Saudi inflation climbs to 4.3%
DUBAI: Annual inflation in Saudi Arabia climbed to 4.3 percent in December, from 4.0 percent in the previous month, the Saudi Press Agency reported on Tuesday. The Kingdom’s cost of living index stood at 125.2 points in December, up from 120.1 points a year earlier, SPA said.
Mitsui, Nabaa mull $20bn plant
JEDDAH: Japan’s Mitsui & Co. and Saudi Arabia’s Nabaa Industrial Development and Investment Co. are considering building a $20 billion petrochemical complex in Yanbu, an industry source said. Both companies will take a final investment decision when they complete feasibility studies by June this year, the source said at a mining exhibition in Jeddah. “The feasibility has to prove if the project is viable,” he said.
Kharafi, Hyundai win port contract
KUWAIT: Kuwait’s Kharafi Group and South Korea’s Hyundai Engineering and Construction have won a 328 million dinar ($1.14 billion) contract to develop a port in Kuwait, a local daily said on Tuesday. The firms won the tender for the second part of the first phase of the project on Boubyan island, which includes designing and building the seaport, Kuwaiti daily newspaper Al-Rai said.
— Compiled from agencies