Saudi Arabia to establish new unified regulator for insurance sector
Finance Minister Mohammed Al-Jadaan stated on Wednesday that a new unified regulator for the insurance sector in Saudi Arabia would be established soon. At the 6th Saudi Insurance Symposium (SIS), which is one of the largest forums for the insurance companies across the Middle East, he said that the new unified regulator for the […]
Jordan, Saudi Arabia to sign electric connection agreements by year’s end
Jordan and Saudi Arabia on Tuesday discussed three agreements regarding the electric connection between the two countries, expected to be officially signed by the end of 2022. The executive, operational and commercial features of the agreements were discussed during a meeting between National Electric Power Company (NEPCO) Director Amjad Rawashdeh and Saudi Power Procurement […]
Saudi-listed firm bags $23mln contract to develop bus transport system in Taif city
Saudi Public Transport Company (SAPTCO) has been awarded a project by Taif Municipality to develop a public bus transport system in Taif city. The five-year project is valued at 88 million Saudi riyals ($23.39 million), the company said in a stock exchange statement. In March, the Transport General Authority announced that it will roll out […]
Saudi’s NEOM rebrands tech company as ‘Tonomus’, invests $1bln in 2022
NEOM Tech & Digital Company — the first company to be established as a full-fledged subsidiary of NEOM — launched on Tuesday as ‘Tonomus,’ signaling the next stage in its growth trajectory as a cognitive multinational conglomerate. Headquartered at NEOM since its 2021 inception as the pioneering project’s technology and digital lead, Tonomus is […]
HSBC Saudi names new CEO as it starts another ‘growth phase’
HSBC Saudi Arabia has appointed a new CEO as it embarks on a new phase of growth, according to a statement on Monday. The company’s board of directors has voted for Faris AlGhannam to take over the CEO position effective October 1, 2022, subject to regulatory approval. He will succeed Rajiv Shukla, who has been […]
Saudi firm awarded large housing project in Iraq
OEC producer Iraq has awarded a large project to the Saudi ‘Al-Arifi Group’ involving the construction of part of its new administrative capital near Baghdad, an Iraqi official was reported on Monday as saying. ‘Al-Rafeel’ administrative capital, which is similar to Egypt’s Cairo administrative capital project, has an area of more than 200 square kilometres […]
CMA approves Saudi Enaya’s capital reduction
The Capital Market Authority (CMA) greenlighted Saudi Enaya Cooperative Insurance Company’s request to decrease the capital to SAR 100 million from SAR 150 million. The reduced capital will be distributed over 10 million shares, compared to 15 million shares prior to the cut, according to a recent bourse filing. Last July, the […]
Saudi crown prince meets with Turkish officials
Saudi Arabia’s Crown Prince Mohammed bin Salman met with Turkey’s Finance Minister Nureddin Nebati and Ibrahim Kalin, Turkish President Tayyip Erdogan’s spokesman and chief foreign policy adviser, in Jeddah on Saturday, Saudi state news agency SPA reported. Turkey is hoping for a currency swap deal with Saudi Arabia, after it established one with the United […]
Oman-Saudi bilateral trade soars to over $3bln in H1 2022
Bilateral trade between the Sultanate of Oman and Saudi Arabia more than doubled to exceed RO 1.249 billion during the first half of 2022, compared to RO 595 million in 1H of 2021, entailing an increase of 210%. Saudi Arabia’s exports into Oman were valued at RO 831 million while Oman’s exports to Saudi Arabia […]
Total assets of Saudi Arabia’s banking sector amounted to over $930bln at end of Q2 2022
Minister of Finance Mohammed Al-Jadaan confirmed that the total assets of the banking sector amounted to SR3.5 trillion until the end of Q2 of 2022. Saudi Arabia aims to increase the total to more than 4.5 trillion by 2030. The growing strength of the Saudi economy reflects the solidness of financial policies, and its […]