First Independent Mena Newspaper
Saudi Arabia has pledged to invest $14 billion in Uzbekistan including the construction of the world’s largest wind farm with a capacity of 1.5 GW that will power 1.65 million homes, reports say. The Gulf Kingdom’s power company ACWA Power will build the farm in Karakalpakstan region. The project will solve the kingdom’s chronic energy […]
The Saudi Central Bank (SAMA) Tuesday issued operation permits to “Lean Technologies” and “Mod5r”, two companies which will provide Open Banking Solutions. The permits are in line with the Council of Ministers’ decision in the second quarter of 2022, which provides for the adoption of the Fintech Strategy containing the supreme directive order for the […]
The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has signed an agreement with Riyad Bank to acquire a SR500 million ($133.13 million) real estate financing portfolio, reports say. Fabrice Susini, CEO of SRC and Tareq Al-Sadhan, CEO of Riyad Bank signed the deal in the presence of of […]
Saudi Arabia’s Public Investment Fund bought shares in Alphabet, Zoom Video and Microsoft as part of a wider pick of US stocks, bringing the sovereign wealth fund’s second-quarter investments to about $40.8 billion, Arab Finance reports. A filing from US Securities and Exchange Commission indicated that PIF acquired 213,000 class A shares in Alphabet; 4.7 […]
Saudi Arabia’s Public Investment Fund (PIF) and London-based real estate investment firm Cain International have injected $900 million in luxury hotel group Aman, Zawya reports citing the two partners. “Our investment in Aman Group reflects PIF’s belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia,” PIF Deputy […]
The recently-launched Saudi-Egyptian Investment Company (SEIC) has reportedly added three other Egyptian listed company to its portfolio after acquiring fertilizer giant MOPCO. Abu Qir Fertizilers and Chemical Industries, Alexandria Container and Cargo Handling and E-Finance for Financial and Digital Investments are the companies, Zawya reports citing Egypt’s planning ministry’s website. SEIC also reportedly acquired 25 […]
Saudi Arabia won Sunday the 2022 Arab Cup U-20 after defeating Egypt 5-3 on penalties in the final at Prince Sultan bin Abdulaziz Stadium in Abha. The Saudi youth took the lead on the stroke of the half time by Abdulaziz Al-Aliwa scored in the 45th minute. The Egyptian side leveled up only four minutes […]
The Public Investment Fund (PIF) of Saudi Arabia launched the Saudi-Egyptian Investment Company (SEIC) that will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals. The fund in a statement said SEIC is interested in the country’s promising sectors including infrastructure, real estate development, healthcare, financial services, food and agriculture, manufacturing, […]
Saudi Arabia has posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, representing 16 percent increase over the same period last year. The finance ministry said the state’s total revenues during the same period amounted to over SR370.4 billion, up 49 percent year-on-year, while expenditures stood at SR292.5 billion. Oil […]
Saudi Arabia has submitted an official bid to host the 2029 Asian Winter Games in NEOM’s futuristic sport city of Trojena, the kingdom’s state-run press agency SPA reported on Wednesday. The bid includes a letter of interest to the Olympic Council of Asia (OCA) and a summary of the Saudi Vision 2030 which will support […]