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Saudi Arabia

Uber’s Careem is latest investor in Egyptian food delivery scene

Egypt’s food delivery market is worth an estimated $2.8bn

Saudi oil discovery

Saudi announces discovery of natural gas fields across four regions

Saudi Aramco has discovered the five fields that can produce over 100 million cubic feet per day of natural gas in total 

Tourism airport

Special report: The power of the GCC as a source market for global tourism

The size and monetary value of the outbound GCC tourism market were never in question – but what are its challenges, opportunities and key growth drivers in the foreseeable future?

Special report: How the GCC is poised to develop as a major destination market for global tourism

The region is building its infrastructure and programmes to transform into a major tourist destination over the next few decades

Oil soars past $100 as Russia attacks targets across Ukraine

OPEC+ meets on March 2 to decide on output for April

ACWA Power led consortium achieves financial close for Red Sea Project

The first phase of the project is set to open by the end of 2022

Aramco closes $15.5bn BlackRock-led gas pipeline deal

Gas is a cleaner fuel than crude oil

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Saudi Arabian miner Amak seeks $332m from IPO

The initial public offering’s price range has been set at SAR58-63

Dubai real estate

Dubai most preferred foreign investment location for Saudi home buyers – Knight Frank

The annual 2022 Saudi Residential Survey spoke to 55 HNWIs in Riyadh, Jeddah and Dammam

Saudi Aramco shares hit record as oil demand rebounds

Crude prices have surged around 20 per cent this year

Saudi digital security firm Elm soars in Riyadh trading debut

The stock rose to $44.3 on Wednesday

Saudi Arabia

Saudi Arabia’s sovereign fund backs new digital bank called D360

The Saudi cabinet approved a licence for D360 bank on Tuesday

Saudi Arabia-based Nadec’s solar park now operational

The solar photovoltaic park, developed by Nadec and French energy company Engie, is estimated to lower carbon emissions by 53 million kg per year

Air Arabia

Air Arabia Egypt announces new service between Sohag and Gassim

The once-weekly flight will operate every Thursday and will be the seventh destination that the airline flies to in Saudi Arabia

Saudi’s Trukker raises $96m in equity, debt funding

The deal follows a $23m equity raise in 2019

Saudi pharma retail chain Al Dawaa seeks $500m from IPO

The initial public offering’s price range has been set at SAR65-SAR73

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Saudi’s Prince Sultan University and VMware sign MoU to launch innovation centre

The innovation centre will enable students, and businesses to experience cloud, and security solutions, supporting the kingdom’s digitisation agenda

Riyadh

Saudi Arabia convicts 11 people for laundering SAR10bn

An initial verdict has led to the conviction of two Saudi nationals and nine expatriates

Saudi Arabia transfers 4% of Aramco stake to state wealth fund

The government will still be the largest shareholder in Aramco

Air pollution costs wider Mideast $141bn, World Bank says

The findings will likely add to growing interest in green and sustainability-linked bonds and loans in the region

Abha International Airport Saudi Arabia

Saudi forces destroy drone targeting Abha airport

The scattered debris caused minor injuries to 12 civilians

OPEC sees upside potential for oil demand as economy rebounds

OPEC and its partners are trying to gradually restart production halted during the pandemic

Saudi

Saudi Arabia’s economic growth stays near decade-high as oil powers rebound

The kingdom’s economy expanded 6.8 per cent in the fourth quarter of 2021

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Invixium appoints Saudisoft as a distributor for Saudi Arabia

The distributor will offer Invixium’s complete portfolio of biometric and card readers to its customers in Saudi Arabia

Saudi Telecom’s subsidiary buys Pakistani infrastructure provider to broaden footprint

The deal is subject to regulatory approval from Pakistani authorities

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Data and digital consulting firm Artefact expands to Saudi Arabia

Artificial intelligence is expected to contribute over $135.2bn in 2030 to the kingdom’s economy, equivalent to 12.4 per cent of GDP

Saudi makes 48-hour negative Covid test mandatory for Umrah pilgrims

The new directive will come into effect on 1am, February 9, 2022

Diriyah: Nesma awarded SAR1.2bn transportation contract

It covers the construction of a network of road tunnels, ramps and a major bridge deck as well

Saudi Arabia

Saudi wealth fund edges closer to green bond with Moody’s rating

Last week, Fitch Ratings gave the fund a rating of A

Green bonds still have a long way to go to dent climate crisis

Global sales of green bonds hit a record $513bn last year