RIYADH: Saudi Arabia’s National Co. for Glass Industries, known as Zoujaj, saw its profit jump 265 percent to SR72.4 million ($19 million) during the first half of 2022.
The glass manufacturer’s net profit in the first six months of this year has jumped from SR19.8 million during the same period in 2021, according to a bourse filing.
The current period’s rise is attributed to the increase in revenue and gross margin of the glass containers business activity, as well as the higher profit of associated companies operating in the float glass.
SAN FRANCISCO: Uber on Friday said it will let drivers in the United States see trip details before deciding whether to accept them — a new feature long sought by drivers. A common lament by drivers at the app-summoned ride platform has been that they have to accept a request before learning where trips will take them, or how profitable they will be. “Our new trip request screen makes it easier for drivers to decide if a trip is worth their time and effort by providing all the details — including exactly how much they’ll earn and where they’re going — upfront,” chief executive Dara Khosrowshahi said in a blog post. Revealing details only once a driver had accepted a trip was seen as a way to ensure riders would get picked up promptly, and not be snubbed because they were headed to locations deemed undesirable by drivers. But Khosrowshahi said drivers have made it clear that they want more flexibility and choice. Uber said the new feature, called Upfront Fares, was tested in several cities and was a success with drivers while resulting in shorter wait times for passengers. The ride-sharing firm will also shift from sending drivers a single ride request at a time, to letting them pick from a list of detailed passenger requests in an area. Uber is engaged in a long-term effort to prove that its business model is socially and economy viable. The “gig economy” — which uses temporary independent contractors for short-term tasks — has grown rapidly since Uber’s launch in 2009 and is promoted as a flexible way for people to earn money without the constraints of a full-time job. But there has been growing backlash in countries around the world about the conditions and dangers gig workers face. Uber driver ranks — which shrank during the Covid-19 pandemic — have not rebounded as quickly as demand for rides, and soaring fuel costs have made the gigs less attractive. The firm in March announced a surcharge on both rides and Uber Eats meal deliveries that would go directly to drivers to help offset high fuel prices.
RIYADH: Tourism development is a crucial economic driver to achieving Saudi Arabia’s Vision 2030, and the Kingdom aims for the sector to account for 10 percent of its gross domestic product by 2030.
The country has ambitions to develop world-class tourism destinations and attract visitors as part of diversification plans to reduce its dependence on oil revenue.
The project is steadily emerging as one of the world’s largest regenerative tourism projects, in line with the goals outlined in the Kingdom’s Vision 2030.
Besides providing sustainable tourism offerings, The Red Sea Development Co. is keen on delivering top-notch healthcare facilities to its residents and staff.
“Our primary goal is to ensure the availability of quality healthcare for all staff, residents and visitors at The Red Sea Project. Care will be patient-centric and aligned with international best practices,” said Julie Parisien, senior director of portfolio strategy at TRSDC, in an exclusive interview with Arab News.
Even though a regenerative tourism project, TRSP will not be a complete health tourism destination; instead, it will focus specifically on primary and secondary care for staff, residents and visitors, Parisien explained.
She further stated that TRSP’s coastal village hospital would offer primary and secondary care, including outpatient and inpatient diagnostics and treatment.
• The project is steadily emerging as one of the world’s largest regenerative tourism projects, in line with the goals outlined in the Kingdom’s Vision 2030.
• Besides providing sustainable tourism offerings, The Red Sea Development Co. is keen on delivering top-notch healthcare facilities to its residents and staff.
She added: “We aim to provide quality, patient-centric care to TRSP’s population, abiding by international standards and continually raising the bar in delivery.”
As a part of this healthcare strategy, TRSDC has partnered with the International Consulting Management and Engineering and devised the healthcare delivery model for this project.
Our primary goal is to ensure the availability of quality healthcare for all staff, residents and visitors at The Red Sea Project. Care will be patient- centric and aligned with international best practices.
Julie Parisien, Senior director of portfolio strategy at TRSDC
ICME, as a strategic healthcare adviser to TRSDC, was also responsible for formulating the future medical concept and the health technology planning for the Coastal Village hospital and the clinic at the international airport.
“Under the contract with TRSDC, we performed a healthcare strategy validation exercise and ensured its applicability to the local healthcare demand,” Cyril Toma, managing partner of the Middle East and North Africa at ICME Healthcare, told Arab News.
Toma added that ICME’s job was to validate TRSP’s healthcare strategy and ensure its applicability to the local requirements.
“The main intent was to ensure that we deliver patient-centric healthcare with international best practices and that there are mechanisms in place for patients with more complex cases to be transferred to the relevant tertiary care services in emergencies,” said Toma.
He added that healthcare facilities in TRSP will provide specialty services such as hyperbaric oxygen therapy treatment for diver-related accidents.
Moreover, the hospital will be a smart facility that seamlessly integrates current and future requirements without compromising sustainability.
According to the real estate monolith, the coastal hospital is expected to provide exceptional medical care for 14,000 employees and visitors, along with offering educational and employment opportunities for local Saudi nationals.
The company has awarded the operations contract of this hospital to Steward alf Global Healthcare Co., a joint venture between Alf Healthcare and international healthcare provider Steward Health Care International.
“Our people are our priority, and we care about the health and well-being of every employee. Steward alf Global Healthcare Co. combines the local experience of Alfanar with international best practice from Steward Health Care International, guaranteeing the very best of medical care is provided,” said John Pagano, CEO of TRSDC.
As a part of the deal, the healthcare company will also develop site-wide emergency response provisions to ensure the safety of workers and visitors.
TRSDC also provides a corporate wellness program named “Hayah,” the Arabic word for life. The wellness program aligns with the health targets and goals of Saudi Vision 2030 and the Quality of Life Program.
Moreover, TRSDC’s employee assistance program offers all employees and their household family members over the age of 16 confidential, free access to professional psychologists, counselors, nutritionists, and life and health coaches 24/7, 365 days a year.
The employee assistance program also offers all employees access to Calm, an awarding-winning app for mindfulness, sleep and meditation.
Affirming its commitment to community service, TRSDC participated in a blood donation campaign on June 14 in line with World Blood Donor Day 2022.
A total of 126 participants volunteered and participated in the campaign, and it helped Al Wajh and Umluj General Hospital to have sufficient blood for the next two-and-a-half months.
RIYADH: The Red Sea Development Co. has partnered with Saudi Human Resources Development Fund to provide vocational training for 1,000 nationals to encourage a thriving tourism industry in the region.
The partnership comes close on the heels of TRSDC’s first vocational training program, which granted diplomas to 500 Saudis across various fields such as hospitality management, culinary arts, airport services, mechanical engineering, electrical engineering and renewable energy.
“Through this partnership, we will be creating a substantial pool of qualified professionals with the skills and resources needed to establish a new and successful tourism industry in the Kingdom,” said TRSDC CEO John Pagano.
According to TRSDC Education Director Fadi Al-Aseri, the second vocational training program seeks to empower young Saudis by creating economic and educational opportunities to achieve their full potential.
The company received 31,435 applications, and only 1,106 were approved. As part of the selection process, the applicants had to clear an English placement test and a psychometric assessment.
“More than 600 students are currently enrolled in educational programs at both diploma and bachelor levels in priority fields for the Kingdom such as renewable energy and hospitality,” Al-Aseri told Arab News.
Besides Saudi Human Development Fund, TRSDC has also tied up with Higher Institute for Water & Power Technologies on the technical services front. Furthermore, it partnered with Bunyan for Hospitality Training Co for courses on luxury and hospitality. The company is also in partnership with the Saudi Academy for Civil Aviation and King Abdulaziz University Faculty of Tourism to skill students in airport services.
According to a company statement, of the 200 seats allocated for the technical services track, 100 percent were filled by men. In comparison, 170 seats in the hospitality track constituted 53 percent women and 47 percent men. The airport track filled 130 seats with 31 percent women and 69 percent men.
In Al-Aseri’s view, TRSDC has built an educational foundation by aligning with the Kingdom’s Vision 2030 blueprint and opened doors for professionals to succeed in challenging fields. He further added that locals constitute over 50 percent of enrolled students.
“Localizing, retaining knowledge and fostering empowerment results in immediate social and economic benefits for local communities,” said Al-Aseri.
The company, in affiliation with the University of Prince Mugrin and EHL Business School, also offers scholarships for graduate students to study international hospitality management and provides job opportunities upon graduation.
“TRSDC’s educational programs are designed based on a solid needs analysis that identifies future project vacancies and requirements, as well as a market analysis,” added Al-Aseri.
As a result, the company works with several internal and external partners to ensure complete alignment, including leading private and public educational institutions, government entities and ministries, operators within the destination, and other sister giga projects, he said.
An excellent example is the company’s collaboration with KAUFT, aviation regulator SACA, and airport operator Daa International, where students prepare for hospitality and airport studies to fill the increasing demand for skilled professionals at the Red Sea Airport. “This program is the first of its kind,” Al-Aseri said.
In addition, the program supported establishing a new hospitality school in Bunyan, a training academy at King Abdullah Economic City where future hoteliers study the essentials of luxury hospitality. The program is conducted in a state-of-the-art facility and is accredited by École hôtelière de Lausanne.
The company’s alliance with HIWPT offers three distinct technical tracks in collaboration with ACWA Power, a strategic partner in powering the project with renewable energy only.
“We believe TRSDC’s vocational training students will serve as catalysts in running the groundbreaking luxury, regenerative tourism destination, putting Saudi Arabia on the global tourism map and helping it follow its ambitious plans to become a world leader,” Al-Aseri said.
The vocational training program at TRSDC continues to impact the lives of all involved, including students, staff, service providers, future guests, and local communities, as well as the Vision 2030 and the Kingdom as a whole, he concluded.
LONDON: Tensions within the Kuwait Investment Authority have thrust the low-profile firm into the spotlight after it sacked the head of its London investment arm, the KIO, the Financial Times reports.
Last week, the KIA abruptly and without explanation sacked Saleh Al-Ateeqi following a four-year period that saw the KIO embroiled in a series of legal battles with former staff, internal investigations, and hostilities between the London office and its Kuwaiti leadership.
The FT reported that Al-Ateeqi’s management style had “stirred resentment” within the firm, with more than half the 100-strong fulltime team leaving since 2018.
Describing his leadership as “polarizing,” the newspaper cited supporters saying he had “shaken up a sleepy organization” that had not changed for decades, but others described a working environment plagued by bullying.
One employee said: “The culture has drastically changed. In six months of arriving, (Al-Ateeqi) started wielding the axe and it hasn’t been the same place since. The culture is awful.”
It is unlikely that tensions will recede in the near term, with Al-Ateeqi having filed a legal complaint in Kuwait against not only the head of the KIA but also the finance minister for not sacking a member of the KIO’s strategy team, Yanni Legbelos.
The complaint, filed on Tuesday, surrounds Al-Ateeqi’s accusations that Legbelos misrepresented his KIO role with outside parties, and engaged in conflicts of interest and disclosure of state secrets.
Denying the allegations, Legbelos said his former boss was fully aware of his background, with sources noting that the Greek employee had been at the center of tensions between the firm and Al-Ateeqi as the two clashed over culture and leadership within the London office.
In the UK, multiple legal disputes between the KIO and former employees continue, including over the firing of three senior executives for allegedly conspiring to award unapproved pay increases in the interim between his predecessor leaving and Al-Ateeqi taking over.
A High Court case is on hold until employment tribunal proceedings, brought by the former employees, have been concluded.
HOUSTON: Chevron Corp. posted its biggest quarterly earnings ever on Friday, built on strong fuel margins and high prices for natural gas and oil, and boosted its share buyback target, according to Reuters.
The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share, more than triple the $3.1 billion, or $1.60 per share, in the same period last year.
Chevron’s ramped-up share buyback plan follows those of other oil majors, including European giants TotalEnergies and Shell, which this week increased buybacks to satisfy investors looking for bigger returns.
“We think we can do it all,” Chevron’s Chief Financial Officer Pierre Breber told Reuters. “Grow the dividend to investors, grow traditional and new energy, pay down debt, and buy back shares.”
Energy demand rebounded sharply in the last 12 months, but high prices for both fuel and natural gas are hitting consumers worldwide. Global economic figures show several economies are starting to slow, with potential for demand destruction.
Chevron’s average US sales price for a barrel of crude oil and natural gas liquids was $89 in the quarter, up from $54 a year earlier.
The international sales price for crude was $102 per barrel, up from $62 a year earlier.
The results from Chevron and US rivals are likely to draw fire from the White House and other politicians who say oil companies are gouging consumers with high fuel prices as they rake in record profits.
Fuel prices have risen sharply due to a combination of pandemic closures, sanctions on Russia and export quotas in China that have reduced refining capacity.
Chevron increased the top end of its annual share repurchase guidance range to $15 billion from $10 billion. Analysts from large financial firms were not expecting an expansion of the buyback program this soon after it raised its guidance in May to the top end of its $5 billion-$10 billion range.
“The increased buyback pace to $15 billion from $10 billion is a positive surprise, while the balance sheet continues to strengthen,” said Phillip Jungwirth, an analyst with BMO Capital Markets.
The company has also been using its earnings to cut its debt ratio, which currently stands under 15 percent, below the company’s guidance. The company is not done deleveraging, though. “Over time, if we got to zero net debt, for example, that’s okay. Because over time it will rebalance,” Breber said.
Shares rose 3.7 percent in premarket trading to $155.90.
Chevron has been increasing investments and expanding production in the US, while its global output falls following expiration of concessions in Thailand and in Indonesia.
“We more than doubled investment compared to last year to grow both traditional and new energy business lines,” CEOe Michael Wirth said in a statement.