Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market
Updated 13 sec ago
RIYADH: Saudi-based Arabian Drilling Co. has received approval for an initial public offering of 26.7 million shares, representing 30 percent of the firm’s capital, on the Kingdom’s stock exchange.
The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date. It shall be deemed cancelled if the company’s offering is not completed within this period.
ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers
Updated 30 min 18 sec ago
RIYADH: The Communications and Information Technology Commission, Saudi Arabia’s digital regulator, on Wednesday announced that communication infrastructure is fully operational in Makkah and Madinah and ready for this year’s Hajj.
The CITC has ensured the functioning of over 5,900 communication towers and more than 11,000 Wifi access points in the two holy cities, according to a statement.
The number of 5G towers rose 41 percent to reach more than 2,600.
“The Kingdom’s infrastructure readiness will not only help smooth the passage of fulfilling a lifelong dream,” said CITC Gov. Mohammed bin Saud Al-Tamimi, “it will significantly enhance their (pilgrims) digital experience.”
Red Sea Development Co.’s study reveals diversity of habitats as it calls for responsible tourism
Updated 29 June 2022
RIYADH: The Red Sea Development Co. has revealed rich diversity of habitats, flora, and fauna in one of the world’s largest environmental surveys of wildlife ecosystems, carried along the Saudi Arabian coast.
The 11-month long study has included a number of endangered species such as the Halavi Guitarfish, Hawksbill Sea Turtle and Sooty Falcon, according to a statement.
Released at the UN World Ocean Conference in Lisbon, the research has also included an eight-meter-high single coral colony estimated to be around 600 years old.
Conducted from January through November 2021, it has revealed that many threatened and endangered species inhabit the area, which shows the environmental protection and regeneration efforts in the region.
“We want to prove to the world, and our peers in the tourism industry, that creating world-class destinations can go hand-in-hand with protecting and enhancing the environment,” CEO John Pagano said.
“We’re challenging ourselves and others to do better and be better as global pioneers in responsible development and are issuing a call to action for tourism as an industry to step up when it comes to the impact on wildlife and biodiversity,” Pagano added.
The tourism industry places significant stress on local land and marine areas if action is not taken.
UN Environment research shows that the growth of tourism and its impact on the environment is growing at an unsustainable rate, with a 154 percent increase in energy consumption, 131 percent increase in greenhouse gas emissions, and 152 percent increase in water consumption expected by 2050 if action is not taken.
Riyadh governor inaugurates $2bn environmental, water projects in sustainability push
Updated 29 June 2022
RIYADH: Some 93 environment, water and agriculture projects in Riyadh have been inaugurated by Gov. Prince Faisal bin Bandar.
The launch of the projects, worth over SR8.5 billion ($2.2 billion), comes to support water and environmental sustainability in line with the objectives of the Kingdom's Vision 2030, according to the Saudi Press Agency.
The projects include the Kingdom’s largest water transmission system, the Jubail-Riyadh transmission system, with a capacity of 1.2 million cubic meters per day.
In addition to a dual transmission system, with a total length of 821 kilometers, with a total cost of over SR6.3 billion.
Implemented by the Saline Water Conversion Corp., National Water Co. and the Undersecretary for Water, and the National Center for Vegetation Cover and Combating Desertification, the projects will contribute to the rising demand for water.
They will also contribute to raising operational efficiency in water transportation and distribution, enhancing environmental sustainability and increasing vegetation cover in the region.