Spanish group Ayesa wins PMC contract for big Aramco stadium
Ayesa, a global provider of technology and engineering services headquartered in Spain with offices in 23 countries, has been awarded the project management consultancy (PMC) contract by Saudi oil giant Aramco for its new 47,000-seat stadium coming up at Al Khobar. Spanning 800,000 sq m area, it will boast cutting-edge sports and leisure facilities, retail […]
Aramco secures prime ratings for $10bn commercial paper program from Moody’s and Fitch
Saudi Aramco’s robust financial standing has been reaffirmed by Moody’s and Fitch, with the agencies assigning strong ratings to the energy giant’s newly established $10 billion US Commercial Paper Program. Moody’s assigned a Prime-1 short-term issuer rating to the energy giant and reaffirmed its Aa3 long-term issuer rating with a stable outlook, reflecting the company’s […]
Oil Updates — prices rise in thin pre-Christmas trade
Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by slightly positive market outlooks for the short term and stronger US economic data, despite thin trade ahead of the Christmas holiday. Brent crude futures were up 33 cents, or 0.5 percent, to $72.96 a barrel, and US West Texas Intermediate crude futures rose […]
Saudi banks report 24% profit growth amid strong non-interest income
Saudi banks’ aggregate profit reached SR7.7 billion ($2.05 billion) in October, marking a 23.67 percent year-on-year increase, newly released data has revealed. According to the Saudi Central Bank, also known as SAMA, these figures represent profits before zakat and taxes. Cumulatively, from the beginning of the year to the end of October, banks recorded a […]
Arab markets see 60% surge in trading volumes in November: AMF
Trading activity across Arab financial markets surged in November, with volumes jumping nearly 60 percent, driven by strong performance in Iraq and other regional exchanges, a new report showed. In its latest monthly analysis, the Arab Monetary Fund reported that the Iraq Stock Exchange led the way with a 131.24 percent surge in trading volumes, […]
Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park
French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Saudi Arabia. The project, featuring a 250-key property, will be situated within Riyadh’s King Salman Park and will include the debut of TRIBE Living, a new residential community concept. The collaboration builds on the […]
‘Paradigm shift’ as GCC urban population to surge 30% by 2030: Arthur D. Little
Urban populations across the Gulf Cooperation Council region are projected to grow 30 percent from 2020 to 2030, increasing demand for housing, infrastructure, and inclusive development, analysts say. In its latest report, international management consulting firm Arthur D. Little said that 90 percent of GCC residents will live in cities by 2050, providing a $150 […]
Saudi Arabia accelerates digital transformation with new transport initiatives
Saudi Arabia’s Ministry of Transport and Logistics has taken a significant step forward in its digital transformation with the launch of a new Digitalization and Technical Processing Center, alongside the unveiling of the Unified Documents and Records Platform. These initiatives were announced by Minister of Transport and Logistics Services Saleh Al-Jasser during a ceremony attended […]
Folk Maritime expands sustainability and connectivity in Middle East shipping
Trade facilitation specialist Folk Maritime Services has secured a strategic agreement with Shanghai CIMC Yangshan Logistics Equipment to purchase 5,600 advanced, fully recyclable shipping containers, revealed the company’s CEO. The move is part of the Public Investment Fund-owned company’s broader strategy to promote sustainability and drive technological innovation in the Middle East’s maritime industry. Poul […]
Startup Wrap – MENA startup ecosystem flourishes as year comes to an end
Startups across the Middle East and North Africa region are gaining momentum, with funding rounds and expansions fueling innovation. From artificial intelligence to fintech, health tech to media, these developments highlight the region’s growing ecosystem and investor confidence. Aiming to boost the regional space, Saudi Venture Capital Co. has announced its investment in the $150-million […]