MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom

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Updated 24 October 2021

MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom

MODON signs deal for 1st factory to manufacture prosthetic limbs in Kingdom

RIYADH: The Saudi Authority for Industrial and Technology Zones, known as MODON, signed on Sunday a contract with a company to manufacture prosthetics in the Kingdom.

The first factory to manufacture prosthetics in Saudi Arabia will be established in Asir Industrial City, the Saudi Press Agency reported.

Qusai Al-Abdulkarim, a spokesman for MODON, said the establishment of the facility is a valuable addition to Saudi Arabia and it is in line with Vision 2030.

The factory, to be established with an investment of SR40 million, aims to localize manufacture of prosthetics in the Kingdom. It seeks to meet 20 percent of the local demand in the first phase of its operations. It aims to expand its operation to export Saudi products to other countries.


How Omicron is affecting Middle East markets

Updated 4 sec ago

How Omicron is affecting Middle East markets

How Omicron is affecting Middle East markets
  • Oil prices stumbled in their biggest decline since April 2020

DUBAI: The new COVID-19 variant, Omicron, has prompted global economic concerns, as fears of its spread begin to affect stock markets and oil prices. 

Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points. 

The Dubai Financial Market was down 8.49 percent.

Oil prices stumbled in their biggest decline since April 2020, with Brent prices dropping 11.55 percent to $72.72 per barrel when markets closed on Friday, while WTI slid 13.06 percent down to $68.15 per barrel.

The variant was first discovered in South Africa and had also since been detected in Belgium, Botswana, Israel, the UK, Australia and Hong Kong.

Within the Middle East Israel is the only country to have reported a case of the new variant so far, but some governments in the region have issued travel curbs to prevent the virus from spreading. 

On Sunday, Saudi Arabia expanded the list of African countries where it barred travel because of Omicron, adding Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius and the Comoros Islands.

The Kingdom earlier halted flights to and from South Africa, Namibia, Botswana, Zimbabwe, Mozambique, Lesotho and Eswatini.

Other Middle East countries, including the UAE, Bahrain, Morocco, and Jordan have issued similar measures. 


Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi stock market drops 5.3 as Omicron sparks global concern
Updated 26 min 42 sec ago

Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points.


Aramco prepares work on its largest non-associated gas field

Aramco prepares work on its largest non-associated gas field
Updated 28 November 2021

Aramco prepares work on its largest non-associated gas field

Aramco prepares work on its largest non-associated gas field
  • The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom

DUBAI: Saudi Arabia’s oil giant Aramco is marking the start of its development of the Jafurah unconventional gas field on Nov. 29. 

The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom. 

The move is part of the Kingdom’s push to commercialize its unconventional resources and expand Aramco’s integrated gas portfolio. 


London-based Knight Frank expands Dubai team as real estate continues boom

London-based Knight Frank expands Dubai team as real estate continues boom
Updated 28 November 2021

London-based Knight Frank expands Dubai team as real estate continues boom

London-based Knight Frank expands Dubai team as real estate continues boom
  • The firm hired Andrew Cummings, who has been involved in major sales transactions in Dubai, including two 100-million-dirham properties

DUBAI: London-based real estate firm Knight Frank has hired a veteran broker in Dubai as it expands its operations in the emirate, particularly targeting the luxury market. 

The firm hired Andrew Cummings, who has been involved in major sales transactions in Dubai, including two 100-million-dirham properties, which at the time were the second and third highest sales in the emirate’s residential market history. 

It comes as Dubai experiences a surge in sales transactions, particularly in the luxury residential market, in recent months.

“With Dubai’s property market roaring back to life and seeing record growth in 2021, now is absolutely the time to capitalize on this momentum,” Cummings said in a statement. 


Saudi firm bags $14m contract to supply steel pipes to Uruguay 

Saudi firm bags $14m contract to supply steel pipes to Uruguay 
Updated 28 November 2021

Saudi firm bags $14m contract to supply steel pipes to Uruguay 

Saudi firm bags $14m contract to supply steel pipes to Uruguay 
  • The supply contract will run for three months, the company said in a bourse filing

DUBAI: The Saudi Steel Pipe Company has won orders worth SR52.4 million ($13.96 million) to supply steel pipes for oil and gas to Uruguay-based Tenaris Global Services.

The supply contract will run for three months, the company said in a bourse filing. 

The impact of the deal will reflect in the company’s first-quarter earnings next year.