Business & Money | Tuesday 26 December, 2023 8:44 am

GIB launches inaugural SAR 1.5B Tier 2 sukuk issuance

Gulf International Bank (GIB) - Saudi Arabia successfully issued its first Tier 2 sukuk, raising SAR 1.5 billion. This is part of a SAR 3 billion issuance program with a 10-year maturity and a five-year redemption period.   The bank's sukuk program supports its...

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Business & Money | Tuesday 26 December, 2023 8:42 am

Alkhorayef Water secures SAR 450M credit facilities from Riyad Bank

Alkhorayef Water and Power Technologies Co. (AWPT) signed a Shariah-compliant credit facility agreement worth SAR 450 million with Riyad Bank.   The loan was secured today, Dec. 25, the company said in a Tadawul statement, adding that the agreement is valid until Dec....

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Business & Money | Tuesday 26 December, 2023 8:39 am

Al-Falih expects investments of up to $600B in petchem sector by 2030

Saudi Arabia's Minister of Investment, Khalid Al-Falih, expected that investments in the petrochemical sector would total $600 billion by 2030.   In his speech at the Saudi-Japan Investment Forum, Al-Falih stated that the strategic partnership between Saudi Arabia and...

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Business & Money | Tuesday 26 December, 2023 8:38 am

NIDLP accomplishes 120 initiatives 2 years ahead of schedule: CEO

More than 120 of the National Industrial Development and Logistics Program’s (NIDLP) initiatives were completed two years before the scheduled deadline, CEO Suliman Almazroua stated at the NIDLP’s annual ceremony.   He said that this progress confirms the maturity of the...

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Business & Money | Tuesday 26 December, 2023 8:18 am

HRSD Ministry launches insurance service for domestic workers

The Ministry of Human Resources and Social Development (HRSD) launched an insurance service on its Musaned platform for contracts of new domestic workers.    As of Feb. 1, 2024, the insurance service will cover the first two years of the contract, then it will be...

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Business & Money | Monday 25 December, 2023 1:38 pm

Realty Force Real Estate awarded Top Performing Agency 2023 by Expo City Dubai

Realty Force Real Estate, a boutique agency specializing in high-end luxury properties, has been awarded the Top-performing Agency 2023 in recognition of its deep understanding of Expo City’s sales landscape and its vision for innovative, sustainable, and human-centric urban development. Realty...

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Business & Money | Monday 25 December, 2023 12:22 pm

RAKEZ partners with CBI to enhance business banking processes for RAKEZ clients

Ras Al Khaimah Economic Zone (RAKEZ) has recently tied up with Commercial Bank International (CBI), to enhance the business banking experience for RAKEZ clients. This collaboration is designed to foster financial inclusion by streamlining access to a comprehensive range of financial services,...

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Business & Money | Monday 25 December, 2023 10:17 am

Global outstanding sukuk market surged to $823 billion by Q3-23: Fitch’s Global Head of Islamic Finance

Bashar Al-Natoor, the Global Head of Islamic Finance - Managing Director, Fitch Ratings, has projected a sustained uptrend in global sukuk issuance, with the market soaring to US$823.4 billion at the end of Q3-23, reflecting a robust 9.8% annual growth. Speaking to the Emirates News Agency...

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Business & Money | Monday 25 December, 2023 10:09 am

SADAFCO launches new warehouse in Makkah

Saudia Dairy and Foodstuff Co. (SADAFCO) finished the construction of a new warehouse in the industrial city of Makkah and commenced actual operations. The buildings and cold stores are completely ready, the safety, protection, and environmental systems have been installed...

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Business & Money | Monday 25 December, 2023 1:12 am

Social Development Bank grants SAR 11B financing by end of 2023

The Social Development Bank (SDB) provided SAR 11 billion in financing by the end of 2023, meeting its economic and social financing goals for the year while expanding its non-financial services, the Saudi Press Agency (SPA) reported.   The bank stated that more than 8,600 small...

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