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RIYADH: Red Sea Global, the company fully owned by Saudi Arabia’s sovereign wealth fund, has partnered with Four Seasons Hotels and Resorts to create a facility on Shura Island as a part of the tourist attraction’s development. The resort will have 149 rooms and suites, six restaurant and lounge outlets, events spaces, and a marine discovery center. Designed by UK-based
RIYADH: Saudi Arabia’s Tadawul All Share Index on Sunday lost 55.28 points — or 0.52 percent — to close at 10,493.17. While MSCI Tadawul 30 Index fell 0.53 percent to 1,436.68, the parallel market Nomu rose 0.59 percent to 19,371.57. TASI’s total trading turnover of the benchmark index was SR3.18 billion ($850 million) as 52 stocks of the listed 224 advanced and 157 receded.
RIYADH: American electric vehicle startup Canoo signed an agreement with Saudi Arabia’s General Contracting Co. Olayan to sell, service and distribute its cars in the Kingdom. This collaboration falls in line with Saudi Arabia’s Vision 2030 strategy to adopt electric vehicles and sustainable mobility solutions. In addition to fleet solutions, both companies plan to create a
RIYADH: Tourism project Red Sea Global has awarded a nearly SR1 billion ($270 million) contract to Saudi-based Al-Ayuni Investment and Contracting Co. to develop utilities infrastructure systems at one of its resorts. The firm will carry out the work in the first phase of development at Amaala, an ultra-luxury tourism destination located along the Kingdom’s north-western
RIYADH: The Saudi Electricity Co. signed two contracts at a combined value of SR2.7 billion ($720 million) with a Chinese and a Saudi company for a project to supply and install 60,000 smart devices to the Kingdom’s electricity distribution network, the Saudi Press Agency reported. The project also involves connecting the country’s distribution network with advanced control