Saudi Arabia’s Dur inks final partnership deal to build hotel in Riyadh
Saudi Arabia’s Dur Hospitality Company has inked a final partnership agreement with Smart Zone Real Estate Company, wholly owned by Saudi Telecom Company (STC), to set up a special-purpose vehicle to build a hotel in Riyadh. The new company, 84 percent owned by Dur and 16 percent by Smart Zone Real Estate, will have an initial capital 25,000 […]
Saudi Telecom’s Q1 net profit edges up on higher revenues
Saudi Telecom Company (STC), the kingdom’s biggest mobile operator, said net profit for Q1 2023 edged up to 3.11 billion ($829 billion) on the back of higher revenues. The net profit was mostly in line with analysts’ mean estimate of SAR3.18 billion, according to data compiled by Refinitiv’s Eikon. Revenue rose 7% to over SAR18 […]
Saudi-Korean investment tour launches to introduce opportunities in transport, logistics
The “Saudi-Korean” tour to introduce investment opportunities in transport and logistics launched on Tuesday in Seoul, the capital of the Republic of Korea in the presence of Minister of Transport and Logistics Services Eng. Saleh bin Nasser bin Ali Al-Jasser and South Korean Minister of Land, Infrastructure and Transport Won Hee-ryong. Al-Jasser affirmed that at […]
Saudi Railway Company says number of passengers on its trains doubled during Q1
The Saudi Railway Company (SAR) announced that the total number of passengers on the Kingdom’s rail network has reached 2,221,225 during the first quarter of 2023, indicating an increased rate of 104% compared to the same period last year. In its report on operational results and achievements, the SAR revealed that the number of journeys […]
Saudi Aramco to supply full oil volumes to some Asian refiners in June – sources
Saudi Aramco has told at least five customers in North Asia they will receive full nominated volumes of crude oil in June, several sources with knowledge of the matter said on Wednesday. Saudi Arabia, the world’s top oil exporter, cut its official selling prices for all crude grades to Asia for June-loading cargoes amid the […]
Olam Agri’s Singapore-Saudi $1bln dual listing may launch as early as June – sources
Agri-food giant Olam Group aims to launch in June the dual initial public offering (IPO) of its agricultural unit that could raise up to $1 billion in Singapore and Saudi Arabia, two sources with knowledge of the matter said. The IPO, the first of such a dual listing in the world, is subject to regulatory […]
PROJECT UPDATES: Saudi Aramco shares update on gas, downstream projects
State oil giant Saudi Aramco released an update on its gas and downstream developments in the first quarter 2023 results report. Upstream Hawiyah Gas Plant expansion, part of the Haradh gas increment programme, progressed with its commissioning activities and is expected to be onstream during 2023. The project will provide additional gas processing facilities to […]
Saudi Aramco’s Q1 net profit slips on lower demand and prices
Saudi Aramco posted a year-on-year (YoY) drop in Q1 2023 net profit to $31.9 billion from $39.5 billion as lower demand for oil pressured prices, but said it plans to move ahead with capacity expansion. The profit beat analysts’ mean estimate of $30.84 billion, according to data compiled by Refinitiv’s Eikon. In a regulatory filing […]
Saudi Kingdom Holding invests additional $73mln in American specialty investment firm
Saudi investment firm Kingdom Holding Co. (KHC), which has been on an investment spree in the past few days, has increased its investment by 274.3 million riyals ($73.1 million) in US-based Hercules Capital Inc., a specialty investment company focused on venture lending. The company, owned by Saudi billionaire Prince Alwaleed Bin Talal, said in a […]
Saudi Arabia economy grew 3.9% in Q1 boosted by non-oil activities
Saudi Arabia’s economy grew by 3.9% year-on-year in the first quarter of 2023, according to initial government estimates of real gross domestic product published on Sunday. Non-oil activities grew by 5.8% in the first quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while oil activities grew by 1.3%. Government […]