Saudi Arabia's Jadwa Investment has acquired a 35% stake in Kuwaiti fragrance company Gissah Perfumes through its private equity arm, Jadwa Retail Opportunities Fund. The acquisition aims to support Gissah's growth and prepare the company for a potential listing on the Saudi Stock Exchange. The timeline for the listing and the value of the investment have not been disclosed.
Inflation rates in the Gulf Cooperation Council (GCC) countries remain lower than global averages, with declining food costs, energy prices, and dampened global demand contributing to the trend. However, inflation in the housing sector has been felt mainly in the GCC countries, with notable year-on-year growth in Saudi Arabia and Kuwait. In contrast, communication and education sectors have experienced declining inflation rates in most GCC countries.
The Tadawul All Share Index in Saudi Arabia experienced a slight decline, while the parallel market Nomu saw gains in closing for the day. The MSCI Tadawul Index also slightly dropped. The best-performing stock on the main index was Salama Cooperative Insurance Co., while the worst performer was AL Maather REIT Fund. On the parallel market, Mayar Holding Co. experienced significant growth.
India is expected to ban sugar exports for the upcoming season due to a lack of rain that has reduced cane yields. This would be the first time in seven years that the country has halted sugar exports. The absence of India from the global market could increase benchmark prices and trigger concerns about further inflation in global food markets.
Africa is predicted to lead the next phase of global economic growth, with an increasing focus on economic collaboration among BRICS member countries. Intra-BRICS trade has expanded over the past decade, and Africa is seen as the next wave of global growth due to its younger generation, mineral reserves, and other resources.
Saudi Arabia's tourism revenue tripled in the first quarter of 2023 as the country attracted more visitors and sought to diversify its economy from oil, with a surplus of 22.8 billion Saudi riyals ($9.86 billion) in the balance of payments for the tourism sector and a record number of tourists.
Kuwait has appointed Fahd Al-Jarallah as the new finance minister, replacing Manaf Al Hajeri who resigned in July, while Saudi Arabia's Tadawul All Share Index closed 35.42 points lower on Sunday, and Saudi Arabia has exempted micro and small businesses with annual revenues below $2.7 million from auditor's requirements to support entrepreneurship in the country. In other news, Oman's refineries and petroleum industries reported a 13.5% growth in July, and Jeddah will host an event and conference on elevators and escalator technologies in September, contributing to the growth of the vertical transportation industry in Saudi Arabia. Additionally, Qatar's tourism sector continues to thrive, with a 91.4% year-on-year increase in visitors in July, and container shipments handled by Qatari ports saw a 19% surge in August.
The Saudi fashion industry is projected to have the highest growth rates among large, high-income markets, with fashion sales expected to surge by 48% from 2021 to 2025, according to a report by the Saudi Fashion Commission. The industry contributed 1.4% to the country's GDP in 2022 and is expected to reach a turnover of $32 billion by 2026. The report also highlights the sector's contribution to job creation and the push for inclusivity, with women making up 52% of employees in the fashion sector.
Saudi Arabia is set to increase its crude supplies to China as new refining capacity lifts offtake, aiming to regain lost market share in the country. Meanwhile, China's huge zinc imports have revived hopes for economic growth in the second half of 2023.
Saudi Arabia's membership in the G20 is a reflection of its growing importance in global energy exports, international trade, and financial resources, as well as its impact on the global economy and its commitment to stability and development.
The United Arab Emirates saw a 31.8% increase in revenue in 2022, supporting an overall fiscal surplus, as the country focuses on developing its non-oil sectors such as trade, tourism, manufacturing, logistics, and financial services.
