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![]() Wealth of rich Saudi families falls 12%
Riyadh There has been a fall of 12 per cent in the wealth of 14 rich Saudi families during the first three quarters of the current year. The overall value of their assets fell to 98.4 billion Saudi riyals (Dh96.34 billion) from 111.5 billion riyals during the period between January 1 and September 29, according to the latest figures released by Al Joman Centre for Economic Consultancy. The Al Rajhi family is the kingdom’s wealthiest non-royals. Among the 14 families that have so far declared their assets, Al Rajhi topped with a wealth of 46.3 billion riyals. This comprises 47 per cent of the total assets of these families. The Al Rashid family comes second with 5.8 billion riyals on the rich list. It is interesting to note that Al Rashid’s wealth is less than one-seventh that of Al Rajhi. The decline in the wealth of the rich families was attributed mainly to the recent crash in the Saudi stock market. The shares plunged eight per cent during the three quarters of the year, the Sabaq website reported, quoting a statement by the Al Joman Centre. According to the report, there has been an increase in the wealth of four of the 14 families during the period. The decline in the wealth of the rich was attributed to the crash in the Saudi stock market. The shares plunged eight per cent during the three quarters of the year. Source: Gulf News
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![]() Saudi's Jarir reports 47.6% rise in profit
Saudi-based Jarir Marketing Co (JMC) has reported 47.6% increase in net profit for the third quarter of this year to SR152m, compared with a net profit of SR103m for the same period last year, and up 54.2% over SR98.6m in the previous quarter, Arab News has reported. The estimated net profit for the nine months stood at SR387.4m, an increase of 30.4% over the same period last year, JMC said. Source: Ame Info
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![]() Saudi-Pakistani joint military exercise begins
On behalf of Prince Khaled Bin Sultan Bin Abdul Aziz, Assistant Minister of Defense and Aviation and Inspector General for Military Affairs, Prince Lt. Gen. Khaled Bin Bandar Bin Abdul Aziz, Commander of the Saudi Royal Land Forces, Thursday patronized the Saudi-Pakistani joint military exercise “Al-Samsaam IV” held in Jhelum district in Pakistan. Gen. Ashfaq Kayani, Commander-in-Chief of the Pakistan Army, and a number of senior officers of the land force and the army of Pakistan also attended the event. Gen. Kayani said that it was a great honor to have this exercise with the Saudi brothers, describing the event as yet another sign of close Saudi-Pakistani relations. Gen. Kayani also praised Saudi forces for their bravery and valor. For his part, Prince Khaled Bin Bandar conveyed the greetings of Crown Prince Sultan Bin Abdul Aziz, Deputy Premier, Minister of Defense and Aviation and Inspector General, and Prince Naif Bin Abdul Aziz, Second Deputy Premier and Minister of Interior, as well as Prince Khaled Bin Sultan, to the participants in the joint event. Prince Khaled said the joint exercise is yet further evidence of the firm and deep-rooted cooperation between the two armies. Speaking to the press following the exercise, Prince Khaled said this extraordinary exercise will help Saudi officers and soldiers develop skills in their fight against terrorism and in fighting in rugged terrain. He said the Kingdom will leave no stone unturned in combating the menace of terrorism Source: Saudi Gazette
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![]() Huge opportunities in Saudi supermarket business: Tamimi Group
The owners of Tamimi supermarket on Alkhobar's Corniche on Thursday marked the opening of the expanded and renovated grocery store that has defined the company over the last four decades. Since its launch in 1979 it has become a key landmark in the Eastern Province. The supermarket revolutionized the grocery business. Before that Saudi Arabia had the ubiquitous baqalas. In a sense the opening of Tamimi's Alkhobar supermarket symbolized the beginning of modern commerce in Saudi Arabia. Hundreds of customers attended the grand opening of the milestone store. Soon after the launch, pictures were uploaded to Facebook and enthusiasts tweeted about it. Hundreds of expatriates in the US, Europe and Asia who resided in Saudi Arabia in the 1980s and 1990s commented on these photos recalling their memories of the store and its many items. "How does that area look like now?" wrote Peter Isaak, an American who made Alkhobar his home in 1982, while commenting on the launch photo. "I will never forget the many trips we would make to Tamimi supermarket to get stuff that we thought we would never get in Saudi Arabia." "This particular store is our flagship ... This one led to the success of the Tamimi Group of Companies. We became a household name after this store," said Group President Tariq A. Tamimi, one of the sons of Ali Tamimi, the group founder. "We have a special attachment with this store, and this is the reason why we have invested so much in it." He says competition has not driven the investment. "We have gone in for an aggressive strategy because this is still an untapped market," he added. "Saudi Arabia is growing, and we think there are huge opportunities in the supermarket business. The population is growing; they have become quality conscious and brand conscious. Our priority is to provide them the best." Tamimi is known for quality products, but it has lost business to hypermarkets that provide a range of products at lower prices. "We are catering to a different segment altogether. We have organic food, and that comes at a high cost. Those who are health-conscious and are aware of what organic food is all about understand what we are talking about," said Tamimi. "Our major focus now is the growing Saudi population; they form the bulk of our clientele." To all those who have been Tamimi's loyal customers for years, the president's message is: "Come see for yourself what we have done for you. You will love shopping with us. We have got everything that you are looking for, and quality is our benchmark." The new supermarket's ultimate selling point is its prime location and the fact that it is open 24/7. "We have taken into account the feedback from our regular customers and factored in their needs," said Mohsen S. Husain, food division general manager. "We are now in the process of launching new stores in other places." Tamimi supermarket was the only building in the area in 1979. "I have been with this group for 35 years," said Mohammed Ilyas Khan, who is now vice president and managing director of Tamimi Global Co. Ltd. "Across the road everything was part of the sea," he says pointing to the glitzy Alkhobar Corniche area that has now become the location for a number of coffeehouses, top brands and fast-food outlets. "Most of this area was reclaimed from the sea," he said. According to Khan, Tamimi Alkhobar is very dear to the owners. "I remember Ustaz Ali Tamimi spending much of his time at this store. He took personal interest in this outlet and would listen to his customers patiently to ensure that they got what they wanted. A whole generation of Saudis and expatriates in Saudi Arabia grew up buying their daily products from in here. It is fitting that this superstore has been redone in such a fabulous way; it is the company's tribute and commitment to its customers." "Such is our commitment to this store that we might close everything but not this one," quipped Fawaz T. Tamimi, head of the group's business development division. "This is our life. This is our legacy." Source: Arab News
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![]() The price of gold still the same as in the morning
SR 172.81 per gram
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![]() Allah bless u, hussan
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![]() Unfortunately the price of gold came up yesterday evening
this morning the price is SR 174.25 per gram
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![]() Saudi developer gets $1bn loan for project
Saudi Arabia's biggest property developer Dar Al Arkan said the Public Investment Fund (PIF) approved a SR4bn ($1bn) facility to finance the Qasr Khozam development project in Jeddah. "This funding will contribute to the project by accelerating the development operations and pushing ahead to the next phase of sending evacuation notifications, the compensation and transfer of ownership of the properties located in the project area," it said in a bourse statement on Saturday. The Qasr Khozama project spans an area of 4 million square meters in the old downtown district of Jeddah, which includes historical landmarks and old buildings, many of which will be demolished and replaced with modern buildings. The port-city of Jeddah, the second-largest in the kingdom, is undergoing many development projects to modernize infrastructure. Source: Reuters
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![]() Saudi shares closed higher, boosted by oil price rise
Saudi shares closed higher on Saturday with gains in all sectors after oil prices rose on Friday. The all-share gained 1.4 percent to 6,085 points and the petrochemical sector added 2.5 percent to 6,095 points. Petrochemical giant Saudi Basic Industries Corp (SABIC) added 2.6 percent. Banking stocks rose 0.5 percent, lifted by gains in heavyweight Al-Rajhi Bank which added 0.7 percent. Source: Reuters
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