From F1 to CR7, oil-rich Saudi Arabia’s sports shopping spree
Al Nassr’s surprise capture of football superstar Cristiano Ronaldo is the latest in a string of high-profile sports acquisitions by oil-rich Saudi Arabia. The conservative Gulf monarchy is attempting to attract foreign interest as it diversifies its economy away from oil. Here are some of the moves that have turned Saudi Arabia into a major […]
Riyadh Season 2022 visitors exceeds 10mln in less than 3 months
The number of visitors of Riyadh Season 2022 have exceeded 10 million in less than 3 months. The huge event under the slogan “Beyond Imagination” has successfully managed to attract the visitors of all ages, from inside Saudi Arabia and abroad the Kingdom, through its various activities which kicked off on Oct. 21, 2022. The […]
Saudi Cable’s board mulls over 519.5% capital hike
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 519.61% capital hike, the Saudi firm aims to reduce the […]
Saudi Railway Company: Over 4.1mln passenger transported in 2022
The Saudi Railway Company (SAR) announced that it has transported more than 4.1 million passengers during 2022, recording an increase of 100% compared to 2021, of whom, 1.35 million pilgrims were transported through the Al Mashaer train. In regard of cadres’ development, SAR said that the percentage of Saudization reached 87%, and the training hours […]
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, […]