Business & Money | Monday 24 February, 2025 10:57 am

Sumou announces project award with Municipality of Makkah

Sumou Real Estate Co. announced the award of the project to complete the development and implementation of infrastructure for the Shariah grant scheme No. 17 in collaboration with the Municipality of Makkah. In a statement to Tadawul, the company pointed out that it will receive 7.04% of the...

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Business & Money | Monday 24 February, 2025 10:54 am

Balady inks SAR 27.4M contract to supply solid waste treatment lines

Balady Poultry Trading Co. signed a supply, installation, supervision and operation contract with Denmark’s Haarslev Co. to provide solid waste treatment lines from the poultry slaughterhouse, for a total value of EUR 6.99 million (SAR 27.4 million). In a statement to Tadawul, the company...

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Business & Money | Monday 24 February, 2025 10:52 am

SRC’s second sukuk issue to be offered in 3 months: Al-Hogail

Majid Al-Hogail, Minister of Municipalities and Housing and Chairman of Saudi Real Estate Refinance Co. (SRC), said as much as $5 billion is planned to be issued under the company’s sukuk program, with $2 billion worth of sukuk offered so far. Speaking to Al Arabiya TV, Al-Hogail explained...

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Business & Money | Monday 24 February, 2025 10:50 am

Bawan to build high-voltage transformers factory, first phase to cost SAR 80M

Bawan Co.’s board of directors approved, on Feb. 21, a project by United Transformers Electric Co. (Utec Saudi), a subsidiary, to set up a factory for manufacturing high-voltage transformers. The first phase of the factory is estimated to cost SAR 80 million, the company said in a...

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Business & Money | Monday 24 February, 2025 10:46 am

MIS sells entire investment in OpenAI, achieving SAR 12.8M capital gains

Al Moammar Information Systems Co. (MIS) announced the sale of its entire investment in OpenAI, valued at $8.4 million (SAR 31.5 million). The cost price of the investment was $5 million (SAR 18.9 million). According to a statement to Tadawul, the company pointed out that this transaction...

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Business & Money | Monday 24 February, 2025 10:43 am

SALIC inks SAR 6.7 billion agreement to raise stake in Olam Agri to 80.01%

SALIC, a subsidiary of the Public Investment Fund (PIF), announced today, Feb. 24, that it signed an agreement to increase its stake in Olam Agri Holdings (Olam Agri) from 35.43% to 80.01%, for a total value of $1.78 billion (nearly SAR 6.7 billion). The transaction will be finalized after...

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Business & Money | Sunday 23 February, 2025 11:15 am

Kuwait’s Mabanee signs 2 contracts for Avenues Riyadh at SAR 1.13B

Kuwait’s real estate developer, Mabanee Co., announced that its Saudi subsidiary signed two contracts for construction work as part of the second phase of The Avenues-Riyadh project, at a total value of SAR 1.13 billion. In a statement to Boursa Kuwait, the company said the first contract...

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Government | Sunday 23 February, 2025 11:06 am

King Salman orders naming of 15 Riyadh squares after Saudi rulers

King Salman bin Abdulaziz issued a directive to name 15 major squares in Riyadh after the imams and kings of Saudi Arabia to commemorate Founding Day on Feb. 22. According to Saudi Press Agency, the directive was issued following a proposal by Crown Prince and Prime Minister Mohammed bin...

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Business & Money | Sunday 23 February, 2025 10:52 am

Al-Rumayan sees Kingdom poised for AI domination, 2x return on investment

The Kingdom has the potential to become a global leader in artificial intelligence, the Public Investment Fund’s (PIF) Governor, Yasir Al-Rumayyan stated. Speaking at the third PRIORITY Summit in Miami, hosted by the Saudi Future Investment Initiative (FII), Al-Rumayyan emphasized that the...

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Business & Money | Sunday 23 February, 2025 10:43 am

NWC and SWIC launch Wabel Incubator to support innovation in water sector

The National Water Company (NWC) and the Saudi Water Innovation Center (SWIC) announced the launch of the Wabel Incubator. It aims to support and develop innovations in the water sector. This came during the graduation ceremony of the 2024 incubated projects held in Riyadh on Thursday, February 13, ...

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