Saudi-Thai MoUs to boost two-way trade, investment opportunities

Saudi Investment Minister Khalid Al-Falih receives Don Pramudwinai, Thailand’s deputy prime minister and minister of foreign affairs, in Riyadh on Monday to discuss issues of mutual interest. Twitter
Saudi Investment Minister Khalid Al-Falih receives Don Pramudwinai, Thailand’s deputy prime minister and minister of foreign affairs, in Riyadh on Monday to discuss issues of mutual interest. Twitter
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Updated 16 May 2022

Saudi-Thai MoUs to boost two-way trade, investment opportunities

Saudi-Thai MoUs to boost two-way trade, investment opportunities

RIYADH: Five memorandums of understanding were signed on the sidelines of the Saudi-Thai Investment Forum in Riyadh on Monday. 

The first MoU was signed between the Saudi Federation of Chamber and the Board of Trade of Thailand to explore investment opportunities in the private sector. 

The second MoU signed between the Saudi Ministry of Investment and Gulf Energy Development Public Co. aims at evaluating and exploring investment opportunities in the field of petrochemicals industries. 

The third deal between the Diriyah Gate Development Authority and Minor Group aims to launch multiple hotels in the region. 

The fourth MoU between the Saudi Investment Ministry and Indorama Ventures is aimed at exploring petrochemical and conversion opportunities such as polymers, and fiber surfactants. 

The fifth deal was signed between the Saudi Ministry of Investment and SCG and Dusit International. This deal is aimed at increasing foreign direct investments in Saudi Arabia. 


Saudi Innovest makes $8m in profits as it exits Misk Tarout 

Saudi Innovest makes $8m in profits as it exits Misk Tarout 
Updated 13 sec ago

Saudi Innovest makes $8m in profits as it exits Misk Tarout 

Saudi Innovest makes $8m in profits as it exits Misk Tarout 

RIYADH: Saudi Arabia’s Innovest Properties has exited Misk Tarout after having pulled in SR30 million ($8 million) in the last three months.

The Alkhobar-based real estate firm confirmed its profit from the exit process will be calculated in the company’s financial statements for the second quarter of 2022, according to a statement. 

The exit will also enhance its direction in implementing targeted profitability and growth plans, CEO Essam Bukhamseen said. 


MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 
Updated 04 July 2022

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

RIYADH: Bahrain Real Estate Investments, known as Edamah has begun its hunt for bids for the 20,717 square meter plot investment project at Hidd within Muharraq governorate in Bahrain.

The development is located alongside Diyar Al Muharraq and Dilmunia waterfronts, near the Khalifa town housing project.

The leading property developer has held Bahrain’s sovereign wealth fund since its establishment in 2006, reported Trade Arabia.

It is also on the search for bids on a similar investment project development — which includes six more plots with a total area of 5,618 square meter at Askar within Southern governorate.

KAPP starts bids on water and power generation

Kuwait Authority for Partnership Projects, known as KAPP, has requested bids to develop Al-Zour North 2 and 3 and Al-Khiran 1 as part of the independent water and power producer projects.

The two plots are expected to generate a net capacity of 4,500 MW of power and 290 million imperial gallons a day of water, reported MEED.

This decision comes amid increased power demand in Kuwait — soaring to a record high of 15.67 Gigawatt last July.

The deadline for submitting project bids is on Aug. 16.


Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October
Updated 04 July 2022

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

RIYADH: Saudi Arabia’s budget airline Flynas announced the launch of its first direct flights between its heritage city AlUla and Cairo, starting from 6th October, according to the Saudi Press Agency. 

The airline will operate two direct flights per week, on Saturdays and Thursdays, between AlUla International Airport to Cairo International Airport.

Located in the north-west of Saudi Arabia, AlUla is one of the key tourist destinations that offers a variety of experiences in heritage, art, culture, recreation and adventure.


Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list
Updated 04 July 2022

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

RIYADH: Saudi Aramco has been named one of the top 100 global innovators by American analytics company Clarivate. 

In its report titled “Top 100 Global Innovators 2022,” Clarivate revealed that Saudi Aramco is the first-ever company from the Middle East and North Africa region to be placed in the list. 

“The regional diversity continues to increase, with the first-ever Middle Eastern list entry via energy firm Saudi Aramco,” wrote Clarivate in the report. 

Apart from Saudi Aramco, other new entrants to the list are China’s Alibaba, Germany’s Continental, US’ General Motors, South Korea’s Hyundai Motors and Kia Motors, US’s Philip Morris International, and UK’s Rolls-Royce. 

Clarivate added that companies have been included in the list based on factors like influence, success, globalization, and technical distinctiveness. 


TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell
Updated 04 July 2022

TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell

RIYADH: Saudi stock markets extended losses as investors worried that the latest central bank efforts to curb inflation would lead to rapid economic slowdowns.

The main index, TASI, fell 0.93 percent to reach 11,358, while the parallel market, Nomu, dropped 1.94 percent at 20,672.

Fawaz Abdulaziz Alhokair Co. led the decliners since the market opened with a 9.99 percent fall, followed by Abdulmohsen Alhokair Group for Tourism and Development which fell 9.92 percent.

Saudi Aramco, the largest player on the Saudi oil market, lost 1.29 percent, while Methanol Chemicals Co. fell 2.57 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi, dropped 0.50 percent, while The Saudi National Bank slipped 1.05 percent.

Among the biggest IT companies, Elm Co. gained 0.56 percent and Al Moammar Information Systems Co. edged down 2.08 percent.

Jadwa REIT Saudi Fund led the gainers with 4.75 percent gain, closely followed by Dar Alarkan Real Estate Development Co. with a 4.56 percent rise.

In the energy sector, West Texas Intermediate crude was trading at $109.69 per barrel and Brent crude was trading at $113.12 per barrel as of 3:24 p.m. Saudi time.