Saudi PIF launches investment unit for Aseer region
Saudi Arabia’s sovereign wealth fund PIF (Public Investment Fund) has announced the launch of its new investment unit in the kingdom’s Aseer region. The key entity, Aseer Investment Company, will operate and stimulate direct local and international investments into the Aseer region in bid to turn it into a global tourist destination which will attract […]
Saudi issues permits for 725 industrial projects in 9 months
Saudi Arabia issued permits for 725 industrial projects in the first nine months of 2022 as part of plans to diversify its oil-reliant economy, according to official data. The new permits bought the total industrial projects in the world’s largest oil exporter to 10,728 at the end of Sept, with total investments of 1.37 trillion […]
Saudi’s Advanced gets license to build propane gas transport system
Saudi-listed Advanced Petrochemical Company’s subsidiary, Advanced Global Investment Company, has received approval from the Ministry of Energy to construct, own and operate pipelines for propane gas transport in Jubail Second Industrial City (Jubail – 2), the company said in a statement to the Saudi stock exchange. The approval is valid for 25 years from the […]
LCGPA and “Saudi Downtown” Cooperate to develop local content in company’s projects in 12 cities
Saudi Downtown Company, a wholly-owned subsidiary of the Public Investment Fund, and the Local Content and Government Procurement Authority (LCGPA) signed a cooperation agreement to discuss opportunities to develop local content and national capabilities and strengthen cooperation with local suppliers and small and medium enterprises in Saudi Downtown Company projects in 12 Saudi cities. Saudi […]
Saudi: SABB partners with Cybersource for eCommerce space
Saudi British Bank (SABB) has announced a strategic partnership with Visa’s Cybersource payment gateway and risk platform, with the aim of fostering the bank’s growth in an evolving and dynamic eCommerce space. This partnership will enhance the overall capabilities of SABB’s Payment Gateway and, most importantly, enhance network uptime, which will also supplement the bank’s […]
Saudi Arabia ships world’s first accredited low-carbon blue ammonia to South Korea
Saudi Aramco and SABIC Agri-Nutrients have shipped low-carbon blue ammonia to Lotte Fine Chemical (LFC) in South Korea, the two companies said in a joint statement. The 25 Kilo Metric Tonne shipment, accredited as low carbon “cradle to gate” blue ammonia, is expected to reach its destination between December 9 and 13, marking the world’s […]
WTTC’s Global Summit in Riyadh set to be biggest ever
The World Travel & Tourism Council’s (WTTC) 22nd Global Summit opened yesterday (November 28) in Riyadh, Saudi Arabia, in what is set to be the largest event in its history with an estimated 3,000 people expected to attend.. Addressing media from around the world, Julia Simpson, WTTC President & CEO, announced that the event taking […]
2025 to witness the 1st Saudi e-vehicle
The Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel has confirmed that the year of 2025 will witness the appearance of the first Saudi electric vehicle, with production reaching 150,000 cars annually. Almojel’s confirmation came during an interview with Rotana Khalejeyah, where he stressed that Saudi Arabia has the ability to achieve this […]
Saudi ACWA Power aims to invest $10bln in Egypt: CEO
Egypt has pushed strongly for expanding renewable energy production to reduce greenhouse gases, improve air quality, and enhance opportunities for a gradual transition towards reliance on sustainable energy. The energy sector witnessed a significant expansion in the establishment of several projects to generate electricity from wind and solar power, with the aim of feeding green […]
Saudi Arabia becomes 1st Gulf state to chair UNWTO Executive Council
Saudi Arabia has become the first GCC country to chair the United Nations World Tourism Organization (UNWTO) Executive Council. The election took place at the UNWTO’s 117th Executive Council meeting in Marrakesh, Morocco. The move follows Saudi Arabia’s diplomatic efforts to cooperate on improving the global tourism sector and increasing its resilience. The term for […]