Saudi Arabia’s PIF offers to acquire stake in over $5bln stc unit
Saudi Telecom Company (stc) has received a non-binding offer from the Public Investment Fund (PIF) to acquire 51% of the shares of Telecommunications Towers Company (Tawal), whilst stc will maintain 49% of Tawal’s shares. Tawal was valued at SAR 21.94 billion ($5.85 billion), 100% enterprise value on a cash free and debt free […]
Parsons wins $145mln Saudi project management work
Global infrastructure engineering company Parsons said it has secured a $145-million contract from Saudi housing minstry to establish and operate an enterprise project management organisation (EPMO). The five-year contract will see the US group establish and operate an EPMO in an integrated fashion with the Ministry. The scope of work includes setting up, staffing and […]
Bank Aljazira’s profits hit $230.66mln in 9M-22 interim results
Bank Aljazira generated SAR 865.30 million in net profit during the first nine months (9M) of 2022, an annual jump of 11.32% from SAR 777.30 million. The earnings per share (EPS) increased to SAR 1.01 in 9M-22, versus SAR 0.92 during the same period a year earlier, according to the initial financial results. […]
$128.26mln paid in rent for residents of Jeddah’s developed neighborhoods
The total rents provided to residents of the developed neighborhoods in Jeddah amounted to SR481 million, since the beginning of the removal in October 2021, Makkah Region announced on Sunday. The officials’ announcement of the region said that government services that have been provided free of charge to the developed neighborhoods in […]
Saudi has several advantages to be a global center for supply chains: Al-Falih
Minister of Investment Khalid Al-Falih stated that Saudi Arabia has several competitive advantages to be a global center for supply chains. Among the advantages, Al-Falih said that the Kingdom’s economy is the largest in the Middle East, as well as one of the 20 largest and fastest growing economies in the world. It […]
Saudi Arabia reports new Omicron XBB sub-variant, first in country
Saudi Arabia’s Public Health Authority (Weqaya) said that it had detected the XBB subvariant of Omicron in a limited number of positive samples. Weqaya’s announcement came while confirming its continued monitoring of virus’ mutants that cause COVID-19, as it noted that the sub-variant of Omicron BA5 and BA2 predominate in more than 75 […]
Saudi’s SAMA: POS operations valued at $2.73bln in a week
The Saudi Central Bank (SAMA) revealed that the value of sales through point-of-sale (POS) operations in Saudi Arabia amounted to about SR10.27 billion during the week that ended on October 15. According to the weekly POS operations report of SAMA, the number of executed POS operations during the week from Oct. 8 to […]
PIF launches new company to promote Saudi Arabia as a global Halal hub
The Public Investment Fund (PIF) launched on Monday the Halal Products Development Company (HPDC), which will invest in localizing the Halal production industry in Saudi Arabia by increasing the efficiency of the ecosystem locally, while supporting the development of knowledge and innovation in this key industry, with plans to export to different markets […]
Lucid promotes Sultan to VP and MD of Lucid Middle East
Lucid Group, setting new standards with the longest-range, fastest-charging electric car on the market with the award-winning Lucid Air, has promoted Faisal Sultan to Vice President and Managing Director of Lucid Middle East. He will report directly to Peter Rawlinson, Lucid’s CEO and CTO. Sultan joined Lucid in 2019 and has since spearheaded major initiatives […]
Saudi’s TRSDC becomes Red Sea Global with world-wide ambition
The developer behind two of the world’s most ambitious regenerative tourism projects – The Red Sea and Amaala — has confirmed its transformation into Red Sea Global (RSG) on the sidelines of the sixth Future Investment Initiative in Riyadh. The developer, formerly known as The Red Sea Development Company (TRSDC), aims to set […]