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SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

Extreme E races for electric SUVs 2024 kick off in Jeddah

The race is being organized by the Saudi Arabian Cycling Federation under the supervision of the Ministry of Sport.
  • The fourth annual "Extreme E" all-electric sport-utility vehicle (SUV) off-road racing series will witness the participation of eight two-racer teams
  • The first edition of this global competition was held in AlUla in 2021 and the 2022 and 2023 editions were held in NEOM

Jeddah, Saudi Arabia – Organized by the Saudi Arabian Cycling Federation under the supervision of the Ministry of Sport, the fourth annual “Extreme E” all-electric sport-utility vehicle (SUV) off-road racing series will kick off Saturday in Jeddah with the participation of eight two-racer teams.

The first edition of this global competition was held in AlUla in 2021 and the 2022 and 2023 editions were held in NEOM.

On this occasion, the president of the Saudi Automobile and Motorcycle Federation, Prince Khalid bin Sultan bin Faisal, expressed happiness to host the mega event in the Kingdom for the fourth consecutive year, saying that organizing the international racing event in the Kingdom is the fruit of the ongoing support of the leadership and the follow-up of the Minister of Sport.

Saudi Arabia is hosting the mega event for the fourth consecutive year.

Pivot to e-vehicles

Saudi Arabia is promoting e vehicles in a big way. In 2022, the kingdom announced the launch of its first brand of electric vehicles, part of a broader push to diversify the economy of the world’s biggest oil exporter.

The company, known as Ceer is geared to contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change. the official Saudi Press Agency (SPA) had reported then.

It is a partnership with Foxconn, China’s biggest private sector employer.

Ceer “will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles,” the SPA had reported. adding the company was expected to create “30,000 direct and indirect jobs”.