Saudi solutions eyes 40% ownership in MENA-focused Devoteam
Arabian Internet and Telecommunication Services Company (solutions) penned a binding offer with France-based Devoteam SAS and ORTLL Investment Limited to acquire a 40% stake in Devoteam Middle East (DME). In a bourse filing, the Tadawul-listed firm highlighted that the enterprise value stands at AED 726.30 million, equivalent to nearly SAR 741.70 million, on a cash-free […]
Saudi SCOPA and Airbus agree to produce helicopters in the kingdom – SCOPA CEO
Saudi defence company SCOPA Industries and Airbus have signed an agreement to jointly produce civil and military helicopters in the kingdom, SCOPA CEO Fawaz Alakeel told Saudi state TV on Monday. The deal was announced on the sidelines of a Saudi-French investment forum being held during a visit by Saudi Arabia’s Crown Prince Mohammed […]
Al Babtain Power’s board proposes 50% capital increase
Al Babtain Power and Telecommunication Company announced the board’s recommendation to raise the capital by 50% to SAR 639.46 million from SAR 426.31 million. The raise transaction will be carried out through the capitalization of SAR 213.15 million from the retained earnings account and granting one bonus share for every two owned shares. In a […]
Saudi’s Knowledge Economic City signs development pact with China Gezhouba Group
Saudi Arabia’s Knowledge Economic City (KEC) has signed a framework agreement with China Gezhouba Group International Engineering Company (CGGC) to support the development of the Saudi company’s projects. Under the six-month agreement, CGGC will cooperate in the engineering, procurement, and construction (EPC) phase for KEC projects, such as Hub Residence, Al-Alya mixed-use project, and South […]
Saudi Almarai’s unit Beyti targets $323mln sales in 2023
Beyti, a subsidiary of the Saudi Almarai Company, aims to generate sales of up to EGP 10 billion by the end of 2023. Tamer Naguib, Chief Commercial Officer (CCO) at Beyti, made the remarks in a press statement on 18 June, according to the Middle East News Agency (MENA). Naguib stated that the company […]
Haramain high-speed railway offers exceptional services to pilgrims
The Haramain High-Speed Railway (HHR) is one of the top 10 fastest electric-rail trains worldwide, running at 300 Km/h and playing a key role in the development and expansion of Saudi Arabia’s railway network. The HHR links the two holy cities of Makkah and Madinah, to meet the growing demand of domestic and foreign […]