PIF launches new company to promote Saudi Arabia as a global Halal hub
The Public Investment Fund (PIF) launched on Monday the Halal Products Development Company (HPDC), which will invest in localizing the Halal production industry in Saudi Arabia by increasing the efficiency of the ecosystem locally, while supporting the development of knowledge and innovation in this key industry, with plans to export to different markets […]
Lucid promotes Sultan to VP and MD of Lucid Middle East
Lucid Group, setting new standards with the longest-range, fastest-charging electric car on the market with the award-winning Lucid Air, has promoted Faisal Sultan to Vice President and Managing Director of Lucid Middle East. He will report directly to Peter Rawlinson, Lucid’s CEO and CTO. Sultan joined Lucid in 2019 and has since spearheaded major initiatives […]
Saudi’s TRSDC becomes Red Sea Global with world-wide ambition
The developer behind two of the world’s most ambitious regenerative tourism projects – The Red Sea and Amaala — has confirmed its transformation into Red Sea Global (RSG) on the sidelines of the sixth Future Investment Initiative in Riyadh. The developer, formerly known as The Red Sea Development Company (TRSDC), aims to set […]
Saudi and India likely to discuss electricity interconnection project – report
Saudi Arabia and India electricity interconnection is expected to be part of the discussion agenda when Saudi Prime Minister and Crown Prince Mohammed bin Salman visits India next month, Indian business daily The Economic Times reported last week. Both sides are likely to initiate discussions on an undersea cable for a renewable electricity grid connecting […]
‘Play without pressure and enjoy World Cup matches,’ Crown Prince tells national team
Crown Prince and Prime Minister Mohammed bin Salman advised the Kingdom’s national football team to enjoy playing their matches in the upcoming World Cup 2022. The Crown Prince met the players along with officials from the ministry of sports and the Saudi Arabian Football Federation (SAFF) at his office here on Sunday, ahead […]
Royal medical team advises Crown Prince to avoid long-distance travel to Algeria
Custodian of the Two Holy Mosques King Salman has delegated Crown Prince and Prime Minister Mohammed bin Salman to head Saudi Arabia’s delegation attending the Arab Summit in Algeria. The King directed that Foreign Minister Prince Faisal bin Farhan, on behalf of the Crown Prince, will lead the delegation following the advice of […]
Bahri’s profits near $123.46mln in 9M-22 initial financials
The net profits after Zakat and tax of the National Shipping Company of Saudi Arabia (Bahri) reached SAR 462.79 million in the first nine months (9M) of 2022, higher by 360.67% than SAR 100.46 million in 9M-21. Bahri logged revenues worth SAR 5.86 billion in January-September 2022, an annual leap of 54.16% from […]
Saudi National Bank’s third-quarter profit up 18.7%
Saudi National Bank, the kingdom’s biggest lender, said on Sunday its net profit in the third quarter rose 18.7% from the same period year before on higher operating income and lower net impairments for expected credit losses. SNB posted net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals […]
Saudi Arabia, China to work together to maintain oil market stability
Saudi and Chinese officials confirmed their willingness to work together to support stability in the international oil market. Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy, held an online meeting with Zhang Jianhua, National Energy Administrator of the People’s Republic of China. During the video call, both sides confirmed that they […]
Turkey says not right for U.S. to pressure Saudi Arabia over oil output
Turkish Foreign Minister Mevlut Cavusoglu said on Friday it was not right for the United States to pressure Saudi Arabia after OPEC+ oil producers announced production cuts despite U.S. objections. “We see that a country has threatened Saudi Arabia, especially recently. This bullying is not correct,” Cavusoglu said at a news conference in southern Turkey. […]