Business & Money | Tuesday 1 October, 2024 11:02 am

LIVA Insurance inks contract with Ceer

Liva Insurance Co. signed today, Oct. 1, a contract with Ceer, Saudi Arabia's first electric vehicle brand, to provide insurance services for construction risk coverage (excluding energy risks), valued at over 5% of total insurance revenue according to the audited financial statements for...

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Business & Money | Tuesday 1 October, 2024 11:00 am

Obeikan Glass OKs SAR 520M flat glass line

Obeikan Glass Co.’s board of directors approved the establishment of a second flat glass production line at its current factory located in the Royal Commission for Jubail and Yanbu (RCJY). The new line will have a production capacity of 650 tons per day, with an estimated project cost of...

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Business & Money | Tuesday 1 October, 2024 10:58 am

Aldrees buys USD-denominated sukuk worth SAR 223.9M from Riyad Bank

Aldrees Petroleum and Transport Services Co. purchased USD-denominated additional Tier 1 sustainable sukuk worth SAR 223.87 million ($59.7 million) from Riyad Bank on Oct. 1, according to a Tadawul statement. The self-financed purchase will have an expected return of 5.5% annually for a period ...

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Business & Money | Tuesday 1 October, 2024 10:54 am

MIS receives new orders to increase data centers capacity for SAR 82.5M

Al Moammar Information Systems Co. (MIS) has received new awards to increase the data centers’ capacity at a value of SAR 82.55 million (including VAT), according to a statement to Tadawul. Any material developments will be announced in due course. MIS signed on July 4, 2021, agreements ...

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Business & Money | Tuesday 1 October, 2024 10:51 am

Retal signs SAR 142.4M deal to construct 263 houses in Riyadh

Retal Urban Development Co. signed on Sept. 30 a contract with its subsidiary, Building Construction Co. (BBC), to construct 263 residential units in Riyadh, at a value of SAR 142.39 million (excluding taxes and fees). The company said in a statement on Tadawul that the 30-month contract...

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Business & Money | Tuesday 1 October, 2024 10:46 am

HSBC Saudi Arabia embarks on next phase of growth with office relocation

HSBC Saudi Arabia is preparing for its next phase of growth to support its clients with a new office in the heart of Riyadh’s King Abdullah Financial District (KAFD), amid the increasing investment and economic development in the Kingdom. The Kingdom’s leading international investment bank ...

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Business & Money | Tuesday 1 October, 2024 10:43 am

Experts recommended at the 5th Edition Future Banks Summit applying innovations and AI applications to support the financial sector growth

Experts at the 5th Edition of the Future Banks Summit & Awards hosted recently in Riyadh, highlighted the necessity of leveraging innovations and AI to enhance growth in the financial sector. Organized by Verve Management, a prominent B2B events company across Asia, the Middle East, and Africa, ...

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Business & Money | Tuesday 1 October, 2024 10:39 am

ACWA Power and Sumitomo Corporation sign joint agreement to develop Uzbekistan’s largest renewable energy projects

Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in the energy transition and first mover into green hydrogen, recently signed a joint development agreement with Japan’s Sumitomo Corporation, a Fortune 500 trading and business investment company, to...

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Business & Money | Tuesday 1 October, 2024 10:36 am

Emirates NBD announces SAR 100 million ESG-linked working Capital facility with Chalhoub Group

Emirates NBD, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced a SAR 100 million ESG-linked working Capital facility with Chalhoub Group, the Middle East’s largest luxury goods retailer and distributor. Marking the first ESG-linked facility...

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Business & Money | Tuesday 1 October, 2024 10:27 am

“Abu Dhabi SME Champions” facilitates AED 88.6 million in procurement deals in first 6 months

The Abu Dhabi SME Champions programme, launched by the Abu Dhabi Department of Economic Development (ADDED) in 2023 to boost SME participation in procurement opportunities with large private companies (LCs) and government-related entities (GREs), facilitated the award of AED 88.6 million in...

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