Aramco, Taulia, SIDF join forces for key supply chain financing solution
Aramco, a global leader in integrated energy and chemicals companies based in Saudi Arabia, and Taulia, a SAP company and leading FinTech provider of working capital management solutions – supported by the Saudi Industrial Development Fund (SIDF) as one of the key finance providers of the domestic industrial sector – have signed agreements to establish […]
Saudi Arabia will maintain crude capacity as it develops renewables, energy minister tells FII8
Saudi Arabia is committed to keeping its crude oil capacity at 12.3 million barrels per day, despite a shift to renewable power, according to the Kingdom’s energy minister. During a speech on the first day of the Future Investment Initiative taking place in Riyadh from Oct. 29 to 31, Prince Abdulaziz bin Salman set out […]
Saudi Arabia exceeds HQ target with 540 international firms in Riyadh, says Al-Falih
Saudi Arabia attracted 540 international companies to establish their regional headquarters in Riyadh, ahead of a 2030 target of 500, according to Khalid Al-Falih, the Kingdom’s minister of investment. Speaking at the eighth Future Investment Initiative summit in Riyadh on Oct. 29, Al-Falih said that Saudi Arabia’s economic growth and investment landscape continues to remain […]
Aramco CEO calls for ‘Transition Plan 2.0’ with focus on Asia, Global South
Saudi Aramco has called for a new energy transition strategy that addresses the needs of Asia and the Global South, amid concerns over the current plan’s uneven progress. Speaking at the Singapore International Energy Week, Aramco President and CEO Amin H. Nasser emphasized the need for a “Transition Plan 2.0,” placing Asia at the forefront […]
Saudi Arabia and Spain discuss opportunities in drone and automotive industries
Saudi Arabia is exploring partnerships with Spanish companies in drone technology, automotive components, and geological surveying, as the Kingdom’s industry minister held talks with business leaders in Madrid. During the meeting, Saudi Industry and Mineral Resources Minister Bandar Alkhorayef discussed localizing the production of heavy-duty drones, automotive parts, and shipbuilding supplies, the Saudi Press Agency […]
Saudi restaurant and cafe sales boost August POS spending to $15.6bn
Saudi Arabia’s point-of-sale spending reached around SR58.51 billion ($15.6 billion) in August, marking a 9.67 percent rise compared to the same month last year, according to the latest data. Figures from the Saudi Central Bank, known as SAMA, revealed that 36 percent of POS spending during this period — totaling SR16.55 billion — was spent […]
Saudi hotel spending rises 2.4% amid broader POS decline: SAMA
Saudi hotel spending rose 2.4 percent in the week of Oct. 6—12 to SR270.7 million ($72.1 million), the only sector to grow amid an overall decline in point-of-sale transactions, official data showed. According to the latest figures from the Saudi Central Bank, POS transactions fell 10.6 percent to SR12.2 billion after a 2.6 percent rise […]
Crown Prince to lead Saudi delegation at EU-GCC Summit in Brussels on Wednesday
Strength of the Saudi and Egyptian fraternal relations highlighted in cable of thanks Saudi Crown Prince and Prime Minister Mohammed bin Salman will lead the Saudi delegation attending the Summit of the European Union-Gulf Cooperation Council (GCC), which will be held in Brussels, Belgium, on Wednesday, Oct. 16. This is in line with the directives […]
Saudi Crown Prince holds wide-ranging talks with President Sisi in Cairo
Saudi Crown Prince and Prime Minister Mohammed bin Salman held wide ranging talks with Egyptian President Abdel Fattah El-Sisi in Cairo on Tuesday. During their meeting, the Crown Prince and El-Sisi discussed ways to further strengthen fraternal relations and other issues of common interest, especially the latest developments in the region. On the sidelines of […]
ACWA Power secures $150m deal to finance wind power plants in Uzbekistan
Saudi utility giant ACWA Power has signed a letter of intent with the Asian Infrastructure Investment Bank to provide $150 million for three wind power plants in Uzbekistan. According to a press statement, the financing covers the Kongrad 1, 2, and 3 facilities, each with a capacity of 500 megawatts. The Tadawul-listed firm added that […]