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  • Foodics partners with American Express Saudi Arabia

    The announcement comes at the back of its series B fundraising in February this year, during which it raised $20 million in a funding round led by Sanabil Investments, a firm wholly owned by Saudi Arabia’s Public Investments Fund. With this latest announcement, Foodics is on track to exceed its 2021 targets, with 11,000 brands onboarded so far and growing, as well as new product launches also in the pipeline.

  • IMO and Kingdom of Saudi Arabia sign new partnerships

    IMO has signed three partnership agreements with the Kingdom of Saudi Arabia to support the preparation of a new global project that targets ship-based emissions. Further funding goes to existing projects focused on biofouling and marine plastic litter. The agreements, signed by IMO Secretary-General Kitack Lim and His Excellency Mr. Saleh bin Nasser al-Jasser, Minister of Transport and Logistic Services, Kingdom of Saudi Arabia (28 September), will see US$509,000 going to the three environmental initiatives.

  • Saudi Arabia’s wealth fund to sell part of stake in Saudi Telecom

    The planned transaction will target international and local institutional investors, as well as retail investors, PIF said, adding it would maintain a majority stake of more than 50% in the company.

  • Saudi Arabia’s Largest Music Festival, SOUNDSTORM, Announces Return With Over 150 Artists

    Tickets are on sale now with a variety of four-day GA and VIB (Very important beast) bundle options. Four-day tickets currently start at 339 SAR ($90 USD). MDLBEAST SOUNDSTORM takes place December 16th-19th, 2021.

  • How Saudi Arabia’s top 10 banks performed in the second quarter

    Global management consulting firm Alvarez & Marsal has released its second quarter analysis of the state of Saudi Arabia's banking sector. A round of the report's key findings in six charts.

  • State Department Clears Saudi Arabia’s Request for Continued Helicopter Maintenance Support Services

    The MSS contract supports the AH-64D/E, UH-60L, UH-60M, Schweizer 333 and Bell 406CS helicopters deployed by the Royal Saudi Land Forces Aviation Command and the continuation will also cover the upcoming CH-47F Chinook fleet, the Defense Security Cooperation Agency said Thursday.

  • StanChart to add bankers in sustainable finance, capital markets in Saudi Arabia

    Standard Chartered (STAN.L) is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia, a market it sees will become a "front-runner" for its regional business in coming years, a senior executive said. Standard Chartered this year began offering banking services through its branch in Saudi Arabia with a team of 25 people after it was granted a banking licence in 2019.

  • Lucid to start manufacturing electric cars in Saudi Arabia in 2024

    The electric-vehicle maker Lucid Group Inc. unveiled plans to start manufacturing its cars in Saudi Arabia in 2024. The EV giant has submitted a request for Saudi model Certificate of Accreditation. This was announced by Saud Al-Askar, deputy governor of the Saudi Standards, Metrology and Quality Organization (SASO). The Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, owns a majority stake in Lucid, whose shares are traded on the US NASDAQ Stock Market last month.

  • Saudi Arabia Forges Partnerships to Establish Local Aerospace Industry

    Saudi regulatory authorities announced their approval of joint ventures in the aviation structure manufacturing sector, which will seek to establish the first local industry for aviation structures in the Kingdom. The General Authority for Competition announced its approval of two joint projects for the manufacture of aviation metal structures and metal castings products in Saudi Arabia, bringing the total number of joint projects approved by the Authority to 10 since the beginning of 2021.

  • Saudi Arabia starts tendering process for second water transmission pipeline PPP

    Saudi Water Partnership Company (SWPC) issused on Wednesday an Expression of Interest (EOI) notice for the Rayis – Rabigh Independent Water Transmission Pipeline (IWTP) project with a transmission capacity of 900,000 cubic metres per day (m3/day). The 100-kilometre long water pipeline project is the second IWTP project to be tendered by SWPC after the 400,000 m3/day Ras Mohaisan–Baha-Makkah IWTP.