GCCIA strikes MoU with Royal Commission for Jubail and Yanbu
Gulf Cooperation Council Interconnection Authority (GCCIA) and the Royal Commission for Jubail and Yanbu (RCJY) have signed a Memorandum of Understanding (MoU) in order to bolster collaboration frameworks, promote shared standards, and encourage the exchange of expertise. The MoU marks a significant step towards fruitful partnership in various fields, including industry, development, strategy, academia, science, […]
ACWA Power signs MoU to allocate land for 10 GW wind project in Egypt
ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide, has signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) in order to allocate land for a 10 GW wind project in Egypt. The MoU allocates approximately 3,000 square kilometers of […]
Chapman Taylor unveils design for Jeddah mixed-use project
Chapman Taylor, a key architect and masterplanner, has unveiled the design for Porta Jeddah, a mixed-use development coming up in the Saudi port city on a 150,000-sq-m gross building area. On completion, the project, which is being developed by Saudi developer Al Akaria, is set to become an iconic landmark for Jeddah, featuring a wide […]
First Mills posts higher profits in Q1-23 initial financials
First Milling Company (First Mills) logged net profits after Zakat and tax amounting to SAR 73.75 million in the first quarter (Q1) of 2023, up 1.80% from SAR 72.45 million in Q1-22. Revenues climbed by 5.44% to SAR 255.54 million as of 31 March 2023 from SAR 242.36 million a year earlier, according to […]
Banan Real Estate eyes listing on TASI
The board members of Banan Real Estate Company agreed, on 4 July, to transfer the company’s shares from the Parallel Market (Nomu) to the main market All Share Index (TASI). Banan Real Estate appointed AlDukheil Financial Group as a financial advisor for the proposed transition, according to a bourse disclosure. Meanwhile, the upgrading process is […]
Saudi and Kuwait claim gas field eyed by Iran
Saudi Arabia has said it enjoys “full rights” along with Kuwait to a disputed gas field in the resource-rich Gulf, pushing back against claims by Iran, state media reported late Tuesday. The field, known as Arash in Iran and Dorra in Kuwait and Saudi Arabia, falls under “joint ownership between the Kingdom of Saudi Arabia […]
China’s SUPCON bags automation contracts in Saudi and Kuwait
Shanghai-listed process automation company SUPCON announced on Tuesday that it has bagged three automation contracts in the Gulf region. The company said in a press statement that it has been awarded a Workforce & Assets Tracking Solution Project by International Maritime Industries (IMI), the largest full-service shipyard in the MENA region powered by Aramco, Bahri, […]
Saudi Arabia, Kuwait, exclusively own gas-rich maritime “divided area” – SPA
Saudi Arabia and Kuwait exclusively own natural wealth, including Durra gas field, in the Gulf’s maritime “Divided Area”, Saudi state news agency SPA said on Tuesday citing the foreign ministry. The Kingdom also renewed its call to Iran to start negotiations with Riyadh and Kuwait on the demarcation of the eastern border of the area, […]
Emaar The Economic City sells asset to several parties including PIF unit
Emaar The Economic City announced the sale of an undeveloped industrial plot to four parties, of which one is a subsidiary of Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF). The other three parties are Dar Al Himmah Projects Co. Ltd., Zamil Group Real Estate Company, and Abdullah Ibrahim Alkhorayef Sons Company. The […]
Gas Arabian Services receives order from Ma’aden for Aramco’s station
Gas Arabian Services Company has received a purchase order from Saudi Arabian Mining Company (Ma’aden) to upgrade the gas metering station of Saudi Arabian Oil Company (Aramco). The contract value stands at SAR 38.65 million, excluding the value-added tax (VAT), according to a bourse disclosure. Gas Arabian Services noted that the engineering, procurement, and […]