Savola switches to Fri-Sat weekend
Jeddah, April 28, 2013
Leading Saudi Arabia-based food conglomerate Savola Group has announced plans to shift its weekend from Thursday-Friday to Friday-Saturday starting from the second half of 2013.
This will help facilitate communication and co-ordination between the Group and its subsidiaries inside and outside the Kingdom, including markets such as Egypt, Morocco, Sudan, Algeria, Jordan, UAE, Turkey and Kazakhstan, said a statement from Savola.
This change will also provide the advantage of having additional number of working days matching with the working days of these countries and its financial institutions, it stated.
Commenting on the move, Group managing director Dr Abdulraouf M. Mannaa said, “This step is compatible with working days in most of the countries we operate in, which enhances effective communication with regional and international markets, financially, commercially and economically."
"This would enable the Group to take advantage of a greater number of international working days in the week," he added.
Savola Group operates in three core sectors: the Food Sector, which includes edible oils, sugar and pasta, the Retail Sector through Azizia Panda supermarkets and hypermarkets, and the Plastics Sector, which manufactures both rigid and flexible plastic products.
In addition, the Group has a diversified portfolio of strategic investments in which it owns 36.6 per cent of Al-Marai fresh dairy company, 49 per cent of Herfy foods and restaurant chain, and 29.9 per cent of Kinan International Real Estate.
The Savola Group is also one of the founders of Knowledge Economic City in addition to its shareholdings in major companies and other investments portfolios.-TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Johnson Controls, Hitachi in AC venture
- OICT installs nextgen cranes at Sohar Port
- Saudi petchem giants eye share-swap merger in 2014
- Expo focus on UAE manufacturing sector
- Abu Dhabi port sets container throughput record
- Alba unit to mark HSE week
- Mideast air freight growth up 12.3pc
- Tycoon Sawiris announces $1bn Egypt investment
- Drydocks to build giant jack-up rigs in Dubai
- iMENA unveils big Saudi investment plans