Business & Money | Sunday 8 October, 2023 9:42 am

NADEC says MC2 assets transferred to Food Security Holding, ups stake to 14.87%

National Agricultural Development Co. (NADEC) announced that following the transfer of all assets of the Second Milling Co. (MC2) to the Food Security Holding Co., a limited liability firm, the two companies were merged under the name the Second Milling Co....

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Business & Money | Sunday 8 October, 2023 9:41 am

TAM Development signs SAR 9.4 mln contract with Ministry of Culture

TAM Development Co. signed on Oct. 5 a SAR 9.44 million contract with the Ministry of Culture, according to a Tadawul statement. The contract is valid for 10 months, the company said in a statement to Tadawul, expecting its financial impact to show starting Q4 2023. On June 26, TAM was...

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Business & Money | Sunday 8 October, 2023 9:35 am

Saudi Ceramics signs non-binding LOI to establish sanitaryware firm

Saudi Ceramic Co. announced that it signed a preliminary, non-binding agreement (term sheet) with Ectasias Yapı Gereçleri A.Ş (EYAP) affiliated with the Turkey’s Eczacıbaşı Group, according to a statement on Tadawul. During the term of the agreement, the two companies will complete the ...

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Government | Sunday 8 October, 2023 9:32 am

Saudi Cabinet sets cap for estimated value of infrastructure, public service projects

The Saudi Council of Ministers approved a maximum limit for the estimated value of any infrastructure or public service project, stipulated in paragraph (1) of Article 7 of the Privatization Law issued in 2021. The limit shall be SAR 200 million for projects to carry out works or secure purchases...

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Business & Money | Sunday 8 October, 2023 9:31 am

Sulaiman Al Habib appoints Faisal Al Nassar as CEO

Dr. Sulaiman Al Habib Medical Services Group's (HMG) board of directors appointed on Oct. 8 Faisal Al Nassar as CEO.   Nassar holds a bachelor's degree in accounting and information systems from the College of Industrial Management (CIM) at King Fahd University of Petroleum and...

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Business & Money | Sunday 8 October, 2023 9:18 am

GFH Partners acquires $150 mln logistics assets in Saudi Arabia, UAE

GFH Partners completed the acquisition of a diversified logistics and industrial portfolio worth $150 million (nearly SAR 563 million) in Saudi Arabia and the UAE. This portfolio includes a mix of logistics and industrial assets in Saudi Arabia and the UAE. The portfolio comprises...

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Business & Money | Sunday 8 October, 2023 9:02 am

PIF signs MoU to subscribe to new cash shares in Saudi Re via capital hike

Saudi Reinsurance Co. (Saudi Re) signed on Oct. 7 a non-binding memorandum of understanding (MoU) with the Public Investment Fund (PIF), under which the fund will subscribe to new cash shares in the former by way of capital increase while suspending preemptive rights of the current...

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Business & Money | Sunday 8 October, 2023 8:55 am

Ladun subsidiary signs SAR 70.4 mln contract with Amaala for aluminum works

Ladun Investment Co. announced that Built Aluminum Factory (BAFCO), which is owned by its subsidiary Built Industrial Co., signed, on Oct. 5, a 451-day contract worth SAR 70.4 million worth contract with Amaala.   The contract aims at implementing aluminum and facade works at the...

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Environment & Energy | Sunday 8 October, 2023 8:51 am

MOCCAE and Tadweer sign MoU to launch global initiative to decarbonize waste management

As part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28, the Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have signed a Memorandum of Understanding (MoU) to launch ‘Waste to Zero’, a...

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Environment & Energy | Sunday 8 October, 2023 8:43 am

UAE, Kyrgyzstan strengthening energy cooperation

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, led a high-level UAE delegation to the Kyrgyz Republic on a visit aimed to explore opportunities to enhance cooperation between the two countries in all fields. Sadyr Japarov, President of the Kyrgyz Republic, received Al...

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