Business & Money | Monday 24 February, 2025 10:50 am

Bawan to build high-voltage transformers factory, first phase to cost SAR 80M

Bawan Co.’s board of directors approved, on Feb. 21, a project by United Transformers Electric Co. (Utec Saudi), a subsidiary, to set up a factory for manufacturing high-voltage transformers. The first phase of the factory is estimated to cost SAR 80 million, the company said in a...

More Details

Business & Money | Monday 24 February, 2025 10:46 am

MIS sells entire investment in OpenAI, achieving SAR 12.8M capital gains

Al Moammar Information Systems Co. (MIS) announced the sale of its entire investment in OpenAI, valued at $8.4 million (SAR 31.5 million). The cost price of the investment was $5 million (SAR 18.9 million). According to a statement to Tadawul, the company pointed out that this transaction...

More Details

Business & Money | Monday 24 February, 2025 10:43 am

SALIC inks SAR 6.7 billion agreement to raise stake in Olam Agri to 80.01%

SALIC, a subsidiary of the Public Investment Fund (PIF), announced today, Feb. 24, that it signed an agreement to increase its stake in Olam Agri Holdings (Olam Agri) from 35.43% to 80.01%, for a total value of $1.78 billion (nearly SAR 6.7 billion). The transaction will be finalized after...

More Details

Business & Money | Sunday 23 February, 2025 2:31 pm

Big 5 Construct Saudi records major MoUs and breakthrough technologies in line with Vision 2030

Big 5 Construct Saudi continues to drive impactful collaborations, strategic partnerships and industry advancements. As the event transitions into its second week from 24–27 February at the Riyadh Front Exhibition & Conference Centre at Roshn Front, the focus shifts towards finishing touches...

More Details

Business & Money | Sunday 23 February, 2025 11:15 am

Kuwait’s Mabanee signs 2 contracts for Avenues Riyadh at SAR 1.13B

Kuwait’s real estate developer, Mabanee Co., announced that its Saudi subsidiary signed two contracts for construction work as part of the second phase of The Avenues-Riyadh project, at a total value of SAR 1.13 billion. In a statement to Boursa Kuwait, the company said the first contract...

More Details

Business & Money | Sunday 23 February, 2025 10:52 am

Al-Rumayan sees Kingdom poised for AI domination, 2x return on investment

The Kingdom has the potential to become a global leader in artificial intelligence, the Public Investment Fund’s (PIF) Governor, Yasir Al-Rumayyan stated. Speaking at the third PRIORITY Summit in Miami, hosted by the Saudi Future Investment Initiative (FII), Al-Rumayyan emphasized that the...

More Details

Business & Money | Sunday 23 February, 2025 10:43 am

NWC and SWIC launch Wabel Incubator to support innovation in water sector

The National Water Company (NWC) and the Saudi Water Innovation Center (SWIC) announced the launch of the Wabel Incubator. It aims to support and develop innovations in the water sector. This came during the graduation ceremony of the 2024 incubated projects held in Riyadh on Thursday, February 13, ...

More Details

Business & Money | Sunday 23 February, 2025 10:40 am

Dubai Customs launches "Al Munasiq" platform powered by AI to revolutionize customs classification processes

In line with Dubai's plan to accelerate the adoption of artificial intelligence (AI) applications, launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai, Dubai...

More Details

Business & Money | Sunday 23 February, 2025 10:35 am

Abu Dhabi signs groundbreaking agreements with China to strengthen economic and business partnerships

An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded a successful visit to China, which saw the signing of groundbreaking agreements to further enhance cooperation between government entities and private sector companies in Abu Dhabi and...

More Details

Business & Money | Sunday 23 February, 2025 10:31 am

Shard Capital Partners LLP leads landmark investment alliance to establish Egypt’s first petrochemical complex in New Alamein

Shard Capital Partners LLP, in collaboration with UAE-based Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group, has announced the signing of a Framework Agreement with Egypt’s Ministry of Petroleum and Ministry of Investment to develop a ground-breaking petrochemical complex in the...

More Details