Apple Inc. unveiled the iPhone 13 and a new iPad mini on Tuesday, expanding 5G connectivity and showing off faster chips and sharper cameras without raising the phone’s price.
The Cupertino, California-based company did not announce any blockbuster features or products, but analysts expect customers hanging onto older models like the iPhone X will be eager to upgrade. To encourage trade-ins, participating wireless carriers are offering incentives ahead of the year-end holiday season that to make the new phones free to some customers.
The iPhone 13 will have a new chip called the A15 Bionic that enables features like automatically translating text. The phone also has a better display, longer battery life and a Cinematic mode for automatically changing focus while taking videos. Apple said the iPhone 13 will have custom 5G antennas and radio components for faster speeds and will come in five colors.
The phone will start at $699, and participating wireless carriers will offer up to $700 off for qualifying trade-ins. The iPhone 13 Pro starts at $999 and the Pro Max starts at $1,099, with trade-in offers of up to $1,000. All three models will be available Sept. 24.
The prices are unchanged from last year, but some carriers such as AT&T Inc. will offer the devices for no additional charge with subsidies of up to $1,000 if customers trade in a previous model and sign up for an installment plan.
Verizon Communications Inc. and T-Mobile US Inc. offered similar deals but with slightly lower subsidies up to $700. The biggest subsidies will go to customers who turn in iPhone 11 and iPhone 12 models.
Ben Bajarin, head of consumer technologies at Creative Strategies, said he expects those aggressive subsides will increase as Apple and carriers try to hold onto customers.
“That offer is unique to Apple, and it’s a strength they have to keep these sales cycles going for them and for the carriers,” Bajarin said.
The iPhone is Apple’s most important product, but Apple has rolled out a web of service and other products that are seen as locking customers into a system they enjoy — and would find expensive to leave.
The Series 7 smart watch will feature a larger display and faster charging. It will start at $399 and be available later this autumn.
The company also updated its iPad Mini with 5G connectivity and a reworked design that makes it look like the higher-end iPad Air and Pro models. Bob O’Donnell, head of TECHnalysis Research, said the small tablet was Apple’s most surprising announcement and could lure in customers who want a device with 5G that can handle more powerful apps than a phone.
“I don’t think it replaces any other device, like we’ve seen Apple try to position some of the bigger iPads as PC replacements,” O’Donnell said.
The new iPad Mini’s price rose by $100, but it also added new capabilities like compatibility with the company’s Apple Pencil and a faster chip than the larger-screened base model iPad, bucking a trend of smaller screens being cheaper. Apple showed the Mini in use by professionals like doctors.
Apple also updated its base-model iPad with a new camera. The new iPad will start at $329 and the Mini at $499. Both will be available next week.
Apple shares closed down about 1 percent, a sharper fall than a slight downturn in broader markets.
“It seems like there’s nothing really revolutionary announced, but of course, as usual, they announced enough improvements to at least generate some enthusiasm among consumers,” said Rick Meckler, partner at family investment office Cherry Lane Investments.
Apple’s biggest product launch of the year comes as some of the shine has come off its stock as business practices such as charging software developers commissions on in-app payments have come under regulatory scrutiny.
Apple shares were up about 11.6 percent year to date as of Tuesday’s close, trailing the Nasdaq Composite Index, which was up 16.7 percent over the same period.
Kim Forrest, founder and chief investment officer at Bokeh Capital, said she was not concerned by the lack of splashy, unexpected products, since Apple’s upgrades would keep customers. “I think the consumer, once it gets the Apple chip in its head, it’s very hard to dislodge,” she said.
The Apple Watch has become a cornerstone of its $30.6 billion accessories segment, which was up 25 percent in Apple’s most recent fiscal year even as its iPhone revenue declined slightly. Analysts widely believe that Apple users who buy more than one product — such as an Apple Watch and iPhone — are more likely to stick with the brand and spend on the company’s apps and services.
Apple focused on fitness features such as improving how the watch tracks bicycling workouts and dust protection for hiking. The watch is paired tightly with Apple Fitness+, a paid service offering guided workouts with Apple instructors. The company added pilates, skiing-oriented workouts and group workouts.
Shares of exercise bike and online training company Peloton were down about 1.6 percent.
Apple’s new iPhone 13 touts faster 5G, sharper cameras to spur trade-ins
https://arab.news/9m8r9
Apple’s new iPhone 13 touts faster 5G, sharper cameras to spur trade-ins
- Analysts expect customers hanging onto older models like the iPhone X will be eager to upgrade
Oil Updates — prices climb $1 as US court blocks Trump tariffs
SINGAPORE: Oil prices rose by about $1 a barrel on Thursday after a US court blocked most of President Donald Trump’s tariffs, while the market was watching out for potential new US sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.
Brent crude futures climbed $1.03, or 1.6 percent, to $65.93 a barrel. US West Texas Intermediate crude advanced by $1.06, or 1.7 percent, to $62.90 a barrel at 08:30 a.m. Saudi time.
A US trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from US trading partners. The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminum using a different statute.
The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the Trump administration has said it will appeal.
“But for now, investors get a breather from the economic uncertainty they love to loathe,” said Matt Simpson, an analyst at City Index in Brisbane.
On the oil supply front, there are concerns about potential new sanctions on Russian crude. At the same time, the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, could agree on Saturday to accelerate oil production hikes in July.
“We’re assuming the group will agree on another large supply increase of 411,000 barrels per day. We expect similar increases through until the end of the third quarter, as the group increases its focus on defending market share,” said ING analysts in a note.
Adding to supply risks, Chevron has terminated its oil production and a number of other activities in Venezuela, after its key license was revoked by the Trump administration in March.
Venezuela in April canceled cargoes scheduled to Chevron citing payment uncertainties related to US sanctions. Chevron was exporting 290,000 barrels per day (bpd) of Venezuelan oil or over a third of the country’s total before that.
“From May through August, the data points to a constructive, bullish bias with liquids demand set to outpace supply,” Mukesh Sahdev, Global Head of Commodity Markets at Rystad Energy, said in a note, as he expects demand growth outpacing supply growth by 600,000 to 700,000 bpd.
Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute (API) and the Energy Information Administration, the statistical arm of the US Department of Energy.
According to the market sources familiar with the API data, US crude and gasoline stocks fell last week while distillate inventories rose.
Meanwhile, a wildfire in the Canadian province of Alberta has prompted the temporary shutdown of some oil and gas production which could reduce supply, and forced residents of a small town to evacuate.
OPEC+ moves to set 2027 production baselines
RIYADH: OPEC+ announced on Wednesday that it will establish a framework to determine new oil production baselines for 2027, marking a significant step in its long-term planning, said an official statement.
The alliance — comprising the Organization of the Petroleum Exporting Countries and partners including Russia—has been negotiating revised production baselines for several years. These baselines serve as reference points from which member states adjust their output levels.
According to the statement issued following the group’s meeting, said it had tasked the OPEC Secretariat with developing a mechanism to assess each country’s maximum production capacity. These assessments will form the basis for 2027 production targets across all member nations.
Since 2022, the group has implemented three tiers of output cuts. Two remain in place through the end of 2026, while the third is being gradually phased out by eight participating countries. No changes were made to the group’s current production policy at Wednesday’s session.
Due to the sensitive nature of the discussions, all sources spoke on condition of anonymity.
The 2027 baselines, once finalized, are expected to guide production policy after the current round of cuts expires.
Oil prices, which dipped below $60 per barrel in April—the lowest level in four years—following OPEC+’s decision to accelerate May output and amid trade tensions triggered by US tariffs, have since rebounded to around $65.
Saudi Arabia launches advanced manufacturing center to boost industrial innovation
JEDDAH: Saudi Arabia has launched the Advanced Manufacturing and Production Center, a key initiative aimed at accelerating the Kingdom’s industrial transformation through the adoption of advanced technologies and sustainable practices.
Unveiled on May 28, the center is set to play a central role in promoting efficiency, flexibility, and growth within the manufacturing sector. It will utilize technologies associated with the Fourth Industrial Revolution to localize production and enhance Saudi Arabia’s competitiveness on the global stage.
The initiative also supports strategic industries while aligning with the objectives of Saudi Vision 2030, the country’s long-term plan to diversify its economy. A major focus is encouraging private sector collaboration to speed up the integration of emerging technologies into industrial operations.
The launch supports the National Industrial Strategy, introduced in October 2022, which aims to increase the number of factories in the Kingdom to approximately 36,000 by 2035. The strategy is designed to attract investment, scale up local production, and strengthen non-oil exports.
The Ministry of Industry and Mineral Resources is overseeing several projects to advance the Kingdom’s industrial and logistical infrastructure, positioning Saudi Arabia as a key player in global manufacturing and trade.
“Adopting the latest industrial technologies raises the efficiency of our industrial sector and enhances its competitiveness regionally and globally,” said Khalil bin Ibrahim bin Salamah, deputy minister of industry and mineral resources for industrial affairs, in a post shared by the ministry on X.
In an accompanying video, the ministry reiterated the center’s significance in meeting national goals: “The Advanced Manufacturing and Production Center opens doors to industrial investment opportunities and stimulates the sector to adopt new manufacturing technologies within industrial facilities.”
The center is supported by several initiatives and programs, including the Future Factories Program, which aims to modernize 4,000 factories across the Kingdom. The FFP focuses on integrating advanced manufacturing systems to boost efficiency and build more resilient supply chains—particularly in critical sectors such as food and petrochemicals.
According to its official website, the center serves as a hub for industrial innovation, providing consultancy services, training, and technological solutions. It is dedicated to fostering sustainability and competitiveness across the manufacturing sector.
Through these efforts, the center is expected to significantly contribute to Saudi Arabia’s Vision 2030 goals by localizing high-tech capabilities, attracting investment, and advancing the industrial sector’s role in the nation’s economic diversification.
Closing Bell: Saudi main index rises to close at 11,052
RIYADH: Saudi Arabia’s Tadawul All Share Index advanced on Wednesday, closing higher by 127.58 points, or 1.17 percent, to reach 11,052.76, reflecting broad market optimism.
Trading activity remained robust, with a total turnover of SR4.57 billion ($1.21 billion). Of the listed stocks, 202 posted gains while 44 declined.
The Kingdom’s parallel market, Nomu, also recorded gains, rising 340.91 points, or 1.28 percent, to close at 26,932.95. The market saw 48 advancing stocks against 34 decliners.
Meanwhile, the MSCI Tadawul 30 Index climbed 15.12 points, or 1.08 percent, ending the session at 1,413.70.
Fawaz Abdulaziz Alhokair Co. emerged as the session’s top performer, with its share price jumping 5.77 percent to SR16.50.
Ataa Educational Co. and Kingdom Holding Co. followed closely, gaining 5.46 percent and 5.22 percent to close at SR61.80 and SR8.66, respectively.
On the downside, United Carton Industries Co. registered the steepest decline, falling 4.87 percent to SR46.85. Banan Real Estate Co. dropped 2.4 percent to SR4.48, while Nama Chemicals Co. slipped 1.78 percent to SR27.55.
On the announcements front, Saudi AZM for Communication and Information Technology Co. disclosed it has submitted a request to transfer its listing to the main market.
Additionally, the initial public offering for Flynas Co. began on May 28 and will conclude on June 1. The offering is priced at SR80 per share, with a retail tranche comprising 10.25 million shares. According to a statement, BSF Capital is the lead manager.
Alkathiri Holding Co. announced that its subsidiary has signed a 50-year lease agreement valued at SR143 million with the Asir Region Municipality to develop a commercial and hospitality project in the city of Abha.
According to a statement published on the Saudi stock exchange, the project will feature a four-star hotel with a capacity of 180 keys, alongside retail and entertainment facilities. The development aims to boost tourism and enhance commercial services in the Asir region.
The lease will officially begin upon the land handover by the Investment Committee of the Asir Region Municipality.
Shares of Alkathiri Holding closed Wednesday’s trading session at SR2.06, marking a 1.96 percent gain.
In a separate disclosure, Mufeed Co. announced that its board of directors has recommended to the ordinary general assembly the transfer of its statutory reserve balance — totaling SR3.49 million, as reported in the financial statements for the year ended Dec. 31, 2024 —to retained earnings.
Saudi Arabia’s Asir region revitalizes 95% of stalled projects
- Asir is a vast region in the Kingdom with a population exceeding 2 million people
- Interest from global players seeking early opportunities in the region’s evolving landscape has grown
ABHA: Saudi Arabia’s Asir region has successfully revitalized 95 percent of its previously delayed project, an important milestone that is strengthening investor confidence as the region moves forward with SR29 billion ($7.73 billion) worth of initiatives across various sectors.
In an interview with Arab News, Hashim Al-Dabbagh, CEO of Asir Region Development Authority, stated that a dedicated committee, chaired by Asir Gov. Prince Turki bin Talal, was formed several years ago to tackle long-standing investment challenges that had stalled progress in the region.
“The total number of cases that have been brought to this committee to address has been 63, all brought to the table,” Al-Dabbagh said.
He continued: “Of these 63 cases that have been brought to this committee to address and to solve, 60 cases have been solved, and three are in the pipeline right now, and they’re working on them, and they’re going to solve them relatively soon.”
Of the 60 resolved, 57 were concluded with outcomes that satisfied investors, reflecting a resolution rate of nearly 95 percent.
“This committee and the work that they have done has created some very positive vibes across the investment ecosystem in Saudi Arabia, which you sense in this forum because there are some very large investors that are coming to Asir, some coming back to Asir which had not been interested in this region in the past,” Al-Dabbagh said.
The board operates in collaboration with various public and private entities, including ASDA, the Ministry of Investment, the Ministry of Tourism, the Tourism Development Fund, and King Khalid University, ensuring a unified approach to accelerating investor activity in the region.
This resolution mechanism plays a key role in supporting the region’s development strategy, which focuses on unlocking investment potential across various sectors.
“First of all, we have a strategy that drives everything that we are doing,” Al-Dabbagh said.
He added: “The strategy has been approved by the center of government, and it says that Asir should be a year-round preeminent destination, so already we know that we need to focus on the tourism sector and complementary and adjacent sectors to the tourism sector. That’s one, and that gives us a lot of momentum in working with the government ecosystem and the private sector.”
Al-Dabbagh emphasized that Asir is more than just a tourism destination, noting that it is a vast region in the Kingdom with a population exceeding 2 million people.
“Within the Asir Development Authority, we have a whole department called Economic Development Department, and they are working diligently this year on sectoral studies across the board.”
He added: “This includes, obviously, tourism-related sectors, but also other ones, so just as an example, we are looking at sports, we are looking at construction. We’re looking at fisheries and agriculture. We’re looking at renewable energy. We’re looking at mining among other sectors.”
The authority is also aligning its economic strategy with educational institutions to ensure the region’s workforce is equipped to meet the demands of upcoming sectors.
“We are working closely with King Khalid University, the TVTC (Technical and Vocational Training Corp.), Bishop University, and other educational institutions to align the strategies and to make sure that their graduates are able to find jobs in the opportunities that are going to be realized as we realize this strategy,” he said.
On attracting investments, Al-Dabbagh stated: “What I call the investment ecosystem in Asir, it’s the framework that we use to assess investments, is comprised of three components. The first component is the Invest in Asir committee, and that’s headed by Prince Turki in his capacity as the chairman of the Aseer Development Authority and includes all the public and private sectors.”
He explained that the region offers a compelling opportunity for early movers due to its untapped potential, strategic government backing, and the ability to enter key sectors before they reach full maturity, providing investors with a critical advantage in shaping long-term development.
“Asir relative to those mature, tourism destinations, offers relatively less mature areas, so when they’re coming in, they’re coming in early and they’re going to have a ... not a first mover advantage, but an early mover advantage compared to people that are going to see this place for five years or 10 years down the road when all these incumbents are already on the ground.”
Attracting FDIs
Foreign direct investment is also gaining momentum in Asir, with growing interest from global players seeking early opportunities in the region’s evolving landscape.
“One of the speakers in today’s forum was Fatih (who is managing partner of FTG Development), and they are looking at an investment worth billions in Asir. That is just one example, and foreign direct investors, they look for successful local investors to partner with,” Al-Dabbagh said.
He concluded: “Our doors are open. We’re very happy to meet with the investors from anywhere.”
