Business & Money | Wednesday 8 May, 2024 3:13 pm

The Middle East Low Code No Code Summit 2024 Successfully Concludes, To Return As CODE

 The successful conclusion of two-day summit, The Middle East Low Code No Code Summit 2024 on May 2nd marked a pivotal moment, with over 300 technology leaders, Low-code No-code experts, and government entities converging to explore the forefront of innovation. This gathering provided an...

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Business & Money | Wednesday 8 May, 2024 10:57 am

Saudi Electricity secures $1B bilateral Murabaha loan from SNB

Saudi Electricity Co. (SEC) secured today, May 7, a $1 billion bilateral Murabaha loan from Saudi National Bank (SNB). The facility has a five-year term with the option to extend for another two years. It will be used to finance general corporate purposes and capital expenditures,...

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Business & Money | Wednesday 8 May, 2024 10:52 am

Red Sea subsidiary inks SAR 113M EPC contract with MBL

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co. Ltd., signed a contract for engineering, procurement and construction (EPC) for site preparation and infrastructure works at Jeddah Central Development Project with Modern Building Leaders Co. (MBL) at a...

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Business & Money | Wednesday 8 May, 2024 10:46 am

Al Rajhi Bank plans additional tier-1 sustainable sukuk

Al Rajhi Bank announced its intention to issue USD-denominated additional tier-1 capital sukuk under its international additional tier-1 capital sukuk program, established by the bank on April 18, following the decision of the board of directors on March 25. In a statement to Tadawul, the bank ...

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Business & Money | Wednesday 8 May, 2024 10:32 am

Jabal Omar’s CEO resigns, Saad Ben Aiban takes helm

Jabal Omar Development Co.’s board of directors approved on May 7 Khalid Al-Amoudi's resignation as Chief Executive Officer (CEO) effective May 30, 2024, to pursue his career.   The company’s board of directors appointed Vice Chairman Saad Ben Aiban as CEO effective May 31,...

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Business & Money | Wednesday 8 May, 2024 10:21 am

NAHDI RECORDS 7.2% REVENUE GROWTH WITH A 10.3% NET PROFIT MARGIN, EXCEEDING ITS PREVIOUS GUIDANCE

Exceeding its previous guidance, Nahdi Medical Company achieved SAR 2.26 billion in revenue in Q1 2024, representing a 7.2% increase compared to Q1 2023 and 2% increase compared to the previous quarter.  Nahdi's Medicine segment continues to experience solid year-over-year growth, driven...

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Business & Money | Wednesday 8 May, 2024 9:27 am

Al Khan Affirms Innovation: Cutting-Edge Parking Systems Expand to Bahrain & Saudi Arabia

During participation at the Intertraffic Amsterdam Event, world’s largest mobility and traffic technology trade show, Mr. Omar Al Khan, Founder and Managing Partner of ParkPoint Parking Solutions, reiterated the company's commitment to introducing the latest international parking management...

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Business & Money | Wednesday 8 May, 2024 9:24 am

Azizi Developments partners with UAE’s Al Gurg Consultants for Venice

Azizi Developments, a leading private developer in the UAE, has signed with UAE-based Al Gurg Consultants for the detailed design of eight residential towers in its approximately AED 30 billion mixed-use development, Azizi Venice, located in Dubai South. Founded in 1969 and headquartered in...

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Business & Money | Tuesday 7 May, 2024 2:12 pm

Emirates NBD and Nium join forces to transform global cross-border payments in the Middle East

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and Nium, a global leader in real-time in cross-border payments have announced a strategic alliance to empower customers with a cutting-edge remittance solution and redefine the financial services...

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Business & Money | Tuesday 7 May, 2024 1:12 pm

Budget deficit ‘intended’; management is govt priority: Al-Jadaan

Saudi Arabia’s budget deficit was “intended”, and the government understands the concerns about its potential impact on the economy, Mohammed Al-Jadaan, Minister of Finance, told Al-Eqtisadiah newspaper.   Managing the budget deficit is one of the government's priorities,...

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