The Saudi oil producer has awarded contracts to companies from across Europe and Asia – the project is said to be worth billions of dollars.
STC reports jump in third-quarter profit due to growth in broadband but still misses market expectations.
The telecoms operator said net loss widened by two percent because of lower revenues.
Saudi Aramco has been pumping around 10 million barrels per day for most of this year.
The global technology company plans to build an innovation centre in the Dhahran Techno Valley.
The Saudi telecom giant has also revealed details of a new collaboration with Hilton Hotels.
The Saudi lender said that third-quarter net profit dropped 3.5 per cent from last year to SAR1.87 billion.
The Saudi telecom giant has made several announcements on the opening day of technology week, including deals with Ericsson, Huawei and Wikipedia.
The Saudi Arabian Fertilizer Company blamed low urea prices for the drop in profit.
Samba, the Kingdom’s second-largest listed lender by market value, made SAR1.16 billion in the third quarter of the year.
The Saudi lender posted a profit of SAR 656 million for the three months ended 30 September 2012.
The Kingdom’s eighth-largest lender said that it made SAR317 million in the third quarter of the year.
The Kingdom increased the selling prices for November to Asian buyers in line with widening product cracks.
Both Saudi Arabian lenders have seen their operating income rise for the third quarter.
Aramco says gas flow at new Red Sea site is 10 million cubic feet a day and more wells could be drilled.
Can the Kingdom build a sustainable economy before its oil wealth runs out? The race is on as youth unemployment simmers to boiling point.
Brent crude has fallen from a high for the year of $128 a barrel in March to $112.
GE CEO Jeff Immelt says the firm will cut jobs globally but inject $1 billion into Saudi Arabia.
Kingdom Holding sold the plot in Riyadh for $66.6 million.
The dairy producer’s third quarter revenue rose 27 per cent to SAR2.7 billion.
The proceeds will be used to refinance existing debts, said sources.
The IMF said its base scenario envisaged a fiscal deficit of 0.6 per cent of GDP by 2016.
The global corporate is pumping funds into energy, healthcare and innovation in the Kingdom.
Although no new cases of the virus have been detected so far, Saudi officials and the WHO are monitoring the situation.
A consortium led by Saudi International Company for Water and Power (ACWA) won the major contract.
The Kingdom introduced the Hafiz programme last year, which pays unemployed nationals up to SAR2,000 a month.
The Mohammed al-Mojil Group say its losses exceed three-quarters of its capital and its liabilities exceed its assets.
The IMF also cut its forecast for Saudi’s budget surplus this year from 16.5 per cent to 12 per cent, citing oil price movements.
The Saudi-based oil giant will see its domestic output increase to 3.5 million bpd when new refineries come online.
Saudi Arabia’s Oil Minister Ali al-Naimi said earlier this month that the Kingdom was prepared to meet any additional demand for oil.