Saudi Arabia to re-tender two 3.6GW power projects
Saudi Power Purchasing Company (SPPC) has announced plans to re-tender two independent power projects in the kingdom – Taiba IPP and Qassim IPP – each with a 3.6GW capacity. According to SPPC, all the previous qualified developers will automatically be included for the new projects while other interested participants can submit their bids. The requests […]
Saudi: Al-Fadhli approves plan to increase agricultural production in greenhouses
Minister of Environment, Water and Agriculture Eng. Abdulrahman Bin Abdul Mohsen Al-Fadhli, who is also the chairman of the Board of Directors of the Agricultural Development Fund, has approved the expansion plan in the plant resources sector and greenhouses with new investment worth SR4 billion until 2025. This has been made in cooperation with the […]
SPIMACO obtains $239.44mln loans from SABB, Al Rajhi Bank
Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) secured two loans worth SAR 900 million with Saudi British Bank (SABB) and Al Rajhi Bank on 28 December 2022. The two facilities are guaranteed by promissory notes with the total value of the loans in favour of the lenders, according to bourse disclosures. SABB SPIMACO inked […]
Saudi Arabia could become global minerals hub in clean energy race, says expert
Saudi Arabia could be playing a major global role in the supply of precious minerals needed to power the transition to green energy as part of the kingdom’s efforts to reach the net zero carbon emissions goal, said Payne Institute for Public Policy at the Colorado School for Mines in US ahead of the Future […]
Saudi Aramco’s Luberef to start trading this week
Saudi oil giant Aramco’s base oil supplier Luberef will debut on the Saudi Stock Exchange (Tadawul) this week. The company will list and trade its shares on the main market on Wednesday, December 28, with the symbol 2223, Tadawul said. Luberef will have a daily price fluctuation limit of 30% during the first three days […]
Saudi: Bupa Arabia’s shareholders approve 25% capital raise
The shareholders of Bupa Arabia for Cooperative Insurance Company agreed to increase the capital by 25% to SAR 1.50 billion from SAR 1.20 billion. The Tadawul-listed firm will capitalise SAR 300 million from the retained earnings account by granting one bonus share for every four owned shares, according to a bourse disclosure. Meanwhile, […]
Saudi Aramco set to enter Kenya with Valvoline acquisition
Oil giant Saudi Aramco is set to enter the Kenyan market by acquiring US motor oil and lubricants group Valvoline, Business Daily reported. The Competition Authority of Kenya (CAK) has given its approval to Aramco Overseas Company, the investment arm of Saudi Aramco, to acquire the Kenyan operations of VGP Holdings as part of the global […]
Saudi: Edarat Communication mulls 100% capital raise via bonus shares
The board of Edarat Communication and Information Technology Company recommended a 100% capital increase to SAR 12.60 million from SAR 6.30 million, according to a bourse filing. In order to carry out the capital hike transaction, the company will capitalise SAR 6.30 million from the reserves and retained earnings accounts by granting one bonus share […]
Saudi Arabia, Japan sign 15 agreements to boost investments
Saudi Japanese Investment Forum witnessed on Monday the signing of 15 agreements between the two countries, according to Minister of Investment Khalid Al-Falih. The agreements included memorandums of understanding in the fields of artificial intelligence (AI), sports, finance, banking, polyester recycling, agriculture, food, industry, manufacturing, trade, energy, digitization, smart cities and personalization. On the sidelines […]
Saudi developer Ajdan inks villa development agreement with ROSHN
Saudi Arabia-based Ajdan, the developer behind the Ajdan Waterfront in the Kingdom’s Eastern Province, has signed an agreement with the Public Investment Fund-backed giga-project developer ROSHN to sub-develop over 270 villas within SEDRA mixed-used community in Northeast Riyadh. The agreement covers the development of a total of 80,754 square metres of land within Sedra’s prime […]