Thursday, February 20,2025,22:23
read more..King Salman voices pride in Founding Day anniversary
Saturday, February 22,2025,14:55
Saudi Arabia's King Salman bin Abdulaziz voiced pride in the Kingdom's history as the country celebrates its Founding Day today, Feb. 22. "We take pride in the anniversary of our blessed state's founding three centuries ago, built upon security, justice, and pure faith. Its path has remained steadfast ever since, leading our nation toward leadership and excellence in various fields," King Salman said on his official X account. .. read more..
These 44 firms disclosed 2024 financials so far
Saturday, February 22,2025,13:58
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Details of personal status law
Saturday, February 22,2025,13:20
The official gazette published the Personal Status Law, which was earlier approved by Crown Prince and Prime Minister Mohammed bin Salman. Under Article 9, the following conditions should be met for a minor (under 18) to receive marriage approval: - The marriage request should be submitted by either the individual seeking marriage (boy or girl), legal guardian, the mother of either party. - Explicit consent from the individual seeking marriage should be provided before the court, and the mother’s opinion should be heard. If hearing the mother is not possible, the court decides accordingly. - The individual should be physically and mentally mature, with no risk posed by the marriage, as ... .. read more..
Minister of Commerce approves actual beneficiary rules
Saturday, February 22,2025,12:58
Majid Al-KassabiMinister of Commerce Minister of Commerce Majid Al-Kassabi approved the actual beneficiary rules, which will take effect on April 3, 2025, the official gazette Umm Al-Qura reported on Friday. The rules aim to enhance corporate transparency in line with international standards and establish a database for recording and maintaining the actual beneficiary information. The rules apply to companies subject to corporate laws, except for companies listed on the capital market. The actual beneficiary is a natural person who directly or indirectly owns at least 25% of the company’s share capital, as well as controls 25% minimum of total voting rights. He is also the one who has t... .. read more..
Saudi Arabia celebrates Founding Day today
Saturday, February 22,2025,12:43
Saudi Founding Day slogan King Salman bin Abdulaziz issued a royal decree to celebrate Saudi Arabia’s Founding Day on Feb. 22 of each year. The Founding Day is a national occasion to recall the history of the foundation of the Saudi state, which was founded by Imam Muhammad bin Saud more than three centuries ago. The state was established as a political entity to achieve unity and stability. Thus, the Kingdom, which took Diriyah as its capital, flourished and witnessed the spread of culture and science. On this occasion, King Salman said: “We celebrate with pride the anniversary of founding this blessed state in 1139-1727 Hijri. Saudi Arabiahas laid the pillars of peace, stability and j... .. read more..
Gold prices maintain eighth weekly gain, market value above $20T
Saturday, February 22,2025,11:51
Gold bars Gold prices declined on Friday, but maintained their gain for the eighth straight week, due to increased demand for safe havens on trade risks of US protectionist policies. Gold futures for April delivery fell 0.1%, or $2.9, to $2,953.2 per ounce, with a weekly gain of 1.8%. This came as the US dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.25% to 106.62 at 10:44 pm Makkah time. The spot price of gold reached a record high on Thursday, boosting the total market value of gold mined throughout the history to approximately $20.54 trillion. The yellow metal’s recent gains were driven by hedging against trade uncertainty after US Pres... .. read more..
Oil prices drop over 2%, record weekly losses
Saturday, February 22,2025,10:40
Oil drilling rigs Oil prices deepened their losses on Friday, marking a weekly decline, as markets anticipated that efforts by US President Donald Trump would boost global oil supply. Brent crude futures for April delivery dropped 2.68%, or $2.05, to $74.43 per barrel. The US West Texas Intermediate (WTI) crude futures for April delivery also fell 2.87%, or $2.08, to $70.4 per barrel. Both contracts recorded weekly losses of 0.4% and 0.5%, respectively. The US drilling rig count continued to rise for the fourth straight week, increasing seven units to 488 in the week ended Feb. 22, according to recent data from Baker Hughes energy services firm. JPMorgan expected global oil demand to ri... .. read more..
US stocks close lower, Dow Jones falls 750 points
Saturday, February 22,2025,10:30
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PIF does not target annual, quarterly profit; satisfied with ret
Saturday, February 22,2025,09:51
Abdulmajeed Alhagbani, Head of Securities Investments, MENA Investments Division, at the Public Investment Fund ( PIF ), said the Saudi market has a unique advantage, especially for Asian investors. Assets are priced in riyal, which is pegged to the US dollar, which provides relative stability compared to other markets. Additionally, Saudi Arabia enjoys strong economic growth and a young demographic that drives the economy forward, Al-Eqtisadiah newspaper reported, citing Alhagbani. "Our mission is to highlight these advantages to foreign investors, which contributed to our success and increased demand for our investment products," he noted. The fund does not aim for annual or quarterly... .. read more..
US rig count rises 7 units to 488: Baker Hughes
Saturday, February 22,2025,09:44
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Kuwait announces new oil project bid deadlines
Saturday, February 22,2025,08:34
The projects have a total combined value of $2bn .. read more..
UAE awards $6.45bn in defence contracts at Idex
Saturday, February 22,2025,08:34
Abu Dhabi exhibition sees slew of deals aimed at boosting the local defence sector .. read more..
Jordan's Nepco obtains $70m finance for grid
Saturday, February 22,2025,08:34
The package consists of an EBRD loan of up to $56.5m and an EU grant of up to €12.4m .. read more..
Abu Dhabi inaugurates Al-Saad residential project
Saturday, February 22,2025,08:34
The project was developed at a total cost of about $271m .. read more..
Saudi Arabia capacity buildout enters busiest period
Saturday, February 22,2025,08:34
A total of 53GW are awarded and under construction and 80GW are in pre-execution .. read more..
Hill International wins Algeria metro extension deal
Saturday, February 22,2025,08:34
The Ain Naadja-Baraki metro line caters to Algiers .. read more..
Hyundai E&C wins $389m Saudi grid contracts
Saturday, February 22,2025,08:34
The lines will transmit power from solar plants to power grids in Medina and Jeddah .. read more..
Saudi Arabia seeks interest in Dammam logistics zone PPP
Saturday, February 22,2025,08:34
Modon and NCP expect to receive expressions of interest from companies in March .. read more..
Saudi firm wins $88m Al-Ula headquarters MEP deal
Saturday, February 22,2025,08:34
The new headquarters will provide office space and facilities for employees and visitors .. read more..
Adnoc to offer 3.1 billion shares in Adnoc Gas
Saturday, February 22,2025,08:34
The energy giant expects to raise up to $3bn from an additional 4% share sale in Adnoc Gas .. read more..
German chemicals company wins Egypt ammonia contracts
Saturday, February 22,2025,08:34
Egypt’s Mopco plans to produce up to 150,000 tonnes a year of green ammonia .. read more..
Airline supply chain issues start to improve: Riyadh Air CEO
Friday, February 21,2025,11:25
Tony Douglas, CEO of Riyadh Air Supply chains for major planemakers Boeing and Airbus are showing signs of moderate improvement, Reuters reported, citing Tony Douglas, CEO, Riyadh Air . There are several major challenges, highlighting that supply chains are under immense pressure. Douglas added that one ongoing obstacle is suppliers serving both Boeing and Airbus, which exacerbates the issues. Riyadh Air is working to overcome any challenges and is currently engaged in the process of selecting additional wide-body aircraft. According to Argaam data, Riyadh Air signed an agreement in October 2024 to purchase 60 Airbus A321neo aircraft in preparation for launching operations in 2025. Bloo... .. read more..
What to expect from SABIC’s Q4 2024 earnings report
Friday, February 21,2025,10:45
Logo ofSaudi Basic Industries Corp. (SABIC) Saudi Basic Industries Corp. ( SABIC ) will host an earnings call on Feb. 26 to discuss the company’s Q4 2024 financial results. Analysts expect SABIC to post a net profit before one-offs of SAR 766.2 million on average for the three-month period. SABIC Agri-Nutrients Co. ( SABIC AN ) and Saudi Kayan Petrochemical Co. disclosed their fourth-quarter results. SABIC AN reported forecast-beating earnings , while Saudi Kayan’s losses were higher-than-expected. Our valuable Readers: What do you expect from SABIC’s earnings report? .. read more..
GACA classifies air carriers, airports in January
Friday, February 21,2025,10:15
Logo ofThe General Authority of Civil Aviation (GACA) The General Authority of Civil Aviation ( GACA ) issued an index for the classification of air transport service providers and airports based on the number of complaints filed by travelers to the authority in January 2025. The total number of complaints submitted by passengers against airlines stood at 1,486. The least complaints were filed against Saudi Arabian Airlines (Saudia) at 26 per 100,000 passengers. The state-run airline recorded a timely complaint handling rate of 100%. Flynas ranked second, with 32 complaints and a closure rate of 100%. Meanwhile, Flyadeal came third, with 37 complaints per 100,000 passengers, reporting a... .. read more..
Saudi Arabia among top attractive destinations for investors: Al-Falih
Friday, February 21,2025,09:50
Khalid Al-Falih,Minister of Investment Saudi Arabia is deemed one of the top ten most attractive destinations for investment and investors worldwide, reflecting the growing confidence of the international community in investment in the Kingdom, said Minister of Investment Khalid Al-Falih. In a speech at the FII Priority Miami 2025, he added that 25% of the foreign direct investments in Saudi Arabia were contributed by the US, while Saudi investments in the US currently exceed $750 billion. Moreover, several key indicators should be highlighted, most notably the increase in the number of foreign investors in the Kingdom from less than 8,000 to 40,000 currently since the launch of Vision ... .. read more..
US crude oil stockpiles rise more than expected
Thursday, February 20,2025,22:32
Oil tanks US crude oil inventories saw a higher-than-expected increase in the week ended Feb. 14, according to data released by the US Energy Information Administration. Commercial crude oil stocks rose by 4.6 million barrels, against expectations of a 3.2 million barrel increase. Gasoline inventories fell by 200,000 barrels, with the distillate fuel stocks declining by 2.1 million barrels to 116.6 million barrels. US Crude Stockpiles Item Last Year Last Week Current Weekly Change Crude Oil 443.0 427.9 432.5 +4.6 G asoline 247.0 248.1 247.9 (0.2) D istillates 121.7 118.6 116.6 (2.1) .. read more..
Trump praises PIF Governor, Saudi Finance Minister
Thursday, February 20,2025,22:23
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Cherry Rent-A-Car, Key Car Rental study IPOs in Saudi market: Report
Thursday, February 20,2025,22:19
Cherry Rent-A-CarCo., and Key Car RentalCo. are considering new share sales in the Saudi market, Bloomberg reported. Cherry Rent-A-Car is working with EFG Hermes and BSF Capital on a potential initial public offering(IPO). No final decisions have been made on timing, size or valuation on either deal. A spokesperson for Cherry said the firm hasn’t yet received regulatory approval for the share sale. .. read more..
SambaNova to invest $140M in Saudi Arabia: CEO
Thursday, February 20,2025,22:10
Rodrigo Liang, CEO and Co-Founder of SambaNova Systems, said the company plans to invest up to $140 million (SAR 525 million) in Saudi Arabia, with the aim of developing the domestic technology sector, strengthening infrastructure, and employing competencies. In addition, the company is working with the Saudi National Semiconductor Center to enhance design capabilities within the Kingdom, which aims to support GDP growth, he added. In an interview with Argaam on the sidelines of the LEAP 2025 conference, Liang indicated that the company has a partnership with STC AI to launch the LLM 405 B model as a service, as well as cooperation with the Ministry of Communications and Information Tec... .. read more..
Saudi airports record 128M passengers in 2024
Thursday, February 20,2025,22:03
The General Authority of Civil Aviation (GACA) said that passenger traffic at the Kingdom's airports witnessed exceptional growth during 2024, reaching an unprecedented record level of more than 128 million passengers. The number of passengers via domestic and international flights reached 59 million and 69 million, respectively, according to the Authority. In its air traffic performance report issued Thursday, GACA said that the passenger traffic achieved a growth rate of 15% year-on-ear, and about 25% compared to pre-COVID levels. Meanwhile, the number of flights through the Kingdom's airports during 2024 reached about 905,000, up 11% YoY, including 474,000 domestic flights and 431,00... .. read more..
BinDawood Holding CEO says Dash stores performance 'encouraging’
Thursday, February 20,2025,20:44
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MODON, Ratio Speciality ink deal for beverage manufacturing in Al-Ahsa
Thursday, February 20,2025,20:37
The Saudi Authority for Industrial Cities and Technology Zones (MODON), in cooperation with the National Center for Privatization PPP(NCP), announced the launch of the Expression of Interest phase for the logistics zone development project in the Second Industrial City in Dammam. The project targets the manufacture of coffee, tea substitutes, natural herbs, food enhancers, and natural and industrial beverages. According to data available with Argaam, subscription by qualified investors to five million shares of Ratio Speciality on the Nomu-Parallel Market, at SAR 10 a share ended today. The company is capitalized at SAR 20 million, divided into 20 million shares at SAR 1 each. .. read more..
MODON, NCP seek EOI for logistics zone development in Dammam
Thursday, February 20,2025,19:34
Logo ofSaudi Authority for Industrial Cities and Technology Zones (MODON) The Saudi Authority for Industrial Cities and Technology Zones (MODON), in cooperation with the National Center for Privatization (NCP), announced the launch of the Expression of Interest phase for the logistics zone development project in the Second Industrial City in Dammam. This project will be implemented under public-private partnership (PPP) through a (design - construction - financing - operation - maintenance - transfer) contract for a period of 30 years, with the aim of strengthening the Kingdom's logistics infrastructure to become a global logistics hub. The project spans over an area of 850,000 square m... .. read more..
Dallah, AYYAN issue shareholders circulars for Al-Salam-Al Ahsa acquisition ...
Thursday, February 20,2025,17:32
Logos ofDallah Healthcare Co.andAYYAN Investment Co. Dallah Healthcare Co. issued today, Feb. 20, the shareholders circular related to its capital increase for the purpose of acquiring AYYAN Investment Co. ’s ownership in Al-Ahsa Medical Services Co. and Al-Salam Medical Services Co., according to a statement to Tadawul . Dallah Healthcare said the issuance of the shareholders circular came in implementation of Article 60 of Tadawul’s Rules on the Offer of Securities and Continuing Obligations. In a separate statement, AYYAN announced issuing the shareholders’ circular related to selling its holdings in the two aforementioned companies to Dallah Healthcare. For More Mergers and Acquisit... .. read more..
Trump promises tax cuts for oil, gas producers
Thursday, February 20,2025,15:45
US President Donald Trump US President Donald Trump will enlist the help of Republicans in Congress to reduce the debt burden on households and companies, notably oil and gas producers, in a move that would ramp up production and curtail consumer costs, Reuters reported. “We're going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime,” Trump wrote in a post on “Truth Social” platform. He also praised Congress for “doing a spectacular job of working together as one unified, unbeatable team.” Trump has repeatedly stated during his election campaign that the energy industry is cru... .. read more..
Bahrain: Liability insurance
Thursday, February 20,2025,15:35
Provision of directors and officers liability insurance .. read more..
Sabic completes transfer of stake in Alba to Maaden
Thursday, February 20,2025,15:35
The Saudi chemicals giant earned proceeds of $966.27m from the transaction .. read more..
Sojitz-backed Capella eyes Middle East PPPs
Thursday, February 20,2025,15:35
The integrated business will focus on large-scale energy, social and transportation infrastructure projects .. read more..
Parsons wins $475m Middle East contracts
Thursday, February 20,2025,15:35
The firm picked up contracts in Saudi Arabia and the UAE in the fourth quarter of 2024 .. read more..
SEC and Acwa Power sign Qurayyah IPP expansion deal
Thursday, February 20,2025,15:35
The two firms will co-develop the $3.5bn carbon capture-ready plant expansion project .. read more..
TASI rises 0.6% to 12,388 pts, total turnover at SAR 6B
Thursday, February 20,2025,15:28
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Saudi property market on uptrend: Al Akaria
Thursday, February 20,2025,14:09
Khaled Al-Suhaibani, Acting CEO ofSaudi Real Estate Co. (Al Akaria) Saudi Real Estate Co. ( Al Akaria ) is advancing high-quality developments that offer attractive investment opportunities, backed by strong governance and a competitive business environment aligned with Saudi Vision 2030, Acting CEO Khalid Alsehaibny told Argaam . Speaking on the sidelines of the Saudi Capital Markets Forum, he noted that Saudi Arabia’s real estate market is seeing sustained growth, driven by government initiatives that boost demand for residential and commercial projects. Despite global economic challenges like inflation and interest rate volatility, the market remains resilient. Strong demand and regu... .. read more..
King Salman approves official Saudi riyal symbol
Thursday, February 20,2025,13:54
The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, has officially approved the symbol for the Saudi riyal, marking a historic milestone in reinforcing the national currency's identity. According to the Saudi Press Agency (SPA), the Governor of the Saudi Central Bank (SAMA), Ayman bin Mohammed Al-Sayari, stated that the decision plays a crucial role in strengthening the Kingdom’s financial identity at local, regional, and international levels. He noted that the currency symbol will be implemented immediately and will gradually be reflected in financial and commercial transactions, as well as v... .. read more..
HRSD Ministry issues executive regulations for Labor Law
Thursday, February 20,2025,13:22
Logo ofThe Ministry of Human Resources and Social Development (HRSD) The Ministry of Human Resources and Social Development (HRSD) published the executive regulations of the Labor Law and its annexes, effective as of March 1, 2025. The publication coincides with the enforcement of amendments to the Labor Law under Royal Decree No. 44, issued on Aug. 14, 2024. This aligns with Clause 3 of Cabinet Decision No. 117, dated Aug. 8, 2024. According to data compiled by Argaam , the amendments took effect on Feb. 19. They aim to enhance job stability and improve labor market efficiency to meet private sector needs. .. read more..
Borouge CEO says 2025 growth plans to lift revenue to $1.9B annually
Thursday, February 20,2025,12:23
Logo ofBorouge PLC Hazeem Al Suwaidi, CEO OF Borouge PLC, said that the company pushes ahead with its ambitious growth plans for 2025, including the Borouge 4 mega project, which is expected to increase production capacity by 28% and generate up to $1.9 billion (AED 7 billion) in annual revenue. In an interview with Argaam , Al Suwaidi added Borouge recorded an outstanding $1.24 billion net profit for 2024, implying 24% year-on-year growth. The Asia Pacific region accounted for 63% of Borouge's total sales volumes, underscoring its importance of global megatrends. On dividends, the company’s CEO reaffirmed Borouge’s intention to distribute a final dividend of 7.94 fils per share in Apri... .. read more..
Saudi holdings of US Treasuries up at $137.5B in December 2024
Thursday, February 20,2025,12:14
Saudi Arabia’s holdings of US Treasury bonds increased by $1.95 billion month-on-month to $137.5 billion in December 2024, new data released by the US Treasury showed. The Kingdom maintained its 17th place among the largest holders of US Treasuries for the month. Long-term bonds accounted for $111.3 billion, or 81% of total holdings. Meanwhile, short-term bonds amounted to $26.2 billion, or 19% of the total. Japan was the top holder of US Treasuries by value in December, with $1.05 trillion, followed by China ($759 billion). .. read more..
SMC Hospitals plan IPO in Saudi market: Report
Thursday, February 20,2025,12:03
One of SMC Hospitals Saudi Arabia’s SMC Hospitals is planning an initial public offering (IPO), joining a group of healthcare companies that have gone public on the main market, Bloomberg reported citing informed sources. The sources indicated that the company is working with SNB Capital and EFG Hermes on the potential offering, which is expected to take place during the second quarter of this year. For More IPOs However, a final decision has not yet been made in this regard, as the details regarding the offering size and its timeline are still under discussion, the sources added. According to Argaam , SMC Hospitals started operations in 1999 and runs two medical facilities in Riyadh wi... .. read more..
Trojena sets February deadline for Mirage centre
Thursday, February 20,2025,11:52
The hub will receive and transfer visitors to the various Trojena destinations .. read more..
Expectation mounts as Dubai tunnels tender nears
Thursday, February 20,2025,11:52
Besix is among the firms that prequalified to bid as the lead member of a bidding consortium .. read more..
Teams form for Roshn National Guard Stadium
Thursday, February 20,2025,11:52
The 46,000-seater stadium will be built in southwest Riyadh .. read more..