Saudi Ma’aden acquires stake in Ivanhoe Electric for $126.5mln
Saudi Arabian Mining Co. (Ma’aden) has finalised an agreement with Ivanhoe Electric Inc. (IE) to purchase 9.9% shares in the company for $126.5 million and form a 50/50 joint venture to undertake one of the largest exploration programmes ever conducted. The deal will provide Ma’aden, through the joint venture, with the means to accelerate the […]
Riyad Capital’s new $133mln fund to launch mixed-use project in Riyadh
Riyad Capital, the investment arm of Riyad Bank, announced on Monday the launch of 500 million Saudi riyal ($133.33 million) Riyadh Real Estate Development Fund – Durrat Hittin in partnership with Al Ramz Real Estate Company. The fund will develop a mixed-use project in Hittin district in Riyadh on a total area of 27,119 square […]
Kuwait Amir receives invitation to 32nd Arab Summit in Saudi
His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah received on Monday a letter of invitation directed towards His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah to attend the 32nd Arab Summit to be held in Jeddah, Saudi Arabia, on May 19. During the reception at Bayan Palace, Saudi Ambassador to Kuwait Prince […]
Saudi Home Loans’ net profits shrink 92.5% in Q1-23
Saudi Home Loans Company (SHL) logged net profits amounting to SAR 2.44 million in the first quarter (Q1) of 2023, lower by 92.44% year-on-year (YoY) than SAR 32.35 million. The earnings per share (EPS) plunged to SAR 0.02 during the first three months (3M) of 2023, versus SAR 0.32 in the year-ago period. Assets edged […]
Saudi: Alujain selects Lummus technology for propylene plant
Saudi Arabia’s Alujain National Industrial Co has selected Lummus Technology’s C3 Catofin propane dehydrogenation (PDH) technology for its new propylene plant in Yanbu, Saudi Arabia. This is the first time Alujain will licence Lummus’ PDH technology at its Yanbu complex. Lummus Technology is a global provider of process technologies and value-driven energy solutions. “We are […]
KPM Engineering revenue grows on big Saudi projects win
Global multidisciplinary engineering company, KPM Engineering (KPM) has announced that it has achieved a record year in 2022 with a 100 per cent increase in revenue growth across the business. The company secured 6 million sq ft of projects in Saudi Arabia, with 30% of all the organisation’s GCC projects based in the kingdom last […]
CJ Logistics, iHerb choose Riyadh as operational hub in Middle East, Africa
The US health and care products company iHerb and Korea’s world leader in logistics solutions CJ Logistics, as a result of the regular meetings held by the E-Commerce Council, have chosen Riyadh as their operational hub in the Middle East and Africa to meet the growing demand of consumers, along with the attractiveness of the […]
Aramco CEO says blue hydrogen cost equivalent of $250 a barrel of oil
Blue hydrogen could cost the equivalent of around $250 a barrel of oil given the existing technology, according to Aramco’s President & CEO Amin Nasser. “It is very difficult to identify any off-take agreement in Europe for blue hydrogen,” Bloomberg reported Amin Nasser as saying on a call with analysts. “Even the customers in Japan […]
Saudia Cargo, Cainiao extend partnership with new 12-month space and service commitment agreement
Saudia Cargo, has signed a new 12-month “space and service commitment” agreement with Cainiao Network, the logistics arm of Alibaba Group. The agreement, which commenced on April 1st, 2023, and continues till March 31st, 2024, reserves exclusively selected SACC freighter flights from Hong Kong to Riyadh and Liege. The signing of the new agreement […]
Webuild unit secures $439mln Saudi water project contracts
Fisia Italimpianti, a subsidiary of the Webuild Group (formerly Salini Impregilo Group) has won two contracts worth a combined value of €408 million ($439 million) for the construction and management of a water treatment plant within the Zuluf onshore oil facilities in Saudi Arabia. A global leader in water treatment and desalination plants, Fisia Italimpianti […]