Business & Money | Friday 20 December, 2024 6:35 am

ACWA Power files for CMA approval of SAR 7.13B rights issue

ACWA Power Co. submitted, on Dec. 18, a request to the Capital Market Authority (CMA) to increase its capital through a SAR 7.13 billion rights issue, according to a statement to Tadawul.   Any relevant updates will be duly revealed, the statement added. In June, ACWA Power...

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Business & Money | Friday 20 December, 2024 6:32 am

Idle Lands Program adds 160M sqm to real estate supply

The Idle Lands Program has achieved remarkable growth since its launch, significantly increasing the Kingdom’s real estate supply by more than 160 million square meters (sqm) across various regions.   The program stated that more than 75 million sqm of land have been developed,...

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Business & Money | Friday 20 December, 2024 6:22 am

Bawan: Petronash Arabia gets SAR 832M purchase order from Aramco

Bawan Co. stated that Petronash Arabia Co. Ltd, a subsidiary of Petronash Holding Co., received a purchase order for an existing contract from Saudi Aramco to supply special gas well products for almost SAR 832 million. This is the third purchase order linked to a long-term agreement with...

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Business & Money | Thursday 19 December, 2024 11:32 am

Red Sea subsidiary increases SAB credit facilities by SAR 100M

Red Sea International Co.’s (RSI) subsidiary, Fundamental Installation for Electric Work Co., signed an agreement to increase the limit of its credit facilities with Saudi Awwal Bank (SAB) by SAR 100 million, according to a statement to Tadawul.  Accordingly, the total value...

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Business & Money | Thursday 19 December, 2024 10:38 am

Ceer and Schuler Partner for Building the Most Advanced Press Shop in MENA

 Ceer, Saudi Arabia’s first electric vehicle (EV) brand and original equipment manufacturer (OEM), has partnered with Schuler to supply and install the first completely automatic press shop at its state-of-the-art Ceer Manufacturing Complex (CMC) in King Abdullah Economy City, the most...

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Business & Money | Thursday 19 December, 2024 10:35 am

EY launches academy in KSA to meet workforce needs

EY has launched its EY Academy in the MENA region with an inaugural location in the Kingdom of Saudi Arabia (KSA). The EY Academy was established to further enhance and accelerate the development of talent across the country and wider MENA region. The organization is the first of its peers to gain...

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Business & Money | Wednesday 18 December, 2024 9:34 am

Saudi Arabia spends over SAR 500M on mineral exploration: Deputy Minister

Saudi Arabia is currently spending more than SAR 500 million on mineral exploration, compared to less than SAR 25 million in 2018, with an eye for 50% more year-on-year (YoY) in 2024, said Deputy Minister of Industry and Mineral Resources Khalid Al-Mudaifer. “Spending on exploration...

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Business & Money | Wednesday 18 December, 2024 9:32 am

Red Sea signs SAR 392M credit facility with Riyad Bank

Red Sea International Co. (RSI) signed a Shariah-compliant credit facility agreement with Riyad Bank for SAR 392 million, according to a statement to Tadawul. The facilities aim to issue bank guarantees for the project signed with Webuild SpA to build an employee camp. The guarantees...

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Business & Money | Wednesday 18 December, 2024 9:29 am

Parking demand seen to reach SAR 3B in next 3 years: Batic CEO

Mohammed Al-Zamil, CEO of Batic Investments and Logistics Co., said preliminary studies show that the expected demand for parking services in Saudi Arabia over the next three years would range between SAR 2.5 to SAR 3 billion. The tourism and entertainment sector is experiencing significant...

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Business & Money | Wednesday 18 December, 2024 9:20 am

D360 Bank launches operations in Saudi Arabia: SAMA

The Saudi Central Bank (SAMA) announced that D360 Bank obtained no objection to commence its banking operations in the Kingdom. In an emailed statement to Argaam today, Dec. 17, SAMA said that D360 Bank is one of three local digital banks licensed in the Kingdom. In February 2022, the...

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