RIYADH: The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, on Sunday announced several new senior appointments, just days after it also created two new deputy governor roles as part of its expansion drive.
The fund announced the appointment of Eyas Al-Dossari and Omar Al-Madhi as senior directors to its MENA investments division, and Abdullah Shaker as senior director to the global capital finance division.
Al-Dossari joins PIF from his position as managing director and head of investment banking for Goldman Sachs Saudi Arabia, where he served since 2017. He also previously worked at HSBC Saudi Arabia and the initial public offering and merger and acquisitions department at the Saudi Capital Market Authority.
DUBAI: A slowdown in the sales of agriculture, dairy, and processed food products dragged earnings lower at Saudi Arabia’s National Agricultural Development Company (NADEC).
First quarter net profit fell by almost two-thirds to SR6.4 million ($1.7 million), it said in a stock exchange filing on Wednesday.
Cost of sales also rose mainly because of the removal of the government subsidy on animal feed, it said.
NADEC reduced its marketing spend and other financial costs to offset the impact.
The company said in January that it had launched a restructuring program to save SR120 million.
NADEC said it would work with Bain & Company consultants throughout the program, which is expected to last two years
Ramadan amid the specter of food security concerns
Zaid M. Belbagi
April 23, 2021 22:54
People wait for the call to prayer before they eat their Iftar meal in a damaged neighborhood, Atarib, Aleppo district, Syria, May 7, 2020. (Reuters)
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Despite being a month of fasting, Ramadan is just as much a celebration of food. Across the Arab world, it is a time of increased food sales as families get together to break bread. This year, however, the holy month has served to accentuate the very real food crisis that is faced by countries across the region.
According to the World Food Programme (WFP), 64 million people in the Arab world do not have enough food to be healthy and this is not restricted to conflict zones. Across the region, rising populations, diminishing water resources and a worsening climate have made the issue of food security paramount.
Nadec announces winning joint tender to acquire flour mill April 21, 2021
File photo of a solar plant at Nadec city in Haradh.
RIYADH The National Agricultural Development Company (Nadec) announced the awarding of joint tender offered by Nadec and the “coalition members” to acquire one out of two flour mills that were floated for privatization by the National Center for Privatization and Saudi Grains Organization.
The value of the contract stands at SR2.138 billion, where financing the acquisition deal is intended to be provided to the second mill company through a mix of self-finance by the coalition members and a loan from local banks with the name of the company.
Tuesday, 20 April, 2021 - 10:45
Saudi Arabia s National Agricultural Development Company (NADEC) teams up with OLAM International Limited, Al Rajhi International for Investment and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment, to bid for one of two mills being privatized in the kingdom | Asharq Al-Awsat Riyadh- Asharq Al-Awsat
A virtual forum held by Saudi Arabia’s National Center for Privatization & PPP (NCP) on Monday was attended by 100 Chinese investors and companies interested in privatization projects in the kingdom.
The forum comes as part of NCP’s periodic meetings and interaction plan with all local and international investors, according to a statement released by the Saudi Press Agency (SPA).