Business & Money | Sunday 7 January, 2024 9:24 am

Ladun’s subsidiary wins SAR 185.4M contract

Ladun Investment Co. said that its subsidiary, Build Industrial Co. was awarded a SAR 185.39 million contract (VAT inclusive) by Jazan City for Primary and Downstream Industries (JCPDI) – the Royal Commission for Jubail and Yanbu (RCJY) – to develop the headquarters (HQ) of...

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Technology & IT | Sunday 7 January, 2024 9:12 am

Huawei Cloud Advances Cloud Operations in the Kingdom with new License

Huawei Cloud has recently received a Class C License from the Communications, Space, and Technology Commission (CST) in the Kingdom of Saudi Arabia, marking the commission's highest certification for Cloud Service Providers (CSPs). The recognition follows a thorough evaluation by the National...

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Business & Money | Sunday 7 January, 2024 9:07 am

Eastern Cement awards $270.53M contract to establish new production line

Eastern Province Cement Co.'s stated that its board of directors approved on Jan. 4 awarding China's Sinoma CDI a $270.53 million (SAR 1.01 billion) contract to establish a new production line with a capacity of 10,000 tons per day, according to...

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Business & Money | Sunday 7 January, 2024 9:05 am

Enma AlRawabi buys Riyadh land for SAR 180M; terminates lease

Enma AlRawabi Co. and Al-Motaqadimah Schools Co. decided to terminate by mutual consent the lease for the Hittin land in Riyadh. The contract was signed on Oct. 1, 2018. The lease terminated after Enma AlRawabi bought the buildings on the land for SAR 180 million, excluding taxes, it said in a ...

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Business & Money | Sunday 7 January, 2024 9:03 am

Saudi approves amended regulations of contractors classification law

Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail, approved amendments to the executive regulations of the contractors classification law, the official gazette Umm Al-Qura reported on Jan. 5. The classification certificate is issued electronically, and the entities that own...

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Government | Sunday 7 January, 2024 9:02 am

Establishments with 50 employees min. to qualify students for labor market: HRSD

Minister of Human Resources and Social Development, Ahmed Alrajhi, issued a ministerial resolution obligating private sector establishments with at least 50 employees to undertake cooperative training for students. The move comes in accordance with the study plan approved by the educational...

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Business & Money | Sunday 7 January, 2024 9:00 am

Saudi courts execute 4,000 auctions in 2023

The number of auctions executed by the Saudi courts in 2023 reached nearly 4,000, at a daily average of 11 auctions, Al-Eqtisadiah newspaper reported. The real estate and commercial real estate auctions dominated around 40% of the total number during the same year. Riyadh accounted for...

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Business & Money | Saturday 6 January, 2024 6:21 am

Global sea freight prices kick off 2024 with exceptional jumps

Global sea freight prices began the year 2024 with significant jumps, reaching record levels not seen since the end of November 2022. This comes amidst a series of increases in prices during the last quarter of the previous year, ending the downward trend witnessed in 2023. On a weekly basis,...

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Business & Money | Saturday 6 January, 2024 6:19 am

UAE market cap soars as top 16 companies hit AED2.7 trillion

As of January 2024, the aggregate market capitalisation of the top 16 national companies listed on local exchanges stood at AED2.7 trillion. Driven by planned market expansions and existing valuations exceeding AED 3.6 trillion, this figure is anticipated to experience significant growth,...

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Business & Money | Saturday 6 January, 2024 6:13 am

AD Ports Group, Red Sea Port Authority initial 15-year concession agreement

AD Ports Group today initialled a 15-year concession agreement with the Red Sea Port Authority (RSPA), to operate and manage three cruise terminals at Safaga, Hurghada, and Sharm El Sheikh ports. The agreement also encompasses the renovation of the Sharm El Sheikh terminal, with the ultimate...

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