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  • Saudi PIF buys 23.97% stake in Jordan’s Capital Bank Group

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said on Sunday it will buy a 23.97% stake in Capital Bank Group, one of the largest banking groups in Jordan, Iraq and the Middle East and North Africa (MENA) region. The $600 billion Saudi state fund will pay $185 million for the stake, by buying 63 million new shares of the bank, it said in a statement.

  • KAEC gears up to become the automotive capital of the region, CEO says

    KAEC has a ready-built residential infrastructure for the future employees of Lucid Motors, which includes schools and recreational and entertainment avenues.

  • Digital characters invade Saudi Arabian landscapes

    At only 26 years old, Hazem Al-Ahdal has created a very special fantasy world inspired by both visual art and cinema. His art merges images of world-famous fictional figures with photographs of landscapes. The cities of Jeddah, Medina and Tabuk have thus become, for example, the dance floors of Beauty and the Beast thanks to the artist’s graphic design skills.

  • Saudi Arabia’s parallel market Nomu outshines TASI with 209% market cap growth

    Saudi Arabia’s parallel market's Nomu capped index took investors by surprise as its market value grew at a faster rate than the main market's TASI during the first quarter of 2022. Nomu’s market capitalization rose 209 percent on the year to SR38.5 billion ($10.3 billion) from SR12.5 billion in the year-ago period, according to statistics by the Capital Market Authority.

  • Saudi Re capital raise gets green light

    The company, which is the first reinsurance company established in Saudi Arabia, plans to increase its capital from SAR 891 million (approx. USD 238m) to SAR 1.336 billion (approx. USD 356m).

  • U.S. Refiners Set To Add Just 350,000 Bpd Capacity By End-2023

    Some of the biggest refiners are working on expanding the crude oil processing capacity at large existing facilities, but those additions will not fully offset the U.S. refinery processing capacity, which closed during and right after COVID. ExxonMobil, Valero, and Marathon Petroleum are currently working on the expansion at three large refineries, which will bring a combined 350,000 barrels per day (bpd) additional crude distillation capacity in the United States, Dylan Chase of Argus

  • Plot to smuggle Captagon using fava beans thwarted by Saudi authorities

    Saudi authorities have thwarted an attempt to smuggle 403,000 Captagon amphetamine pills hidden in a shipment of fava beans inside plastic moulds, the state news agency reported. The pills were seized in an operation in the Red Sea city of Jeddah, implicating a Saudi citizen and a Syrian resident, according to a statement by the General Directorate of Narcotics Control.

  • Saudi economy is capable of absorbing shocks: Al-Jadaan

    "Saudi Arabia anticipated the import crisis from Russia and Ukraine about 4 to 5 years ago and it took important measures in its food strategy", Al-Jadaan said. He indicated that the strategy taken by the Kingdom is that it has reduced exposure to Russia and Ukraine and diversified its import sources. Saudi Arabia has also raised its local production, which has put the Kingdom in a much better position than others, Al-Jadaan said.

  • Video: Saudi Arabia’s capital covered by second sandstorm in a week

    Dust obscured the iconic buildings of Riyadh’s skyline as a sandstorm descended on the city for the second time in a week. Experts warn it could become more common due to climate change.

  • Saudi Utility Marafiq Hires HSBC, Riyad Capital for $1.2 Billion IPO

    Saudi Arabia’s Power and Water Utility Co. for Jubail and Yanbu hired HSBC Holdings Plc and Riyad Capital to manage its initial public offering, according to people familiar with the matter, as the kingdom’s ambitious privatization program gathers pace. The company is seeking to raise as much as $1.2 billion by selling a 30% stake in the second half of the year, the people said, asking not to be identified because the information is private. Its shareholders include the Public Investment Fund, Saudi Arabian Oil Co. and Saudi Basic Industries Corp.