01 Jumada II 1446 - 2 December 2024
    
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Eye of Riyadh

 Saudi reforms lure foreign investments to new sectors: IMF
Business & Money | Saturday 26 October, 2024 7:28 am
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...
45% of Saudi energy sector localized: Official
Business & Money | Friday 25 October, 2024 9:42 am
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...
Local content contributes SAR 150B to Saudi Electricity projects: Official
Business & Money | Friday 25 October, 2024 9:20 am
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 ...
Industry Ministry works closely with investors to keep projects on track
Business & Money | Friday 25 October, 2024 9:18 am
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...
Saudi Arabia’s FDI grows to SAR 96B in 2023, exceeds target by 16%
Business & Money | Thursday 24 October, 2024 11:31 am
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 ...
MEFIC REIT signs Dubai property swap, to reinvest in real estate firm
Business & Money | Thursday 24 October, 2024 11:30 am
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...
Sure signs SAR 24M contract with Ministry of Tourism
Business & Money | Thursday 24 October, 2024 10:47 am
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...
NDMC closes October issuance of Sukuk program at SAR 7.8B
Business & Money | Wednesday 23 October, 2024 10:25 am
The National Debt Management Center (NDMC) completed receiving investor orders for its domestic issuance for October 2024, under the Saudi Arabian Government SAR-denominated Sukuk Program. The total volume allocated was SAR 7.83 billion, it said in a statement. The Sukuk issuance was...
Sure inks SAR 10M IT operation contract with NCNP
Business & Money | Wednesday 23 October, 2024 10:20 am
Sure Global Tech Co. signed on Oct. 22 a one-year IT operation and support project contract with National Center for Non-Profit Sector (NCNP) for SAR 10 million, inclusive of VAT, the company said in a statement to Tadawul. Under the contract, Sure will build a managed information technology...
Mastercard Supports Transformation of Saudi Arabia’s Digital Payment Ecosystem with the Launch of Local Technology Infrastructure
Business & Money | Wednesday 23 October, 2024 10:17 am
Mastercard announced the launch of world class technology infrastructure in Saudi Arabia that will enable the processing of ecommerce transactions locally, providing a seamless and secure payments experience for both Mastercard partners and consumers, supporting the acceleration of the Kingdom’s...
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