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.

Saudi Arabia sets Guinness record for largest food cluster

Jeddah Food Cluster is the world's largest. (Modon)
  • Jeddah Food Cluster, which spans over 11 million square meters, has set a new global benchmark.
  • MODON announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035.

Riyadh, Saudi Arabia — Saudi Arabia has set a Guinness World Record for the largest food cluster in the world with the Jeddah Food Cluster, which spans over 11 million square meters and has set a new global benchmark.
The Saudi Authority for Industrial Cities and Technology Zones (MODON) announced ambitious plans for the cluster, targeting investments of up to SAR20 billion and creating 43,000 job opportunities by 2035. The cluster aims to stimulate economic growth, enhance food security, and support national exports.
Over the next decade, the Jeddah Food Cluster is projected to contribute SAR8 billion to national exports and add SAR7 billion to the GDP. MODON will achieve this by investing in advanced infrastructure, shared services, and innovative solutions.
By integrating services and optimizing supply chains, the cluster aims to reduce operational costs by 5-12 percent. This will not only benefit businesses but also contribute to strengthening national food security and self-sufficiency in essential commodities.