logo
East Pipes inks SAR 40M supply contract with Al Sayegh

East Pipes inks SAR 40M supply contract with Al Sayegh

Argaam23-06-2025
East Pipes Integrated Company for Industry signed today, June 23, a contract with Abdullah Ibrahim Al Sayegh & Sons Co. (Al Sayegh), valued at more than SAR 40 million including value-added tax.
Under the contract, the company will carry out the manufacturing and supply of steel pipes and external coating, according to a statement to Tadawul.
There are no related parties to the deal, it further stated.
The expected financial impact of the six-month contract is likely to be reflected in Q3 and Q4 2025/2026.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GCC non-oil sector adds $1.51tn to GDP, led by mining
GCC non-oil sector adds $1.51tn to GDP, led by mining

Arab News

timean hour ago

  • Arab News

GCC non-oil sector adds $1.51tn to GDP, led by mining

RIYADH: The Gulf Cooperation Council's gross domestic product at current prices reached $2.14 trillion in 2023, down 2.7 percent from $2.2 trillion in 2022. Despite this moderation, the non-oil sector showed strong resilience, contributing $1.51 trillion to the bloc's GDP and underscoring the region's ongoing diversification efforts. Gross national income, which reflects the total earnings of citizens and companies after taxes and transfers, stood at $1.99 trillion, down 3 percent from the previous year, according to the GCC Statistical Center, Oman News Agency reported citing the latest available data. Meanwhile, the oil sector contributed $604 billion, highlighting the continued influence of energy price fluctuations on the region's economy. The non-oil sector's share of total GDP rose to 71.5 percent in 2023 from 65 percent in 2022, growing 6.4 percent year on year. Mining and quarrying remained the largest single contributor to the GCC economy over the past five years, averaging 28.3 percent of GDP, while manufacturing activities led the non-oil sector with an average contribution of 11.7 percent. Several non-oil industries recorded robust growth in 2023. Financial and insurance services led with an 11.7 percent increase, followed by transportation and storage at 11.6 percent. Real estate grew 8.1 percent, public administration and defense rose 7.9 percent, wholesale and retail trade expanded 7.6 percent, and education climbed 5.5 percent, demonstrating broad-based sectoral strength. Although mining and quarrying contracted by 18.8 percent and manufacturing experienced a slight decline of 0.7 percent, other sectors and investment activity provided strong support. Exports of goods and services totaled $1.26 trillion, accounting for nearly 60 percent of GDP, while final consumption expenditure—including household, government, and nonprofit spending—rose 7.5 percent to $1.25 trillion. Gross capital formation, which covers fixed asset investments, increased 5.5 percent to $601.8 billion, signaling sustained investment momentum despite macroeconomic pressures. Overall, 2023 highlighted the GCC's progress toward a more diversified, resilient, and non-oil-driven economy, positioning the region for sustainable growth in the years ahead.

Saudi Arabia's holdings in US Treasuries rise to $131bn in June
Saudi Arabia's holdings in US Treasuries rise to $131bn in June

Arab News

time3 hours ago

  • Arab News

Saudi Arabia's holdings in US Treasuries rise to $131bn in June

RIYADH: Saudi Arabia increased its holdings of US Treasury securities to $130.6 billion at the end of June, up $2.9 billion, or 2.3 percent, from May, according to official data. The Kingdom's holdings stood at $127.7 billion in May, compared with $133.8 billion in April and $131.6 billion in March, according to the US Treasury Department. The increase comes as Saudi Arabia, the world's largest oil exporter, manages its vast foreign reserves against a backdrop of shifting oil revenues, fluctuating global interest rates and ongoing diversification efforts under Vision 2030. Treasuries remain a key tool for Riyadh to park surplus funds in liquid, low-risk assets while balancing exposure to other currencies and asset classes. The report added that Saudi Arabia retained 17th place among the largest holders of such instruments in June. Compared with June 2024, Saudi Arabia's holdings in US Treasuries declined by 6.8 percent. The latest data also showed that the Kingdom is the only country in the Gulf Cooperation Council and the wider Middle East region to secure a place among the top 20 holders of US Treasury securities. Saudi Arabia's holdings were split between long-term bonds worth $103.5 billion, representing 79 percent of the total, and short-term bonds amounting to $27.1 billion, or 21 percent. Top holders Japan remained the largest investor in June with holdings totaling $1.14 trillion, up 0.9 percent from May. The UK ranked second at $858.1 billion, marking a 6 percent increase from the previous month. China followed with portfolios valued at $756.4 billion, little changed from $756.3 billion in May. The Cayman Islands and Canada ranked fourth and fifth with $442.7 billion and $438.5 billion, respectively. Belgium held sixth with $433.4 billion, followed by Luxembourg at $404.7 billion and France at $374.9 billion. Ireland was ninth with $317.4 billion, while Switzerland came 10th with $300.9 billion. Taiwan ranked 11th at $298.1 billion. Singapore held the 12th spot with $254.4 billion, followed by Hong Kong at $242.6 billion and India at $227.4 billion. Saudi Arabia's Treasury holdings are closely watched as they reflect the Kingdom's strategy of balancing reserve diversification with strong US financial ties. Treasuries are among the world's safest assets, and changes in Saudi positions often signal how major energy exporters deploy surplus revenues amid oil price swings and global interest rate shifts.

Al-Hilal tops Middle East football brands as Saudi clubs ride star power
Al-Hilal tops Middle East football brands as Saudi clubs ride star power

Arab News

time3 hours ago

  • Arab News

Al-Hilal tops Middle East football brands as Saudi clubs ride star power

JEDDAH: Saudi football club Al-Hilal has been ranked the Middle East's strongest brand, as the Kingdom's 'big four' teams gain international recognition on the back of high-profile signings, according to Brand Finance. The Riyadh-based club earned a Brand Strength Index score of 80.8 out of 100 and an AAA- rating, topping regional peers. Al-Ittihad scored 76.8, Al-Nassr 75.6, and Al-Ahli 72.7, the London-based consultancy said in its annual rankings. Domestically, all ten Saudi clubs studied outperformed their international ratings, with Al-Hilal achieving a home BSI of 92.1 compared with 57.9 abroad. Al-Nassr has been the standout internationally with a score of 69.5, helped by the global profile of Cristiano Ronaldo. Saudi Arabia has stepped up its football push with major overseas signings, record investment in the Saudi Pro League, and ambitions tied to its Vision 2030 diversification plan. The Kingdom is also preparing to host the 2034 FIFA World Cup, underscoring its bid to become a global hub for the sport. Andrew Campbell, managing director Middle East, Brand Finance, said: 'The Middle East's bold investment in football is beginning to yield tangible results on the global stage. Led by the Saudi Pro League, the region is rapidly expanding its commercial and sponsorship footprint while accelerating moves toward club privatisation.' He added: 'High-profile international signings continue to elevate global perceptions - not just of the league, but of the Gulf region as a rising force in world football. As the market matures, strategic investment and commercial discipline will be key drivers of sustained growth, with top club brands expected to strengthen in parallel.' UAE's Al-Ain led its domestic peers with a score of 69.9, ahead of Al-Wasl at 61.7 and Shabab Al-Ahli at 60.9. Globally, Real Madrid and Barcelona retained their positions as the most valuable and strongest football club brands, with values of $2.1 billion and $1.9 billion, respectively. Both clubs secured AAA+ strength ratings. The London-based firm pointed out that the Premier League is the world's most valuable sports league in terms of brand value, with its top ten brands' values totaling $9.1 billion – more than 37 percent of the total value of the world's top 50 most valuable clubs. The report noted that the Premier League's uniqueness lies in how brand value is distributed across multiple clubs. Six teams — Manchester City and Liverpool at $1.6 billion each, Manchester United at $1.4 billion, Arsenal at $1.3 billion, Chelsea at $1.1 billion, and Tottenham Hotspur at $890 million — each hold substantial brand value. 'The combined value of the world's top 50 football club brands has climbed to $24.5 billion in 2025. However, Brand Finance research reveals a growing imbalance across the game, as outside of the Premier League, brand value is increasingly concentrated among a handful of elite clubs in Europe's top leagues, said Hugo Hensley, head of sports services, Brand Finance. He noted that brand is no longer a byproduct of performance but a defining driver of success. 'As the sport becomes increasingly competitive both on the pitch and commercially, clubs and leagues must manage their brands strategically to ensure they aren't edged out of realising the benefits of a strong and valuable brand,' added Hensley.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store