Saudi Aramco plans to invest over SAR450 bn (~$120 bn) in oil and petrochemical projects over the next five to six years, the company’s CEO Khalid Al-Falih told Al Arabiya news channel. The company intends to spend SAR225 bn ($60 bn) on the oil sector during the next five years, with the remaining funds invested [...]
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[EMAAR AB] Emaar Economic City :: to get $1.3 bn gov’t loan
Emaar Economic City, a Saudi developer affiliated with Dubai’s Emaar Properties [EMAAR UH] expects to receive a long-term loan from the Ministry of Finance of some SAR5 bn ($1.33 bn).
Emaar Economic City, established in 2006 in Saudi Arabia, is a consortium of global real estate major Emaar PJSC and a number of high profile Saudi [...]
[TAWUNIYA AB] Tawuniya :: 4Q 2009 NI SAR101.5 mn, but misses guidance
The Company for Cooperative Insurance (TAWUNIYA), Saudi Arabia’s leading insurer rose to 4Q 2009 NI of SAR101.5 mn ($27.1 mn) versus a 4Q 2008 Net Loss of SAR34.6 mn but missed its own guidance of SAR125.6 mn due to floods in the city of Jeddah in December. Tawuniya said it lost SAR38 mn due to [...]
[SECO AB] Saudi Electricity Co :: Q4 2009 Net Loss up 25.6% YoY, worse than expected
Saudi Electricity, the Gulf’s largest utility by market value, reported 4Q 2009 Net Loss of SR510 mn ($136 mn), up 25.6% from a SR406 mn loss in 4Q 2008 and worse than analyst estimates, which ranged between SR467 mn and SR31 mn.