BRI: China and Saudi Arabia to cooperate on 7 projects worth $1bln
Seven China-Saudi Arabia cooperative projects worth $1 billion were signed at the sidelines of the first China-Gulf Cooperation Council (GCC) summit held recently in Riyadh, Saudi Silk Road Industrial Service (SSRIS) said in a press statement. The agreements focusing on automobile manufacturing, new materials, intelligent equipment, and food sectors were signed at an investment conference […]
Hilton plans to grow its Saudi portfolio to 75 hotels
Hilton has announced a strategic partnership with the Saudi Tourism Development Fund (TDF), as well as agreements with several public and private developers for new hotels in destinations across Saudi Arabia during the recent World Travel & Tourism Council (WTTC) Global Summit in Riyadh. In the coming years, Hilton expects to grow its portfolio to […]
Saudi inflation rate eases to 2.9% in November
Saudi Arabia’s annual inflation rate eased to 2.9% in November from 3% in October, government data showed on Thursday, with price rises driven mainly by housing costs. Consumer prices increased slightly by 0.1% compared to October, Saudi Arabia’s General Authority for Statistics said. Housing rents rose by 5.4%, pushing the overall increase in housing, […]
Roshn acquires Riyadh Front, boosts footprint in Saudi capital
Roshn, a leading Saudi real estate developer powered by Public Investment Fund (PIF), has expanded its footprint in the capital by acquiring Riyadh Front’s shopping and business areas, located adjacent to its flagship development, Sedra. The purchase of existing commercial and retail space from Riyadh Front Company is a first for Roshn, and the latest […]
Saudi Arabia imports 12.4mln mobile devices in 2021
The size of the importing mobile communications devices market in Saudi Arabia exceeded SR20 billion in 2021, as 12.4 million devices have been imported, the Communications, Space and Technology Commission revealed. The statistics report issued by the commission clarified that among more than 53 million devices connected to the network, thre are 40 million smartphones. […]
Saudi’s Red Sea International bags $51mln contract to build housing complex in Al Ula
Red Sea International Co. has signed a contract with the Royal Commission for Al Ula (RCU) to develop an integrated housing complex in AlUla for 192.01 million Saudi riyals ($51.06 million), the company said in a statement published on the Saudi stock exchange. The 12-month contract includes the design, construction, supply and installation of modular, […]
Solutions pens $36.71mln deal with Saudi Telecom Company
Arabian Internet and Telecommunication Services Company (solutions) penned a SAR 138 million deal with Saudi Telecom Company (stc) on 8 December 2022. stc will provide solutions’ customers with normal and gold bulk-SMS service by connecting the latter’s devices to the short message service center (SMSC) of stc, according to a bourse filing. The 12-month agreement […]
Saudi-listed SABIC to pay 20% cash dividend for H2 2022
Saudi Basic Industries Corporation has announced a cash dividend of 20%, or SAR 2 per share, for the second half of 2022, the petrochemicals major said in a statement to the Saudi stock exchange. The company will pay 6 billion Saudi riyals ($1.60 billion) in dividends for H2 2022 to shareholders on April 2, 2023. […]
NWC to start work on $1.1bln Saudi desalination projects
Saudi Arabia’s National Water Company (NWC) is set to start work on a range of water desalination projects worth more than SR4.3 billion ($1.1 billion) covering key regions of Dammam, Al Khobar, Al Ahsa and Qatif. The project scope includes implementation of more than 316 km of conveyor and main lines, and the construction of […]
OPEC sticks to 2022, 2023 oil demand growth forecasts after downgrades
OPEC on Tuesday stuck to its forecasts for global oil demand growth in 2022 and 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-COVID policy. Oil demand in 2023 will rise by 2.25 million barrels per day (bpd), […]