Business & Money | Sunday 7 January, 2024 9:03 am

Saudi approves amended regulations of contractors classification law

Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail, approved amendments to the executive regulations of the contractors classification law, the official gazette Umm Al-Qura reported on Jan. 5. The classification certificate is issued electronically, and the entities that own...

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Business & Money | Sunday 7 January, 2024 9:00 am

Saudi courts execute 4,000 auctions in 2023

The number of auctions executed by the Saudi courts in 2023 reached nearly 4,000, at a daily average of 11 auctions, Al-Eqtisadiah newspaper reported. The real estate and commercial real estate auctions dominated around 40% of the total number during the same year. Riyadh accounted for...

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Business & Money | Saturday 6 January, 2024 6:21 am

Global sea freight prices kick off 2024 with exceptional jumps

Global sea freight prices began the year 2024 with significant jumps, reaching record levels not seen since the end of November 2022. This comes amidst a series of increases in prices during the last quarter of the previous year, ending the downward trend witnessed in 2023. On a weekly basis,...

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Business & Money | Saturday 6 January, 2024 6:19 am

UAE market cap soars as top 16 companies hit AED2.7 trillion

As of January 2024, the aggregate market capitalisation of the top 16 national companies listed on local exchanges stood at AED2.7 trillion. Driven by planned market expansions and existing valuations exceeding AED 3.6 trillion, this figure is anticipated to experience significant growth,...

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Business & Money | Saturday 6 January, 2024 6:13 am

AD Ports Group, Red Sea Port Authority initial 15-year concession agreement

AD Ports Group today initialled a 15-year concession agreement with the Red Sea Port Authority (RSPA), to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports. The agreement also encompasses the renovation of the Sharm El Sheikh terminal, with the ultimate...

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Business & Money | Saturday 6 January, 2024 6:07 am

LCGPA launches initiative to localize expansion joint industry

The Local Content and Government Procurement Authority (LCGPA), in cooperation with the Transport General Authority (TGA) and the Ministry of Municipal, Rural Affairs and Housing, offered an opportunity to localize the expansion joint industry on its website. This comes as part of its initiative to ...

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Business & Money | Saturday 6 January, 2024 6:04 am

NHC embarks on developing largest real estate project in Tabuk

National Housing Co. (NHC) awarded a contract for infrastructure works in the first phase of the largest real estate project in Al-Qadisiyah, Tabuk, spanning an area exceeding 2.3 million square meters.   According to the Saudi Press Agency, NHC stated that the project will provide...

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Business & Money | Saturday 6 January, 2024 5:49 am

Ministry of Commerce issues 37,500 e-commerce registers in Q4 2023

The total number of e-commerce registers jumped 24% to 37,481 in Q4 2023, from 30,190 in Q4 2022, the Ministry of Commerce said in its quarterly business sector bulletin. The total number of commercial registers reached 95,860 in the fourth quarter of the year. Riyadh had the largest...

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Business & Money | Friday 5 January, 2024 3:44 am

Industry Ministry issues 130 licenses worth SAR 24.3B in November

The Ministry of Industry and Mineral Resources issued 130 new industrial licenses in November, at a total investment value of SAR 24.3 billion. The new licenses covered five industrial activities with 20 licenses issued in the food production sector, followed by manufacturing of ...

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Business & Money | Friday 5 January, 2024 3:23 am

Yanbu Industrial Port Receives First RORO Vessel, Carrying Nearly 2,000 Cars

The King Fahad Industrial Port in Yanbu welcomed the arrival of the "Hoegh Sydney," marking the first-ever roll-on/roll-off (RORO) vessel received through transshipment. The milestone was made possible by the partnership with global maritime transportation services provider Hoegh Autoliners.The...

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