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Saudi Airlines Catering Co. inks $720m agreement with Red Sea Global

RIYADH: A SR2.7 billion ($720 million) deal has been signed which will see Saudi Airlines Catering Co. provide laundry services for hotels at Red Sea Global’s tourist developments. The agreement was announced on the Saudi stock exchange, Tadawul, and SACC expects the deal to start showing up in its profit margin by the third quarter of 2025. The 20-year contract will see SACC operate laundry services for hotels, resorts and other facilities located within the destination.

ACWA Power announces 2 million share buyback and 8.3% dividend for 2022

RIYADH: Shareholders of Saudi energy firm ACWA Power have approved the buyback of 2 million shares. The decision was taken during the extraordinary general meeting held on June 22. According to the company’s disclosure to the Saudi Stock Exchange, the shares will be utilized in the employee stock incentive program. In addition, the buyback is to be financed from the firm’s resources, ACWA Power revealed. The board of directors will complete the buyback within 12 months from the EGM date.

Saudi stock market closes with modest gains as TASI increases by 35 points

RIYADH: On its first trading day after the Eid holidays, Saudi Arabia’s stock market saw a muted performance, with its Tadawul All Share Index rising 34.93 points — or 0.3 percent — to close at 11,493.91 points.   While MSCI Tadawul Index inched up 0.4 percent to 1,516.30 points, the parallel market Nomu fell 4.22 percent to close at 25,043.16.   The total trading turnover of the benchmark index was SR4.56 billion ($1.22 billion) as 143 of the 228 listed stocks advanced, while 60 retreated.  

Crude Oil Updates: Monthly Gain Expected as Supply Tightens

HOUSTON: Oil prices edged higher on Friday with Brent poised for its first monthly gain this year, as a big drawdown in US oil stocks outweighed concerns that fuel demand will be dented further by more interest rate hikes, according to Reuters. Brent crude futures for September delivery rose 16 cents or 0.2 percent to stand at $74.67 as of 7:05 a.m. Saudi time. The less-traded front month contract, which expires on Friday, was up 30 cents at $74.64. US West Texas Intermediate crude gained 8 cents or 0.1 percent to $69.95.

Crude Oil Prices Rise on US Stock Draws, Amid Lingering Rate Hike Concerns

RIYADH: Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of US inventories, signaling robust demand from the world’s biggest oil consumer, but the gains were limited by worries over interest rate hikes.   Brent crude futures rose 43 cents, or 0.60 percent, to $72.69 a barrel at 09:28 a.m. Saudi time, while US West Texas Intermediate futures gained 40 cents, or 0.59 percent, to $68.10 a barrel.  

PIF’s Lifera partners with CENTOGENE for global omics diagnostics.

RIYADH: Patients in the Gulf Cooperation Council region could get faster and more accurate diagnoses after the Public Investment Fund-owned Lifera announced a joint venture with CENTOGENE.  The biopharmaceutical company will be working with the German-based firm to provide multiomic testing services — a concept in biological research that aims to comprehensively characterize and quantify large numbers of molecules in complex samples.

Israel’s Tech Industry Continues to Struggle in 2023, According to State Agency

JERUSALEM: A slowdown in Israel’s technology sector has worsened in 2023, exacerbated by political turmoil, and the country may be detaching from broader trends that point to a global recovery, the state-backed Israel Innovation Authority said on Monday. High-tech has for a decade been the fastest growing sector in Israel and crucial for economic growth, accounting for 14 percent of jobs and almost a fifth of GDP — not to mention innovations coming out of Tel Aviv adopted around the world in cybersecurity, artificial intelligence and other fields.

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