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  • Saudi Telecom’s tech business prices IPO at top of range

    Saudi Telecom's Arabian Internet and Communications Services Co is set to raise 3.6 billion riyals ($960 million) in its initial public offering (IPO) after pricing the deal at the top of an indicative range, the company said on Thursday. Pricing shares in the company, known as Solutions by STC, at 151 riyals each, implies a market capitalisation of $4.8 billion for the entire business, it said. STC is selling a 20% stake in the IPO.

  • Saudi Aramco splits its gas business amid expansion in chemicals

    Saudi Arabian Oil Co will create two new divisions, named Southern Area Gas Operations and Northern Area Gas Operations, according to people familiar with the matter. The departments will be run by Wail Al Jaafari and Jumaan Al Zahrani respectively, according to the people who asked not to be identified. The appointments are awaiting board approval.

  • Perspective: Business was as usual in Saudi Arabia during pandemic

    Last year Saudi Arabia’s General Authority for Small and Medium Enterprises conducted a survey. It showed that out of 918 businesses, 46.7 percent of micro enterprises, 30 percent of small businesses and 30.6 percent of medium-sized enterprises decided to close down at least one of their branches as a result of the pandemic’s negative impact. Likewise, 14 percent of the micro enterprises, 19.8 percent of the small enterprises and 34.7 percent of the medium-sized enterprises went out of business.

  • A Saudi businesswoman who wants to bring hospitals to homes

    Kholoud Al-Harbi is a successful Saudi businesswoman who owns Ethar Medical Care Co. She is also vice president of the sector’s trade group, the Saudi Home Care Association. Al-Harbi was able to combine her practical experience in the field of intensive care with a master’s in medical research at the UK’s University of Manchester Salford. Her background and administrative skills were key to helping her launch a business specialized in home medical care, which she believes distinguishes her company from others in the sector.

  • The financial impact of keeping Saudi businesses open during prayer times

    Assuming that each worker is contracted to 10hrs per day over a 365-day year equates to $11.14 per hour contribution to GDP. For the two hours per day lost to Prayer Times, that is $22.2 per day, $8,133 per year, or up to a total of $22 bn (2.7 million workers x $8,133) estimated as lost due to prayer times over the year. This approximation totals 2.9% of the overall GDP of the Kingdom, lost in the retail and wholesale sector due to prayer times.

  • Lebanon’s business conditions deteriorate further as political crisis deepens

    Lebanon is facing its worst economic crisis since independence in 1943 after defaulting on about $31 billion of eurobonds last year. Talks with the International Monetary Fund for a $10bn aid package stalled as a result of political disputes among the country's governing class.

  • Saudi shops can stay open during prayer times – business group circular

    Shops in Saudi Arabia may now stay open during prayer times, a leading government-linked newspaper said on Friday, relaxing the kingdom's strict rules on closing shops and businesses for prayer five times a day. It is the latest in a series of social and economic reforms intended to modernise the conservative kingdom and boost the private sector's contribution to its oil-dependent economy.

  • Dubai Lures Wall Street Jet-Setters as Business Revives

    The jet-setting days of Wall Street bankers and executives flocking to Davos in January might be on pause, but in the financial capital of the Middle East it’s business as usual once more. Dubai is moving full-speed ahead with in-person events on the back of fewer travel restrictions and one of the world’s most-connected airports. The United Arab Emirates also has among the fastest vaccination programs, with 15 million doses administered in a population of 10 million.

  • Business activity expands at quickest pace since December 2017

    Saudi Arabian non-oil output increased at a rapid pace in May, according to the latest PMI survey data, supported by a strong rise in new business and a notable uplift in export orders. As a result, firms built their inventories at the fastest rate for 18 months, but largely operated with existing workforces as backlogs continued to decline.

  • Amnesty International calls for Google to halt cloud business in Saudi Arabia

    Amnesty International is teaming up with 38 other human rights groups and individuals to call for a halt to Google’s plans to set up an enterprise cloud business in Saudi Arabia because of concerns over the country’s human rights track record.