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 […]
TARSHID launches energy efficiency project in Kingdom Tower in Riyadh
The National Energy Services Company, TARSHID, and the Trade Center Company, owned by Kingdom Holding, have signed a contract to start the detailed study required for retrofitting the Kingdom Tower in Riyadh and its associated facilities. This aims to increase energy efficiency and reduce energy consumption in the tower, which is one of Riyadh’s […]
SAPTCO signs 5-year public transport contract with Jazan Municipality
Saudi Public Transport Company (SAPTCO) has signed a five-year contract with Jazan Municipality to operate a public transport bus network in Jazan governorate (Jazan, Sabya and Abu Arish). The contract is valued at 93 million Saudi riyals ($24.79 million), the company said in a statement to the Saudi stock exchange on Tuesday. In April, the […]
Saudi Real Estate Refinance Company completes its latest sukuk issuance of $933mln
The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has successfully completed its latest Sukuk issuance of SAR3.5 billion. This marks the sixth tranche under the upsized Saudi-Riyal-denominated 20 billion Sukuk program, guaranteed by the Kingdom of Saudi Arabia through the Ministry of Finance. The latest tranche demonstrates strong […]
Barnawi and Al Qarni make history as their SpaceX capsule docks with space station
About 16 hours after its launch, the Dragon spacecraft carrying the Saudi astronauts Rayyanah Barnawi and Ali Al Qarni successfully docked with the International Space Station (ISS) for an eight-day mission. The duo made history as the first Saudi citizens to visit the orbiting outpost, while Barnawi has become the first Saudi and Arab woman […]