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Saudi Arabia’s Ceer signs $2bn deal with Hyundai Transys to supply EV drive systems
Saudi Arabia’s pioneering electric vehicle brand, Ceer, has secured a monumental SR8.2 billion ($2.18 billion) agreement with Hyundai Transys, a South Korea-based company, to supply “EV Drive Systems” for its vehicles.
Ceer stated in a…
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Saudi Arabia sees 14% spike in remittances amid digital transformation
Saudi Arabia saw a 14 percent annual increase in remittances by expatriates in April, with the total amount reaching SR11.35 billion ($3.03 billion), the latest data showed.
Meanwhile, payments from Saudis, which constitute 30 percent of…
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Riyadh Air partners with CellPoint Digital for enhanced payment experiences
Passengers traveling with Riyadh Air can expect smoother cross-border payment experiences, thanks to a recent agreement with CellPoint Digital.
This new partnership aims to equip the airline with the latest payment technology, supporting…
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UAE and India defense firms strike wide-ranging cooperation deal
Cyber warfare, drones, and weapons research are at the center of a new deal between UAE-based defense and advanced technology firm EDGE Group and India’s Adani Defence and Aerospace.
The two firms have signed a cooperation agreement…
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Qatar’s exports rise by 3.3% to $24bn in Q1
Qatar’s overall exports showed a 3.3 percent increase, reaching 87.6 billion Qatari riyals ($24.08 billion) in the first quarter, according to official data from the Planning and Statistics Authority.
The report highlighted significant…
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Riyadh Infrastructure Projects Center issues 1st license to boost sustainable development
Saudi Arabia’s capital city is poised for a transformative phase of integrated planning and sustainable infrastructure development with the issuance of its inaugural project license by the Riyadh Infrastructure Projects Center.
This…
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ACWA Power to raise capital by $1.9bn amid efforts to anchor growth strategy
Saudi utility firm ACWA Power is set to increase its capital by SR7.13 billion ($1.89 billion) as part of its strategy to triple assets under management by 2030.
This move, facilitated through the issuance of right issues as per a…
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Saudi mining reforms garner global recognition for investment-friendly environment
Saudi Arabia mining sector reforms have seen it recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years, a new report stated.
MineHutte, an independent research and consultancy…
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Saudi Arabia’s nominal gross fixed capital formation hits $84.7bn in Q1
Saudi Arabia’s gross fixed capital formation surged to SR317.5 billion ($84.7 billion) in the first quarter of 2024, marking a significant 7.9 percent increase compared to the same period last year, recent data has revealed.
The Ministry…
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Qatar’s private sector exports surge 6% to $685m
Qatar’s private sector saw a 6 percent increase in its exports in the first quarter of 2024, according to the country’s Chamber of Commerce and Industry.
The nation’s news agency reported that foreign sales reached 2.53 billion Qatari…
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