#Saudi Arabia

Saudia qatar

Saudia to operate hundreds of extra flights during FIFA World Cup Qatar 2022

From November 21, the airline will operate 60 special daily flights for fans which will run from both Riyadh and Jeddah to Doha

STC Alibaba

Saudi’s stc Group announces launch of Alibaba Cloud in Riyadh

Alibaba will offer a wide range of cloud computing services and solutions, a step that will enable local companies to digitise their businesses

FOO Fintech

Fintech solution provider FOO expands operations into Saudi Arabia

FOO works with banks, fintech companies and retailers across the MENA region to provide digital products that enhance business models and customer experience

Nujuma, a Ritz-Carlton Reserve Saudi Arabia

The Middle East’s first Ritz-Carlton Reserve to be established in Saudi Arabia’s Red Sea project

Apart from the property in Saudi, there are only five other Ritz-Carlton Reserves worldwide

Saudi Arabia

Saudi Arabia to use oil windfall to boost private sector

Saudi Arabia’s posted a $15.3bn budget surplus in the first quarter

Prince Alwaleed

Saudi Arabia buys $1.5bn stake in Prince Alwaleed’s firm

The Public Investment Fund acquired a 16.9 per cent stake in Kingdom Holding Company

Saudi food delivery firm Jahez seeks to acquire rival Chefz

Jahez is the biggest locally owned food delivery group in Saudi Arabia

Image courtesy- ACWA Power

ACWA Power reports net profit of SAR152m in Q1 2022

ACWA Power earned an operating income before impairment loss and other expenses of SAR517m, which was 19.5 per cent higher than the same period in 2021

Lucid’s Saudi EV factory to receive $3.4bn in incentives

The factory will be located in the King Abdullah Economic City

Saudi Arabia’s PIF adds to games push with 5% Nintendo stake

The filing shows the purchase was made for investment purposes

Bravado Gaming

Bravado Gaming announces its debut in Middle East, Africa

The Bravado expansion will include the establishment of bases in South Africa, Egypt, the UAE, and Saudi Arabia

Dubai’s GII buys 51% of Saudi Arabia’s Almeswak for $530m

Almeswak operates more than 80 centres across 20 cities in Saudi Arabia

Detasad technology

Saudi’s Detasad unveils new technology at Satellite 2022 conference

Dynamic bandwidth optimisation technology is one of the four solutions patented by the infrastructure provider in 2022

saudi coffee

Sovereign wealth fund PIF launches Saudi Coffee Company

Domestic annual Saudi coffee consumption is forecast to reach 28,700 tons by 2026

Landmarks Of The City Of Riyadh, Kingdom Of Saudi Arabia

Saudi Arabia posts $15bn surplus on soaring oil income

The boost was mainly driven by oil revenue, which rose 58 per cent compared to last year

Saudi Aramco

Saudi Aramco’s profit soars as oil prices and production jump

Aramco’s output averaged 10.2 million barrels a day between January and March, up 20 per cent year-on-year

Uk visa

UK to waive visa requirement for Saudi, Bahraini nationals from June 1

They will need to fill out an online visa waiver application which will be processed within 48 hours and at a cost of GBP30

Okadoc

Okadoc appoints new chief executive officer for Saudi Arabia

Taher comes to Okadoc with over 15 years of experience in the industry

ADNOC Distribution

Abu Dhabi’s ADNOC Distribution reports Dhs671m in net profit for Q1 2022

ADNOC Distribution posted a 7.8 per cent year-on-year increase in EBITDA, totalling Dhs881m

Saudi Arabia

Saudi Arabia to restart privatisation plan for 29 airports

Ownership of the 29 airports has already been moved to a new entity

Saudi

Saudi says low refining capacity causing fuel-price jump

Crude prices have surged to around $110 a barrel in the past year

March KIng Khaild international airport

King Khalid International Airport sees passenger traffic rebound in March

Duty-free sales at Saudi’s King Khalid International Airport climbed substantially in March, with a growth rate of 62 per cent compared to March 2019

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

KFC Operator

Middle East KFC operator picks banks for dual listing

Americana operates restaurants for brands including Baskin Robbins, Costa Coffee and TGI Fridays as well as KFC and Pizza Hut, according to its website

Lucid Motors

Lucid will sell up to 100,000 EVs in deal with Saudi Arabia

Lucid said it would start delivering the vehicles by the second quarter of 2023

Agtech Red Sea farms

Agtech Red Sea Farms completes $18.5m fund raise

The agtech company will use the funds for its global and regional expansion plans, including the expansion of its fresh produce business in the GCC

Rawabi Holding launches real estate vertical

Saudi’s Rawabi Holding expands into real estate

Rawabi Holdings has established Magnom Properties, the real estate vertical of the company, to oversee the construction of projects in the MENA region

Flydubai suspends flights to Sri Lanka till end of August

Budget carrier flydubai restarts flights to Saudi Arabia’s Ha’il and Tabuk

The resumption of these flights will take flydubai’s network in Saudi Arabia to ten destinations, including Dammam, Gassim, Jeddah, Taif and Riyadh

Saudi wealth fund weighs stake in Thyssenkrupp’s hydrogen unit

Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment