Saudi’s NEOM rebrands tech company as ‘Tonomus’, invests $1bln in 2022
NEOM Tech & Digital Company — the first company to be established as a full-fledged subsidiary of NEOM — launched on Tuesday as ‘Tonomus,’ signaling the next stage in its growth trajectory as a cognitive multinational conglomerate. Headquartered at NEOM since its 2021 inception as the pioneering project’s technology and digital lead, Tonomus is […]
HSBC Saudi names new CEO as it starts another ‘growth phase’
HSBC Saudi Arabia has appointed a new CEO as it embarks on a new phase of growth, according to a statement on Monday. The company’s board of directors has voted for Faris AlGhannam to take over the CEO position effective October 1, 2022, subject to regulatory approval. He will succeed Rajiv Shukla, who has been […]
Saudi firm awarded large housing project in Iraq
OEC producer Iraq has awarded a large project to the Saudi ‘Al-Arifi Group’ involving the construction of part of its new administrative capital near Baghdad, an Iraqi official was reported on Monday as saying. ‘Al-Rafeel’ administrative capital, which is similar to Egypt’s Cairo administrative capital project, has an area of more than 200 square kilometres […]
CMA approves Saudi Enaya’s capital reduction
The Capital Market Authority (CMA) greenlighted Saudi Enaya Cooperative Insurance Company’s request to decrease the capital to SAR 100 million from SAR 150 million. The reduced capital will be distributed over 10 million shares, compared to 15 million shares prior to the cut, according to a recent bourse filing. Last July, the […]
Saudi crown prince meets with Turkish officials
Saudi Arabia’s Crown Prince Mohammed bin Salman met with Turkey’s Finance Minister Nureddin Nebati and Ibrahim Kalin, Turkish President Tayyip Erdogan’s spokesman and chief foreign policy adviser, in Jeddah on Saturday, Saudi state news agency SPA reported. Turkey is hoping for a currency swap deal with Saudi Arabia, after it established one with the United […]
Oman-Saudi bilateral trade soars to over $3bln in H1 2022
Bilateral trade between the Sultanate of Oman and Saudi Arabia more than doubled to exceed RO 1.249 billion during the first half of 2022, compared to RO 595 million in 1H of 2021, entailing an increase of 210%. Saudi Arabia’s exports into Oman were valued at RO 831 million while Oman’s exports to Saudi Arabia […]
Total assets of Saudi Arabia’s banking sector amounted to over $930bln at end of Q2 2022
Minister of Finance Mohammed Al-Jadaan confirmed that the total assets of the banking sector amounted to SR3.5 trillion until the end of Q2 of 2022. Saudi Arabia aims to increase the total to more than 4.5 trillion by 2030. The growing strength of the Saudi economy reflects the solidness of financial policies, and its […]
Oman–Saudi ties established on strong principles and values: Saudi ambassador
Abdullah Saud Al Enezi, Saudi ambassador accredited to the Sultanate, said that the Omani-Saudi relations are distinct and solid and established on stable basis and values that can cope with the new developments. In an interview to Al Shabiba, the sister publication of Times of Oman, on the occasion of the 92th National […]
Al-Falih: Technology impacts the way of investing and living in Saudi Arabia
NEW YORK — Minister of Investment Eng. Khalid Al-Falih stressed that technology has a significant and fundamental impact on the way of investing and living and the mechanisms of interaction between companies. In a dialogue session during the “PRIORITY” Summit organized by the Future Investment Initiative (FII) in New York on the sidelines of the […]
Saudi Crown Prince, US officials discuss energy security in Jeddah
Crown Prince Mohammed bin Salman met on Friday discussed with US officials energy security and investment in the Partnership for Global Infrastructure and Investment. Prince Mohammed met at the Al-Salam Palace in Jeddah, the Coordinator for Middle East and North Africa in the US National Security Council Brett McGurk, and senior advisor for energy […]