Business & Money | Monday 6 May, 2024 8:21 am

Saudi Electricity achieves financial closure for Qassim 1 and Taiba 1 at SAR 11.4B

Saudi Electricity Co. (SEC) achieved financial closure for Qassim 1 and Taiba 1 independent power projects (IPPs) at a total value of SAR 11.4 billion ($3.04). According to the Saudi Press Agency, the financing agreements were signed by the project companies, Sidra One Co. for the...

More Details

Business & Money | Monday 6 May, 2024 8:18 am

NHC, China's CITIC to establish industrial city, logistics zones in Saudi Arabia

The National Housing Co. (NHC) signed a cooperation agreement with China's CITIC Construction Group to establish an industrial city and logistics zones for building materials, Saudi Press Agency reported. In a statement, NHC said the project will include 12 factories to secure supply chains...

More Details

Business & Money | Monday 6 May, 2024 6:25 am

AviLease completes delivery of four new A321neo aircraft to Frontier Airlines

AviLease, the rising global aircraft lessor wholly owned by PIF, Saudi Arabia’s sovereign wealth fund, has successfully delivered four Airbus A321neo aircraft on lease to Colorado-based low cost operator Frontier Airlines. These are the first of six next generation aircraft that will be delivered ...

More Details

Business & Money | Sunday 5 May, 2024 12:11 pm

ACWA Power signs $4.85 billion deal for Central Asia’s largest wind farm

On the sidelines of the Tashkent International Investment Forum held under the patronage of His Excellency President Shavkat Mirziyoyev, President of the Republic of Uzbekistan, Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and...

More Details

Government | Saturday 4 May, 2024 3:33 pm

ZATCA amends executive regulations for real estate transactions tax

The Zakat, Tax and Customs Authority (ZATCA) made amendments to the executive regulations for real estate transactions tax, which included a number of transactions excluded from the application of tax.   The excluded transactions include a person offering his own property as an...

More Details

Cars & Autos | Saturday 4 May, 2024 3:30 pm

Saudi Arabia imports 93,300 cars in 2023

Saudi Arabia imported 93,300 cars in 2023, compared to nearly 66,900 in 2022, Saudi Press Agency reported, citing Hamoud Al-Harbi, spokesperson for the Zakat, Tax and Customs Authority (ZATCA).   Thus, the total number of cars imported in 2022 and 2023 through all Saudi Arabia's...

More Details

Environment & Energy | Saturday 4 May, 2024 12:11 am

Electric Mobility in GCC – Green Growth Opportunities for Utility Companies

The world is facing a climate emergency. For centuries, fossil fuels have been the backbone of industry and economic growth, but the emissions they release into the atmosphere have eroded the Earth’s natural defences, placing life in all its forms under threat. Responsible for around a quarter of ...

More Details

Government | Friday 3 May, 2024 12:51 pm

13 gov’t entities protect products of 1,339 factories in Saudi from unfair competition: Official

Jarrah Aljarrah, Official Spokesperson for the Ministry of Industry and Mineral Resources, said that 13 government entities are working to address the challenges facing the industrial sector due to unfair competition. They study these challenges and develop the appropriate tools to resolve them in...

More Details

Environment & Energy | Friday 3 May, 2024 12:50 pm

Saudi-Uzbek energy investments reach $14B: Minister

Prince Abdulaziz bin Salman, Minister of Energy, stated that the energy sector represents an important aspect of the growing relationship between Saudi Arabia and Uzbekistan, especially in the field of renewable energy. The size of investments between the two countries in this sector exceeded $14...

More Details

Business & Money | Thursday 2 May, 2024 9:33 am

ACWA Power signs SAR 11.4B financing deals to fund 2 projects

ACWA Power Co. signed, on May 1, a senior debt financing deal for Qassim 1 Combined Cycle Power Plant (CCGT) with a capacity of 1,800 MW in Qassim, according to a statement to Tadawul. The SAR 5.69 billion ($1.52 million) financing deal will extend for 28.1 years, and was signed through Qassim ...

More Details