Business & Money | Friday 22 December, 2023 2:20 am

SOUM Raises $18 Million series A round led by Jahez; Eyes $40 Billion Market for MENA Expansion

Soum, the Riyadh-headquartered marketplace for secondhand products, has successfully secured $18 million in Series A funding. This funding round is led by Jahez, with participation from Isometry Capital along with existing investors participating, Khwarizmi Ventures, Alrajhi Partners, and Outliers...

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Business & Money | Friday 22 December, 2023 1:03 am

MIS signs SAR 152.7M contract with legal entity

Al Moammar Information Systems Co. (MIS) signed a project contract worth SAR 152.71 million, including VAT, with a legal entity.   In a statement to Tadawul, the company said the project spans a duration of six years.   The project details entails subscription and...

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Business & Money | Thursday 21 December, 2023 11:21 am

NWC holds a workshop to discuss ways to develop the quality and sustainability of project materials

The National Water Company (NWC), represented by the (Projects and Technical Services and Shared Services) sectors, held a workshop on Sunday, December 17, at its headquarters in Riyadh to discuss ways to increase the local content of the industrial products used in drinking water and wastewater...

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Business & Money | Thursday 21 December, 2023 9:51 am

ADIB, Aldar Properties close AED 1 billion sustainability linked financing deal

Abu Dhabi Islamic Bank (ADIB) has arranged an AED 1 billion sustainable bilateral facility for Aldar Properties PJSC (Aldar). The financing takes Aldar’s total ESG financing facilities to AED 4.8 billion as the company transitions towards sustainable financing for its projects and...

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Business & Money | Thursday 21 December, 2023 9:46 am

Data residency in Saudi: MarTech leader WebEngage bets big on the Kingdom’s thriving business ecosystem

WebEngage, the leading marketing automation platform specializing in customer retention, today announced its ambitious roadmap for KSA. The marketing technology (MarTech) company will create data residency in December, subsequently storing clients’ data within the country, in a move reflective of ...

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Business & Money | Thursday 21 December, 2023 9:44 am

Avenues Al Khobar’s cornerstone laid for SAR 7.2B project, anticipated opening in 2027

Prince Saud Bin Nayef Bin Abdulaziz, Governor of the Eastern Province, presided on Dec. 20 over the cornerstone ceremony for the Avenues-Al Khobar project.   With a value exceeding SAR 7.2 billion, the project will be implemented by Shomoul Holding and is anticipated to be...

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Business & Money | Thursday 21 December, 2023 9:42 am

PureHealth Holding's share price soars 76% on first day of trading on ADX

PureHealth Holding's share price soared by more than 76% on its first day of trading on the Abu Dhabi Securities Exchange (ADX) today, closing at AED5.74 The share's opening price was AED3.26, before hitting a high of AED6.00 during the trading session. The company's market capitalisation also ...

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Business & Money | Thursday 21 December, 2023 9:39 am

Central Bank reports 10% growth in cash deposits to AED687.2 billion by end of October

The Central Bank of the UAE (CBUAE) released data showing cash deposits surged to AED 687.2 billion this October, marking a substantial annual increase of 10.2 percent, or AED 63.7 billion, compared to AED 623.5 billion in October 2022. Breaking it down further, the Central Bank's cash...

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Business & Money | Thursday 21 December, 2023 8:51 am

Al Akaria’s subsidiary wins SAR 722.1M contract from DGDA

Saudi Real Estate Co.’s (Al Akaria) subsidiary, Saudi Real Estate Infrastructure Co. (Binyah), secured a contract worth SAR 722.1 million, including VAT, from the Diriyah Gate Development Authority (DGDA). The contract entails the execution of excavation works and related activities for...

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Business & Money | Thursday 21 December, 2023 8:49 am

Sports Boulevard sets up REIT worth SAR 1B for Arts District

The Sports Boulevard Foundation signed an agreement with Ajdan Real Estate Development Co. and Albilad Capital to set up a private real estate investment fund worth SAR 1 billion, with the aim of establishing a mixed-use project to develop the Arts District, which is one of the eight areas of...

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