Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
Qiddiya is one of several large-scale entertainment projects in the Kingdom, dubbed the ‘capital of entertainment, sports, and the Arts.’ there is no doubting its importance as one of the cornerstones of the sector. (Supplied)
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Updated 04 August 2024
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Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
  • Theme park has huge ‘disruptive potential’ across global industry

RIYADH: The cultural landscape of Saudi Arabia is being enriched as the entertainment sector undergoes significant expansion.

The ambitious Saudi Vision 2030, which strives to diversify the economy and increase global engagement, is the driving force behind this broader cultural transformation.

One prime example of the Kingdom’s initiatives aimed at propelling the entertainment sector is the Qiddiya giga-project.

Launched in 2018 under the leadership of King Salman bin Abdulaziz, Qiddiya is an emerging capital for entertainment, sports and culture that aims to build destinations, programs and initiatives based on the power of play that will enhance the quality of life of visitors and residents.

Qiddiya’s role in propelling the Kingdom’s entertainment sector

Qiddiya is just one of several large-scale entertainment projects in the Kingdom but, dubbed the “Capital of Entertainment, Sports, and the Arts,” there is no doubting its importance as one of the cornerstones of the sector.

Canadian company AtkinsRéalis is the lead design consultancy for the project, and the firm’s Global Director of Creative, Theming and Show Design Bradley Caruk set out his vision for Qiddiya to  Arab News.

“Having worked in the global entertainment industry for the past 25 years, I have learnt we are all the same. Everyone wants to have fun. With major innovative parks like Six Flags Qiddiya City, we have the unexpected – a fully immersive story-driven theme park experience,” he said.

Caruk added that the attraction will have “the world’s tallest, longest, fastest rides”, and said: “We even support the storyline further by including original music compositions.”

Sector expert Jamie Ryder, a partner at Entertainment & Media Industry Group at law firm Reed Smith, told Arab News that Qiddiya has a huge amount of “disruptive potential.”




Jamie Ryder

He said: “In terms of Qiddiya’s disruptive potential, this is immediately clear when considering the sheer scale of the development.  When complete, Qiddiya will be home to over 600,000 residents and aims to attract 48 million visits per year.”

Ryder continued: “In addition to the specific, innovative – and in the case of Dragon Ball theme park – world’s first attractions Qiddiya will host, the focus on ‘play’ throughout the development, and the ability to host major sporting and entertainment events in cutting edge venues means that Qiddiya’s disruptive potential is significant.”

Partnerships that Qiddiya has established with local or international entities

Of those collaborations and partnerships that have been announced so far, it is very easy to quickly see the alignment with various elements of the Vision 2030 as well as reflecting the fact that Saudi society is a young, connected and vibrant population.

Ryder highlighted the Dragon Ball theme park – based on the popular Japanese animated series – as something that will appeal directly to young people in the Kingdom and beyond.

“Anime is incredibly popular in KSA with Saudi reported as having the largest share of anime viewers worldwide,” he said, adding: “With the UAE second in the world rankings for anime viewership, this promises to be a popular attraction enticing tourists from across the region.”

Ryder also cited the Six Flags theme park being the first outside of the Americas appealing to both Saudi youth and visitors.

He said one of the jewels in the crown of Qiddiya will be the Speed Park Track, which garnered significant attention in the motor racing world when the design was unveiled. The attraction comes as the popularity of Formula 1 in the region grows.

“Add to this mix the cutting-edge mixed-use Prince Mohammed Bin Salman Stadium, and dedicated gaming and esports neighborhood, and it is clear to see how Qiddiya will offer world-class attractions and experiences to locals and tourists,” he said

Firms’ roles in supporting the Saudi’s vision of developing a world-class entertainment experience

Several firms in the industry recognize Saudi Arabia’s vision of developing top attractions and world-class entertainment destinations in line with the high bar set from the big parks that have been around for over 50 years.

From AtkinsRéalis point of view, Caruk emphasized that the company’s multi-disciplinary teams understand guests’ expectations and work towards exceeding those expectations.

“We work as one team, but there are hundreds of us taking a concept and turning it into a reality – all with a common goal to make experiences memorable and timely,” he said.

“When we hear the phrase ‘That was awesome, can we go back there again’ that’s when we know we’ve done something right. Nothing like witnessing guests leaving our designed theme park with a sense of awe and a desire to return. We expect to hear a lot of these reactions in the years to come,” Caruk added.




Bradley Caruk

He was keen to emphasize the pride his firm has in working on the project, saying: “Our commitment to Saudi’s Vision 2030 is unwavering, and we value our partnership with Qiddiya, where we contribute to creating unparalleled fun.”

Qiddiya’s alignment with the Saudi Vision 2030

There is no doubt that Qiddiya plays a major role in Saudi Arabia’s 2030 vision, aiming to become a leading destination for entertainment, work, sports and daily life.   

While economic diversification is at the heart of Vision 2030, promoting culture and entertainment in the Kingdom was included as one of the key goals for Vision 2030 when it was first announced in 2016.

A vibrant society, thriving economy, and an ambitious nation are three key pillars of the Vision.

From Reed Smith’s viewpoint, Ryder said: “As such, the role of Qiddiya is not just about economic diversification but, like so many of the projects in KSA, it is about enhancing the quality of life for Saudi citizens and tourists alike with Quality of Life also being one of the Vision 2023 key Vision Realization Programs.”

He added: “The Quality of Life VRP was launched in 2018 with the aim of transforming Saudi Arabia into a world-renowned sports and entertainment location, and a global tourism hotspot and there can be little doubt that Qiddiya is a key element of this program.”

From AtkinsRéalis’ perspective, Caruk believes Qiddiya City will be a “premier destination” for play, adding: “It has something for everyone – a rarity in this region. The complexity and diversity of experiences across the whole development are truly remarkable and will also set a precedent for future developments across the globe”.

He went on: “Today, entertainment is a multi-billion-dollar industry and Qiddiya will play a major role in helping realize people’s dreams. At AtkinsRéalis, we feel fortunate to be hands-on and part of this groundbreaking project.”


Saudi Arabia emerging as global cybersecurity guardian: digital experts

Saudi Arabia emerging as global cybersecurity guardian: digital experts
Updated 20 December 2024
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Saudi Arabia emerging as global cybersecurity guardian: digital experts

Saudi Arabia emerging as global cybersecurity guardian: digital experts

RIYADH: From protecting its growing digital infrastructure to exporting cybersecurity technologies and expertise, Saudi Arabia is emerging as a key player in addressing global cyber threats.

The Kingdom has made significant strides in developing its technology infrastructure, a key pillar of its Vision 2030 initiative aimed at diversifying the economy beyond oil.

This digital transformation has been accompanied by a comprehensive approach to online safety – including the adoption of the National Cybersecurity Strategy, which focuses on creating a secure digital landscape that supports rapid technological advancements.

“The growth of Saudi Arabia’s tech infrastructure has substantially enhanced its cybersecurity capabilities,” Sohil Mohamed, director, cyber risk advisory lead at Alvarez & Marsal told Arab News.

He praised the National Cybersecurity Strategy,  saying that it prioritizes resilience, secure digital landscapes, and trust.

This strategic approach ensures that Saudi Arabia’s technological growth is supported by adaptive risk management and dynamic defense mechanisms.

In addition to the government’s efforts, the private sector has also played a critical role in building a secure digital ecosystem.

The expanding cybersecurity market in Saudi Arabia

As one of the fastest-growing markets in the Middle East, Saudi Arabia’s cybersecurity sector is valued at approximately SR13.3 billion.

This rapidly expanding market offers substantial opportunities for public-private partnerships, particularly in developing advanced cybersecurity solutions and creating new business models for commercial involvement.

Additionally, the Saudi government’s focus on digital transformation and cybersecurity has opened new avenues for investment.

“Key areas of focus include the development of advanced cybersecurity solutions, engagement in public-private partnerships, and contributions to national initiatives such as the Cybersecurity Catalyst Program spearheaded by the National Cybersecurity Authority,” Mohamed said.

These initiatives are driving a collaborative effort between the public and private sectors to strengthen the Kingdom’s cyber resilience.

Saudi Arabia’s investment in the sector also positions it as a key player in the global cybersecurity market.

The government has partnered with international organizations and cybersecurity firms to enhance its capabilities and bolster the country’s readiness to handle large-scale cyber threats.

This proactive stance is evident in Saudi Arabia’s role as host of major events, such as the Global Cybersecurity Forum, which brings together industry leaders.

Sohil Mohamed, director, cyber risk advisory lead at Alvarez & Marsal. Supplied

Protecting national infrastructure – a key priority

Critical Information Infrastructure Protection has become a top priority for Saudi Arabia as it seeks to secure vital sectors, such as energy, finance, and transportation, from cyber threats.

The Kingdom has experienced several high-profile cyberattacks, most notably the Shamoon attack in 2012, which targeted Saudi Aramco, one of the world’s largest energy companies.

This incident underscored the importance of building robust cybersecurity measures to protect national assets.

Saudi corporations are increasingly focused on quantifying the economic impact of potential cyberattacks, particularly in industries that form the backbone of the national economy.

“Saudi corporations are progressively implementing sophisticated risk assessment tools and methodologies to quantify the economic impact of cyber threats,” Mohamed said.

He explained that this includes evaluating potential financial losses, operational disruptions, and reputational damage from cyber incidents.

Additionally, cyber insurance is becoming a critical tool for mitigating risks. This provides financial protection against potential cyberattacks and promotes the adoption of best practices across industries.

The growing reliance on cyber insurance reflects the increased awareness among Saudi businesses of the importance of proactive cybersecurity measures.

Exporting cybersecurity expertise and technology

Saudi Arabia’s progress in cybersecurity is not only benefitting the Kingdom but also positioning it as a global leader capable of exporting expertise and technologies.

The National Cybersecurity Authority has been instrumental in fostering international collaborations and creating platforms for knowledge sharing.

Initiatives such as the National Cybersecurity Academy provide advanced training to professionals, equipping them with the skills needed to address both domestic and international challenges.

Alvarez & Marsal’s Mohamed said: “By leveraging its robust cybersecurity frameworks and strategic partnerships, Saudi Arabia can offer tailored cybersecurity services and solutions to other regions. Initiatives such as the National Cybersecurity Academy by the NCA.”

This capacity for exporting cybersecurity solutions will allow Saudi Arabia to play a critical role in addressing global online threats.

Moreover, the Kingdom’s strategic location and status as a regional economic hub make it a key player in cybersecurity across the Middle East and North Africa region.

Saudi Arabia is increasingly seen as a model for other countries seeking to enhance their cybersecurity frameworks. Its experience in managing threats and building resilient digital infrastructure has positioned it as a leader in this space.

The Kingdom’s efforts to protect its critical infrastructure are seen not just as a defensive necessity but also as a key pillar in positioning the Kingdom as a leader in global cybersecurity. Vision 2030 has been a central driver of this transformation.

Events such as the Global Cybersecurity Forum have cemented Saudi Arabia’s leadership position. File

Samer Omar, cybersecurity and digital trust leader at PwC Middle East, highlighted to Arab News how the Kingdom’s digital growth has shaped its cybersecurity strategy.

“Saudi Arabia has achieved fourth place globally in the digital services index, first regionally, and second among G20 nations. The rapid advance in technology has increased the digital ecosystem in Saudi Arabia, which in turn has further increased its exposure to cyber-attacks,” Omar said.

He added: “In response, the Kingdom has successfully orchestrated a combination of regulations, investments, and awareness which has propelled most sectors to adopt a proactive security by design approach.”

This proactive approach allowed Saudi Arabia to secure the highest ranking possible in the UN Global Cybersecurity Index 2024, a reflection of the Kingdom’s investment in a secure digital future.

Omar pointed out that Vision 2030 has accelerated the investment in human capital to build critical national capability and aid nationals in attaining key cybersecurity skills and certifications.

He also emphasized the vital role Vision 2030 plays in safeguarding the Kingdom’s critical sectors, particularly energy, finance, and smart cities, which are integral to the nation’s economy.

“Saudi Arabia faces compelling challenges in these critical sectors due to the complex infrastructure, creating a potentially vulnerable and vast attack surface for adversaries,” Omar said.

Omar noted Saudi Arabia’s determination to not only secure its own digital landscape but also position itself as a cybersecurity leader on the global stage.

This leadership is exemplified by initiatives like the Global Cybersecurity Forum, which Omar describes as “a unique ecosystem and platform that is actively engaging with leading bodies such as the World Economic Forum,” thus shaping the future of cybersecurity well beyond the Kingdom.

Addressing the cybersecurity talent gap

Saudi Arabia has been proactively addressing the shortage of cybersecurity talent by heavily investing in capacity-building programs supported by both public and private sectors.

“There are an estimated 19,600 Saudi cybersecurity professionals with 32 percent of them being female,” Omar said.

He continued: “In addition, most major universities have cybersecurity education and training including Capture The Flag competitions, and all the major cybersecurity technology vendors provide training on their products and services.”

These efforts are integral to the country’s broader vision of strengthening its digital infrastructure under Vision 2030.

A secure future

According to Omar, the cybersecurity industry in Saudi Arabia is projected to experience significant growth in the coming years, driven by the Kingdom’s Vision 2030 initiative and robust regulatory frameworks.

“NCA released a report this year that estimates the size of the cybersecurity market to be SR13.3 billion with 31 percent of the spending from the public sector and the remaining 69 percent from the private sector,” he said.

Omar went on to say: “Some analysts estimate the cybersecurity CAGR to be between 11 percent to 13 percent.”

This is due to Vision 2030, which serves as a catalyst for developing the digital ecosystem, Omar explained, emphasizing the strategic role of the initiative in shaping the country’s cyber transformation.


Pakistan announces tariff cuts on imports under Azerbaijan trade deal

Pakistan announces tariff cuts on imports under Azerbaijan trade deal
Updated 20 December 2024
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Pakistan announces tariff cuts on imports under Azerbaijan trade deal

Pakistan announces tariff cuts on imports under Azerbaijan trade deal
  • Imports from Azerbaijan exempted from all kinds of customs and regulatory duties from Dec. 16
  • Pakistan and Azerbaijan signed trade agreement in July during President Aliyev’s visit to Islamabad

KARACHI: Pakistan’s Federal Board of Revenue (FBR) has waived off customs and regulatory duties on imports from Azerbaijan under the Pakistan-Azerbaijan Preferential Trade Agreement, the finance ministry said in a notification this month.

During Azerbaijan President Ilham Aliyev’s two-day visit to Pakistan in July, both nations agreed to enhance the volume of bilateral trade to $2 billion, vowing to strengthen ties and increase cooperation in mutually beneficial economic projects. They also signed the Pakistan-Azerbaijan Preferential Trade Agreement to boost economic cooperation through the reduction of tariffs on goods like Pakistani sports equipment, leather, and pharmaceuticals as well as Azerbaijani oil and gas products.

“The federal government is pleased to exempt with effect from Dec. 16, 2024, the import into Pakistan from Azerbaijan of the goods specified,” the finance ministry said in a notification. adding that imports from Azerbaijan would be exempted from all kinds of tariffs including customs duty, additional customs duty and regulatory duty. 

“Provided that where the rates of customs duty, additional customs duty, and regulatory duty [...] are higher than specified rates, the lower rates [...] shall apply,” it added.

The tariff concessions cover items including shelled hazelnuts or filberts, apricots, vegetable saps and extracts, non-stemmed tobacco, polyethylene, propylene copolymers, casing, tubing, drill pipes and refined copper wire with a maximum cross-sectional dimension exceeding 6 mm.

In recent weeks, there has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations as well as other transcontinental and landlocked countries like Azerbaijan as Islamabad seeks to consolidate the South Asian nation’s role as a pivotal trade and transit hub.


Oil Updates – crude falls on demand growth concerns, robust dollar

Oil Updates – crude falls on demand growth concerns, robust dollar
Updated 20 December 2024
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Oil Updates – crude falls on demand growth concerns, robust dollar

Oil Updates – crude falls on demand growth concerns, robust dollar

SINGAPORE: Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3 percent.

Brent crude futures fell by 41 cents, or 0.56 percent, to $72.47 a barrel by 7:20 a.m. Saudi time. US West Texas Intermediate crude futures fell 39 cents, or 0.56 percent, to $68.99 per barrel.

Chinese state-owned refiner Sinopec said in its annual energy outlook, released on Thursday, that China’s crude imports could peak as soon as 2025 and the country’s oil consumption would peak by 2027 as diesel and gasoline demand weaken.

“Benchmark crude prices are in a prolonged consolidation phase as the market head toward the year end weighed by uncertainty in oil demand growth,” said Emril Jamil, senior research specialist at LSEG.

He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.

Meanwhile, the dollar’s climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.

A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.

J.P. Morgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ growth increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.

In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.

Russia has evaded the $60 per barrel cap imposed in 2022 using its “shadow fleet” of ships, which the EU and Britain have targeted with further sanctions in recent days. 


Saudi Arabia drives MENA e-commerce growth during festive season: report

Saudi Arabia drives MENA e-commerce growth during festive season: report
Updated 19 December 2024
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Saudi Arabia drives MENA e-commerce growth during festive season: report

Saudi Arabia drives MENA e-commerce growth during festive season: report

RIYADH: Saudi Arabia played a pivotal role in driving a 44 percent increase in e-commerce orders across the Middle East and North Africa region during the 2024 festive season, according to a joint study by Flowwow and Admitad.

The surge was fueled by trends in mobile shopping, cultural celebrations, and gifting. Saudi Arabia led the way in mobile commerce adoption, with 62 percent of online purchases made via mobile devices.

The report also highlighted significant growth in the broader MENA e-commerce market, which is expected to reach $50 billion by 2025. During the holiday season, this market experienced a substantial uptick in activity.

Flowwow, a UAE-based gifting marketplace, reported a 62 percent rise in purchases, an 86 percent increase in sales turnover, and a 15.76 percent increase in average order value compared to the previous year.

Slava Bogdan, CEO of Flowwow, said: “The festive season is one of the peak shopping periods for Flowwow gifting marketplace. It’s a time when our customers focus on celebrating and sharing joy through thoughtful gifts for their loved ones.”

He continued: “Starting with White Friday in November and continuing through the Christmas and New Year festivities, this period represents a critical shopping time in the GCC region, especially with the growing expat population.”

According to the study, November emerged as the busiest month for e-commerce, driven by Black Friday sales and preparations for Christmas and New Year. Ramadan in March and International Women’s Day in January also contributed to sales growth, with increases of 11 percent and 14 percent, respectively.

Across the region, the average order value rose from $30 in 2023 to $36 in 2024, reflecting a shift toward higher spending on quality items.

The report further revealed that mobile commerce accounted for 44.6 percent of all orders in the region in 2024. Following Saudi Arabia’s lead, the UAE recorded 60 percent adoption, Bahrain had 59 percent, and Oman followed with 58 percent. Kuwait and Qatar also saw strong mobile commerce uptake at 57 percent and 54 percent, respectively.

Marketplaces continued to dominate, contributing to 67 percent of total sales. Key product categories included electronics, fashion, and home and garden, while high-value items like furniture and jewelry drove higher AOVs.

“This year’s surge in e-commerce activity demonstrates the evolving shopping habits in the MENA region, where mobile-first experiences and marketplace-driven sales have become the backbone of consumer behavior. Our data highlights how businesses can leverage these trends to optimize their strategies and grow significantly during peak seasons,” said Anna Gidirim, CEO of Admitad.

Among the countries in the region, Kuwait recorded the highest average order value at $127, followed by the UAE at $102, Egypt at $74, Saudi Arabia at $52, and Qatar at $50.

Pakistan saw the largest sales growth at 28 percent, with notable increases in Kuwait at 17 percent and Saudi Arabia at 8 percent, according to the survey data.

The report emphasized the importance of cultural celebrations in shaping consumer behavior and underscored the growing role of mobile commerce and marketplaces in the region’s e-commerce landscape.


Closing Bell: Saudi main index ends week in red; trade volume nears $3bn 

Closing Bell: Saudi main index ends week in red; trade volume nears $3bn 
Updated 19 December 2024
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Closing Bell: Saudi main index ends week in red; trade volume nears $3bn 

Closing Bell: Saudi main index ends week in red; trade volume nears $3bn 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in red on Thursday, losing 68.61 points, or 0.57 percent, to settle at 11,892.44. 

The total trading turnover of the benchmark index was SR10.9 billion ($2.9 billion), as 51 of the listed stocks advanced, while 185 retreated.  

The MSCI Tadawul Index also decreased by 8.95 points, or 0.60 percent, to close at 1,489.42. 

The Kingdom’s parallel market Nomu gained 247.96 points, or 0.79 percent, to close at 31,444.21. This comes as 33 of the listed stocks advanced, while 49 retreated. 

The best-performing stock of the day was Savola Group, with its share price surging by 9.97 percent to SR36.95. 

Other top performers included Middle East Specialized Cables Co., which saw its share price rise by 5.14 percent to SR41.90, and Arabian Centers Co., which saw a 3.94 percent increase to SR21.62. 

Bawan Co. and Al-Baha Investment and Development Co. also saw a positive change, with their share prices surging by 3.64 percent and 3.23 percent to SR57 and SR0.32, respectively. 

The worst performer of the day was Fitaihi Holding Group, whose share price fell by 6.68 percent to SR4.05. 

Arabian Contracting Services Co. and AYYAN Investment Co. also saw declines, with their shares dropping by 4.17 percent and 14.42 percent to SR156.40 and SR3.87, respectively.  

Moreover, Raydan Food Co. and East Pipes Integrated Co. for Industry also saw declines in today’s session, with their share prices dropping by 3.32 percent and 3.30 percent to SR22.10 and SR135, respectively. 

On Nomu, the top performer was Leaf Global Environmental Services Co., with its share price surging by 13.29 percent to reach SR110. 

In second place was Intelligent Oud Co. for Trading, which saw an 8.92 percent surge in terms of share price to SR48.25, followed by National Environmental Recycling Co., which saw a 6.71 percent surge in its share price to reach SR8.11. 

Saudi Azm for Communication and Information Technology Co. and Gas Arabian Services Co. also fared well with 6.16 percent and 4.67 percent increases, respectively. 

On the announcement front, United Electronics Co., also known as eXtra, has recommended repurchasing up to 3 million ordinary shares to be held as treasury shares, according to a filing with the Tadawul. 

The board highlighted that the current market price of the company’s stock is below its fair value, prompting the buyback proposal. 

The repurchase will be financed through eXtra’s internal resources, including proceeds from the successful initial public offering of its subsidiary, United International Holding Co. 

Currently, 4.4 percent of eXtra’s share capital is held as treasury shares. The company highlighted that repurchased shares will not carry voting rights at shareholders’ meetings. 

The proposed buyback is subject to approval by the extraordinary general meeting. It will also require compliance with financial solvency requirements outlined in the executive regulations of the Companies Law governing listed joint-stock companies. 

ACWA Power Co. has also submitted a request to the Capital Market Authority to increase its capital through an SR7.13 billion rights issue, according to a bourse filing. 

The company stated that further updates regarding the capital increase will be disclosed in due course. 

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co., has signed an agreement to increase its credit facilities with Saudi Awwal Bank by SR100 million, according to a statement to Tadawul. 

As a result, the total value of the facilities will rise to SR296.11 million, with the financing period extending until Dec. 18, 2025. 

The agreement includes a promissory note of SR296.10 million signed by Fundamental Installation for Electric Work, Red Sea International, and MSB Holding, as well as Fares Esamet Al-Saadi and Zeyad Al-Sayegh. 

Personal guarantees of SR14.50 million and SR29.01 million were also provided by Al-Sayegh and Al-Saadi, respectively, while MSB Holding and Red Sea International issued corporate guarantees of SR101.56 million and SR151.01 million, respectively. 

The additional credit facilities aim to increase the limit of letters of credit to support the import and procurement of goods for one of the company’s projects. 

United Electronics Co.’s share price increased by 3.05 percent in Thursday’s trading session to reach SR98. 

ACWA Power Co. Saw a 2.13 percent drop in its share price to close Thursday’s trading at SR377.60.

Red Sea International Co.’s share price dropped 1.06 percent to settle at SR0.60 by Thursday’s end.