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Tamimi markets sells 30% stake to PIF

Saudi wealth fund PIF to acquire 30% stake in Tamimi Markets

The deal is aimed at supporting Tamimi Markets’ growth plans including a potential initial public offering

Amazon Saudi Riyadh Fulfillment Center Inauguration Image credit Amazon

Amazon launches new fulfillment centre in Riyadh

The facility spans 390,000 square feet across five floors – approximately the size of five football fields

Saudi-backed Lucid Air sedan

Saudi-backed electric car maker Lucid plans to raise $3bn

The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital

PwC Middle East

PwC Middle East inaugurates regional headquarters in Riyadh

This comes as part of the firm’s broader commitment to the region to create 6,000 new jobs and continued investment in digital technology and ESG


Saudi Arabia wants to have buses running on hydrogen next year

By mid-2024, Neom will be making hydrogen for vehicles such as buses and trucks, Dave Edmondson, CEO of Neom Green Hydrogen, said in Dubai

Olam Group postpones IPO of Olam Agri

Olam Group delays listing agri unit on Saudi Exchange

The company will continue to pursue the IPO of Olam Agri at the next practical window without providing any approximate time frame

Abdulla Almoayed of Tarabut Gateway image Tarabut Gateway

Tarabut Gateway completes Saudi open banking certification

These developments follow the $32m Series A fundraise and partnership with Visa aimed at strengthening its presence in the Saudi market

SRC CEO Fabrice Susini image credit SRC twitter

PIF’s Saudi Real Estate Refinance Company completes latest sukuk issuance of SAR3.5bn

This is the sixth tranche under SRC’s upsized SAR20bn sukuk programme

saudi astronauts

Saudi astronauts depart space station, to splashdown in Atlantic Ocean

The Saudi Space Commission announced the successful separation of the SpaceX spacecraft carrying the two Saudi astronauts from the ISS

First Mills IPO on Saudi Exchange

Saudi First Mills’ $266.4m IPO attracts bids worth $18bn

The milling company said big investors placed orders worth SAR68.8bn, almost 69 times more than was available to them

Arabsat BADR-8 launch Image credit Arabsat

Arabsat launches Badr-8 satellite, in partnership with Airbus and SpaceX

The 7th generation satellite successfully lifted off from launch complex 40 at Cape Canaveral air force station

Saudi SEZs

New Saudi SEZs attract $12.6bn from maritime, mining, manufacturing, logistics sectors

The Saudi SEZs offer competitive corporate tax rates, exemption from customs duties on imports, production inputs, machinery and raw materials, and 100 per cent foreign ownership of companies

Saudi Arabia’s foreign reserves fell from SAR1.57tn the previous month

Saudi Arabia’s net reserves fall to $410bn, lowest since 2010

The central bank said the net foreign assets dropped to SAR1.54tn in April from SAR1.57tn the previous month

Saudi Arabia’s five-year-old film industry hits Cannes Film Festival

The kingdom has also invested in esports and video games and committed billions of dollars of spending on football stars, teams and tour sponsorships

critical mineral

UK-GCC trade talks: Saudi Arabia-leg sees focus on critical minerals

The UK and Saudi Arabia signed a declaration of intent to jointly develop resilient and responsible critical mineral supply chains

PIF has launched a new company Badeal

Saudi wealth fund PIF launches Badael to make tobacco-free products

The new company will make tobacco-free nicotine delivery products available across Saudi Arabia by the end of 2023

Majid Al Futtaim issues sukuk

UAE’s Majid Al Futtaim issues $500m green sukuk

The conglomerate will use the proceeds from its fourth green sukuk issuance to refinance an older $800m bond commitment due in May 2024

Red Sea Coastline. Image Credit: redseaglobal.com

Red Sea joins Virtuoso’s portfolio as a travel partner

The destination hopes to be the gold standard for regenerative and sustainable tourism when it opens its doors to travellers later in 2023

Flynas A320 neo aircraft (Image: Supplied by flynas)

Flynas passenger numbers climb to 2.4 million in Q1 2023

The number of flights it operated in Q1 2023 stood at 17,000, a 13 per cent increase year-on-year

Saudi Arabia and Canada restore full diplomatic ties

Saudi Arabia, Canada renew full diplomatic ties

Saudi Arabia had suspended diplomatic ties and halted new trade and investment dealings with Canada in 2018

Jeddah Islamic Port is Saudi Arabia’s busiest port

Jeddah Islamic Port’s April container volume surges by 25%

The port’s cargo column saw an addition of 19.33 per cent to the 2022 volume to achieve about 5,261,883 tons

FAB supply chain finance in KSA

UAE’s FAB launches supply chain finance in Saudi Arabia

The programme allows companies to monetise their receivables at competitive rates and get instant payments, without needing to borrow funds


AI takes flight: Saudia, Accenture collaborate to develop over 260 new digital services

All the digital systems developed by Accenture will be designed specifically for the airline, increasing operational efficiency and reducing costs

International Space Station receives Saudi astronauts after their maiden space flight. Image Credit: NASA TV

Rayyanah Barnawi, Ali Al Qarni’s first day at the International Space Station

The Axiom 2 mission brings together three Arab astronauts on board the ISS for the first time in history

Rajasthan Royals

Saudi’s NEOM partners with India’s Rajasthan Royals for first ever cricket programme

The pilot programme aims to facilitate an active and healthy lifestyle within the growing workforce, forecast to reach 60,000 people by the end of the year

Azulik AlUla resort image courtesy RCU

Saudi Arabia’s RCU to open AZULIK AlUla, a new eco-luxury resort

The eco-luxury resort, which will feature 76 villas, is scheduled to be launched by 2027

NEOM green hydrogen plant

NEOM Green Hydrogen Company closes $8.4bn deal for production facility

The green hydrogen production plant is currently being built at Oxagon in Saudi Arabia’s NEOM region

Minor Hotels signs agreement with Saudi's Tourism Development Fund (Image: Supplied by Minor Hotels)

Minor partners with Saudi’s Tourism Development Fund

Multiple properties from brands including Anantara, Avani, Tivoli and Oaks will open across different regions within the kingdom

Tam Development founder and CEO

Saudi’s TAM Development opens IPO subscription on Nomu-Parallel Market

The price range has been set between SAR100 and SAR130 per share, with 85,600 shares on offer representing 16 per cent of company’s share capital 

Saudi astronauts head to International Space Station. Image Credit: UAE Space Station

Saudi astronauts embark on landmark space mission: Watch liftoff

Saudi Arabia’s historic mission signifies the nation’s commitment to advancing space exploration under the ambit of the Vision 2030 national agenda