Iraq signs contract with Schlumberger to develop production at Akkas gas field
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Arab News
an hour ago
- Arab News
Amazon Prime Day sale offers unmatched discounts in Saudi Arabia
Amazon is hosting its highly anticipated Prime Day event in Saudi Arabia, running for seven consecutive days from July 25 to 31. The sale offers exclusive discounts across more than 30 product categories, offering Prime members significant savings on both local and international brands. The week-long shopping extravaganza kicked off at 12:01 a.m. on July 25 and is accessible exclusively to Amazon Prime members. Membership is available for SR16/month or SR140/year at with added benefits including fast, free delivery and access to Prime Video. Massive discounts across leading categories Prime Day 2025 features thousands of deals across everyday essentials, fashion, electronics, home, kitchen, toys, beauty, and Amazon Devices. Brands featured include global names like Adidas, Dyson, PlayStation, Philips, LEGO, Apple, Coach, Samsung, Sony, and local favorites from Amazon's Global Store offerings. Top highlights: New feature: Amazon Bazaar A standout addition this year is the introduction of Amazon Bazaar, a curated shopping space offering trendy fashion, home, and lifestyle products at accessible prices. Prime members can enjoy up to 35 percent off, with many items priced below SR25 and some as low as SR4. The Bazaar can be accessed via the Amazon app or by visiting Flexible payment and extra savings To make shopping even more convenient, is offering: Fast, free delivery Prime members will benefit from same-day and one-day delivery options on local products, alongside free international shipping from Amazon US, UK, and Germany. Orders can be shipped to home or office addresses for maximum flexibility. Local insight: shopping preferences in Saudi Arabia Recent research by HarrisX shows strong consumer interest in deals, with 86 percent of Saudi shoppers expressing satisfaction with discounted purchases. Over half (52 percent) reported that finding a great deal was more exciting than spontaneous weekend plans. Additionally, 81 percent value the convenience of digital memberships like Amazon Prime, and 80 percent believe they offer long-term savings. Abdo Chlala, country manager at Amazon Saudi Arabia, said: 'Prime Day is about creating meaningful value for our members. This year, we're offering our longest celebration yet with seven days of incredible deals, covering summer essentials, back-to-school must-haves, and everything in between. We're especially excited about our new Amazon Bazaar, which brings trendy and affordable options to more customers. With fast delivery, flexible payments, and access to global brands, Prime Day delivers a truly rewarding shopping experience.'
Arab News
2 hours ago
- Arab News
Education spending drives Saudi POS transactions to $3.16bn
RIYADH: Education spending in Saudi Arabia increased by 3.6 percent in the week ending July 26, driving total point-of-sale transactions to SR11.87 billion ($3.16 billion), even as most other sectors saw declines. Total POS value remained above the $3 billion mark for the fifth consecutive week despite a 2.7 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. The education sector recorded SR111.18 million in transaction value, with the number of transactions slipping 4.1 percent to 140,000, while overall POS transactions across all sectors declined 2.9 percent to 206.46 million. The hotels sector saw a 1.3 percent increase to SR291.07 million. On July 29, the Saudi Cabinet approved the new statistics law, enhancing the Kingdom's POS reporting with more detailed retail market insights. This update introduces refined subcategories in POS data, improving transparency and supporting data-driven decision-making in line with Vision 2030. According to SAMA's bulletin, the subcategory of books and stationery saw the largest decrease, dropping by 5.8 percent to SR98.11 million. Spending on airlines ranked next, dropping 5.6 percent to SR65.20 million. Food and beverages, the sector with the biggest share of total POS value, recorded a 1.8 percent decrease to SR1.70 billion, while the restaurants and cafes sector saw a 2.4 percent decrease, totaling SR1.55 billion and claiming the second-biggest share of this week's POS. Spending on transportation ranked third despite a 2.2 percent decline to SR945.76 million. The top three categories accounted for approximately 35.3 percent of the week's total spending, amounting to SR4.19 billion. The smallest decline was seen in spending on freight transport, postal and courier services which decreased by 0.9 percent to SR36.13 million, followed by expenditure on telecommunication, which saw a 1 percent dip to SR131.86 million. Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.1 billion, a 2.7 percent decrease from the previous week. Jeddah followed closely with a 3.1 percent dip to SR1.70 billion, while Dammam ranked third, down 2.8 percent to SR566.81 million. Al-Jubail saw the smallest increase, inching up 0.6 percent to SR123.04 million, followed by Al-Baha with a 0.7 percent increase to SR76.12 million. Hail recorded 3.54 million deals in transaction volume, down 3.2 percent from the previous week, while Tabuk reached 3.93 million transactions, dropping 4.3 percent.
Arab News
4 hours ago
- Arab News
Boursa Kuwait net profit surges 61% in H1
RIYADH: A rise in operating revenues and profitability drove Boursa Kuwait's net profit to 15.11 million Kuwaiti dinars ($49.4 million) in the first half of 2025 — a 61.12 percent annual increase. The growth was underpinned by a 41.13 percent year-on-year rise in total operating revenues to 24.20 million dinars, alongside a 59.53 percent boost in operating profit to 18.47 million dinars, according to a release. Earnings per share surged in tandem, rising from 46.71 fils to 75.27 fils by June 30, while total assets reached 123.87 million dinars, reflecting a 9.26 percent increase year-on-year. Shareholders' equity attributable to equity holders of the parent company climbed 12.68 percent to 66.20 million dinars. The Boursa's growth aligns with the World Bank's forecast for Kuwait's non-oil sector, which is expected to expand by 1.6 percent in 2025, supported by renewed real credit growth and large-scale infrastructure projects such as the Northern Special Economic Zone and Silk City. Boursa Kuwait Chairman Bader Al-Kharafi said: 'These results reaffirm Boursa Kuwait's capacity to navigate the complex geopolitical and economic challenges experienced worldwide while maintaining sustainable growth supported by revenue diversification and enhanced liquidity levels.' He added: 'This growth marks a significant milestone in our journey, giving us greater momentum to advance our development plans to modernize market infrastructure, diversify investment instruments and strengthen its appeal to both local and international investors.' While the oil sector is projected to rebound with 2.2 percent real growth as OPEC+ production cuts ease from May, the broader fiscal outlook remains mixed, with the fiscal deficit forecast to widen to approximately 7.2 percent of gross domestic product due to weaker oil revenues. The performance coincides with major enhancements introduced under Part Two of Phase Three of the Market Development Program, a collaborative initiative involving Boursa Kuwait, the Capital Markets Authority, and Central Bank of Kuwait, as well as Kuwait Clearing Co., local banks, and investment and brokerage firms. Al-Kharafi credited the achievement to 'seamless collaboration across the capital market apparatus and a shared determination to create tangible value for investors,' affirming the company's commitment to 'delivering transformative milestones that secure the long-term sustainability of the national economy.' He also emphasized the role of the private sector, noting that this breakthrough 'underscores the private sector's agility and effectiveness in advancing development and forging impactful partnerships with the public sector.' He extended his gratitude to stakeholders, including shareholders, executive management, regulatory authorities, and investors, stating: 'Our commitment to deliver a superlative investment experience remains unwavering.' The Kuwaiti capital market recorded a surge in activity during the first half of 2025, with traded value jumping 90.39 percent to 12.63 billion dinars, while traded volume rose 82.95 percent to 49.45 billion shares. Market capitalization reached 50.53 billion dinars, a 23.20 percent increase year on year. The 'Premier' Market contributed significantly with traded value up 47.09 percent to 7.34 billion dinars and market capitalization up 24.45 percent to 42.27 billion dinars. Meanwhile, the 'Main' Market posted a 221.36 percent rise in traded value to 5.29 billion dinars, alongside a 17.20 percent growth in market capitalization to 8.27 billion dinars. Boursa Kuwait CEO Mohammad Saud Al-Osaimi highlighted the effectiveness of recent regulatory and operational reforms. 'These positive indicators showcase the robustness of the Kuwaiti capital market's regulatory framework and our continued efforts to enhance infrastructure, diversify products and elevate the investor experience,' he said. He noted the strategic role of market segmentation, stating: 'The 'Premier' Market has maintained stable trading values, while the 'Main' Market has shown remarkable activity.' In pursuit of a stronger international presence, Boursa Kuwait has engaged in roadshows and corporate days in partnership with global financial institutions. These included events in Asia and London, showcasing the exchange's progress and investment potential. Al-Osaimi said: 'Through active engagement with world-renowned investment banks, sovereign wealth funds, pension funds and asset management firms, the exchange has cultivated a robust investor base.' He added that institutional investors account for 65.08 percent of participants. The CEO reiterated the exchange's commitment to expanding its product range, enhancing market efficiency, and strengthening investor confidence through transparency and governance. Since its privatization in 2019 and self-listing in 2020, Boursa Kuwait has introduced multiple market development phases aimed at boosting its global standing and supporting Kuwait's broader economic vision.
