RIYADH: The rising repurchase agreement rates may have a negative impact on the Kingdom’s manufacturing sector, as borrowing from commercial banks will become expensive, warned Saudi Industrial Development Fund. Repo rate is the rate at which the central bank of a country lends money to commercial banks in the event of any shortfall of funds. It is used by monetary authorities
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the seventh day in a row on Sunday, as it inched up 46.52 points or 0.44 percent to 10,636.62, led by elevated investors’ confidence. On Sunday, parallel market Nomu also advanced 95.16 points or 0.48 percent to close at 19,987.19, while the MSCI Tadawul 30 Index rose 0.46 percent to 1,442.14. The
Yasir Al-Rumayyan was recently appointed chairman of the board of directors of Riyadh Air, a new national carrier to promote tourism and diversify the Saudi economy. Crown Prince Mohammed bin Salman announced the second national carrier on March 12, offering tourists from around the world a chance to visit Saudi Arabia’s resorts and attractions and explore the wider region.
RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing. The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green
Ayman Al-Sayari was recently appointed governor of the Saudi Central Bank with the rank of minister, following a royal decree. He expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for the generous trust granted to him, and said he wished to serve the country in a way that contributed to the advancement of Vision 2030 and enhanced the Kingdom’s