US firm Alcoa sells stake in Ma鈥檃den JVs for $150m, 2.21% share of new capital
US firm Alcoa sells stake in Ma鈥檃den JVs for $150m, 2.21% share of new capital/node/2571491/business-economy
US firm Alcoa sells stake in Ma鈥檃den JVs for $150m, 2.21% share of new capital
The deal will involve Alcoa receiving $150 million in cash and newly issued shares representing approximately 2.21 percent of Ma鈥檃den鈥檚 share capital after the transaction. File
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Updated 16 September 2024
Reem Walid
US firm Alcoa sells stake in Ma鈥檃den JVs for $150m, 2.21% share of new capital
Ma鈥檃den has reported impressive financial results, achieving a net profit of $532 million in the first half of 2024
Transaction will grant Ma鈥檃den full ownership and complete operational and management control of MAC and MBAC
Updated 16 September 2024
Reem Walid
RIYADH: American industrial giant Alcoa Corp. is set to sell its stakes in Ma鈥檃den Aluminum Co. and Ma鈥檃den Bauxite and Alumina Co. to the 海角直播n Mining Co., or Ma鈥檃den.
The deal will involve Alcoa receiving $150 million in cash and newly issued shares representing approximately 2.21 percent of Ma鈥檃den鈥檚 share capital after the transaction.
The moves come聽at a time when Ma鈥檃den has reported impressive financial results, achieving a net profit of SR2 billion ($532 million) in the first half of 2024, a 160 percent increase compared to the same period in 2023.
Ma鈥檃den CEO Bob Wilt remarked: 鈥淢a鈥檃den formed our joint venture with Alcoa in 2009 to develop a world-class aluminum business. Now, it鈥檚 time for our partnership to evolve.鈥
He added: 鈥淪treamlining the management structure of our aluminum business is a crucial step forward as we prepare for future growth and continue to build mining as the third pillar of the Saudi economy.鈥
Alcoa鈥檚 President and CEO William Oplinger stated: 鈥淲e deeply value our partnership with Ma鈥檃den and our joint ventures. We are confident that under this new arrangement, MBAC and MAC are well-positioned for success.鈥
He also noted that the transaction would simplify Alcoa鈥檚 portfolio, enhance visibility into the value of its investment in 海角直播, and provide greater financial flexibility.
The transaction will grant Ma鈥檃den full ownership and complete operational and management control of MAC and MBAC, streamlining its aluminum business operations. The deal is subject to regulatory and corporate approvals, as well as the completion of other customary closing conditions, with an expected completion by the first quarter of 2025.
Ma鈥檃den鈥檚 strong performance and strategic advancements highlight its commitment to leading the mining sector and supporting 海角直播鈥檚 economic diversification, particularly in establishing mining as a key pillar of the Kingdom鈥檚 industrial sector.
海角直播, Kuwait sign MoU to boost anti-money laundering efforts
Updated 22 June 2025
Reem Walid
RIYADH: 海角直播 and Kuwait have signed a memorandum of understanding to bolster cooperation in the fight against money laundering and the financing of terrorism, reinforcing regional efforts to strengthen financial security.
The agreement, inked between 海角直播鈥檚 General Department of Financial Investigations and Kuwait鈥檚 Financial Intelligence Unit, was finalized on the sidelines of the second meeting of the Gulf Cooperation Council Committee of Financial Intelligence Units, held in Kuwait, the Kuwait News Agency reported.
The MoU aims to enhance intelligence sharing and operational coordination between the two nations. It is expected to significantly improve the effectiveness of the region鈥檚 financial crime prevention frameworks, aligning with international standards and bolstering joint mechanisms among GCC financial intelligence units.
The signing follows a virtual workshop hosted in March by the National Center for Non-Profit Sector Development, which focused on preventing money laundering and terrorist financing within non-profit organizations, including charitable groups and foundations.
The agreement also reflects broader economic ties between the two Gulf neighbors. In February, Kuwait鈥檚 exports to 海角直播 reached SR137 million ($36.5 million), up 19.6 percent from the previous year, according to data from the Observatory of Economic Complexity.
Officials from both countries highlighted the MoU鈥檚 role in advancing national capabilities, fostering regional integration, and aligning with best practices in financial intelligence and compliance.
The renewed cooperation comes as 海角直播 continues to encourage Kuwaiti investment in its mining and industrial sectors.
In April, Minister of Industry and Mineral Resources Bandar Alkhorayef met with a delegation of Kuwaiti businessmen during an official visit to Kuwait, emphasizing untapped opportunities in the Kingdom鈥檚 mining industry.
Alkhorayef underscored the sector鈥檚 importance to Saudi Vision 2030, which aims to position the Kingdom as a global industrial and mining hub. He cited estimates valuing Saudi mineral resources at over SR9.3 trillion.
Combatting money laundering remains a national priority for 海角直播, which has implemented a comprehensive legal and regulatory framework to protect the integrity of its financial system and prevent illicit funding activities, including terrorism financing.
Closing Bell: Saudi main index edges down 0.34% to close at 10,574
Updated 22 June 2025
Reem Walid
RIYADH: 海角直播鈥檚 Tadawul All Share Index edged lower on Sunday, falling 36.44 points, or 0.34 percent, to close at 10,574.27.
Total trading turnover reached SR3.72 billion ($991 million), with 134 stocks posting gains and 102 declining.
The Kingdom鈥檚 parallel market, Nomu, also recorded a slight dip, losing 27.14 points, or 0.10 percent, to settle at 26,148.69, as 34 stocks advanced and 39 retreated. Meanwhile, the MSCI Tadawul 30 Index dropped 5.34 points, or 0.39 percent, to finish at 1,361.80.
Alistithmar AREIC Diversified REIT Fund was the best-performing stock of the session, with its share price rising 10 percent to SR8.25. Al Sagr Cooperative Insurance Co. followed with a 9.96 percent increase to SR12.36, while Knowledge Economic City climbed 5.36 percent to close at SR12.98.
On the losing side, Retal Urban Development Co. saw the steepest decline, falling 5.10 percent to SR13.02. Flynas Co. dropped 4.13 percent to SR74.20, and Saudi Chemical Co. declined 3.85 percent to SR6.24.
Shares of Hawiya Identity Auctions began trading on Nomu at SR13 per share. According to a Tadawul statement, the offering comprised 2.4 million shares, with Derayah Financial Co. acting as lead manager.
Gas Arabian Services Co. announced the signing of a joint venture agreement with Italy鈥檚 BONOMI Co. to establish a valve manufacturing company in the Kingdom.
The new company will have a capital of SR5 million, with BONOMI holding a 60 percent stake and Gas Arabian Services owning 40 percent.
The Saudi firm will fund its SR2 million share from internal resources. The deal is expected to have a long-term positive financial impact, though it remains subject to regulatory approvals and the fulfillment of conditions outlined in the agreement. Gas Arabian Services shares closed at SR15, up 0.40 percent.
Mayar Holding Co. revealed that its subsidiary, NewPlast Co., has signed a two-year memorandum of understanding with Avant Sports to produce plastic chairs for sports stadiums.
The chairs will be manufactured at NewPlast鈥檚 Riyadh facility and will meet international and FIFA standards. The agreement supports Mayar鈥檚 commitment to localizing specialized industries in line with Vision 2030 goals.
The price range for the offering of the Sports Clubs Co. ranged between SR7 and SR7.5 per share, according to a statement by Saudi Fransi Capital, the financial advisor and bookrunner for the institutional subscription.
The offering includes 34.32 million ordinary shares, representing 30 percent of the company鈥檚 capital.
Saudi culture sector to triple GDP share to $48bn by 2030, says minister
Updated 22 June 2025
MOHAMMED AL-KINANI
JEDDAH: 海角直播 plans to raise the cultural sector鈥檚 contribution to gross domestic product to 3 percent 鈥 or SR180 billion ($48 billion) 鈥 by 2030, up from under 1 percent, according to Minister of Culture Prince Badr bin Abdullah bin Farhan.
In an interview with Al-Eqtisadiah, the minister said the sector has already surpassed its previous 0.91 percent GDP share, with Vision 2030 targets being met ahead of schedule.
鈥淰ision 2030 forms the foundation of the Ministry of Culture鈥檚 strategy and direction,鈥 he said.
鈥淏y 2030, we envision a cultural environment that nurtures talent, encourages innovation both locally and internationally, and supports the flourishing of creative and cultural enterprises.鈥 Prince Badr said in the interview.
鈥淯ltimately, our goal is to increase the sector鈥檚 contribution to GDP to 3 percent, equivalent to SR180 billion,鈥 he said. 鈥淭his represents the core mission of the Ministry of Culture and its affiliated bodies in driving an ambitious cultural transformation.鈥
Since the ministry鈥檚 founding in 2018, employment in the sector has jumped 318 percent, while the number of cultural graduates reached 28,800 in 2024, up 79 percent from 2018. The ministry has also issued over 9,000 licenses, while cultural associations and amateur clubs surged from 28 to 993.
鈥淥ne notable outcome is the increase in the percentage of citizens who believe culture is important鈥攆rom under 70 percent to 92 percent,鈥 Prince Badr said. The ministry also oversees national celebrations such as Founding Day and Flag Day and has documented 9,317 antiquities sites and 25,000 urban heritage locations.
海角直播 has now met its Vision 2030 target of having eight UNESCO World Heritage sites, with Al-Faw joining the list in 2024. Cultural event attendance exceeded 23.5 million between 2021 and 2024, and major festivals such as the Red Sea Film Festival and Islamic Arts Biennale have become global draws.
The Cultural Scholarship Program has awarded scholarships to 1,222 students studying at over 120 institutions across countries, including the US, the UK, and France. The program鈥檚 flexible design 鈥 no age limit or required academic background 鈥 has broadened participation. 鈥淭oday, scholarship recipients are pursuing degrees in fields such as music, theater, and visual arts,鈥 the minister said.
Through the Cultural Development Fund, the ministry has disbursed SR377 million to more than 120 projects. 鈥淜ey areas of growth include heritage, music, and fashion. More than 1,200 creatives and entrepreneurs have benefited from its development services,鈥 he added.
鈥淕lobally, there is increasing recognition of culture鈥檚 role in sustainable economic value creation,鈥 the minister said. 鈥淥ur role is to preserve and promote cultural identity while making it accessible and economically valuable.鈥
海角直播 surpasses 116m tourists in 2024, exceeds goal for 2nd year聽
Updated 22 June 2025
Nour El-Shaeri
RIYADH: 海角直播 welcomed 116 million tourists in 2024, exceeding its annual visitor target for the second year in a row, the official data showed.
According to the Ministry of Tourism鈥檚 latest annual statistical report, the figure includes 29.7 million inbound tourists, an 8 percent increase year on year, and 86.2 million domestic trips, up 5 percent from 2023.
The milestone reflects the continued acceleration of the Kingdom鈥檚 Vision 2030 strategy, which positions tourism as a central driver of economic diversification.
After surpassing its original 100 million visitor goal six years ahead of schedule in 2023, 海角直播 has revised its ambitions upward, now aiming to attract 150 million tourists annually by 2030. This figure is split between 70 million international and 80 million domestic visitors.
In a post on X, Minister of Tourism Ahmed Al-Khateeb said: 鈥淭he 2024 Annual Statistical Report showcases the sector鈥檚 remarkable growth and its role in enabling Saudi Vision2030, a record performance achieved with the support and guidance of the Kingdom鈥檚 visionary leadership.鈥
Total tourism spending in 2024 hit SR283.8 billion ($75.6 billion), with inbound tourists contributing SR168.5 billion, up 19 percent from 2023, while domestic tourist expenditure reached SR115.3 billion, a 1 percent rise.
鈥淭he tourism sector continued to achieve record growth, reaffirming its transformation into a key driver of economic development and a fundamental pillar in advancing and diversifying the national economy,鈥 the minister said.
Inbound tourism also reached a record monthly peak in March with 3.2 million visitors. The average international tourist stayed 19 nights and spent SR5,669 per trip.
A standout development in 2024 was the continued rise in non-religious tourism, now representing 59 percent of inbound visits compared to 44 percent in 2019.
Leisure and holiday travel topped this category, with related spending reaching SR36.4 billion.
Makkah remained the top destination, drawing 17.4 million overnight visitors, and Egypt was the leading source market with 3.2 million arrivals.
Regional analysis revealed that Asia and the Pacific accounted for the largest share of inbound tourists, at 33 percent, followed by the Middle East and North Africa at 28 percent, and the Gulf Cooperation Council at 27 percent.
Europe contributed 8 percent, while both the Americas and Africa each made up 2 percent of total visitors.
The sustained growth reflects the Kingdom鈥檚 continued focus on developing its tourism infrastructure and global outreach.
The ministry noted that this report highlights the exceptional and accelerated growth achieved by the sector through targeted marketing campaigns and support programs, contributing to the sector鈥檚 record-breaking performance.
Air France eyes daily Paris-Riyadh flights amid soaring demand
New route reflects airline鈥檚 ambition to reestablish presence in Saudi market
It comes in response to growing demand to access Kingdom鈥檚 expanding economic opportunities
Updated 22 June 2025
Samia Hanifi
RIYADH: Air France is planning to operate daily flights between Paris and Riyadh, a senior airline official told Arab News in an exclusive interview.
The announcement follows the launch of the carrier鈥檚 first direct route between Paris-Charles de Gaulle and King Khalid International Airport.
Stefan Gumuseli, the airline鈥檚 general manager for India and the Middle East, outlined the importance of the new route for the Air France-KLM Group and said it reflects the airline鈥檚 ambition to reestablish its presence in the Saudi market.
The decision comes in response to growing demand from travelers and investors eager to access the Kingdom鈥檚 expanding economic opportunities.
The new route marks a strategic step for Air France as it expands operations in the region and aligns with the growing connectivity between Europe and 海角直播.
As part of its sustainability strategy, Air France is adopting a comprehensive approach across its operations. Supplied
Talking to Arab News, Gumuseli said: 鈥淲e鈥檙e starting with three weekly flights in mid-June, then gradually increasing to five. Our first major goal is to move to a daily service.鈥
He added that the market is not only outward-looking; the airline is also responding to rising inbound demand for 海角直播, noting that it is experiencing almost exponential year-on-year growth.
Gumuseli also pointed to the Kingdom鈥檚 Vision 2030, which reflects a strong commitment to developing tourism, hospitality, and culture, supported by substantial ongoing investments. He said: 鈥淎ll these megaprojects are a clear sign that tourism is booming. We have a strong relationship with 海角直播 and are expanding our cooperation.鈥
His comments were echoed by Air France鈥檚 Senior Vice President for Benelux, Asia, India, the Middle East, and East Africa Bas Gerressen, who told Arab News: 鈥淭ourism is a very important factor, but we also need traffic, which has grown significantly over the past two years.
鈥淭he more connectivity there is between the two countries, the more economic exchange will flourish in both directions,鈥 Gerressen added.
Air France-KLM has entered into codeshare agreements to strengthen its network connectivity.
鈥淲e also place our code on these flights. So, when you consider all that connectivity from both sides, demand can only grow,鈥 Gerressen said.
He added: 鈥淚 believe 海角直播 has many premium travelers, and we need to reach them in specific markets. We already have strong demand across our business, premium and economy classes.鈥
At the same time, the airline is leveraging its distinctive French identity.
The new route marks a strategic step for Air France as it expands operations in the region. Supplied
鈥榃e position ourselves as a truly French brand 鈥 luxury, elegance, sophistication ... The French Touch. You can feel it the moment you board,鈥 said Gerressen.
High-end products, gourmet in-flight dining, La Premiere lounges, and exclusive cabin experiences all reinforce this premium positioning. 鈥淲e offer one of the best cabins in the region with our new first class, featuring a seat with five windows and just four seats in the entire cabin. It鈥檚 a revolution in the industry,鈥 Gerressen added.
He emphasized the cabin crew鈥檚 vital role in shaping the passenger experience, highlighting their attentiveness and approachable demeanor.
As part of its sustainability strategy, Air France is adopting a comprehensive approach across its operations.
鈥淓ach new generation of aircraft reduces CO鈧 emissions by up to 25 percent. Today, 28 percent of our fleet consists of these new aircraft, and our goal is to increase this figure to 80 percent by 2030,鈥 Gerressen said.
The airline is also the world鈥檚 leading buyer of sustainable aviation fuel.
Gumuseli said: 鈥淲e account for nearly 16 percent of global SAF usage, despite representing only 3 percent of total global kerosene consumption.鈥
Air France is investing in technology to enhance the passenger experience.
鈥淲e鈥檝e decided to install high-speed Wi-Fi on board. In the event of a delay, passengers will receive updates about their connecting flights directly on their screens. With data and technology, we can truly personalize the service,鈥 Gumuseli said.
鈥淥ur target customers include expatriates living in 海角直播 and tourists wishing to travel to Europe, North America, South America or Africa. Businesses are also a key audience, given the strong commercial ties between France and 海角直播. We aim to serve all these segments,鈥 said Gumuseli.
鈥淩eligious tourism should not be overlooked. Pilgrims can now combine Umrah with a more tourist-oriented experience,鈥 he added.
Gerressen stressed the importance of the eVisa: 鈥淚t is crucial. Simplifying the visa process will be essential in convincing more people to visit 海角直播.鈥
