Business & Money | Saturday 26 October, 2024 7:29 am

BlackRock studies how to develop Saudi mortgage market

Bartholomew Nash, Director of Corporate Communications at BlackRock, said the asset management firm is studying mechanisms to develop the mortgage-backed securities market in Saudi Arabia, Al Eqtisadiyah newspaper reported.   He added that the company is currently working on this...

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Business & Money | Saturday 26 October, 2024 7:28 am

Saudi reforms lure foreign investments to new sectors: IMF

Jihad Azour, Director of Middle East and Central Asia Department, the International Monetary Fund (IMF), said Saudi Arabia's reforms and investment projects help attract foreign capital to new sectors, such as entertainment and technology, in addition to the traditionally lucrative oil...

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Business & Money | Saturday 26 October, 2024 6:34 am

Cargostore and HALEYS Forge Partnership to Drive Qatar’s Offshore Growth

In a move that signals the growing importance of Qatar’s energy sector, two industry giants, Cargostore Worldwide and HALEYS Group Middle East, have announced a strategic partnership poised to reshape the offshore logistics landscape. The collaboration is set to provide vital infrastructure...

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Business & Money | Friday 25 October, 2024 9:42 am

45% of Saudi energy sector localized: Official

Almost 45% of the Saudi energy sector has been localized, with an eye to reach 75% by 2030, said Fuad Mosa, Deputy Minister of Localization, Local Content and Risk Management at the Ministry of Energy.   The oil and gas sector is among those with advanced localization rates, ranging...

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Business & Money | Friday 25 October, 2024 9:20 am

Local content contributes SAR 150B to Saudi Electricity projects: Official

Mahmoud Basra, Director of Local Content at the Saudi Electricity Co. (SEC), said the local content—reflecting the proportion of services produced domestically— exceeded SAR 150 billion (around $40 billion) over the past five years. The utility signed mandatory localization and procurement ...

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Business & Money | Friday 25 October, 2024 9:18 am

Industry Ministry works closely with investors to keep projects on track

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said that the Saudi industrial sector is witnessing significant progress. The industrial strategy identified 800 projects with total investments estimated at around SAR 1.3 trillion, of which projects worth nearly SAR 500 billion are...

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Business & Money | Thursday 24 October, 2024 11:31 am

Saudi Arabia’s FDI grows to SAR 96B in 2023, exceeds target by 16%

Foreign direct investment (FDI) inflows to Saudi Arabia reached SAR 96 billion in 2023, according to data by the Saudi Ministry of Investment. FDI inflows declined by 19% year-on-year (YoY) compared to 2022, when they totaled SAR 119 billion, including a SAR 55 billion Aramco deal. Without the ...

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Business & Money | Thursday 24 October, 2024 11:30 am

MEFIC REIT signs Dubai property swap, to reinvest in real estate firm

MEFIC REIT signed on Oct. 23 a swap agreement worth AED 62.6 million concerning the "The Pad" property located in Dubai, said the fund manager, MEFIC Capital. In a statement to Tadawul, MEFIC Capital added that the deal also involves reinvesting in Downtown Bay Developments Ltd. The...

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Business & Money | Thursday 24 October, 2024 10:47 am

Sure signs SAR 24M contract with Ministry of Tourism

Sure Global Tech Co. signed on Oct. 23 a two-year contract for an expansion project of infrastructure devices in data centers with the Ministry of Tourism at a total of SAR 23.98 million, inclusive of VAT, the company said in a statement to Tadawul. The contract was signed by both parties and...

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Business & Money | Thursday 24 October, 2024 10:45 am

Energy Localization Forums sees 107 deals worth SAR 104B

The Energy Localization Forum witnessed today 107 strategic agreements and memoranda of understanding aimed at reinforcing the Kingdom's global leadership in the energy sector, signed with 117 entities from the public and private sectors, with a total value estimated at SAR 104 billion, according...

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