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 […]
Madinah-3 wastewater project on track for 2024 commercial ops
Saudi Water Partnerships Company (SWPC) has announced that work is in full swing on Madinah-3 wastewater project coming up in the fourth most populated city in Saudi Arabia, which on completion will have a capacity of 200,000 cu m/day (expandable to 375,000 cu m/day). The project, being developed by a consortium of Spanish infrastructure major […]
Elaf signs technology agreement with Sabre
Elaf Travel and Tourism, a leading travel management company in Saudi Arabia, and Sabre Corporation, a leading software and technology company that powers the global travel industry, cemented a long-standing relationship, have signed an agreement to drive the agency’s growth through advanced technology The agreement was signed at a ceremony attended by management and executives […]
Top firms Acciona, Acwa, Engie in race for Rabigh 4 water project
Saudi Water Partnerships Company (SWPC) has announced that the consortiums of Spanish infrastructure major Acciona and Saudi power and desalination projects developer Acwa Power as well as French multinational utility group Engie are in the race for Rabigh 4 Independent Water Project (IWP). The project, to be located 180 km northwest of Makkah on the […]
Saudi’s Dor, Arbah Capital launch $266mln real estate investment fund
Saudi-based Dor Real Estate Company has signed a memorandum of understanding to establish a real estate investment fund of 1 billion Saudi riyals ($266 million) with Shariah-compliant investment firm Arbah Capital. The fund aims to acquire lands in various cities across the Kingdom and will develop the infrastructure, construct residential units, and sell them, the […]
Saudi Arabia’s sovereign wealth fund and BlackRock have signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said their non-binding memorandum of understanding will serve as the anchor for BlackRock’s Middle East infrastructure […]
OPEC cuts oil demand growth forecast again as economic challenges mount
OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6%, the Organization of […]