Tourism Emaar to invest in Egypt tourism Emaar Properties, the Dubai developer behind the Burj Khalifa and Dubai Mall, is looking to expand into the hotel sector in Egypt, the company’s founder said in an interview. Gulf tourism is surging on Egypt’s Mediterranean north coast despite the country’s economic crisis. “The north coast in Egypt has reached development levels in recent years […] August 22, 2023
Banking & Finance Saudi tribunal fines investors over stock market violations A stock market tribunal has issued a final ruling and fined three investors in construction firm Al Kathiri Holding. The trio were penalised for withholding the size of their share ownership over a four-month period before the company listed on the main stock exchange in 2019. An appeal committee of the Resolution of Securities Disputes […] August 18, 2023
Banking & Finance Saudi insurance market braces for more mergers Saudi insurance companies expect an increase in mergers and acquisitions once a new independent insurance authority is fully operational by early next year, a spokesman said this week. On August 16 the Saudi cabinet gave its authorisation for the body’s creation, which central bank (Sama) governor Ayman Al-Sayari said would help improve efficiency in the […] August 18, 2023
Finance Saudi anti-corruption body arrests 107 officials Saudi Arabia’s anti-corruption agency arrested 107 government officials during the Islamic month of Muharram, a sharp jump from 65 during the previous month but down from this year’s high of 159 in February. The Oversight and Anti-Corruption Authority announced the latest statistics on social media app X (formerly Twitter), where it said the detainees were […] August 17, 2023
Finance Insurers to get independent body in Saudi Arabia Saudi Arabia is to create an insurance authority independent from their central bank, as the sector undergoes a wave of consolidation that the government hopes will help make it a significant player in non-oil economic growth. The Saudi Press Agency (SPA) said on Wednesday that a cabinet meeting chaired by Crown Prince Mohammed bin Salman […] August 16, 2023
Construction Saudi Arabia first choice for China’s BRI investment Saudi Arabia remains one of China’s strongest global trade partners, leading Chinese engagement in the construction sector during the first half of 2023, according to the latest Belt and Road Initiative investment report issued by a leading think tank. Of 45 countries receiving Chinese financing and investment in the first six months of 2023, Saudi […] August 16, 2023
Industry Saudi Arabia announces eight mining tenders Saudi Arabia’s Ministry of Industry and Mineral Resources has designated eight zones in the Riyadh region and the Eastern Province to be opened to tender, the Saudi Press Agency has said. The mining zones were listed as Ghunan, Al-Masnat, Al-Summan, Ras Al-Qarya, and eastern and western Salwa in the Eastern Province, the gravel stone complex […] August 16, 2023
Construction Court rules against Binladin Group in crane tragedy The Saudi Supreme Court has affirmed a ruling against the Binladin Group, fining the construction company SAR20 million ($5.33 million) for a 2015 accident in which a crane collapsed in Mecca during the hajj pilgrimage season. The court found that safety violations caused the deaths of more than 100 people. The Okaz newspaper reported on […] August 14, 2023
Business of Sport Riyadh Air and Atlético Madrid sign sponsorship deal Saudi Arabia’s new national carrier Riyadh Air has signed a sponsorship deal with Spanish football club Atlético Madrid, giving the airline a major advertising boost ahead of its planned launch of operations in 2025. Riyadh Air said it will be the main sponsor and official airline partner of the club as part of a multiyear […] August 10, 2023
Oil & Gas Oil cuts drag down Saudi industrial activity Saudi Arabia’s industrial production fell 1.6 percent in June, as oil production cuts lowered reported mining and quarrying productivity. The decline was reported in new data from the General Authority for Statistics (GSTAT) published on August 10. Manufacturing activity increased by 10.1 percent compared to the same month of the previous year. Electricity and gas […] August 10, 2023
Construction Jamal Omar loses petition against zakat claim of $95m Jamal Omar Development, the company which has led construction in the holy city of Mecca, must pay Islamic alms (zakat) of SAR357 million ($95 million) for the years 2012-2018, after losing a complaint against the Saudi government tax authority. The building firm, which is listed on the Saudi stock exchange, made the petition after it […] August 10, 2023
Finance Saudi’s investment fund gets taste of halal food market Saudi Arabia’s Public Investment Fund aims to increase the kingdom’s share in the global halal food market, currently worth at least $2 trillion. Halal Products Development Company, a PIF subsidiary launched in October 2022, signed an agreement with the Saudi Exports Development Authority to support companies targeting the halal market, as well as encourage local […] August 9, 2023
