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ACWA Power secures landmark $80m bridge loan from Bank of China for Uzbekistan projects
Saudi energy giant ACWA Power has secured an $80 million equity bridge loan from the Bank of China for its Uzbekistan initiatives.
According to an official press release, the payment is split equally between Chinese yuan and US dollars,…
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stc Group top workplace in Saudi Arabia, LinkedIn study finds
Telecommunications major stc Group has been named the best workplace in Saudi Arabia by the professional networking platform LinkedIn.
According to a press statement, the firm was followed in second place by hospitality giga-project Red…
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Microsoft to invest $1.5bn in UAE-based AI firm G42
Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42, aiming to offer the latest AI solutions and skilling initiatives.
As part of the deal, G42 will grant the US firm a…
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UAE grocery store chain Spinneys to float 25% stake on Dubai Financial Market
UAE-based grocery store operator Spinneys 1961 Holding PLC has announced its intention to proceed with an initial public offering on the Dubai Financial Market.
Al Seer Group, Spinney’s parent company and the selling shareholder, expects…
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Saudi Fund for Development, St. Kitts and Nevis sign energy loan agreement
Saudi Arabia on Tuesday signed a loan agreement with St. Kitts and Nevis for $40 million to support the Caribbean nation’s energy sector, Saudi Press Agency reported.
The agreement was signed by the CEO of the Saudi Fund for Development,…
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Saudi air cargo volumes witness 7% rise: GACA
The volume of air cargo handled by airports in Saudi Arabia saw an annual rise 7 percent in 2023 to reach 918,000 tonnes, official data showed.
In its latest report, the General Authority for Civil Aviation said that the Kingdom’s…
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Pakistan pushes to forge strategic, economic partnership as Saudi FM visits Islamabad
Pakistani top leaders, including the prime minister, president and foreign minister, said on Tuesday the ongoing visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad would help transform a longstanding friendship between…
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Dubai’s high-end property sales rise on overseas demand
Sales of homes in Dubai worth $10 million or more rose 6 percent in the first quarter versus last year, an industry report showed on Tuesday, as demand from the international ultra-rich for homes in the emirate showed little sign of…
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World Bank raises Saudi Arabia’s 2025 GDP growth forecast to 5.9%
The World Bank has raised its expectations for Saudi Arabia’s economic growth to 5.9 percent in 2025 from 4.2 percent predicted earlier in January.
In its latest report the bank, however, revised its 2024 forecast for the Kingdom’s gross…
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GCC oil companies’ capex to grow by 5% to reach $115bn in 2024
The capital expenditures of national oil companies in the Gulf Cooperation Council are likely to grow by 5 percent in 2024 as compared to the previous year and are expected to reach $115 billion, according to a report.
The analysis by…
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