Business & Money | Saturday 23 December, 2023 12:21 am

Vessel traffic declines by over 40% in Bab Al-Mandab Strait

The number of tankers passing the Red Sea’s southern end experienced a steep decline amid increased threats of attacks on ships in the area.   Vessel traffic declined by more than 40% compared to a three-week average. Only about 30 tankers, including crude oil and fuel carriers,...

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Business & Money | Saturday 23 December, 2023 12:13 am

REGA approves executive regulations for real estate consultations, analyses

The Real Estate General Authority's (REGA) board adopted regulatory rules for real estate consultations and analyses, integral to the real estate legislation system.   REGA stated that the new regulations aim to improve the real estate market's efficiency and reliability. They extend ...

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Business & Money | Saturday 23 December, 2023 12:04 am

ACWA Power signs agreement for 800 MW renewable energy project in Uzbekistan

ACWA Power, in collaboration with Saudi Ministry of Energy and Uzbekistan's Ministry of Investment, Industry, and Trade, signed an agreement to implement an integrated 800 MW renewable energy and green hydrogen project. The signing came after a meeting between Saudi Minister of Energy Prince...

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Business & Money | Saturday 23 December, 2023 12:03 am

TDF signs SAR 4.35B agreement to finance The Avenues Khobar

The Tourism Development Fund (TDF) signed a finance agreement at a total of SAR 4.35 billion with a consortium of banks led by Arab National Bank (ANB). The consortium includes Saudi Awwal Bank (SAB), Riyad Bank, Kuwait’s NBK and Shomoul Holding Co. TDF will use the loan to finance the first ...

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Government | Saturday 23 December, 2023 12:01 am

Saudi Arabia to emerge as key global destination in few years: Al-Jasserc

Saudi Arabia will be the world’s hub and a global key destination in the next few years, driven by hosting the 2029 Asian Winter Games, Riyadh EXPO 2030 and the 2034 FIFA World Cup, the state-run SPA reported, citing Minister of Transport and Logistics Services and Chairman of the General...

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Business & Money | Saturday 23 December, 2023 12:01 am

His Excellency the Minister of Transport and Logistic Services Launches Region's Cutting-Edge Jet Propulsion Center

His Excellency Engr. Saleh Al-Jasser, the Minister of Transport and Logistic Services and Chairman of Saudi Arabian Airlines Corporation, inaugurated the new Jet Propulsion Center (JPC), in Saudia Technic’s Maintenance, Repair and Overhaul (MRO) Village. This center encompasses specialized...

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Business & Money | Friday 22 December, 2023 2:57 am

Mastercard Economics Institute’s Economic Outlook for 2024: Empowered consumers to balance price and priority

The Mastercard Economics Institute released ‘Economic Outlook 2024’, its annual report identifying the themes that will define the economic landscape. While the global economy will feel more “normal” in the coming year than the prior three, it will still be an economy seeking...

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Business & Money | Friday 22 December, 2023 2:20 am

SOUM Raises $18 Million series A round led by Jahez; Eyes $40 Billion Market for MENA Expansion

Soum, the Riyadh-headquartered marketplace for secondhand products, has successfully secured $18 million in Series A funding. This funding round is led by Jahez, with participation from Isometry Capital along with existing investors participating, Khwarizmi Ventures, Alrajhi Partners, and Outliers...

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Environment & Energy | Friday 22 December, 2023 2:08 am

Ministry of Energy launches platform to monitor petroleum products movement

The Ministry of Energy launched, during the Digital Government Forum 2023, a platform for monitoring the movement of petroleum products.   The platform will collect and analyze data on the movement of trucks transporting petroleum products. The data will be displayed at the...

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Business & Money | Friday 22 December, 2023 1:03 am

MIS signs SAR 152.7M contract with legal entity

Al Moammar Information Systems Co. (MIS) signed a project contract worth SAR 152.71 million, including VAT, with a legal entity.   In a statement to Tadawul, the company said the project spans a duration of six years.   The project details entails subscription and...

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