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 ...

More Details

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...

More Details

Business & Money | Friday 5 January, 2024 1:55 am

UAE, Saudi Arabia, and Qatar spearheading quantum computing development in the Middle East

The rapid advancement of quantum computing has ignited a fierce race for the next era of computing innovation globally and across the Middle East, according to new research from Frost & Sullivan. While the United States and China hold the top positions in quantum computing and cryptography...

More Details

Business & Money | Friday 5 January, 2024 1:50 am

UAE, Jordan discuss elevating commercial, investment relations

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Bisher Khasawneh, Prime Minister of Jordan, discussed ways of enhancing trade and investment relations between the UAE and Jordan to stimulate joint economic growth and create more opportunities for cooperation between their...

More Details

Business & Money | Friday 5 January, 2024 12:52 am

China's central bank adds liquidity via reverse repos

China's central bank conducted 14 billion yuan ($1.97 billion) of seven-day reverse repos at an interest rate of 1.8 percent Wednesday, reported Xinhua. The move aims to keep liquidity in the banking system reasonable and ample, the People's Bank of China said in a statement. A reverse...

More Details

Business & Money | Friday 5 January, 2024 12:46 am

ADIB Digital Factory adopts generative AI to elevate productivity and efficiency

Abu Dhabi Islamic Bank, a leading financial institution, announces the implementation of "GitHub Copilot for Business," an AI-powered tool set to revolutionise operations within the bank. This innovative technology aims to elevate productivity and efficiency by harnessing generative AI capabilities ...

More Details

Business & Money | Thursday 4 January, 2024 9:03 am

KEIR, National Grid SA sign SAR 14.05M contract

KEIR International Co. signed today, Jan. 3, a SAR 14.05 million contract with the National Grid-SA to implement a cable circuit replacement project at a station in Riyadh, according to a statement to Tadawul.    The company will provide a 132-kilovolt...

More Details

Business & Money | Thursday 4 January, 2024 9:00 am

ACWA Power starts Sudair Solar PV phase 3 commercial operation

ACWA Power Co. received on Jan. 3 the commercial operation certificate from the Saudi Power Procurement Co. (SPPC) for the third and last phase of the Sudair Solar Photovoltaic (PV) project.   In a statement to Tadawul, ACWA Power pointed out that phase 3 includes 25% of the...

More Details

Business & Money | Thursday 4 January, 2024 8:53 am

Tasnee sees 2.5% rise in associates’ cost of sales on feedstock price hike

National Industrialization Co. (Tasnee) was notified by Saudi Aramco about an increase in some feedstock prices starting from Jan. 1.   In a statement to Tadawul, Tasnee said it expects a 2.5% rise in the total cost of sales of associates and joint ventures, according to the latest...

More Details

Business & Money | Wednesday 3 January, 2024 2:08 pm

Saudi Real Estate Refinance Company (SRC) Extends its Refinancing Agreement with Alrajhi Bank with an Additional SAR 5.8 billion

The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has extended its refinancing agreement with Alrajhi Bank, the world’s largest Islamic bank by mortgage assets and market cap, with an additional SAR 5.8 billion bringing the total value of refinancing ...

More Details