2025 to witness the 1st Saudi e-vehicle
The Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel has confirmed that the year of 2025 will witness the appearance of the first Saudi electric vehicle, with production reaching 150,000 cars annually. Almojel’s confirmation came during an interview with Rotana Khalejeyah, where he stressed that Saudi Arabia has the ability to achieve this […]
Saudi ACWA Power aims to invest $10bln in Egypt: CEO
Egypt has pushed strongly for expanding renewable energy production to reduce greenhouse gases, improve air quality, and enhance opportunities for a gradual transition towards reliance on sustainable energy. The energy sector witnessed a significant expansion in the establishment of several projects to generate electricity from wind and solar power, with the aim of feeding green […]
Saudi Arabia becomes 1st Gulf state to chair UNWTO Executive Council
Saudi Arabia has become the first GCC country to chair the United Nations World Tourism Organization (UNWTO) Executive Council. The election took place at the UNWTO’s 117th Executive Council meeting in Marrakesh, Morocco. The move follows Saudi Arabia’s diplomatic efforts to cooperate on improving the global tourism sector and increasing its resilience. The term for […]
Gulf Investment House raises stake in Inovest to nearly 24%
Kuwait-based Gulf Investment House (GIH), listed on Abu Dhabi Securities Exchange (ADX), increased its equity ownership in Inovest to 23.84%, according to a bourse filing. The listed firm purchased 25.55 million shares in Inovest, one of GIH’s associated companies, in exchange for KWD 2.29 million. GIH registered KWD 1.36 million worth of gains from […]
Standard Chartered Bank appoints CEO for Saudi unit
Standard Chartered Bank has appointed Mazen Fahad Al Bunyan as Chief Executive Officer, Standard Chartered Bank Saudi Arabia, effective November 2022. Prior to joining Standard Chartered Bank, Al Bunyan was the CEO of Alawwal Invest Company, the investment subsidiary of The Saudi British Bank (SABB/HSBC) based in Riyadh, where he led the integration of Alawwal […]
Fine Hygienic Holding wins license to market FIFA World Cup Qatar 2022 facial tissues
Football’s world governing body FIFA has awarded Fine Hygienic Holding (FHH) the license to design, produce, and sell limited-edition packs of facial tissues commemorating the FIFA World Cup Qatar 2022™. FHH launched the special edition packs in hypermarkets and supermarkets in Jordan, Egypt, Saudi Arabia, the UAE, Bahrain, Oman, Kuwait, Iraq, Morocco, and Sudan in […]
Nestle to invest $1.86bln in Saudi Arabia over 10 years – ministry
Nestle will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the kingdom’s investment ministry said on Twitter on Wednesday. The ministry added it signed a memorandum of understanding with Nestle in the field of food industries saying it includes establishing a factory and a research and development centre. The company […]
Saudi: Qassim Cement’s board proposes 6% of capital as dividends for Q3-22
The board of Qassim Cement Company recommended cash dividends worth SAR 54 million, representing 6% of the capital, for the third quarter (Q3) of 2022. The firm would disburse SAR 0.60 per share for 90 million eligible shares, according to a bourse disclosure. Meanwhile, the eligibility and distribution dates for the Q3-22 dividends will […]
Al-Murjan Group Holding inks pact with OCC for Delta Complex in Jeddah
Al Murjan Group Holding announced the signing of an agreement with O.C.C. Weavers Ltd, a property management company, to complete the finishing electromechanical works and external facades of the buildings of the Delta Complex. The amount of the deal is exceed SR 600 million. This is the last phase of the project with a total […]
Saudi’s Sumou Real Estate signs $100mln deal to build villas in Makkah Gate project
Sumou Real Estate Company has signed an agreement worth for 377 million Saudi riyals ($100.31 million) with state-owned National Housing Company (NHC) to build villas on the 88,570-square metres land plot allocated to it within the Makkah Gate project. Construction will commence the next day after receiving the land from NHC, the developer said in […]