Amak obtains exploration licence from Saudi government
The Saudi Ministry of Industry and Mineral Resources has licensed Almasane Alkobra Mining Company (Amak) to explore gold, zinc, and copper in Aseer province. Under the licence that was issued on 2 January 2023, Amak will explore an area of 20.67 square kilometres in Dhahran Al Janub, according to a recent bourse filing. Meanwhile, […]
Alsaif Gallery, Jahez launch expansion plans in Gulf
Al Saif Stores for Development and Investment Company (Alsaif Gallery) and Jahez International Company for Information System Technology unveiled plans to expand their business in Kuwait and across the GCC. Alsaif Gallery rented two branches in Kuwait to be inaugurated during the first quarter (Q1) of 2023 and Q2-23, respectively, according to a bourse […]
Halwani Bros obtains nearly $61.6mln funding from Al Rajhi Bank
Halwani Bros Company has secured SAR 230.83 million total funding from Al Rajhi Bank after it penned an amendment of existing Sharia-aligned compliant financing agreement with the lender to endorse the working capital and reduce finance costs. The funding includes SAR 210 million allocated for the working capital until the end of July 2023. […]
Saudi cement demand likely to remain flat in 2023 – report
Saudi Arabia’s cement demand is expected to remain flat in 2023 but grow five percent year-on-year (YoY) in 2024, SICO Bank said in a new report on the cement sector. The growth in cement demand will be led by boom in construction activity in the tourism sector and by the hosting of international events with […]
Saudi Home Loans unveils $217mln facilities from ANB, Riyad Bank
Saudi Home Loans Company (SHL) obtained loans worth SAR 815 million from Arab National Bank (ANB) and Riyad Bank on 4 January 2023, according to bourse disclosures. In the line with its strategic future plans, the firm will use the proceeds of the investments to enlarge its sales volume through newly originated loans to its […]
Saudi’s Jahez completes acquisition of Marn Business
Jahez International Company for Information System Technology has fully acquired Marn Business Information Technology Company’s shares at a value of SAR 60 million. Jahez concluded the transaction on 4 January 2023 after fulfilling all the required procedures and obtaining the regulatory approvals, according to a bourse disclosure. The Tadawul-listed company pointed out the acquisition […]
South Korean auto giant Hyundai signs MoU to build assembly plant in Saudi Arabia
Saudi Arabia’s Ministry of Industry and Mineral Resources signed a memorandum of understanding (MoU) with South Korea’s Hyundai Motor Company to build an assembly plant based on CKD [Completely Knocked Down] system for electric and internal combustion engine cars in the Kingdom, state-owned SPA news agency reported. The MoU aims to strengthen joint cooperation in […]
Saudi Tadawul Group unveils 2 new key appointments
Saudi Tadawul Group Holding Company has named Sarah Al Suhaimi as the new Chairperson of the board for the coming three years. The firm also appointed Yazeed Al Humied as the Vice Chairperson, according to a bourse disclosure. Meanwhile, the two officials assumed their roles for the current board term that began on 2 January […]
Saudi Cable’s board mulls over 419.5% capital hike; reduction proposal cancelled
The board of Saudi Cable Company recommended to increase the company’s capital to SAR 346.72 million from SAR 66.72 million by offering priority rights shares. The number of shares will reach 34.67 million shares, compared to 6.67 million shares prior to the raise. Through the 419.61% capital hike, the Saudi firm aims to reduce the […]
NCM upgrades rain alert to warning in Makkah, Madinah and Al-Baha regions
The National Center of Meteorology (NCM) on Tuesday raised the rain status alert and thunderstorms to “warning” in the regions of Makkah, Madinah and Al-Baha. The alert is considered a warning from thunderstorms accompanied by heavy rains and activity in surface winds, high waves, in addition to hail and torrential flow, as it would also […]