Latest news with #Savola
Arab News
15 hours ago
- Business
- Arab News
Most Gulf markets retreat ahead of vote on Trump's tax bill
LONDON: Most stock markets in the Gulf gave up early gains to close lower on Tuesday, as investors booked profits and turned cautious ahead of a US Senate vote on President Donald Trump's landmark tax and spending bill. The proposed legislation, which faces internal Republican opposition, is expected to add $3.3 trillion to the nation's debt pile. Saudi Arabia's benchmark index dropped 0.4 percent, weighed by a 2.3 percent fall in Saudi Arabian Mining Company. Among other losers, Savola slipped 2.2 percent after announcing its CEO had stepped down by mutual agreement as part of a strategic overhaul. Dubai's main share index eased 0.2 percent, snapping a six-day rally after hitting a 17-year high earlier in the session, hit by a 0.7 percent fall in blue-chip developer Emaar Properties. Meanwhile, Trump continued to pressure the US Federal Reserve, sending Chair Jerome Powell a list of global interest rates with handwritten commentary suggesting US rates should fall between Japan's 0.5 percent and Denmark's 1.75 percent. In Abu Dhabi, the index finished 0.3 percent lower. Oil prices were slightly higher as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting, as well as trade negotiations. The Qatari index closed 0.5 percent lower, extending losses from the previous session when it ended a six-day winning streak, with all sectors in negative territory. Qatar's economy expanded 3.7 percent in the first quarter, up from 1.5 percent a year earlier, according to government data issued on Tuesday. Outside the Gulf, Egypt's blue-chip index lost 0.5 percent, with Beltone Financial Holding declining 6.7 percent.
Business Recorder
16 hours ago
- Business
- Business Recorder
Most Gulf markets retreat ahead of vote on Trump's tax bill
Most stock markets in the Gulf gave up early gains to close lower on Tuesday, as investors booked profits and turned cautious ahead of a U.S. Senate vote on President Donald Trump's landmark tax and spending bill. The proposed legislation, which faces internal Republican opposition, is expected to add $3.3 trillion to the nation's debt pile. Saudi Arabia's benchmark index dropped 0.4%, weighed by a 2.3% fall in Saudi Arabian Mining Company. Among other losers, Savola slipped 2.2% after announcing its CEO had stepped down by mutual agreement as part of a strategic overhaul. Citing trade sources, Reuters reported that Saudi Arabia, the world's biggest oil exporter, may raise its August crude prices for Asian buyers to a four-month high, following a surge in spot prices during the Iran-Israel conflict and on strong summer demand. Dubai's main share index eased 0.2%, snapping a six-day rally after hitting a 17-year high earlier in the session, hit by a 0.7% fall in blue-chip developer Emaar Properties. Meanwhile, Trump continued to pressure the U.S. Federal Reserve, sending Chair Jerome Powell a list of global interest rates with handwritten commentary suggesting U.S. rates should fall between Japan's 0.5% and Denmark's 1.75%. Gulf bourses end mixed; Dubai at 17-year high In Abu Dhabi, the index finished 0.3% lower. Oil prices were slightly higher as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. The Qatari index closed 0.5% lower, extending losses from the previous session when it ended a six-day winning streak, with all sectors in negative territory. Qatar's economy expanded 3.7% in the first quarter, up from 1.5% a year earlier, according to government data issued on Tuesday. Outside the Gulf, Egypt's blue-chip index lost 0.5%, with Beltone Financial Holding declining 6.7%. ----------------------------------------- SAUDI ARABIA dropped 0.4% to 11,122 ABU DHABI slipped 0.3% to 9,929 DUBAI eased 0.2% to 5,693 QATAR fell 0.5% to 10,698 EGYPT dropped 0.5% to 32,707 BAHRAIN was flat at 1,944 OMAN added 0.3% to 4,514 KUWAIT declined 0.6% to 9,133 -----------------------------------------
Zawya
09-03-2025
- Business
- Zawya
Savola Egypt strengthens its leadership with the inauguration of its new headquarters
Baraka: 'This new headquarters represents a significant milestone, reflecting our comprehensive vision and placing our employees at the core of our mission. This commitment has been recognized with the prestigious 'Top Employer' title for 2025.' Savola's dedication to professional development, with 27,000 training hours delivered in 2024, among other factors, has increased employee engagement and satisfaction rates to over 84%, exceeding the global benchmark of 80%. Cairo – Savola Egypt, a subsidiary of the leading Saudi Savola Group, has officially inaugurated its new headquarters in New Cairo's Fifth Settlement. The event was attended by Mr. Sameh Hassan, CEO of Savola Foods Company; Mr. Karim Baraka, General Manager of Savola Egypt; Mr. Mahmoud Fouda, General Manager of Sugar Sector Egypt; and Mr. Adeeb Ibrahim, Chief Human Capital Officer of Savola Foods Company, along with the company's representatives. On this occasion, Mr. Karim Baraka, General Manager of Savola Egypt, stated: "For over 30 years, Savola Egypt has solidified its position as a leading player in the food industry while prioritizing human capital. This new headquarters represents a significant milestone, reflecting our comprehensive vision and placing our employees at the core of our mission. Our continuous efforts have been recognized with the prestigious title of 'Top Employer' for 2025, reflecting our unwavering commitment to fostering an outstanding and motivating work environment." Savola Egypt takes great pride in its workforce of over 3,500 employees, whom the company considers its brand ambassadors, representing its values wherever they go. In line with this, the company has achieved an exceptional employee retention rate of 98%, underscoring the organization's high levels of satisfaction, loyalty, and job stability. The company's dedication to professional development, evidenced by delivering 27,000 training hours in 2024, among other factors, has increased employee engagement and satisfaction rates. As a result, the engagement rate soared to over 84%, exceeding the global benchmark of 80%. Savola Egypt's corporate culture is deeply rooted in its commitment to empowering females as part of its diversity and inclusion strategy, with five professional females currently holding key leadership positions. Savola Egypt also takes pride in exporting Egyptian talent to the regional stage. The inauguration announcement coincided with Savola Egypt's annual town hall meeting, held at the historic Citadel of Egypt. During the meeting, Savola's management recognized the 2024 team's achievements and expressed sincere appreciation to its employees for their dedication and hard work, which were instrumental in driving the company's continued success. Savola's 2025 designation as a top employer is a testament to the Savola Group's focus on human capital. About Savola Foods: Savola Foods Company is a subsidiary of the Saudi Savola Group, known for its exceptional competence in managing a diverse range of high-quality food product brands, including edible oils, vegetable ghee, sugar, pasta, seafood, cooking fats, baked goods, and frozen vegetables. Savola Foods owns a collection of renowned brands in the Egyptian food market, earning the trust of millions of customers through branded love marks such as Rawaby and Ganna vegetable ghee, Afia and Helwa edible oils, Al Osra sugar, Italiano and El Maleka pasta.
