Business & Money | Monday 1 April, 2024 10:10 am

Electrical Industries subsidiaries pen SAR 158M contracts with Saudi Electricity

Electrical Industries Co. (EIC) stated that its subsidiaries, WESCOSA and Saudi Transformers Co., signed today, March 31, agreements worth SAR 158 million with Saudi Electricity Co. (SEC), according to a filing to Tadawul.   Under the agreements, EIC, through its subsidiaries, will...

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Business & Money | Sunday 31 March, 2024 10:29 am

Insurers eye ways to alleviate impact of Red Sea disturbances: Official

Insurance companies operating in the marine insurance sector are closely monitoring the Red Sea developments, to adjust pricing strategies and risk management practices when needed, Al Eqtisadiah newspaper reported, citing Adel Al-Issa, spokesperson for insurance companies in Saudi...

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Business & Money | Sunday 31 March, 2024 10:15 am

ACWA Power inks SAR 985.1M PPA deal with National Electric Grid of Uzbekistan

ACWA Power Co. signed a Power Purchase Agreement (PPA) that falls under the Public-Private Partnership law in Uzbekistan with the National Electric Grid of Uzbekistan for Nukus2 200 MW wind power project along with Battery Energy Storage System (BESS) to be set up in the Republic of...

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Business & Money | Saturday 30 March, 2024 5:16 am

Lumi holds 10% market share in Saudi, eyes local expansion: CFO

Lumi Rental Co.’s market share in Saudi Arabia increased from 7% in 2021 to range currently between 9% to 10%, CFO Sulaiman Alrasheed told Al-Eqtisadiah newspaper. The company' generates 35% of its revenue from car leases, 33.5% from short-term rentals, while the sale of used cars represents ...

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Business & Money | Saturday 30 March, 2024 5:14 am

Riyadh Air to announce fleet expansion in coming period

Riyadh Air will announce a deal to expand its fleet size in the near future, Osamah Al-Nuwaiser, Vice President of Marketing and Corporate Communications at Riyadh Air, revealed   Expanding and diversifying Riyadh Air’s fleet and integrating it with aircraft from other companies is ...

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Business & Money | Friday 29 March, 2024 5:41 am

Ministry of Finance Publishes Saudi Arabia’s Green Financing Framework

The Ministry of Finance has published the Kingdom of Saudi Arabia Green Financing Framework in one of the Financial Sector Development Program initiatives, to drive the Kingdom toward sustainability and net zero emissions through the Circular Carbon Economy approach.The framework also highlights...

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Business & Money | Friday 29 March, 2024 5:38 am

GASTAT Issues FDI Statistics for Q4 of 2023

The General Authority for Statistics (GASTAT) issued today the Foreign Direct Investment (FDI) statistics for Q4 of 2023, which show that the net flow of FDI in Saudi Arabia amounted to over SAR13 billion, an increase of 16.0%, or SAR11 billion, compared to Q3 of the same year.Total FDI in the...

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Tourism & Hospitality | Thursday 28 March, 2024 3:19 pm

Red Sea International Airport to receive 1st int’l flight in April

Red Sea Global Co. (RSG) is gearing up to receive its first international flight to Red Sea International Airport (RSI).   Operated by flydubai, the flight will arrive from Dubai International (DXB) on April 18, marking the start of a new twice-weekly route to The Red Sea...

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Business & Money | Thursday 28 March, 2024 3:17 pm

RCJY says every riyal invested matched by SAR 8.9 from private sector

The president of the Royal Commission for Jubail and Yanbu (RCJY), Khalid Al-Salem, said that every riyal invested by the government through the commission was matched by SAR 8.9 investments from the private sector. Al-Salem indicated that the commission plans to reach SAR 9 in...

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Business & Money | Thursday 28 March, 2024 12:48 pm

ROSHN bolsters Cybersecurity with Commvault MoU

ROSHN Group, the PIF-owned giga-project and Saudi Arabia’s most trusted real estate developer, took a major step in securing its technological capabilities through a comprehensive Memorandum of Understanding (MoU) with Commvault, a leading provider of cyber resilience and data protection...

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