Business & Money | Thursday 15 August, 2024 10:26 am

Red Sea subsidiary inks SAR 253M construction contract

Red Sea International Co.'s subsidiary, The Fundamental Installation for Electric Work Co. Ltd., signed today, Aug. 14, a contract worth SAR 253.09 million (VAT inclusive) with Modern Building Leaders Co. (MBL), according to a Tadawul statement. Under the 564-day contract, the...

More Details

Business & Money | Thursday 15 August, 2024 10:23 am

S&P: GCC insurance sector likely to grow supported by Saudi market

S&P Global Ratings expects the insurance sector in the Gulf Cooperation Council (GCC) countries to grow by about 15% to 20% in 2024, with revenues exceeding $20 billion. The agency said that the Saudi market is seen to be the main driver of revenue growth in the GCC region, similar to the...

More Details

Business & Money | Thursday 15 August, 2024 10:18 am

Electrical Industries’ unit inks SAR 281M contract with Hyundai

Electrical Industries Co.’s subsidiary, Saudi Power Transformers Co., signed on Aug. 14 a contract with Hyundai Engineering Co. Ltd. to supply transformers, for SAR 281.13 million (excluding VAT), according to a statement to Tadawul. The 15-month contract entails a purchase order for design, ...

More Details

Business & Money | Thursday 15 August, 2024 10:15 am

Cenomi Retail names Salim Fakhouri as CEO

Fawaz Abdulaziz Alhokair Co.’s (Cenomi Retail) board of directors appointed Salim Fakhouri as CEO, effective Aug. 14, according to a statement on Tadawul. Last March, the company named Fakhouri as the acting CEO. Fakhouri has more than 20 years of experience in the retail and fashion...

More Details

Business & Money | Thursday 15 August, 2024 10:12 am

ROSHN Group and EFAA Partner to Empower Disabled Individuals and Enhance Quality of Life in the Eastern Region

ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer and a PIF Company, has entered into a strategic partnership with the EFAA Rehabilitation Complex (EFAA). The agreement, which was announced during a ceremony held under the patronage of His Royal Highness the Governor of...

More Details

Business & Money | Thursday 15 August, 2024 9:47 am

Azizi Developments, Bahra Electric partner across multiple Dubai projects

Azizi Developments, a leading private developer in the UAE, has announced its partnership with Bahra Electric, the prominent electrical manufacturing company based in Saudi Arabia. The company specializes in producing and supplying a wide range of electrical products and solutions, including...

More Details

Business & Money | Thursday 15 August, 2024 9:44 am

Salama reports a 67% increase in net profit in H1 2024

 Islamic Arab Insurance Company (DFM listing: “Salama”), UAE’s largest Takaful solutions provider, has reported a net profit of AED 20.53 million, compared to AED 12.26 million during the same period in 2023. In line with the company’s commitment to delivering core business...

More Details

Business & Money | Wednesday 14 August, 2024 6:17 pm

KPMG promotes Turki Alajmi to Partner in Defense and Security

KPMG announced the appointment of Turki Alajmi as Partner within its Defense and Security team in Saudi Arabia. Theappointment is testament to KPMG's growing commitment to servicing the Defense industry with advisory capabilities.   Turki brings over 15 years of professional...

More Details

Business & Money | Wednesday 14 August, 2024 12:41 pm

Bonyan REIT finalizes ownership transfer for SAR 225M office tower in Riyadh

Saudi Fransi Capital Co., the fund manager of Bonyan REIT Fund, announced that the latter finalized the ownership transfer for an office tower in Al Sahafa District, Riyadh, according to a Tadawul filing.   This came following the completion of the property’s development works and...

More Details

Business & Money | Wednesday 14 August, 2024 12:40 pm

National Building raises financing limit with Riyad Bank

National Building and Marketing Co. (NBM) signed an agreement to increase the limit of its Shariah-compliant banking facilities granted by Riyad Bank by SAR 90 million.   The financing duration is 24 months, with guarantees provided based on previously approved bank terms, the...

More Details