Business & Money | Wednesday 22 January, 2025 9:50 am

S&P places 'BB-' credit rating on Cenomi Centers $1.6B sukuk

S&P Global Ratings placed “BB-” rating on Arabian Centres Co. (Cenomi Centers) for two of its current sukuk issuances, totaling $1.585 billion. The ratings apply to the second sukuk (2026) and the third sukuk (2029). The second sukuk, due in October 2026, is valued at $875 million,...

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Business & Money | Wednesday 22 January, 2025 9:46 am

Elm inks deal to acquire PIF’s Thiqah for SAR 3.4B

Elm Co. signed on Jan. 21 a share sale and purchase agreement (SPA) with the Public Investment Fund (PIF) allowing the Tadawul-listed firm to acquire the fund’s entire stake of 45,000 shares or 100% of Thiqah Business Services Co. for SAR 1,000 per share. The deal is valued at SAR 3.4...

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Business & Money | Wednesday 22 January, 2025 9:42 am

Jeddah Tower to see SAR 100B investments upon completion: KHC Chairman

Prince Al Waleed bin Talal, Chairman of Kingdom Holding Co. (KHC), said Jeddah Tower is poised to see more than SAR 100 billion in investments upon completion, Al Watan Newspaper reported. He added that the tower is expected to be home to 75,000-100,000 residents. The project has been...

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Business & Money | Wednesday 22 January, 2025 9:31 am

BAAN Holding awarded SAR 436M catering services project

BAAN Holding Group Co. announced receiving a project award to provide catering services at a residential complex in Neom, managed by Almutlaq Real Estate Investment Co’s (AREIC) subsidiary, Al-Mutlaq Services, with an estimated value of approximately SAR 436 million. In a statement to...

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Business & Money | Wednesday 22 January, 2025 9:29 am

Tharwah awarded SAR 9.8M project by government entity

Altharwah Albashariyyah Co. (Tharwah) received on Jan. 21 an award notification from a government entity for a project worth SAR 9.83 million, inclusive of value-added tax. In a statement to Tadawul, the company pointed out that the contract is expected to be signed on Feb. 23. The...

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Business & Money | Wednesday 22 January, 2025 9:24 am

TAM receives SAR 24.8M purchase order from government entity

TAM Development Co. received a purchase order for a project worth SAR 24.8 million, within the framework agreement concluded with a government agency, according to a Tadawul statement. The order is valid for 12 months, the company said, adding that there are no related parties to the...

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Business & Money | Wednesday 22 January, 2025 9:01 am

Saudi Arabia spent SAR 93.7B to develop digital infrastructure: Al-Kassabi

Saudi Arabia spent SAR 93.7 billion on developing its digital infrastructure, to be ready for automation and digital transformation, in addition to allocating another SAR 75 billion for future development, Minister of Commerce Majid Al-Kassabi, said. In a session on “services trade” at the ...

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Business & Money | Tuesday 21 January, 2025 9:41 am

Kingdom Holding resumes Jeddah Tower construction

Kingdom Holding Co. (KHC) announced today, Jan. 20, the official restart of construction and concrete pouring for the Jeddah Tower. Jeddah Economic Co. (JEC) is overseeing the project, in partnership with global architectural firm Adrian Smith + Gordon Gill Architecture, along with engineering ...

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Business & Money | Tuesday 21 January, 2025 9:33 am

Al Jouf Cement inks SAR 38M contract to export cement to Syria

Al Jouf Cement Co. inked a contract with Mohammed Shahi Al-Ruwaili Contracting at a total value of SAR 38 million, according to a statement to Tadawul. Under the contract, Al Jouf Cement will export all types of cement and clinker to Syria. The contract’s value is 10% higher than the...

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Business & Money | Tuesday 21 January, 2025 9:32 am

Red Sea subsidiary signs SAR 266M contract

Red Sea International Co.'s subsidiary, Fundamental Installation for Electric Work Co. Ltd. (First Fix), signed a SAR 266 million contract with ALEC Saudi Arabia Engineering and Contracting LLC. The deal covers mechanical and electrical works for the Scientific Discovery and Innovation...

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