Two more companies granted license to provide payment services in Saudi Arabia
The Saudi Central Bank (SAMA) granted two new licenses to payment financial technology companies. The two payment financial technology companies licensed to provide payment services for e-commerce are Arab Sea Financial Company and Fatoraah. This brings the total number of payment companies licensed by SAMA to 21, in addition to 5 companies that were granted […]
Siwar Foods signs agreement with Saudi’s SACC
Siwar Foods, a Saudi FMCG company, has signed a formal agreement with Saudi Airlines Catering Company (SACC) that will see the two companies work together on food solutions for different business segments. The market for time saving and ready to eat food continues to grow in KSA and research conducted by Siwar highlighted that […]
Riyadh Cement’s earnings fall 47% in H1-22
Riyadh Cement Company’s net profit after Zakat and tax shrank by 46.96% during the first half (H1) of 2022 to SAR 85.06 million, compared to SAR 160.38 million in the same period in 2021. Profit per share reached SAR 0.71 in H1-22, compared with SAR 1.34 in H1-21, according to a stock exchange statement on […]
Saudi Al Sagr Cooperative Insurance’s accumulated losses surpass $69.06mln
The accumulated losses incurred by Al Sagr Cooperative Insurance Company have reached SAR 259.28 million as registered on 30 June 2022. Al Sagr Cooperative Insurance noted that the accumulated losses amount represented 65 % of its SAR 400 million paid-up capital, according to a bourse disclosure on Sunday. The insurer plans to take several […]
Saudi ministry announces final stage in licensing for largest mining site, Khnaiguiyah
The Saudi Ministry of Industry and Mineral Resources (MIM) announced the final stage for the exploration license for Khnaiguiyah, the Kingdom’s largest exploration sites, which covers approximately 353 kilometers west of Riyadh. Three bidders will participate in the electronic live multi-round auction on the signing bonus on Sunday, September 04, 2022. The multi-round auction […]
Saudi’s SFDA warns against excessive use of melatonin supplement
The Saudi Food and Drug Authority (SFDA) has warned against the excessive use of melatonin supplements. The authority said that melatonin supplement is usually used to shorten the time required to fall asleep and to alleviate fatigue symptoms after travel due to jet lag. It added that excessive use of this supplement may cause headaches, […]
Tourist visa holders can’t perform Haj: Saudi ministry
The tourist visa does not allow holders to preform Hajj or to preform Umrah during the Hajj season, the Ministry of Tourism clarified as it announced amendments to the tourist visa regulations. The newly amended tourist visa regime requires tourists to comply with the regulations and security instructions during their stay in the Kingdom, […]
Saudi’s AMAK awarded 4 licenses for copper, gold exploration
Saudi’s Al Masane Al Kobra Mining Co. (AMAK) announced that the Ministry of Industry and Mineral Resources has awarded it four exploration licenses for copper and gold in Al-Dawadmi, Riyadh. The company will conduct the necessary exploratory studies during the statutory period to ensure the availability of the required raw materials, it said in a […]
Hail Cement to pay $6.53mln dividends for H1-22
The board of Hail Cement Company has announced cash dividends distribution worth SAR 24.42 million for the first half (H1) of 2022, according to a recent bourse filing. The Saudi listed firm will disburse SAR 0.25 per share, accounting for 2.50% of the share nominal value, for 97.70 million eligible shares. Meanwhile, the eligibility […]
Batic Investments swings to $3.2mln losses in H1-22; accumulated losses announced
Batic Investments and Logistics Company turned to net losses after Zakat and tax worth SAR 11.88 million in the first half (H1) of 2022, versus net profits of SAR 131,242 in H1-21. The company generated revenues of SAR 210.08 million in H1-22, an annual drop of 11.25% from SAR 236.73 million, according to the […]