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FINANCE & ECONOMY

Saudi IMI signs jack-up design licence deal with GustoMSC
October 17, 2019

Saudi-based International Maritime Industries (IMI) has announced that it had signed a licence agreement with GustoMSC, a company of Houston rig and equipment builder National Oilwell Varco (NOV).

A joint venture between Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries, IMI said with this agreement, it will be able to efficiently construct and deliver drilling rigs to its clients.

The agreement entails a new GustoMSC drilling jack-up"...

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Venture capital investments in Saudi Arabia to reach $500 million by 2025, report says
October 17, 2019

Venture capital investments in Saudi Arabia are set to grow ten-fold over the next six years, according to a new report by Saudi Technology Ventures.

Venture funding investments are at a 'positive inflection point' and are set to grow to $500 million annually by 2025, from $50m last year, according to STV, which is a Riyadh-based venture capital fund anchored by Saudi Telecom Company.

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Pioneer Cement of UAE to develop US$200 million Greenfield Cement Project in Georgia
October 17, 2019

The UAE based Pioneer Cement Industries (“Pioneer Cement”), part of Oman based Raysut Cement Company SAOG (RCC) is in the process of setting up a 1.2 m tonnes per annum capacity integrated cement plant in Georgia, Eastern Europe.

Pioneer Cement owns concession to limestone mines in Georgia that will provide the key raw materials to this project. Georgia provides Pioneer Cement"...

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CrossFit, Inc. in Search of Fittest Woman and Man in Every Country
October 17, 2019

At the conclusion of the 2020 Reebok CrossFit Games Open in October, CrossFit, Inc. will find the fittest man and woman in every eligible country participating in the worldwide CrossFit Open and crown them national champions. National champions automatically qualify for the 2020 Reebok CrossFit Games, held in August in Madison, Wisconsin. There, national champions will have the chance to compete with other Games athletes for $1.6M and the title of Fittest on Earth.

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Norwegian fish flying onto Saudi tables
October 16, 2019

RIYADH: Norwegian salmon sales to the Kingdom have risen to $27 million this year, a 50 percent increase from the previous year, the country’s ambassador to Saudi Arabia has said.
Oyvind Stokke said that Norway’s salmon producers had sold 3.33 tons of salmon to Saudi Arabia in 2019, up from 2.3 tons last year.
“The increase in value has an even greater effect, from $18 million in 2018 to $27 million so far in 2019. Now, the sales of"...

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AEC showcases valuable role in Saudi logistics
October 16, 2019

RIYADH — Advanced Electronics Company (AEC), a Saudi Arabian Military Industries Company (SAMI) company and one of the leading national companies in the electronics & technology, has concluded its successful participation in the Saudi Logistics Conference held in Riyadh on Oct. 13-15, 2019 at the Four Seasons Hotel. The event witnessed the attendance of officials, businessmen, relevant parties, and experts and specialists from major local and international"...

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Saudi Agriculture 2019 to feature latest innovations in KSA agricultural sector
October 16, 2019

RIYADH — Under the patronage of Eng. Abdulrahman Al-Fadhli, Minister of Environment, Water and Agriculture, Riyadh Exhibitions Company Ltd. (REC) is set to inaugurate the 38th edition of the Saudi Agriculture Exhibition 2019. With a diamond sponsorship by Fakieh Poultry Farms, and the partnership of Saudi Organic Farming Association (SOFA), and Saudi Aquaculture Society, Saudi Agriculture 2019 will take place on Oct. 21-24, 2019 at the Riyadh International"...

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Saudi women play a growing role in driving local economy
October 16, 2019

JEDDAH — Jersey Finance, the body that promotes the jurisdiction as a robust, transparent, International Finance Centre (IFC), recently hosted the 2019 Women and Wealth Management Events Series in Jeddah, the sixth of its kind. Following on from the success of last year’s inaugural event, the 2019 edition received an overwhelming response from women in Saudi Arabia who are increasingly taking control of financial affairs. Held in collaboration with the"...

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Bank of America Reports Third-Quarter 2019 Financial Results
October 16, 2019

Bank of America reported its third-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191016005398/en/

Taulia Launches Next Generation Cash Forecasting Tool at EuroFinance Copenhagen 2019
October 16, 2019

Leading working capital solutions provider Taulia has announced the launch of a new AI-powered cash forecasting solution which gives Treasurers greater accuracy in their forecasts, as well as reducing the effort involved in this challenging activity.

Treasurers consistently cite cash forecasting as their number one priority. However, forecasting is a time-consuming and resource-intensive"...

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