Environment & Energy | Thursday 4 April, 2024 11:35 am

ADES suspends 5 offshore rigs in KSA; no change in 2024 financial outlook

ADES Holding Co. mutually agreed with its client in Saudi Arabia to suspend the operations at five of its 33 offshore jack-up rigs in the Kingdom, for a period that may extend up to 12 months.   One of the suspended rigs will be deployed as part of the contract ADES recently secured...

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Business & Money | Thursday 4 April, 2024 11:21 am

STC Bank launches in Beta supported by SAMA

Today stc pay was given formal approval from the Saudi Central Bank (SAMA) to move to the next phase of its transformation journey into STC Bank. This beta launch is limited to preselected customers and is a preparation for a full public launch later in the year. This step is supported by SAMA,...

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Business & Money | Thursday 4 April, 2024 11:07 am

Saudia Named One of the World’s Fastest Growing Airline Brands

Saudia, the national flag carrier of Saudi Arabia, announced that its brand value has grown by 58% since 2021 according to the Brand Finance® Top 50 Airlines annual report. Over the past four years, the airline has climbed six places to secure the 33rd position within the brand value ranking...

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Business & Money | Wednesday 3 April, 2024 12:07 pm

ACWA Power launches partial commercial ops at Sirdarya IPP in Uzbekistan

ACWA Power Co. received, on April 2, a notification from the Sirdarya combined cycle gas-turbine (CCGT) Independent Power Project (IPP) confirming achieving partial commercial operation following the receipt of the Commercial Operation Certificate from the National...

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Business & Money | Wednesday 3 April, 2024 11:57 am

Emaar EC appoints Abdulaziz Alnowaiser as CEO, effective May 1

Emaar, the Economic City (“EEC”), the master developer of King Abdullah Economic City (“KAEC”), today (Wednesday 3rd April 2024) announces the Board of Directors’ decision to appoint Mr. Abdulaziz Ibrahim Alnowaiser as its new Chief Executive Officer, effective May 1st, 2024. With...

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Business & Money | Tuesday 2 April, 2024 11:34 am

GFSA awards 795,000 tons of imported wheat in 1st batch for 2024

The General Food Security Authority (GFSA) completed the procedures for awarding the first batch of imported wheat for 2024, amounting to 795,000 tons, for local market supply from the European Union, North and South America, Australia, and the Black Sea.   Governor Ahmed Al-Faris...

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Business & Money | Tuesday 2 April, 2024 10:57 am

Emaar EC reschedules SAR 1B loan with PIF for 3 months

Emaar The Economic City (Emaar EC) announced rescheduling a loan agreement worth SAR 1 billion with the Public Investment Fund (PIF) from 18 to 21 months, according to a statement to Tadawul today, April 1. Accordingly, the facility term will end on Nov. 19, 2024, instead of Aug. 19, 2024,...

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Business & Money | Tuesday 2 April, 2024 10:53 am

Al Akaria signs SAR 722.1M contract with DGCL for metro excavation

Saudi Real Estate Co. (Al Akaria) signed on April 1 a contract with Diriyah Gate Company Limited (DGCL) for the excavation work of metro-box central, metro-box south and metro-box east.   The contract—worth SAR 722.1 million, inclusive of VAT—is valid for 1,276 calendar days. The ...

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Business & Money | Monday 1 April, 2024 10:18 am

Master Works unveils brand new subsidiary Adree, a path to digital excellence

Leading Saudi data management & digitalization company Master Works unveils a brand new digital arm through the launch of subsidiary Adree.   As a visionary tech-driven company with offices in Saudi Arabia, where it is headquartered, Adree is on a mission to become a digital...

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Government | Monday 1 April, 2024 10:15 am

New Zakat collection regulations feature independent approaches for real estate, investment sectors

The  Zakat, Tax and Customs Authority’s (ZATCA) new regulations for collecting Zakat offer independent Zakat treatments, encompassing various sectors such as real estate activities, construction, investment funds, insurance, financing, and others, said Hamoud Al-Harbi, official...

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