ISS welcomes its first Saudi astronauts, in private mission
A SpaceX capsule carrying two Saudi astronauts docked with the International Space Station on Monday, as part of a private mission chartered by Axiom Space. Rayyanah Barnawi, a scientist who became the first Saudi woman to go into space, and Ali Al-Qarni, a trained fighter pilot, are the first two people from their country to […]
Saudi’s RCU set to award contract for AlUla Tramway project in coming days
The Royal Commission of AlUla (RCU), the master developer of the historic city of Alula in north-west Saudi Arabia, is expected to award the design, build, and operate contract for the AlUla tramway project within a matter of days, according to a high-ranking official. Amr Salah, Vice President for Infrastructure at RCU, made the announcement […]
Saudi’s SAMA issues instructions for practicing aggregation activity
The Saudi Central Bank (SAMA) announces the issuance of the “Instructions for Practicing Aggregation Activity” as an annex of the “Rules of Licensing Finance Support Activities.” This initiative reflects SAMA’s vital regulatory role and ongoing efforts to advance the finance sector and enable the fintech sector. The instructions aim at setting the minimum standards […]
Saudi Arabia earmarks $5bln investment fund for Bahrain
Minister of Investment Eng. Khalid Al-Falih announced that Saudi Arabia would allocate a specialized investment fund, amounting to about $5 billion, for Bahrain. Addressing the third Saudi-Bahraini Coordination Council meeting in the Bahraini capital of Manama on Sunday, Al-Falih said that discussions were also held on accelerating the Saudi – Bahrain parallel bridge work. […]
Saudi Ma’aden acquires stake in Ivanhoe Electric for $126.5mln
Saudi Arabian Mining Co. (Ma’aden) has finalised an agreement with Ivanhoe Electric Inc. (IE) to purchase 9.9% shares in the company for $126.5 million and form a 50/50 joint venture to undertake one of the largest exploration programmes ever conducted. The deal will provide Ma’aden, through the joint venture, with the means to accelerate the […]
Riyad Capital’s new $133mln fund to launch mixed-use project in Riyadh
Riyad Capital, the investment arm of Riyad Bank, announced on Monday the launch of 500 million Saudi riyal ($133.33 million) Riyadh Real Estate Development Fund – Durrat Hittin in partnership with Al Ramz Real Estate Company. The fund will develop a mixed-use project in Hittin district in Riyadh on a total area of 27,119 square […]
Kuwait Amir receives invitation to 32nd Arab Summit in Saudi
His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah received on Monday a letter of invitation directed towards His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah to attend the 32nd Arab Summit to be held in Jeddah, Saudi Arabia, on May 19. During the reception at Bayan Palace, Saudi Ambassador to Kuwait Prince […]
Saudi Home Loans’ net profits shrink 92.5% in Q1-23
Saudi Home Loans Company (SHL) logged net profits amounting to SAR 2.44 million in the first quarter (Q1) of 2023, lower by 92.44% year-on-year (YoY) than SAR 32.35 million. The earnings per share (EPS) plunged to SAR 0.02 during the first three months (3M) of 2023, versus SAR 0.32 in the year-ago period. Assets edged […]
Saudi: Alujain selects Lummus technology for propylene plant
Saudi Arabia’s Alujain National Industrial Co has selected Lummus Technology’s C3 Catofin propane dehydrogenation (PDH) technology for its new propylene plant in Yanbu, Saudi Arabia. This is the first time Alujain will licence Lummus’ PDH technology at its Yanbu complex. Lummus Technology is a global provider of process technologies and value-driven energy solutions. “We are […]
KPM Engineering revenue grows on big Saudi projects win
Global multidisciplinary engineering company, KPM Engineering (KPM) has announced that it has achieved a record year in 2022 with a 100 per cent increase in revenue growth across the business. The company secured 6 million sq ft of projects in Saudi Arabia, with 30% of all the organisation’s GCC projects based in the kingdom last […]