Aljazira Takaful sees 24% higher profits in 9M-22 initial results
Aljazira Takaful Taawuni Company posted a 23.83% jump in net profit before Zakat to SAR 26.15 million during the first nine months (9M) of 2022, versus SAR 21.12 million in 9M-21. The earnings per share (EPS) edged down to SAR 0.44 during the January-September 2022 period, compared to SAR 0.45 in 9M-21, according […]
Arabian Centres to sell non-core assets worth $533mln
The board of Arabian Centres Company (ACC) has approved a programme to sell an identified portfolio of non-core landbank assets with a market valuation exceeding SAR 2 billion. The book value of the assets is estimated at SAR 1.20 billion, according to a press release. Furthermore, the first sale from this portfolio is […]
Saudi developer Dar Al Arkan mulls listing Dubai property business
Saudi-based Dar Al Arkan Real Estate Development Company may list its Dubai business on an international stock exchange. In a statement to the Saudi Stock Exchange (Tadawul), the company said it was considering several strategic and capital markets options with regards to its international property business in Dubai, which may include listing. Dar Al Arkan’s […]
Saudi: ACC to set up solar PV plant at Suez facility
Arabian Cement Company (ACC) has signed an amendment to its 2019 contract with Amarenco SolarizEgypt (ASE) to establish a Solar Photovoltaic (PV) plant at its Suez facility. The amendment to the agreement aligns with updated regulations recently issued by ‘EgyptERA’ the Egyptian Electric Utility and Consumer Protection Regulatory Agency to encourage and support […]
Saudi: SWCC signs deal on return water conservation, RO projects
Saline Water Conversion Corporation (SWCC) has signed agreements with top local and international companies to help boost co-operation in conserving return water (the portion of water diverted from a water supply which finds its way back into a watercourse) as well as reverse osmosis projects. Return waters are those flowing from the […]
Elm’s profits hike 57% in 9M-22 initial results
Elm Company logged a net profit after Zakat and tax worth SAR 718 million in the first nine months (9M) of 2022, up 57.11% year-on-year (YoY) from SAR 457 million. Revenues enlarged by 19.58% to SAR 3.29 billion during the January-September 2022 period, compared to SAR 2.75 billion in 9M-21, according to the […]
Program, speakers revealed for Saudi Green Initiative Forum at COP27
Saudi Arabia has revealed the program and speakers for the second edition of the Saudi Green Initiative (SGI) Forum taking place 11 – 12 November 2022 on the sidelines of COP27 in Sharm El Sheikh. The two-day event will convene an elite lineup of climate experts and thought leaders to discuss the progress […]
Al Hammadi Holding’s profits surpass $49.06mln in 9M-22; earnings in Q3 leap 1,495%
Al Hammadi Holding, formerly known as Al Hammadi Company for Development and Investment, achieved net profits after Zakat and tax worth SAR 184.17 million in the first nine months (9M) of 2022. The 9M-22 net profits were higher by 131.89% year-on-year (YoY) than SAR 79.42 million, according to the interim financial results. Meanwhile, […]
Saudi’s ACWA Power aims to grow its asset portfolio to $230bln by 2030
Saudi-headquartered global developer of energy and water projects ACWA Power expects its asset portfolio to hit $230 billion by 2030 from $75 billion at present, Arab News reported, citing Vice Chairman and CEO Paddy Padmanathan. The Tadawul-listed company’s power generation capacity currently stands at 42 gigawatts (GW), which could be increased up to three times […]
PowerChina is implementing 59 projects in MENA under Belt and Road Initiative
PowerChina announced on Thursday that it is implementing 59 projects in 13 countries in the Middle East and North Africa region under the Belt and Road Initiative. A press statement by the Chinese construction giant, which is ranked as world’s largest engineering contractor by trade publication ENR, listed key projects delivered or under implementation in […]