Business & Money | Saturday 30 December, 2023 12:54 am

Saudi non-oil private sector investments 'key' in driving growth: IMF

The International Monetary Fund (IMF) said that robust non-oil private sector investments in Saudi Arabia will be the main factor in driving growth.   This comes with support from accelerating non-oil activities, including various major projects that underpin and further strengthen...

More Details

Business & Money | Saturday 30 December, 2023 12:48 am

Accor plans to open 50 hotels in Saudi Arabia, Africa: Official

France's Accor plans to open 50 hotels in Saudi Arabia and Africa, Sabq newspaper reported, citing Jean Recher, Regional Vice-President for Development of Luxury Brands.   Saudi tourism sector is a new market for the company, Recher said, adding that Accor is restructuring its...

More Details

Business & Money | Saturday 30 December, 2023 12:41 am

Industry Ministry resumes red sand exports from Eastern Province mining complex

The Ministry of Industry and Mineral Resources resumed the exports of red sand (sand dunes) from the licensed mining complex in Ghunan, the Eastern Province.   In a statement, the ministry added that this marks the first stage of resuming sand and gravel exports from several licensed ...

More Details

Business & Money | Saturday 30 December, 2023 12:39 am

Alstom signs over EUR500M contract for AlUla tramway with RCU

France-based global rail transport company Alstom signed a contract valued at more than EUR 500 million with The Royal Commission for AlUla (RCU) to build the AlUla tramway.   The tram route is battery powered.   The low-carbon AlUla tramway will have 20 trains running ...

More Details

Business & Money | Saturday 30 December, 2023 12:36 am

Giza Systems plans $140M investments in Saudi Arabia; to enter Oman, Kuwait in 2024

Egypt-based Giza Systems Co. is planning $200 million investments next year, of which $140 million, or 70% of the company’s investments, will be injected to boost the company’s presence in Saudi Arabia, Chairman Osama Sorour told Asharq News.   Giza Systems pumped $450 million...

More Details

Business & Money | Saturday 30 December, 2023 12:16 am

e& ends discussions to up stake in Mobily

Abu Dhabi-listed telecom operator e& announced terminating discussion on a possible increase in its holding in Etihad Etisalat Co. (Mobily). The UAE’s telecom giant decided not to pursue the potential transaction.   In March 2022, Mobily said e& approached to discuss...

More Details

Business & Money | Friday 29 December, 2023 3:02 am

Bahri Logistics Partners with Saudi Arabia Railways to Provide International Freight Forwarding Services

Bahri Logistics, a global leader in logistics and transportation and one of the six business units of Bahri, has entered into an international freight forwarding service agreement with Saudi Arabia Railways (SAR). SAR is the owner and operator of the railway networks in Saudi Arabia, which...

More Details

Business & Money | Friday 29 December, 2023 1:55 am

Construction in steady progress on DAMAC’s Safa TWO de GRISOGONO luxury tower

DAMAC Properties, a leading luxury real estate developer in the UAE, has announced construction updates for its prestigious branded tower Safa Two de GRISOGONO.    The renowned property developer has revealed a phase-by-phase timeline on works for the upcoming project with an...

More Details

Business & Money | Friday 29 December, 2023 1:49 am

Samana Developers Surpasses Expectations in 2023, Sets Ambitious Target of Dh8 Billion in 2024

Amid Dubai's unprecedented growth in real estate transactions, Samana Developers proudly reflects on a year of extraordinary accomplishments in 2023. The developer has surpassed the target of Dh3.3 billion in sales in 2023. Dubai's status as a global destination for living, working, and...

More Details

Business & Money | Friday 29 December, 2023 1:30 am

GCC inks free trade agreement with South Korea

The Gulf Cooperation Council (GCC) signed a free trade agreement with South Korea, a step toward achieving Gulf economic integration and strengthening economic and trade relations between the two sides. GCC Secretary-General Jasem AlBudaiwi and South Korean Trade Minister Ahn Duk-geun signed a ...

More Details