Shuaa profits hit 10-year high
The company revenues saw an increase to Dh102 million in Q1 2021. Wam
The company has further solidified its platform and has successfully concluded its merger integration programme.
Shuaa Capital said on Monday that its profits hit a 10-year high with net profit attributable to shareholders surging to Dh25 million as operating income hit Dh45 million.
The asset management and investment banking platform said the better outcome was subsequent to its effective response to the impact of the pandemic and the economic environment.
Shuaa, which just recently divested 20 per cent equity stake in Abu Dhabi based utility Mirfa International Power and Water Company (Mipco) to a leading Japanese group, said its revenues saw an increase to Dh102 million in Q1 2021 compared with Dh72 million in Q1 2020, up 42 per cent year-on-year. The growth was “driven by our recurring business which continues to trend above the average of the last four quarters, des
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Occupancy rate of Makkah hotels sees over 30% rise in second half of Ramadan
Makkah is the main artery of hotels in Saudi Arabia, alone accounting for more than 64 percent of the sector
Updated 45 min 35 sec ago
Mohammed Al-Kinani & Tariq Al-Thaqafi
May 06, 2021 18:02
JEDDAH/MAKKAH: The occupancy rate at the beginning of the holy month of Ramadan varied between 10 and 20 percent, while in the second half it rose to 30-38 percent, Rayan bin Osama Filali, chairman of the Hotel Committee, an affiliate of the Makkah Chamber of Commerce and Industry told Arab News.
Filali explained that for the first time, a relatively mild increase in the prices during the last days of Ramadan was witnessed an unprecedented occurrence, as prices often increase by 300 percent during the last 10 days of Ramadan, compared with the rest days of the month.