Saudi Fund for Development to finance oil derivatives of $1 billion for Pakistan
The Saudi Fund for Development on Thursday announced it had signed a deal with Pakistan’s economic affairs ministry to finance oil derivatives amounting to $1 billion for the South Asian country. Pakistan has been facing a tough economic situation amid dwindling forex reserves and rapidly depreciating national currency. The country’s credit ratings were downgraded […]
Angola open to mining and infrastructure cooperation with Saudi Arabia: Ambassador
Angola is ready to work with Saudi Arabia in the field of mining as the African country looks to excavate minerals including copper, nickel and lithium, according to its ambassador. Speaking to Arab News on the sidelines of the Future Minerals Forum in Riyadh, Frederico Manuel dos Santos e Silva Cardoso talked up the relationship […]
Saudi: Naqi Water’s shareholders approve $5.33mln dividends for 2 quarters
The shareholders of Naqi Water Company greenlighted the distribution of cash dividends worth SAR 20 million, representing 10% of the capital, for the second (Q2) and third quarters (Q3) of 2022. The Saudi firm will disburse SAR 1 per share on 18 January 2023 for 20 million eligible shares, according to a recent bourse […]
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 […]