Business & Money | Thursday 27 June, 2024 11:50 am

ACWA Power inks SAR 12.3B PPAs for 3 energy projects

ACWA Power Co. signed, on June 26, power purchase agreements (PPAs) worth SAR 12.3 billion ($3.3 billion) to develop, implement, and operate three major solar photovoltaic (PA) energy projects in Haden, Muwayh and Al Khushaybi. In a statement to Tadawul, ACWA Power said the projects are...

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Business & Money | Thursday 27 June, 2024 7:55 am

First Mills inks SAR 150M financing deal with SIDF

First Mills Co. signed on June 25 a SAR 150 million financing facility agreement with the Saudi Industrial Development Fund (SIDF) to refinance working capital, boost business operations and enhance expansions and growth, according to a statement to Tadawul.The facility will extend for 24 ...

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Environment & Energy | Wednesday 26 June, 2024 2:28 pm

Saudi Aramco tops global companies by proved oil, gas reserves

Saudi Arabian Oil Co. (Saudi Aramco) topped by a significant margin the list of the world's largest oil companies in terms of proven reserves in 2022, according to data collected by Statista from company reports. Saudi Aramco's oil and gas reserves are estimated at around 259 billion barrels...

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Environment & Energy | Wednesday 26 June, 2024 2:27 pm

Industry ministry: Maaden, AMAK among 6 winners in 5th mining competitions

The Ministry of Industry and Mineral Resources announced today that six companies won the fifth round of mining competitions. The ministry stated on the messaging platform X that Saudi Arabian Mining Co. (Maaden) and Almasane Alkobra Mining Co. (AMAK) were among the winners. The mining...

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Technology & IT | Wednesday 26 June, 2024 9:09 am

Alat and KAUST to jointly deliver AI Training Program for top Saudi science and engineering students

Alat, the PIF company tasked with transforming global industries (electronics and industrials) and creating a world class manufacturing hub in the Kingdom, and King Abdullah University of Science and Technology (KAUST), today jointly launched the “ALAT-KAUST AI Training Program”. This...

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Tourism & Hospitality | Wednesday 26 June, 2024 8:58 am

Assouline releases ‘AlUla Flora’, celebrating the ancient oasis destination’s vibrant blooms

 Premier luxury publishing house Assouline has released its latest masterpiece, ‘AlUla Flora’. The work celebrates the diverse plant life that blooms in the ancient oasis city located in northwest Saudi Arabia.  ‘AlUla Flora’, the latest addition to Assouline's Classics...

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Business & Money | Tuesday 25 June, 2024 8:28 am

Siemens secures $1.5B contract to develop 2 power plants in Saudi Arabia

Germany’s Siemens Energy AG said it secured a 25-year contract from Saudi Arabia to develop two power plants, with a total value of $1.5 billion. Siemens Energy will build the Taiba 2 and Qassim 2 power plants. These will be among the largest and most efficient globally, located in the...

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Business & Money | Tuesday 25 June, 2024 8:25 am

RSG set to open Desert Rock, Sheybarah resorts in 2024

Red Sea Global (RSG), the developer of Amaala, has to date opened three resorts at The Red Sea destination, and plans to open the Desert Rock and Sheybarah resorts this year, Ahmad Ghazi Darwish, Chief Administrative Officer, told Al-Arabiya. He added that 11 luxury hotels will be...

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Business & Money | Monday 24 June, 2024 10:34 am

Knight Frank: Saudi Arabia’s construction awards hit US$ 142bn

Saudi Arabia is experiencing a significant surge in its construction activities, with the construction output value for the residential, institutional, infrastructure, industrial, energy & utilities and commercial sectors reaching US$ 141.5bn, up by 4.3% compared to last year, according to the...

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Business & Money | Monday 24 June, 2024 8:11 am

Coastal tourism to contribute SAR 85B to GDP by 2030: SRSA CEO

The coastal tourism sector is witnessing significant growth, said Mohammed Al Nasser, CEO of the Saudi Red Sea Authority (SRSA), expecting its contribution to the local gross domestic product (GDP) estimated to reach about SAR 85 billion by 2030. He told CNBC Arabia that the value of...

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