Business & Money | Saturday 2 March, 2024 1:19 am

Saudi Arabia to build food industrial clusters in Jazan, use Made in Saudi label on Lucid cars

Saudi Arabia will build food industrial clusters in Jazan, mining industrial clusters in Ras Al-Khair, automotive industrial clusters in Jeddah, and chemicals clusters in Yanbu, Al-Eqtisadiah newspaper reported, citing Bandar Alkhorayef, Minister of Industry and Mineral...

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Business & Money | Saturday 2 March, 2024 1:17 am

Aramco completes acquisition of Esmax

Saudi Aramco successfully completed the acquisition of a 100% equity stake in Esmax Distribución SpA (Esmax), a leading diversified downstream fuels and lubricants retailer in Chile.   Esmax has a national presence that includes retail fuel stations, airport operations, fuel...

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Business & Money | Friday 1 March, 2024 4:15 pm

ThinkMarkets Bolsters MENA Presence by Acquiring DFSA Licence

ThinkMarkets, the leading multi-asset trading provider, has expanded its presence in the Middle East and North Africa (MENA) region with the recent regulatory approval for a licence from the Dubai Financial Services Authority (DFSA). This new licence allows ThinkMarkets to onboard clients in the...

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Business & Money | Friday 1 March, 2024 7:03 am

Masdar finalises joint investment in 3GW UK Offshore Wind Project

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3 gigawatt (GW) Dogger Bank South (DBS) project – one of the world’s largest planned offshore wind farms. The planned £11 billion joint...

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Business & Money | Friday 1 March, 2024 7:00 am

ADNOC closes acquisition of 24.9% stake in OMV

ADNOC announced today that it has formally closed the acquisition of a 24.9 percent shareholding in OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company (Mubadala). The transaction accelerates delivery of ADNOC’s...

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Business & Money | Friday 1 March, 2024 6:50 am

Eastern Cement inks $270.53M contract to build new production line

Eastern Province Cement Co. signed today, Feb. 29, a 26-month contract with China's Sinoma CDI to establish a new production line in the company’s plant in Khursaniyah at a value of SAR 270.53 million, the company said in a statement to Tadawul. The new production line will operate with a...

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Business & Money | Friday 1 March, 2024 6:43 am

Industry Ministry focuses on small investors in industrial sector: AlKhorayef

The Ministry of Industry and Mineral Resources recently focused on small investors in the industrial sector as Saudi Arabia doubles down on youth who perceive industry as a promising opportunity, according to Minister Bandar AlKhorayef.   In an interview with Al Ekhbariya TV,...

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Business & Money | Friday 1 March, 2024 12:42 am

Careem partners with RedBox to deliver packages in Saudi Arabia

Careem, the region's leading multi-service app, partners with RedBox, the largest parcel locker network in the MENA region, to offer a first-of-its-kind scheduled home delivery service for customers in Jeddah and Riyadh.    Customers can now have their parcels delivered to a...

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Business & Money | Friday 1 March, 2024 12:01 am

Bahri Wins Guinness World Record for Largest Mobile Desalination Plant

Bahri Desalination, a specialized business unit of the National Shipping Company of Saudi Arabia (Bahri), the global shipping and logistics leader, has established a new milestone in seawater desalination production, reinforcing its position as the industry pioneer with the largest...

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Business & Money | Thursday 29 February, 2024 1:21 pm

A record year for ACWA Power backed by strong results for the full year ended 31 Dec 2023

Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, todayannounced a record net profit of SAR 1,662 million in its financial results for the full year ended 31 Dec 2023.  Supported by...

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