Friday, October 15

Business

Minister of Industry and Mineral Resources meets with Burundi’s Minister of Foreign Affairs

Business
Riyadh, The Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met here yesterday with the Minister of International Affairs of the Republic of Burundi, Albert Shinjiro, who is on a visit in the Kingdom of Saudi Arabia.During the meeting, they reviewed areas of cooperation between the two countries in the industrial and mining sectors.Al-Khorayef welcomed cooperation with the Burundian side in the industrial and mineral wealth sectors, stressing the agreement to strengthen cooperation between the two countries and support trade exchange, while the Burundian minister discussed opportunities for his country to benefit from the Kingdom's experience in the mining sector.Source: Saudi Press Agency

CITC publishes updated document on Regulation and Allocation of Commercial Spectrum Bands Identified for IMT

Business
Riyadh, The Communications and Information Technology Commission (CITC) has updated the IMT regulatory document in furtherance of its National Spectrum Strategy, which aims to unlock the potential of radio spectrum in Saudi Arabia by 2025 for a smarter and safer future. The updated regulatory IMT document is part of the implementation plan for CITC’s Spectrum Outlook for Commercial and Innovative Use 2021-2023.This further strengthens CITC’s strategic transition towards the role of a “Digital Regulator”, and it is an expression of CITC’s continuing support for the Kingdom's transformation into a digital society, with the aim of achieving a global leadership position in the field of radio communications and wireless technologies.CITC has identified an additional 4 GHz of spectrum for use by...

Saudi Stock Market Index Ends High at 11,495.76 Points

Business
Riyadh, The main Saudi stock index closed today, up, gaining 112.11 points, to close at 11495.76 points, with trading value worth SR 6 billion.According to the daily economic report of the Saudi Press Agency for the Saudi stock market, the volume of traded shares, reached 180 million, through more than 290 thousand deals, in which 132 companies went up, against 55 companies declined.The Saudi Parallel Shares Index (NOMU) closed today, down, losing 257.36 points, at 23652.32 points level, with trading value worth SR 51 million, and the volume of traded shares amounted to more than 500 thousand, through 1970 deals.Source: Saudi Press Agency

On World Maritime Day, Saudi Arabia Highlights its Leading Status in Maritime Transport Industry

Business
Jeddah, The Kingdom of Saudi Arabia has managed to reach a leading status in the maritime transport industry and in preserving the integrity of its marine environment. During its participation with the world in celebrating the World Maritime Day, which falls on the 30th of September, Saudi Arabia has shed light on its role in supporting international efforts to advance the maritime transport system. This system includes ships, shipping, ports, and the human factor that generally operates the marine transport services and plays an important role in supporting the economy and providing job opportunities in this sector.The Kingdom of Saudi Arabia has an advanced position in the maritime transport industry. Being one of the world’s developed countries at the maritime level, Saudi Arabia plays ...

Saudi Stock Exchange Main Index Ends Trading Higher at 11,382 Points

Business
Riyadh, Saudi Stock Exchange's main index ended trading higher here today, gaining 13.32 points to close at 11,382.41 points.The total value of the trading reported was SAR 8.8 billion, while the toll of shares traded was more than 260 million, divided into over 300,000 deals.The Saudi Parallel Equity Market Index (NOMU) ended the day losing 5.25 points, to close at 23,918.12 points, with a valuation of more than SAR 88 million and an overall tally of 500,000 stocks traded and divided into as many as 2,787 deals.Source: Saudi Press Agency

Saudi Press: Saudi Arabia’s Non-Oil Economy Growth Rates Increase from 0.2% in 2016 to 5.4% in H1 2021

Business
Riyadh, Saudi newspapers highlighted in their editorials today a number of issues at local, regional and international arenas.Al-Eqtisadiah newspaper reported in its editorial that Saudi Arabia’s leadership, under the supervision and follow-up of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, took a decision to shift towards economic diversification, and develop the non-oil sector in order to enable it to play its primary role to economic growth and business sustainability.This decision was considered as a challenge since the growth rates of the non-oil economy did not exceed 0.2% until 2016. Additionally, there is little hope that the non-oil economy will grow rapidly in light of an economy that fully depends on oil, according to global experiences. Nev...