Business & Money | Thursday 16 May, 2024 7:32 am

ADES CEO says rig additions boost profit growth, 75% of revenue from Aramco

ADES Holding Co.'s Q1 2024 profit growth was driven by an increase in revenues, coupled with the company's proactive step of hedging for about 60% of its loans, which helped slash costs to about 4%, according to CEO Mohamed Farouk. Speaking with Al Arabiya TV, the top executive said...

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Business & Money | Thursday 16 May, 2024 7:26 am

NEOM workers reach 140,000, to hit 200,000 in 2025: CEO

There are about 140,000 construction workers currently working around the clock in the NEOM project, said CEO Nadhmi Al-Nasr. In his speech at the Saudi-British Great Future Initiative Conference in Riyadh, Al-Nasr expected that the number of project workers will rise to 200,000 next...

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Business & Money | Thursday 16 May, 2024 7:12 am

Steel Pipe wins SAR 138.6M contract with Aramco

Saudi Steel Pipe Co. (SSP) was awarded a contract to supply oil and gas steel pipes to Saudi Aramco, with an estimated value of SAR 138.6 million. The contract is valid for 12 months, the pipe manufacturer said in a statement to Tadawul, noting that there are no related parties to the...

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Business & Money | Thursday 16 May, 2024 6:56 am

MSCI adds 8 Saudi firms, excludes 6 in periodic review

MSCI Inc, the provider of research-based indexes and analytics, announced the results of its periodic review, adding SAL Saudi Logistics Services Co. to the MSCI Global Standard Index. Meanwhile, the index added seven firms to MSCI Saudi Arabia Small Cap Index, namely, Al-Babtain Power...

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Business & Money | Thursday 16 May, 2024 6:20 am

IHR appoints Yaqeen Capital to advise on move to Main Market

International Human Resources Co. (IHR) appointed Yaqeen Capital as financial advisor on its planned transition from the Nomu-Parallel Market to the Main Market, according to a statement to Tadawul. The transition is subject to the approval of the Saudi Exchange and is conditional on...

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Business & Money | Wednesday 15 May, 2024 4:51 pm

SUN SIYAM RESORTS PROMOTES AHMED NAUFAL TO GROUP DIRECTOR OF SALES & MARKETING

Sun Siyam Resorts is pleased to announce the promotion of Ahmed Naufal to the role of Group Director of Sales & Marketing, effective from April 2024. Previously serving as Cluster Director of Sales & Marketing at the compnay, Naufal will now spearhead the strategic sales and marketing...

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Business & Money | Wednesday 15 May, 2024 3:41 pm

Golden Gate Ventures Lands First Close of their US$100 Million New MENA

Doha, Qatar, 15th May 2024 – Golden Gate Ventures, a venture capital fund founded by Silicon Valley natives, today announced its first US$100M MENA fund with US$ 20M in commitments from some of Qatar’s most prominent families: anchor investor, the multi-faceted Al Khor Holding with 60 years of...

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Business & Money | Wednesday 15 May, 2024 10:54 am

Bayt.com Revolutionizes Recruitment with No-Login CV Search Access to the Middle East’s Premier Talent Pool

 Bayt.com, the Middle East’s #1 job site, today announced a significant update to its CV search functionality. Now, employers can access a limited version of Bayt.com’s CV search without the need to log in or register, making it easier and more efficient to find top...

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Business & Money | Wednesday 15 May, 2024 10:42 am

Fakeeh Care IPO 119x covered, final price set at SAR 57.50/share

HSBC Saudi Arabia, the sole financial advisor, joint bookrunner, underwriter, and lead manager on the potential IPO of Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group), set the final offer price at SAR 57.50 per share. The IPO was 119x covered, with the final IPO price set at SAR ...

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Business & Money | Wednesday 15 May, 2024 10:29 am

Arabian Pipes, Saudi Aramco sign SAR 107M contract

Arabian Pipes Co. signed today, May 14, a SAR 107 million contract to supply pipes from its factories to Saudi Arabian Oil Co. (Saudi Aramco). The contract duration is 10 months, the company said in a statement to Tadawul, expecting the financial impact to appear during the first and ...

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