Search Site

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Tamimi Markets of KSA to develop smart farms with foreign firms

The move supports the Kingdom’s efforts to achieve smart agricultural and environmental solutions to the world’s growing needs in line with Saudi Vision 2030.
  • The three partners aim to develop the next generation of vertical smart farms in the Al-Kharj area of Saudi Arabia
  • Starting with Riyadh, the new joint venture will bring fresh produce to the market using far less water than traditional farming techniques

Tamimi Markets, Saudi supermarket chain, has teamed up with Japan’s Mitsui & Co. and Italy’s Zero SRL to develop the kingdom’s first smart farms.

The three partners aim to develop the next generation of vertical smart farms in the Al-Kharj area of Saudi Arabia in a bid to address the Kingdom’s food security and sustainability needs, according to a statement.

Starting with Riyadh, the new joint venture will bring fresh produce to the market using far less water than traditional farming techniques and in close proximity from farm to shelf.

“Bringing hyperlocal freshness to our stores saves on logistics, accelerates speed to shelf, reduces carbon footprints and helps to further differentiate us with superior quality products for our customers,” said Bobby Rajendran, general manager at Tamimi Markets.

“Sustainability is good for business and the Kingdom,” he added.

The move supports the Kingdom’s efforts to achieve smart agricultural and environmental solutions to the world’s growing needs in line with Saudi Vision 2030.

Tomoharu Gomi, general manager Agri-Innovation Dpt. at Mitsui, said: “We look forward to working with Tamimi Markets and Zero SRL to develop the next generation of smart vertical farms, a first for Saudi Arabia.”