Browsing Category
Business
Riyad Bank considering IPO of its investment banking unit
Saudi Arabia’s Riyad Bank has approved the assessment and preparation of an initial public offering of its investment banking unit, Riyad Capital.
According to a Tadawul statement, the board of directors are considering listing the…
Read More...
Read More...
New shipping service to enhance connectivity between Saudi and African ports
Maritime connectivity between Saudi and African ports is set to improve with the introduction of a new shipping service by German container transportation firm Hapag-Lloyd.
The new route, called JDX, will connect the Jeddah Islamic Port…
Read More...
Read More...
AD Ports Group sign agreement to develop Iraq’s Al-Faw Grand Port
Iraq’s maritime industry is poised for expansion after a UAE logistics and trade firm signed a deal aimed at developing Al-Faw Grand Port and its associated economic zone.
Abu Dhabi Ports Group entered into a preliminary agreement to…
Read More...
Read More...
China becomes top greenfield investor in Saudi Arabia with $16.8bn
China has become the top greenfield foreign direct investor in Saudi Arabia with investments amounting to $16.8 billion in 2023, a 1,020 percent rise from the previous year.
According to Emirates NBD, China was followed by the US and the…
Read More...
Read More...
stc pay obtains SAMA approval for transition to STC Bank
The Kingdom’s leading mobile wallet, stc pay, has received approval from the Saudi Central Bank to proceed with its transformation into STC Bank.
This beta launch will enable selected users to upgrade their accounts from an stc pay…
Read More...
Read More...
Saudi-based Funding Souq obtains crowdfunding license
Saudi Central Bank, also known as SAMA, has issued a license to Funding Souq, a debt crowdfunding platform, to operate in the Kingdom.
This new permit raises the count of companies authorized in this domain to 10, bringing the number of…
Read More...
Read More...
Saudi banking assets near $1tn landmark as double-digit growth continues: KPMG
Saudi Arabia’s total banking assets grew 9.5 percent in 2023 compared to the previous year, nearly reaching the milestone of $1 trillion by year-end.
The financial results of the 10 banks listed on the Saudi Stock Exchange, Tadawul,…
Read More...
Read More...
CBUAE’s foreign assets see 39% annual surge
The UAE central bank’s foreign assets surged to 695.04 billion dirhams ($189.2 billion) in January, showing a 38.8 percent yearly increase, according to official data.
The financial sector’s total reserves also grew, hitting 4.1 trillion…
Read More...
Read More...
ACWA Power signs $263m deal for Nukus2 wind project in Uzbekistan
Saudi energy giant ACWA Power has signed a SR985.13 million ($262.7 million) power purchase agreement with Uzbekistan's National Electric Grid for the Nukus2 200-megawatt wind project.
In a Tadawul statement, ACWA Power clarified that…
Read More...
Read More...
Carbon markets to play crucial role in energy transition: IEF
Carbon markets are set to play a pivotal role in achieving climate goals, with efforts from Saudi Arabia and the UAE, paving the way for a smooth energy transition.
According to a new report from the International Energy Forum, carbon…
Read More...
Read More...