Saudi’s Dor, Arbah Capital launch $266mln real estate investment fund
Saudi-based Dor Real Estate Company has signed a memorandum of understanding to establish a real estate investment fund of 1 billion Saudi riyals ($266 million) with Shariah-compliant investment firm Arbah Capital. The fund aims to acquire lands in various cities across the Kingdom and will develop the infrastructure, construct residential units, and sell them, the […]
Saudi Arabia’s sovereign wealth fund and BlackRock have signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said their non-binding memorandum of understanding will serve as the anchor for BlackRock’s Middle East infrastructure […]
OPEC cuts oil demand growth forecast again as economic challenges mount
OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6%, the Organization of […]
Kuwait, Saudi Arabia, ink MoU for boosting tourism cooperation
The Kuwaiti Ministry of Information and the Saudi Ministry of Tourism signed on Monday a memorandum of understanding for boosting tourism cooperation. The MoU, inked by the Kuwaiti Minster of Information, Culture Minister of State for Youth Affairs Abdulrahman Al-Mutairi and the Saudi Tourism Minister Ahmad Al-Khatib, stipulated that the two sides would […]
Saudi: MIS awarded $25.79mln project from Riyadh Municipality
Al Moammar Information Systems Company (MIS) was awarded a project worth SAR 96.97 million from Riyadh Region Municipality on 13 November 2022. The agreement covers the maintenance and operation of computers in various departments across the Riyadh Municipality, according to a bourse disclosure. It also includes providing technical consultancy services and strategic planning, as well […]
Trade and security on agenda for Xi visit to Saudi Arabia
Strengthening trade ties and regional security will be priorities in an upcoming visit by Chinese leader Xi Jinping to Saudi Arabia, Saudi minister of state for foreign affairs Adel Al-Jubeir said on Saturday. The visit, which two sources said was expected to take place in December.Jubeir did not give details of the trip […]
Saudi Arabia approves framework for renewable energy systems for self-use
Chaired by Minister of Energy Prince Abdulaziz bin Salman, the Board of Directors of the Water and Electricity Regulatory Authority has approved the regulatory framework for renewable energy systems for self-consumption. The move reflects the energy system’s efforts to develop regulations that contribute to achieving the goals of the Kingdom’s Vision 2030 in […]
Saudi National Bank not concerned about Credit Suisse’s governance
Saudi National Bank (SNB) said on Friday it had not come across any information that might raise concerns over the governance of Credit Suisse and was supportive of the transformation plan announced by the bank on Oct. 27. The comments came in response to concern from two other investors over the Swiss bank’s […]
Saudi Arabia’s Ma’aden to export blue ammonia
Saudi Arabian Mining Company (Ma’aden), the largest multi-commodity mining and metals company in the Middle East, will export blue ammonia as it looks to support the global energy transition. The announcement was made by HRH Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy, at the Saudi Green Initiative Forum, taking place on the sidelines […]
Energy minister: World can’t bear two weeks without Saudi oil
Energy Minister Prince Abdulaziz Bin Salman said that the world cannot bear two or three weeks without Saudi oil exports. Addressing the 2nd edition of the Global Cybersecurity Forum on Wednesday, he stressed that the energy sector is the most affected by cyber attacks, and these attacks are considered a weapon without an army or […]