News

About Saudi Arabia

(What's this?)

As part of its mission to foster, develop, and expand the strategic business alliance between the U.S. and Saudi Arabia, the U.S.-Saudi Arabian Business Council (USSABC) is committed to keeping the public informed of the Saudi Government's reforms and its impact on the investment climate, as well as the growing investment opportunities throughout the Kingdom. Instant access to our Business Guide to Saudi Arabia, newsletter, archived news, sector reports, white papers, discussion forums, and other useful publications and key contacts and links, requires registration. To learn more about how you can become a member and be a part of the global network of prominent corporate leaders in the U.S. and Saudi Arabia, please click here.

2009 | 2010 | 2011 July 2010 ABB Installs Green Technology in Waseel Tower July 28, 2010 – ABB will implement KNX smart building technology in the 21-story Waseel Tower, located in the financial district of Riyadh. (more) Consumer International Grants Membership to CPA July 20, 2010 – Consumer International (CI), a global consumer group federation, accepted the Saudi Consumer Protection Association (CPA) as its newest member. (more) Saudi Arabia Ranks Among Top 10 Most Attractive Countries in the World for FDI According to the World Investment Report 2010 that was recently released by the United Nations Conference on Trade and Development (UNCTAD), Saudi Arabia was the eighth largest recipient of foreign direct investment (FDI) in the world in 2009, moving up six spots from its rank of 14th in 2008. (more) Kingdom 2nd Largest Exporter of Raw Materials July 24, 2010 – Saudi Arabia ranked as the second largest exporter of raw materials in the world, according to World Trade Organization data. (more) Booz Allen to Train Saudi Navy July 22, 2010 – Booz Allen Hamilton, Inc. (Booz Allen) won a $20.7 million (SR77.6 million) contract to provide training, education, engineering, technical, and management services for the Royal Saudi Naval Forces under the U.S. Government’s Foreign Military Sales program. (more) Sikorsky to Supply Helicopters to Saudi Ministry July 21, 2010 – U.S.-based Sikorsky announced that it will supply 12 S-76D helicopters to the Saudi Ministry of Interior. (more) Al-Tayyar Insures Pilgrims Worldwide July 21, 2010 – Al-Tayyar Insurance Broker, a subsidiary of the Al-Tayyar Travel Group based in Riyadh, recently signed an agreement with local Company for Cooperative Insurance to market, distribute, and sell insurance policies to international Hajj and Umrah pilgrims. (more) SPX to Deliver Cooling Systems for Riyadh PP11 July 20, 2010 –Hyundai Heavy Industries Korea (Hyundai) awarded a contract worth $41 million (SR153.8 million) to U.S. company SPX Corporation (SPX) to design, manufacture, and supervise the construction of two dry cooling systems for the Riyadh Power Plant 11 (Riyadh PP11). (more) Kingdom Ranked Top Humanitarian Donor by U.N. July 19, 2010 – The United Nations ranked Saudi Arabia as the largest international donor to humanitarian appeals, according to a recent report released by the organization. The rankings are based upon the amount of international aid given as a percentage of GDP. (more) El Seif Group to Travel by Bombardier Challenger Jet July 19, 2010 – El Seif Group (El Seif) announced its purchase of a Challenger 605 commercial aircraft from Bombardier Aerospace. The company said that the new jet will be used primarily for executive travel between El Seif’s various Middle East operations. (more) NCB Wins Investment Award July 19, 2010 – The National Commercial Bank (NCB), Saudi Arabia’s largest investment bank, won the award for “Best Investment Product Range” at the International Takaful Awards held July 13-15th in London, U.K. (more) Saudi Binladin Sells $187 Million Worth of Bonds July 19, 2010 – Saudi Binladin Group (Saudi Binladin), Saudi Arabia’s largest construction company, recently issued short-term Islamic bonds worth $187 million (SR700 million). (more) Raytheon to Supply Saudi Missiles July 18, 2010 - Raytheon Company has signed a contract to provide tube-launched, optically-tracked, wireless-guided (TOW) missiles to the U.S. government as part of a foreign military sale to Saudi Arabia’s National Guard. The contract, worth $55 million (SR206.3), will better prepare the Saudi military to defend against foreign threats. (more) World Bank Supports Green SMEs in Kingdom July 16, 2010 – The International Finance Corporation (IFC), a member of the World Bank Group, recently signed a loan agreement with Saudi Orix Leasing Company (SOLC) worth $20 million (SR75 million). (more) ABB Provides Technology for Green Campus July 15, 2010 – ABB recently won a contract from Saudi Oger, Ltd. to implement its KNX system in all buildings on the campus of the Princess Noura Bint Abdulrahman University for Women (PNU) in Riyadh. (more) SEDCO Selects Brocade for Network Solutions July 14, 2010 – Saudi Economic & Development Holding Company, Ltd. (SEDCO) recently announced that it has chosen U.S. company Brocade to supply a high performance internet protocol network for its facilities at the Red Sea Mall in Jeddah. (more) GIB to Manage Al-Khodari IPO July 13, 2010 – GIB Financial Services, the Riyadh-based subsidiary of U.S. Gulf International Bank B.S.C., will be the financial advisor, lead manager, and co-underwriter for a forthcoming initial public offering (IPO) for Abdullah A.M. Al-Khodari Sons Co. (Al-Khodari), a leading general contracting firm based in Dammam. (more) SABIC Featured in New Saudi ETF July 10, 2010 – The Capital Market Authority recently approved the Kingdom’s second exchange-traded fund (ETF), which is set to post July 10 and will be worth $6.7 million (SR25 million). (more) Saudi Inflation Reaches 13-Month High July 10, 2010 – The Saudi inflation rate reached a 13-month high in June, according to the Saudi Central Department of Statistics. Inflation for the month of June was 5.5 percent, compared to 5.4 percent in May. (more) Rotana Content to be Available on Yahoo July 8, 2010 – Rotana Media Group (Rotana), a subsidiary of Kingdom Holding Co., recently signed a contract with Yahoo Middle East to broadcast its Arabic-language programing on Yahoo’s website. (more) NCB Buys HP Servers July 7, 2010 – The National Commercial Bank (NCB) recently purchased a new Information Technology Data Center to improve the bank’s hardware infrastructure from Hewlett Packard (HP). (more) Kingdom Holding to Launch News Channel with FOX Network July 7, 2010 – Kingdom Holding Co., owned by H.R.H Prince Alwaleed Bin Talal, recently announced its plans to launch an Arabic language news channel in partnership with the FOX News Network (FOX). (more) Kingdom Ranks Top in Region for Combating Money Laundering July 7, 2010 - Saudi Arabia ranks first in the Middle East and among the top 10 of the G-20 countries in terms of combating money laundering and terrorist financing, according to a report by the Financial Action Task Force (FATF). (more) Bahara Cables Receives ISO Certification July 6, 2010 – Bahara Cables Co. (Bahara Cables), a subsidiary of Saudi Binladin Group, recently received certification by the International Organization for Standardization (ISO) for its range of medium voltage and high voltage cables that run up to 132 kilovolts. (more) Alfanar, SEC Partner to Power Hail Region July 5, 2010 – Alfanar Co. (Alfanar) recently secured a $122 million (SR457.5 million) contract with Saudi Electricity Company to expand its existing power plant in Hail. (more) Boeing to Improve AWACS Aircraft Radar for Saudi Air Force July 1, 2010 – The Boeing Company was recently awarded a $73 million (SR273.75 million) contract to improve the radar capabilities of the Royal Saudi Air Force’s fleet of Airborne Warning and Control System (AWACS) aircraft. (more) June 2010 ABB Wins Contract with SEC June 30, 2010 – ABB recently won a contract with Saudi Electricity Company (SEC) to design, supply, install, and commission a power substation near the King Abdullah Financial District in Riyadh. (more) GE Chooses Kingdom as Base of Middle East Operations June 30, 2010 – General Electric Company (GE) announced plans to use Saudi Arabia as its manufacturing and distribution hub for the wider Middle East region. (more) Ma’aden Approves Financing for Alcoa JV June 29, 2010 – Saudi Arabia Mining Company (Ma’aden) approved $4.5 billion (SR16.88 billion) for financing the first phase of the aluminum smelter being developed with Alcoa, Inc. at Ras Azzour. (more) Aramco Seeks Partners for Wasit Project June 28, 2010 – Saudi Aramco recently announced that it is accepting bids for contractors to build the company’s planned Wasit Gas Plant in the Eastern Province. (more) SATORP Completes Financing for Jubail Refinery June 28, 2010 – Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture owned by Saudi Aramco and French Total, recently completed financing for its $8.5 billion (SR31.88 billion) for its planned crude oil refinery in Jubail. (more) SEC to Build Riyadh 11 Plant with Consortium June 24, 2010 - The Saudi Electricity Company (SEC) recently signed a $2 billion (SR7.9 billion) contract with a consortium of three companies, GDF Suez of France, Sojitz Corp. of Japan, and Al Jomaih Holding Group, to build a natural gas-fired power plant named Riyadh 11. (more) Zamil Awarded $46 Million Water Project June 19, 2010 – Zamil Holding Company recently received a $46.13 million (SR173 million) contract as part of a consortium of companies to manage and operate water and wastewater facilities in the cities of Makkah and Taif. (more) Ma’aden, Alcoa Break Ground on Aluminum Plant June 19, 2010 – Saudi Arabian Mining Company (Ma’aden) recently announced that it had begun construction on its fully integrated aluminum complex being developed in cooperation with Alcoa, Inc. (more) HSBC Named Best Investment Bank in Saudi Arabia June 16, 2010 – Euromoney magazine recently awarded HSBC Saudi Arabia Ltd., the investment arm of the Saudi British Bank, the “Best Investment Bank in Saudi Arabia Award,” at its Euromoney Awards for Excellence ceremony in Beirut, Lebanon. (more) Khalid Ali Alturki & Sons Forms Joint Venture with W.R. Grace & Co June 15, 2010 - Khalid Ali Alturki & Sons Co. has formed a joint venture with U.S. company Grace Construction Products, an operating segment of W.R. Grace & Co. (more) KSU to Establish Nanotechnology Institute June 14, 2010 – H.M. King Abdullah recently approved the establishment of the King Abdullah Institute for Nanotechnology at Riyadh Techno Valley, a part of King Saud University (KSU). (more) Dabbagh and Greif to Open Packaging Factory June 14, 2010 – National Scientific Company, a subsidiary of Dabbagh Group Holding Co., Ltd., recently announced an agreement with U.S. firm Greif, Inc., a provider of industrial packaging services, to open a polymers factory in Saudi Arabia. (more) May Inflation Reaches 12-Month High June 13, 2010 – Saudi Arabia’s annualized inflation increased to 5.4 percent in May, the fastest pace since May 2009. (more) CMA becomes Member of IOSCO June 11, 2010 – The Capital Market Authority (CMA) of Saudi Arabia recently became a member of the International Organization of Securities Commissions (IOSCO). (more) Saudi Arabia and U.S. to Boost Cooperation in Healthcare June 7, 2010 - Dr. Abdullah Al-Rabeah, Saudi Minister of Health, recently held discussions with Francisco Sanchez, the U.S. Deputy Secretary of International Trade, in Riyadh. (more) SABB Securities Named Kingdom’s Best Sub-Custodian June 7, 2010 - In its 2010 survey, Global Finance magazine recently named SABB Securities, a subsidiary of Saudi British Bank, the best sub-custodian in Saudi Arabia. (more) Sipchem Launches Two Jubail Chemical Plants July 6, 2010 - Saudi International Petrochemicals Company (Sipchem) has recently begun production at two out of three new chemical plants at its Jubail Industrial City production complex. (more) Bahara Cables Receives ISO Certification July 6, 2010 – Bahara Cables Co. (Bahara Cables), a subsidiary of Saudi Binladin Group, recently received certification by the International Organization for Standardization (ISO) for its range of medium voltage and high voltage cables that run up to 132 kilovolts. (more) Rise in Electricity Tariffs will Fund SEC Projects June 5, 2010 – The Saudi Electricity Company (SEC) will raise prices for industrial, commercial, and government customers beginning July 1, 2010. (more) ILS Successfully Launches Arabsat Satellite June 4, 2010 – U.S. company International Launch Services (ILS) successfully carried the BADR-5 satellite to geosynchronous transfer orbit on an ILS Proton vehicle for Arabsat of Riyadh. (more) ABB Signs $8.3 Million Contract to Service Gulf Interconnection Grid June 3, 2010 – ABB recently signed a service contract with the Gulf Cooperation Council Interconnection Authority to provide maintenance for equipment and systems at the Gulf Interconnection Grid's newly constructed substations. (more) Mars Conducts Study for Chocolate Factory in KAEC June 3, 2010 – U.S. chocolate manufacturer Mars, Incorporated (Mars) is conducting a feasibility study for a confectionary factory in King Abdullah Economic City (KAEC). (more) Mobily Offers Microsoft Mobile Messaging Services June 2, 2010 – Etihad Etisalat (Mobily) has started offering new managed hosted messaging and collaboration services to businesses in Saudi Arabia. (more) Retail Sales Predicted to Increase $50 Billion by 2014 June 2, 2010 – Saudi Arabia’s retail sector is expected to grow by $50 billion (SR187.5 billion) by 2014 as more international brands look to expand their businesses into the Kingdom. (more) KEC’s IPO Raises over $450 million in First Week June 1, 2010 – The initial public offering (IPO) for Knowledge Economic City (KEC), which closed May 30, was 165 percent oversubscribed after more than 1.9 million subscribers injected approximately $450.7 million (SR1.7 billion) into the company’s IPO. (more) Shuqaiq Desalination Plant Begins Production June 1, 2010 – Shuqaiq Water and Electricity Company announced that its combined desalination and power plant north of Jizan recently started production. (more) May 2010 Financial Times Lists SABIC as 66th Largest Company in the World May 31, 2010 - Financial Times has released its Global 500 list of the world’s largest enterprises ranked by market value. According to the list, Saudi Basic Industries Corporation (SABIC) rose by 51 levels from the 117 position in 2009 to number 66 in 2010. (more) Zain Installs 4G LTE Network in Riyadh May 31, 2010 – Saudi Mobile Telecommunications Company (Zain) recently launched a new 4G Long-Term Evolution (LTE) telecommunications network in Riyadh. (more) Saudi Advisors Tour Supreme Court May 30, 2010 –Chief Justice of the Supreme Court of the United States John G. Roberts recently received H.H. Dr. Bandar Bin Salman Bin Mohammed Al-Saud, Advisor to the King and Head of the Saudi Arbitration Team, for meetings in Washington, D.C. (more) Saudi Arabia and U.S. Expand Cooperation in Health Sector May 29, 2010 – The Kingdom has announced plans to establish a Gulf Center for Disease Control (GCDC) to coordinate health activities in the region. (more) DHS Secretary Napolitano Visits the Kingdom May 29, 2010 – Secretary of the U.S. Department of Homeland Security Janet Napolitano traveled to the Kingdom May 30-31 at the invitation of H.R.H. Prince Mohammad Bin Naif Al-Saud to meet with top Saudi officials concerning a variety of global security issues, such as counter-terrorism, counter-radicalization, and cooperation on protecting critical infrastructure. (more) Saudi Real Estate Market to Gain Largest Value in Region May 26, 2010 – According to recent report by Jones Lang LaSalle, a leading global commercial real estate management and investment services company, real estate investors expect a 10 percent gain in Saudi Arabia’s real estate market over the next year, far outperforming other markets in the region. (more) Saudi Aramco and GE Sign Long-Term Agreement May 26, 2010 – Saudi Aramco has signed a corporate procurement agreement (CPA) to establish a long-term framework for the supply of General Electric Company’s (GE) turbomachinery equipment and services to support the efficient production of the Kingdom’s oil and gas reserves. (more) GE and KFUPM Launch Fuel Research Initiative May 25, 2010 – General Electric Company (GE) and King Fahd University of Petroleum and Minerals (KFUPM) have announced an agreement to establish a new fuel research center on the university’s campus in Dhahran. (more) KEC Plans to Launch IPO May 23, 2010 – The Kingdom’s Knowledge Economic City (KEC) in Makkah has announced that it will launch an initial public offering (IPO) to raise as much as $272 million (SR1 billion). (more) SABB Wins IFC Award May 23, 2010 – SABB was named “The Most Active Confirming Bank in the MENA Region,” becoming the first bank in the Kingdom to win one of the most prestigious awards from the World Bank Group’s International Finance Corporation (IFC). (more) Cisco Wins Contract from STC May 23, 2010 – Cisco Systems has been granted a contract from the Saudi Telecom Company (STC) to introduce Managed Data Center services to the Saudi market. (more) Ma’aden Awards Contracts to Fluor, WorleyParsons for Alumina Refinery May 23, 2010 – Saudi Arabian Mining Company (Ma’aden) recently awarded contracts worth $453 million (SR1.7 billion) to Fluor Corporation and WorleyParsons for its aluminum joint venture with Alcoa Inc. (more) KAUST Completes First Solar Plant in Saudi Arabia May 20, 2010 - German Company Conergy AG and Local National Solar Systems (NSS) recently completed a solar plant at King Abdullah University for Science and Technology (KAUST), making it the first and largest solar installation in Saudi Arabia. (more) U.S. and Saudi Arabia Sign Health Affairs Agreement May 19, 2010 - The U.S. and Saudi Arabia recently signed a cooperation agreement on health affairs at the 63rd World Health Assembly held in Geneva, Switzerland. (more) Saudi Inflation at 4.9 Percent in April May 17, 2010 – The Saudi inflation rate for the month of April rose to 4.9 percent, up from 4.7 percent in March. (more) SEC, U.S. Companies Partner to Increase Power Production May 16, 2010 – Saudi Electricity Company (SEC) announced recently that it was offering American firms tenders to build a group of power plants with a combined output of 30,000 megawatts (MW). (more) New University Created in Dammam May 14, 2010 – The Dammam Campus of King Faisal University (KFU) recently split from its parent institution to become an independent entity. (more) Saudi Aramco Signs Contract for King Abdulaziz Center May 10, 2010 - Saudi Aramco has selected local company Saudi Oger for the main construction contract on its $533 million (SR2 billion) King Abdulaziz Center for Knowledge and Culture in Saudi Arabia’s Eastern Province. (more) Riyad Capital to Advise Saudi National Medical Care Company May 10, 2010 – The Saudi National Medical Care Company (NMC) has appointed Riyad Capital to act as financial advisor and manager of its initial public offering. (more) Raytheon Establishes Branch in Riyadh May 10, 2010 – Raytheon Company has created Raytheon Technical Services Middle East LLC, a private limited company in Riyadh, to pursue training opportunities in the Kingdom and broader Middle East region. (more) SEC Raises $1.87 Billion in Sukuk, Ensuring Further Expansion May 10, 2010 – Saudi Electricity Company (SEC) has raised $1.87 billion (SR7 billion) from a seven-year Islamic bond (sukuk), which is scheduled to start trading on the Saudi bond market before May 24. (more) Saudi Binladin Group Dominates Kingdom’s Construction Sector May 8, 2010 – Saudi Binladin Group was ranked #1 in a recent ConstructionWeek poll listing top Saudi construction contractors. (more) Saudi Aramco Signs Contracts for District Cooling in Dhahran May 6, 2010 – Saudi Aramco has signed a contract with Saudi Tabreed for a $490.7 million (SR1.84 billion) district cooling project on a build-own-operate basis. (more) MODON Signs Electricity Distribution Agreements for Industrial Cities May 5, 2010 – Saudi Industrial Property Authority (MODON) has signed two agreements with Saudi Electricity Company (SEC) for the transmission of electricity in all 14 of the developer’s industrial cities in the Kingdom. (more) Saudia Launches SADAD Electronic Payment System May 4, 2010 - Saudi Arabian Airlines (Saudia) announced that it has joined the SADAD nationwide electronic payment system, which allows customers to pay for flight bookings directly through their bank accounts on the internet, telephone, or automatic teller machine outlets. (more) Tamimi Group Wins Civil Works Contract at Jubail Steel Billets Plant May 4, 2010 – Al-Tamimi Group was awarded a contract to do civil work on Italian company Danieli’s $630 million (SR2.4 billion) steel billets plant in Jubail. (more) Sikorsky Upgrades Royal Saudi Land Forces' Black Hawk Helicopters May 3, 2010 - Sikorsky Aerospace Services announced the signing of a contract with the Royal Saudi Land Forces Aviation Command (RSLFAC) to upgrade its fleet of Black Hawk helicopters from the UH-60 A model configuration to the more modern UH-60L model. (more) Tamimi Group and Intelligroup Form Joint Venture May 3, 2010 – Tamimi Group has signed a joint venture with Intelligroup, Inc. to create Intelligroup Saudi Arabia Co. Ltd. (more) Binladin Group Receives Financing for KAFD May 3, 2010 – Three local banks have agreed to finance a $3.9 billion (SR14.5 billion) loan for Saudi Binladin Group to help fund the construction of King Abdullah Financial District (KAFD) outside of Riyadh. (more) Fluor and WorleyParsons Joint Ventures Win Ras Azzour Contracts May 2, 2010 - Saudi Arabian Mining Company (Ma’aden) and the U.S. company Alcoa have awarded the contract to build a $2 billion (SR7.5 billion) alumina refinery in Saudi Arabia to a joint venture comprising of the U.S.’s Fluor Corp and Australia’s WorleyParsons. (more) April 2010 ABB Awarded Contract for Six New Substations April 29, 2010-The Saudi Electricity Company (SEC) has awarded an order worth $108 million (SR405 million) to ABB to construct six new substations. (more) The Kingdom’s IPO Market Rebounds April 28, 2010 – Saudi Arabia will experience a revival in its initial public offering (IPO) market this year, with nine companies in the process of listing shares on the Saudi Stock Exchange (Tadawul). (more) Zahid Tractor Opens New Oil Testing Facilities in Dammam April 28, 2010 – Zahid Tractor, a subsidiary of Zahid Industries & Investment Company, Ltd., recently announced the opening of its new scheduled oil sampling laboratory in Dammam. (more) Citigroup Plans to Open an Office in Saudi Arabia April 27, 2010 –Citigroup bank is applying to open an office in Saudi Arabia, according to an interview with Saudi shareholders. (more) Modon Signs $165 Million Agreements with SEC April 28, 2010 – The Saudi Industrial Property Authority (Modon), the government agency which oversees the development of industrial cities in Saudi Arabia, recently signed two agreements, valued at $165 million, with Saudi Electricity Company (SEC) to provide electricity for the industrial cities in Sudair and Dammam. (more) Saudi Arabia to Increase Power Generation by 6,000 MW April 28, 2010 – The Saudi Ministry of Water and Electricity recently announced new additions to the national power grid which will boost power production by 6,000 megawatts, increasing overall availability to 46,000 megawatts by the end of 2010. (more) Cabinet Approves National Commission for Endowments April 27, 2010 – The Cabinet has approved the establishment of an independent National Commission for Endowments following recommendations from the Ministerial Committee for Administrative Organization. (more) SRO Extends Bid Deadline for Haramain Railway Project April 27, 2010 – Saudi Railway Organization (SRO) announced that it has extended the deadline for the bid for the second stage of the 450-kilometer (280-mile) railway that will link the Holy Cities of Makkah and Madinah to Jeddah from April 30 to June 3. (more) Minister of Commerce and Industry Approves National Insurance Company April 27, 2010 – Minister of Commerce and Industry H.E. Abdullah Zainel Alireza has approved the establishment of a national insurance company with $26.7 million (SR100 million) in capital. (more) SEC to Award Rabigh Contracts, Launch Sukuk April 27, 2010 – As announced Monday, Saudi Electricity Company (SEC) will receive a $4 billion (SR15 billion) loan from the Saudi Government over the next two years. (more) KFU Adopts ICDL Program to Boost IT Knowledge April 27, 2010 – King Faisal University (KFU) has adopted the International Computer Driving License (ICDL) program to enhance the information technology knowledge of its personnel in line with government initiatives to transform the Kingdom into a knowledge-based society. (more) SABIC Hits 19-Month High April 27, 2010 – Saudi Basic Industries Corporation (SABIC) reached a 19-month high on Monday after HSBC increased its price target for the company, helping the Tadawul All-Share Index (TASI) reach a similar peak. (more) Saudi Oil Demand Forecast to Grow 144 Percent by 2028 April 26, 2010 – Saudi Arabia’s domestic oil demand is expected to rise to 8.3 million barrels a day by 2028, up from current consumption levels of 3.4 million barrels a day, according to Khalid Al-Falih, President and CEO of Saudi Aramco. (more) TVTC Plans to Create 4 Million Jobs April 25, 2010 - The General Organization for Technical and Vocational Training (TVTC) plans to prepare four million job opportunities in the technical and vocational fields for young Saudis over the next decade, as the Saudi population continues to rise. (more) Shaw, Saudi Electricity Company Explore New Options for Energy April 26, 2010 – The Saudi Electricity Company (SEC) recently commissioned a study of its power plants by Shaw Group Inc. (more) Bid Deadline for World’s Tallest Building Extended April 25, 2010 – Kingdom Holding Company and managing developer Emaar, the Economic City announced recently that they were extending the deadline for bids on the construction contract for their proposed 1-kilometer-tall tower in Jeddah. (more) Saudi Finance Ministry Approves Projects Worth $5.57 billion April 25, 2010 - In the first quarter of 2010, the Saudi Finance Ministry approved 659 projects valued at a total of $5.6 billion (SR21 billion). (more) Credit Bank Awards Loans for Education Projects April 21, 2010 – The Saudi Credit and Savings Bank has announced the awarding of $13.6 million (SR50.9 million) in loans for 37 education projects in 12 cities across the Kingdom through its “plan to develop small projects.” (more) SABIC Signs Agreement with KAUST to Launch Research and Innovation Center April 21, 2010 – Saudi Basic Industries Corporation (SABIC) has signed a long-term research and innovation agreement with King Abdullah University of Science and Technology (KAUST). (more) SABIC Plans Iron and Steel Plant in Jubail Industrial City April 20, 2010 – SABIC has announced that it will build a new iron and steel plant with an annual capacity of one million tons in Jubail Industrial City by 2012. (more) SHARQ Opens Ethylene Plant in Jubail April 20, 2010 - Eastern Petrochemical Company (SHARQ), an equal joint venture between SABIC and Japan’s SPDC Ltd., has announced full commercial operation of its grassroots ethylene plant in Jubail. (more) Zamil Group Opens Seamless Pipes Factory in Dammam April 20, 2010 – Zamil Group has inaugurated Saudi Seamless Pipes Factory Company (Zamil Pipes), a new seamless pipes processing facility in Dammam Second Industrial City. (more) Saudi Arabia to Account for 50 Percent ICT Investments in the GCC April 19, 2010 – Saudi Arabia will account for up to 50 percent of ICT investments in the Gulf Cooperation Council (GCC) from 2010 to 2012, sustaining a healthy compound annual growth rate (CAGR) of approximately 8 percent. (more) Saudi Aramco Changes Plans for Ras Tanura Project April 19, 2010 – Saudi Aramco has decided to move its biggest-ever project, a $17 billion-plus (SR63.75 billion-plus) petrochemicals project with the U.S.’s Dow Chemicals, from Ras Tanura to Jubail. (more) OlayanDescon Signs Contract for Jubail Storage Facility April 19, 2010 – OlayanDescon has won an estimated $50 million (SR187.5 million) design, engineering, procurement, and construction deal to build a 36,000 cubic meter storage facility in Jubail Industrial City over the next 18 months. (more) Saudi Arabia to Create First Nuclear City in Kingdom April 18, 2010 – Saudi government officials recently announced plans to build the first ever peaceful nuclear energy program in the Kingdom. (more) SEC Appoints Banks for Sukuk Issue April 15, 2010 – Saudi Electricity Company (SEC) has appointed Samba Capital and the U.K.’s HSBC to lead a sukuk issue of up to $1.9 billion (SR7 billion), which is expected to be launched in May. (more) Saudi Inflation Increases to 4.7 Percent in March April 14, 2010 – Saudi inflation increased to a nine-month high of 4.7 percent in March, compared to 4.6 percent in February, with consumer prices rising 0.5 percent. (more) Saudi Arabia Dominates Failaka Islamic Fund Awards April 13, 2010 - The fifth annual Failaka Islamic Fund awards ceremony was recently held in Dubai to recognize the best performers in 2009 among the 555 worldwide shariah-compliant funds. (more) Ninth Five-Year Development Plan Announced April 13, 2010 - The Saudi Council of Ministers recently adopted the country’s Ninth Five-Year Development Plan, which will guide Saudi economic policy through 2015. (more) Nalco Becomes Founding Member of KICP at KAUST April 9, 2010 - Nalco has become a founding member of the Industrial Collaboration Program (KICP) at King Abdullah University of Science and Technology (KAUST), a newly opened graduate-level research university focused on promoting science and technology in the Kingdom. (more) Saudi Aramco Expands Gas Exploration April 8, 2010 - Saudi Aramco has announced plans to drill at least 300 development wells both on and offshore in addition to 48 exploratory wells this year. (more) KACST, STC Sign Agreement with University of California April 6, 2010 – King Abdulaziz City for Science and Technology (KACST) and the Saudi Telecom Company have signed a three-year agreement with the University of California, San Diego to collaborate on developing information technology systems and advanced communications. (more) SABIC Forms Joint Venture for POM Facility April 1, 2010 - Saudi Basic Industries Corporation (SABIC) has announced a new joint venture with Celanese Corporation, a subsidiary of U.S. company Duke Energy Corporation. (more) Saudi Banks Increase Lending April 1, 2010 – The Saudi Arabian Monetary Agency (SAMA) recently announced that lending by Saudi banks to businesses increased in February at the fastest pace in five months, helping the economy to recover after the recent credit squeeze. (more) Aramco and Dow Plan to Move Petrochemical Plant to Jubail April 1, 2010 – Saudi Aramco and U.S. firm, The Dow Chemical Corporation have decided to relocate their planned petrochemical plant to Jubail. (more) March 2010 U.S. Food Exports to Saudi Arabia Increase March 30, 2010 – In 2009, the U.S. saw an annual increase of 34 percent in the exports of food and agricultural products to Saudi Arabia, reaching a value of $969 million (SR3.6 billion). (more) Saudi Aramco Wins Hart Energy Award March 29, 2010 – Saudi Aramco recently won the International Energy Company of the Year award for its excellence in global energy at Hart Energy Publishing’s Refining & Energy Company of the Year Awards. (more) Jeddah’s KAU Opens Programs for Expatriates March 28, 2010 – Beginning in September, King Abdulaziz University (KAU) in Jeddah will allow expatriates to participate in its associate degree programs at the Jeddah Community College (JCC). (more) Yanbu Commercial Port Awards Two Contracts March 26, 2010 – The Saudi Ports Authority recently signed two contracts worth $29.6 million (SR111 million) to expand its facilities at the Yanbu Commercial Port. (more) DynCorp Wins Saudi Helicopter Contract March 26, 2010 – DynCorp International (DynCorp) of Virginia was recently awarded a two-year, $17.2 million (SR64.5 million) contract to provide helicopter maintenance support for the Saudi Arabian helicopter fleet. (more) Foreign Direct Investment Expected to Grow 20 Percent in 2010 March 25, 2010 – Foreign direct investment (FDI) in the Kingdom is expected to boast a 20 percent growth rate compared to the previous year, when the global economic downturn negatively affected investment. (more) Ma’aden Conducts Feasbility Study for Phosphate Mine at Al-Khabra March, 24 2010 – The Saudi Arabian Mining Company (Ma’aden) is currently conducting feasibility studies for an expansion of its phosphate mining activities at the Al-Khabra deposit near Turaif in the northern region of Saudi Arabia. (more) Saudi Arabia Enhances Anti-Money Laundering Efforts March 24, 2010 –The Saudi Arabian Monetary Agency (SAMA), recently advised banks and financial institutions to enhance their capabilities to combat money laundering while speaking at a two-day symposium on compliance and anti-money laundering at the Institute of Banking (IOB) in Riyadh. (more) Mobily Successfully Tests 4G Services with Huawei March 24, 2010 - Mobily, a part of the Etihad Etisalat consortium, has successfully concluded testing of all 4G services with Huawei, its telecommunications infrastructure and mobile networking partner. (more) Saudi Aramco Awards $1 Billion Contract for Safaniya Field March 24, 2010 – Saudi Aramco has granted a $1 billion (SR3.75 billion) contract to J. Ray McDermott, S.A., a subsidiary of McDermott International, to upgrade crude gathering and power supply facilities in Safaniya field. (more) Cisco to Implement “Smart Cities” Program across Saudi Arabia March 23, 2010 - Cisco Systems announced recently that it has been selected by the Saudi Arabian General Investment Authority to help create a Smart Cities Operating Company in the Kingdom. (more) Saudia Signs Five Major Agreements March 22, 2010 – Saudi Arabian Airlines (Saudia), one of the Middle East’s largest carriers, recently signed five agreements with a number of foreign and national companies aimed at achieving the company’s privatization goal. (more) Hill International Receives Construction Management Contract March 22, 2010 – Hill International, an American multi-disciplinary consulting firm, received a contract to provide construction management services for Al Khafji Joint Operations, a joint venture of Kuwait Gulf Oil Company and Saudi Aramco. (more) Jadwa Investment Predicts Gains for Tadawul in 2010 March 21, 2010 – In a recently released report, Jadwa Investment predicts steady gains for the Saudi stock market (Tadawul) for the rest of 2010. (more) Elaf Group Receives International Travel and Tourism Award March 21, 2010 – Saudi Arabia’s Elaf Group of Companies recently received the award for the Travel, Tourism, and Hospitality category at the 12th Century International Quality ERA Convention in Geneva, Switzerland. (more) Saudi Arabia Approves First ETF Available to Foreigners March 17, 2010 – In an attempt to make the Saudi stock exchange (Tadawul) more accessible to foreign investment, the Capital Market Authority (CMA) recently approved the first ever exchange-traded fund (ETF) available to foreigners. (more) NetSol and Atheeb Form Joint Venture March 17, 2010 – American company NetSol Technologies (NetSol) recently signed a joint venture with Atheeb Trading Co. Ltd. (Atheeb) to form Atheeb NetSol Limited. (more) Kingdom's Investment Climate Rosy Click here to read the full article. (more) Kingdom Holding Appoints Architect for World’s Tallest Building March 15, 2010 – Saudi investment firm Kingdom Holding Co. recently selected U.S.-based Adrian Smith & Gordon Gill Architecture to design its planned 3,281-foot (1-kilometer) tall tower in Jeddah Kingdom City, though no contract has yet been signed. (more) SASREF Begins Production at Low-Sulfur Diesel Plant March 14, 2010 – Saudi Aramco Shell Refining Company (SASREF) recently announced that production had begun at its diesel plant at the Jubail refining complex. (more) Global Investors Explore Kingdom for Opportunities Click here to read the full article. (more) Saudi Inflation Rate Rises to 4.6 Percent in February March 10, 2010 – The Saudi Arabian Monetary Agency (SAMA) has announced that the country’s inflation rate rose to 4.6 percent for the month of February, up from 4.1 percent in January. (more) Secretary Gates Meets with King Abdullah in Riyadh March 10, 2010 - U.S. Secretary of Defense Robert Gates recently visited the Kingdom of Saudi Arabia and met with H.M. King Abdullah and H.R.H. Crown Prince and Minister of Defense and Aviation Sultan bin Abdul Aziz to discuss a number of security issues pertaining to both the U.S. and Saudi Arabia. (more) Kanoo, BDP International Form Joint Venture March 9, 2010 – Kanoo Freight, a division of Yusuf Bin Ahmed Kanoo, and U.S.-based BDP International recently announced that they have formed a 50:50 joint venture company called BDP Kanoo Chemical Logistics. (more) Sahara Petrochemicals Partners with HP March 8, 2010 - Sahara Petrochemicals Company (Sahara), a subsidiary of Zamil Group Holding, recently selected HP’s BladeSystem and ProLiant servers to manage their datacenter. (more) Bahra Cables Wins Al Mashaar Makkah Metro Project Contract April 5, 2010 – Bahra Cables Company, the newest cable factory in Saudi Arabia and a member of CPC Group of Companies, a subsidiary of Saudi Binladin Group, has won a $13 million (SR50 million) contract to supply cables for Al Mashaar Makkah Metro Project. (more) Dow and E.A. Juffali Form Alliance in Polyurethane Systems March 3, 2010 – Dow Formulated Systems, a subsidiary of The Dow Chemical Corporation, and E.A. Juffali & Brothers recently announced a business alliance between the two companies to develop a polyurethane systems business in Saudi Arabia. (more) Saudi Aramco Signs Contract with Jacobs Engineering March 2, 2010 – Saudi Aramco recently signed a contract with American company Jacobs Engineering Group Inc. to develop a basic engineering package for four sulfur recovery units that will each have a projected production capacity of 1,200 tons per day. (more) February 2010 Zamil and Huntsman Complete Ethyleneamines Plant February 27, 2010 – Zamil Group Holding (Zamil) and American company Huntsman Corporation (Huntsman) recently completed the construction of an ethyleneamines joint venture plant in Jubail. (more) Saudi Arabia Removed from IPR “Watch List” On February 24, the Office of the United States Trade Representative (USTR) announced that it had removed Saudi Arabia from the Special 301 Watch List as a result of the Kingdom’s progress in the protection and enforcement of intellectual property rights (IPR). (more) ABB Awarded National Employer of Choice February 22, 2010 – ABB Saudi Arabia, one of the nation’s largest providers of power, has been named best company to work for in Saudi Arabia, according to a comprehensive study by consultants TeamOne Middle East and Al Eqtisadiyah newspaper. (more) January Inflation Rate is 4.1 Percent February 20, 2010 - According to the Central Department of Statistics, Saudi Arabia’s rate of inflation was 4.1 percent in January, decreasing slightly from 4.2 percent in December. (more) Moody’s Upgrades Saudi Rankings February 15, 2010 - Moody’s Investors Service has upgraded Saudi Arabia’s foreign and local currency government rankings from “A1” to “Aa3” and has raised the country ceiling for foreign currency bank deposits from “A1” to “Aa3.” (more) Zain and STC Sign Contracts for 4G/LTE Network February 14, 2010 – Zain Saudi Arabia (Zain) recently signed agreements with American company Motorola, Inc., Sweedish company Ericsson, Inc., and Chinese company Huawei Technologies Co., Ltd. to implement 4G/Long Term Evolution (LTE) technology. (more) ABB Opens First Turbocharging Service Station in Jubail February 9, 2010 – ABB has opened its first turbocharging service station in the industrial city of Jubail. (more) Saudi Aramco Develops Laser Identification System February 9, 2010 – Saudi Aramco has developed a laser identification system, which uses oil’s specific characteristics to identify its grade. (more) NCB Capital Introduces Shariah-Compliant Fund February 8, 2010 – NCB Capital, the investment banking division of the National Commercial Bank (NCB), announced the launch of a new U.S. dollar-denominated, open-ended, mid-term fund that is Shariah compliant. (more) Saudi Banks’ Overseas Investments Increase by 75 Percent February 7, 2010 – The Saudi Arabian Monetary Agency recently reported that the foreign investments of the Kingdom’s 12 commercial banks increased nearly 75 percent throughout 2009, standing at $29.95 billion (SR112.3 billion), which is the highest level in more than 10 years. (more) GE and Tamimi Form Joint Venture for Heat Exchangers February 7, 2010 – GE Oil & Gas, a subsidiary of General Electric Company, and local Ali Abdullah Al Tamimi Trading Company (Al Tamimi) have recently formed a joint venture to manufacture and test air-cooled heat exchangers to be used in applications for Saudi Arabia’s oil and gas industry. (more) SASREF Begins Ultra-Low Sulfur Diesel Project February 7, 2010 - Saudi Aramco Shell Refinery Company (SASREF), a joint venture between Saudi Aramco and Shell Overseas Services Co. Ltd., has begun the commissioning activities of its ultra-low sulfur diesel project to produce approximately 100,000 barrels per day of diesel with less than 10 parts per million of sulfur. (more) SEC Grants $26.7 Million Contract to Saudi Cable Company February 2, 2010 – Saudi Electricity Company has granted a $26.7 million (SR100 million) contract to Saudi Cable Company (SCC) for the supply and laying of extra high voltage cables (380kV) for a project in Jeddah. (more) January 2010 Cisco to Provide ICT Master Plan Support for JEC January 31, 2010 – Cisco Systems has been appointed to support the creation of the critical information and communications technology (ICT) master plan for the Jizan Economic City (JEC). (more) 2009 Annual Inflation Falls to 5 Percent in the Kingdom January 31, 2010 – Inflation in Saudi Arabia fell to 5.06 percent in 2009 from 9.9 percent in 2008, according to the Central Department of Statistics. (more) Saudi Aramco Debuts Giga-Cell Reservoir Simulation Technology January 30, 2010 – The Advanced Research Center of Saudi Aramco Exploration and Petroleum Engineering Center (EXPEC) recently debuted its giga-cell reservoir simulation technology, GigaPOWERS. (more) SABB Opens Investment Research Center at Al Yamamah University January 30, 2010 – SABB, in collaboration with Al Yamamah University, has established the SABB Investment Research Center. (more) Zamil Signs Murahba Contract with NCB January 27, 2010 – Eastern District Cooling Co. Ltd., a wholly-owned subsidiary of Zamil Group Holding (Zamil), has signed a 13.5-year Murabaha finance agreement worth $54.9 million (SR206 million) with the National Commercial Bank (NCB) for a district cooling project. (more) Saudi Aramco Awards $141 Million Wasea Plant Contract January 26, 2010 - Saudi Aramco has granted a $141 million (SR528.8 million) engineering, procurement, and construction contract to China Petroleum & Chemical Corporation (Sinopec) to build a new bulk oil distribution plant at Wasea in Riyadh. (more) SATORP Awards Jubail Export Refinery Contract January 24, 2010 – A contract for the provision of all 17 compressor trains at the Saudi Aramco Total Refining and Petrochemical Company (SATORP) export refinery in Jubail has been granted to Elliott Company, a subsidiary of Japan-based Ebara Corporation. (more) SupplyCore Middle East Earns ISO 9001:2008 Certification January 21, 2010 - SupplyCore Middle East, a Riyadh-based integrator of supply chain management, water bottling and water and wastewater treatment, recently announced that it has received the ISO 9001:2008 quality management certification from Moody’s International Certification. (more) NCB Introduces Online Payment for Government Fees January 20, 2010 – The National Commercial Bank (NCB) has introduced an online service called e-corp to allow the payment of government fees. (more) Northrop Grumman Wins Saudi National Guard Contract January 20, 2010 - A subsidiary of Northrop Grumman Corporation, Vinnell Arabia LLC, has been granted a contract to continue the modernization and training of the Saudi Arabia National Guard (SANG). (more) Saudi Binladin Group Awards $349 Million University Contract January 19, 2010 – Saudi Binladin Group recently granted a $349 million (SR1.3 billion) contract to Vision Electro Mechanical Company (Vision), a subsidiary of Construction Products Holding Company, for mechanical, electrical, and plumbing (MEP) work at Princess Noura Bint Abdulrahman University in Riyadh. (more) United Food Company Launches FreshBerry January 17, 2010 – United Food Company, a subsidiary of A. Abunayyan Group of Companies, recently announced the launch of FreshBerry Frozen Yogurt Café (FreshBerry), with three stores in Riyadh and one in Dhahran. (more) Etihad Atheeb GO Begins 4G Services in Eastern Region January 16, 2010 – Etihad Atheeb Telecommunication Company GO, the 4G operator in Saudi Arabia, has announced the official launch of its services in the Eastern Province of the Kingdom. (more) SEC Grants $288 Million Contract to Bemco January 13, 2010 – Saudi Electricity Company (SEC) has recently awarded a $288 million (SR1.08 billion) contract to Arabian Bemco Contracting Company (Arabian Bemco) for the expansion of one of its power plants in order to meet growing demand in Al-Qassim. (more) ACE Granted Insurance License by SAMA January 12, 2010 - ACE Arabia Insurance Company (ACE) has been granted a license by the Saudi Arabian Monetary Agency to conduct insurance business in the Kingdom. (more) SABIC Named Largest Petrochemical Producer by 2015 January 11, 2010 – According to a recent report by KPMG, Saudi Basic Industries Corporation (SABIC) is forecast to be the largest petrochemical producer by 2015. (more) Sipchem Exports First VAM Shipment January 10, 2010 – The Saudi International Petrochemical Company (Sipchem) has announced that it recently exported its first shipment of vinyl acetate monomer (VAM) to European markets. (more) General Dynamics Awarded Saudi Military Contract January 7, 2010 - General Dynamics Land Systems, a subsidiary of General Dynamics Corporation (General Dynamics), was recently granted a $10 million (SR37.5 million) contract for the procurement of long-lead equipment, program management services, and travel for the facilitation of a production plant in Saudi Arabia. (more) Zamil’s Water Chillers Receive International Certification January 7, 2010 – Zamil Air Conditioners, a subsidiary of Zamil Group Holding and a global manufacturer of air conditioning systems, has announced that its line of air conditioners, the Air Cooled Screw Water Chillers, has been certified for meeting international safety standards. (more) ABB Wins Contract for Jubail Production Plant January 6, 2010 - ABB recently won a contract to provide electrical and automation equipment and related services for a new seamless-tube mill and pipe production plant in Jubail. (more) Samir Group Launches New Division January 6, 2010 - Samir Group announced the launch of a new division, Samir Food Co. Ltd., with Pizza Fusion as its first brand. (more) Microsoft Selected by Saudi Post to Increase Productivity January 4, 2010 – Microsoft Corporation announced that Saudi Postal Corporation will be using the Microsoft Operations Framework (MOF) to improve efficiency and reduce overall operating costs. (more) NCB’s CEO Named Saudi Arabia’s Banker of the Year January 1, 2010 – Mr. Abdul Kareem Abu Al-Nasr, Chief Executive Officer of the National Commercial Bank (NCB), was recently named Saudi Arabia’s “Banker of the Year 2009” as part of the World Finance Awards, hosted by the World Finance magazine in London. (more)

Home | Back to Top | Printer-friendly version