجتماع الجمعية العامة غير العادية التي تضمنت الموافقة على زيادة رأس مال الشركة (الاجتماع الأول)

1. The company's financial statements for the fiscal year ending on December 31, 2024, were reviewed and discussed. 2. The Board of Directors' report for the fiscal year ending on December 31, 2024, was reviewed and discussed. 3. Approval of the auditor's report for the fiscal year ending on December 31, 2024, after discussion. 4. Approval of appointing Alzoman, Alfahad & Alhajjaj professional services Chartered Accountants as the company's external auditor from among the nominated firms based on the recommendation of the Audit Committee, to examine, review, and audit the financial statements for Q2, Q3, and the annual financials of 2025, and Q1 of 2026, with a total fee of SAR 390,000. 5. Approval of allowing Board Member Mr. Faisal bin Abdullah Al-Omaiqan to engage in activities competing with the company's business. 6. Approval of authorizing the Board of Directors with the powers of the Ordinary General Assembly as stated in paragraph (1) of Article 27 of the Companies Law for a period of one year from the date of this General Assembly's approval or until the end of the term of the authorized Board, whichever comes first, in accordance with the relevant executive regulations for listed joint-stock companies. 7. Approval of discharging the members of the Board of Directors from liability for the fiscal year ending December 31, 2024. 8. Approval of the Board of Directors' recommendation to distribute cash dividends amounting to SAR 11,908,359 (eleven million, nine hundred eight thousand, three hundred fifty-nine Saudi riyals) to shareholders for the fiscal period ending December 31, 2024, at SAR 0.25 per share, representing 25% of the nominal value of the share. Eligibility shall be for shareholders holding shares at the end of the trading day on the date of the General Assembly and registered in the company's shareholders register at the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date. Dividend distribution will commence on 15-06-2025. 9. Approval of disbursing board member remuneration in the amount of SAR 990,000 for the fiscal year ending December 31, 2024. 10. Approval of disbursing Audit Committee member remuneration in the amount of SAR 164,481 for the fiscal year ending December 31, 2024. 11. Approval of business and contracts to be concluded between the company and Abdullah Ibrahim Al-Omaiqan Real Estate Co., in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. These involve a lease contract for administrative offices and showrooms located in Al-Nuzha district, Riyadh. The contract duration is two calendar years, with an annual rental value of SAR 1,263,708 (exclusive of VAT). The total value of transactions in 2024 was SAR 1,263,708. These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 12. Approval of business and contracts to be concluded between the company and Mosakhan Waraq Enab Food Services Establishment, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. The contract is for the sale of food products with a one-year term. The total value of transactions in 2024 amounted to SAR 597,099 (exclusive of VAT). These contracts were executed in the ordinary course of business and under prevailing commercial terms without preferential conditions. 13. Approval of business and contracts executed between the company and Al-Omaiqan Holidays and Travel, in which Board Members Mr. Faisal Abdullah Ibrahim Al-Omaiqan and Mr. Ibrahim Abdullah Ibrahim Al-Omaiqan have an indirect interest. This involves an agreement to provide ticket booking services. The total value of transactions in 2024 amounted to SAR 367,291 (exclusive of VAT). These transactions were conducted in the ordinary course of business and under prevailing commercial terms without preferential conditions. 14. Approval of the amendment to the Audit Committee Charter. 15. Approval of the amendment to the Nomination and Remuneration Committee Charter. 16. Approval of the amendment to the Policy, Standards, and Procedures of Membership in the Board of Directors and its Committees. 17. Approval of the Competitive Activities Standards. 18. Approval of the Policy on Remuneration for Board Members, Committees, and Executive Management. 19. Approval of the Board of Directors' recommendation to increase the company's capital through the issuance of bonus shares as follows: • The capital increase will be through the capitalization of SAR 48 million from retained earnings, by granting one share for every one share held. • Total increase amount: SAR 48,000,000 • Capital before increase: SAR 48,000,000 • Capital after increase: SAR 96,000,000 • Increase percentage: 100% • Number of shares before the increase: 48,000,000 shares • Number of shares after the increase: 96,000,000 shares The capital increase aims to strengthen the company's financial position, support its expansion plans, and enhance shareholder returns by growing its business and seizing opportunities in the food sector. • Number of bonus shares: 1 share for every 1 share held • The increase will be through the capitalization of SAR 48,000,000 from retained earnings. Eligibility date: Shareholders who own shares by the end of the trading day on the date of the Extraordinary General Assembly and are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date. Fractional shares: In the event of fractional shares, they will be grouped in one portfolio and sold at market price. The proceeds will be distributed to eligible shareholders based on their respective entitlements within 30 days from the date of determining the entitled shares for each shareholder. • Approval of the amendment to Article (7) of the company's Articles of Association related to capital. Page 2 الأربعاء 01 مارس 2017 11:18 مساءً Page 3

Oman's banking sector credit rises 9% to $87.3bn
Oman's banking sector credit rises 9% to $87.3bn

Arab News

time21 hours ago

  • Arab News

Oman's banking sector credit rises 9% to $87.3bn

RIYADH: Total outstanding credit extended by Oman's banking sector, comprising both conventional and Islamic institutions, rose by 9 percent year-on-year to 33.6 billion Omani rials ($87.3 billion) at the end of April, according to new data. According to the Central Bank of Oman, private sector credit rose by 7 percent to 27.8 billion rials. Non-financial corporations held the largest share at 46.6 percent, followed closely by the household sector at 44 percent. Financial corporations held 5.6 percent, while other sectors represented the remaining 3.7 percent. Deposits across the banking system also showed robust growth. 'Total deposits held with ODCs (other depository corporations) registered a YoY significant growth of 9.3 percent to reach 32.8 billion Omani rials at the end of April 2025,' the report stated. Of this, private sector deposits reached 21.5 billion rials, a 7.1 percent increase from the previous year. Household deposits contributed the largest share at 50.3 percent, followed by non-financial corporations at 30.4 percent, financial corporations at 17 percent, and other sectors at 2.3 percent. Credit extended by conventional banks grew by 7.9 percent to 21.3 billion rials, while their aggregate deposits increased by 6.1 percent to 25.7 billion rials. The banking sectors across the Gulf Cooperation Council countries have demonstrated credit growth, reflecting the region's economic resilience and strategic investments. In Saudi Arabia, outstanding credit facilities reached SR2.96 trillion by the end of the fourth quarter of 2024, marking a 14.4 percent year-on-year increase. However, Qatar's banking sector saw a slight contraction, with total credit facilities declining by 0.2 percent to 1.4 trillion Qatari riyals, primarily due to reduced lending to the public sector and consumption. Oman's private sector deposits with conventional banks rose 4.5 percent to 16.8 billion rials in April. Investments in government development bonds increased by 6.2 percent to 2 billion rials, whereas holdings in foreign securities declined by 3.7 percent to 2.1 billion rials. Islamic banks and windows also demonstrated strong performance. Their total assets increased by 18.1 percent to 8.9 billion rials, accounting for 19.6 percent of the total banking assets. Financing provided by these entities reached 7.2 billion rials, marking a 13.5 percent annual increase. Total deposits held by Islamic banks and windows increased by 22.6 percent to 7.1 billion rials. Broad money supply grew 7.5 percent to 25.4 billion rials, driven by a 12 percent rise in narrow money and a 6 percent increase in quasi-money components. Currency held by the public rose by 7.5 percent, while demand deposits expanded by 16.8 percent. Interest rate trends showed mixed movements. The weighted average interest rate on deposits with conventional banks rose to 2.594 percent in April, up from 2.580 percent a year earlier. Meanwhile, the weighted average lending rate fell to 5.555 percent from 5.604 percent. The overnight domestic interbank lending rate dropped to 4.392 percent, down from 5.212 percent the previous year, reflecting a decrease in the central bank's repo rate to 5 percent in line with US monetary policy trends. Oman's nominal gross domestic product increased by 1 percent yea on year in the fourth quarter of 2024, driven by a 4.1 percent expansion in the non-hydrocarbon sector. Real GDP rose by 1.7 percent, supported by 3.9 percent growth in non-hydrocarbon activities. The average oil price stood at $75.9 per barrel at the end of April, 5.2 percent lower than a year earlier. Average daily oil production was 986,700 barrels, reflecting a 1 percent decline. Consumer price inflation remained subdued at 0.9 percent year on year as of April.

Saudi FM Arrives in Jordan for Gaza Meeting
Saudi FM Arrives in Jordan for Gaza Meeting

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Saudi FM Arrives in Jordan for Gaza Meeting

The Saudi Foreign Minister, Prince Faisal bin Farhan, has arrived in Amman, the capital of Jordan, to participate in a meeting on Gaza, according to the Saudi Foreign Ministry. On Saturday, Prince Faisal bin Farhan landed in Amman to take part in a meeting of the Ministerial Committee assigned by the Joint Arab-Islamic Extraordinary Summit on the developments in the Gaza Strip. The meeting will explore ways to support efforts to end the war and blockade on Gaza. The meeting originally aimed to coordinate a visit to Ramallah in the occupied West Bank, scheduled on Sunday. However, the visit was postponed due to Israel's decision to prevent the Arab delegation from meeting the President of Palestine, Mahmoud Abbas, according to Jordan's Foreign Ministry. The delegation, which include the foreign ministers of Saudi Arabia, Egypt, Qatar, Jordan and the UAE, condemned the Israeli ban as a 'blatant violation' of Israel's obligations as an occupying power. The Saudi Foreign Minister traveled to Jordan right after an official visit to Syria, where he met with the Syrian Transitional President, Ahmed Al-Sharaa, in Damascus. Prince Faisal was accompanied by a high-level economic delegation to discuss avenues for joint cooperation aimed at supporting Syria's economy, enhancing the development of its governmental institutions, and fulfilling the aspirations of the Syrian people, the Saudi Foreign Ministry said in a statement. The discussions led to the announcement of a Saudi-Qatari joint financial support package for Syrian public sector employees for three months, according to Saudi Gazette. 'This support aims to contribute to economic and social stability, improve living conditions, and reinforce development efforts in Syria,' Saudi Arabia and Qatar said in a joint statement. Short link : Post Views: 62

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