Business & Money | Monday 4 March, 2024 9:29 am

Red Sea subsidiary inks deal with SAB to raise facilities limit by SAR 65M

Red Sea International Co.’s (RSI) subsidiary, Fundamental Installation for Electric Work Co. Ltd., signed an agreement to increase its credit facilities limit with Saudi Awwal Bank (SAB) by SAR 65 million to SAR 196.10 million.   In a statement to Tadawul, the...

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Business & Money | Sunday 3 March, 2024 9:54 am

Zain KSA achieves record annual revenue of SAR 9.9 Billion in 2023

Zain KSA unveiled its 2023 financial results, marking a record annual revenue of SAR 9.9 billion, up from SAR 9.1 billion in 2022, with an impressive 9% growth.  This revenue surge propelled Zain KSA  to achieve its highest-ever annual profit, reaching SAR 1.3 billion,  a remarkable...

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Government | Sunday 3 March, 2024 8:54 am

Minister of Municipal Affairs approves Municipal Licensing Procedures Law

Minister of Municipal, Rural Affairs and Housing, Majid Al-Hogail, approved the Municipal Licensing Procedures Law, Umm Al-Qura newspaper reported on March 1.   This replaces the Executive Regulations of the Municipal Licensing Procedures Law issued on Jan. 30,...

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Business & Money | Saturday 2 March, 2024 1:26 am

Enhancing fair trade practices important for economic opportunities in developing countries

Minister of Finance, Mohammed Al-Jadaan, said that enhancing fair trade practices is important for increasing economic opportunities in developing countries. He also emphasized the need to continue implementing the common framework for debt treatment.   In the first G20 Finance...

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Business & Money | Saturday 2 March, 2024 1:22 am

SAMA Governor says monetary policies should ensure price stability

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA) said that monetary policies should ensure price stability and be ready for immediate action to address economic changes.   He added that a stable financial sector is capable of efficiently converting savings into investments,...

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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 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 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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