Saudi King Salman says Kingdom 'determined to continue Vision 2030 reforms' – Arab News
RIYADH: Saudi King Salman said that the Kingdom will continue reforms aimed at improving quality of life and best use of resources, the Saudi Press Agency said, citing a Cabinet statement following the approval of the Kingdom’s 2022 budget.
“We are determined — with God’s help — to continue implementing economic initiatives and reforms to achieve the goals of the Kingdom’s Vision 2030, continuous improvement in quality of life, optimal use of available resources, and raising the level of transparency, efficiency and quality of government spending,” the King said.
The purpose of this is “to promote growth and development rates, develop basic facilities and services for citizens and residents, develop the educational environment, and support housing plans,” he added.
I have directed ministers and officials, each in his own jurisdiction, to actively commit to implementing the budget’s development and social programs and projects, and following up on the health situation, in light of the ongoing pandemic and its repercussions on health and economic conditions, locally and internationally, and provide the necessary allocations for the health sector, to raise its efficiency and provide vaccinations, for all citizens and residents of the Kingdom.
King Salman
Spending in this budget amounts to SR955 billion ($254.6 billion), and revenues are estimated at SR1,045 billion, with a surplus of SR90 billion, the King said. 
The budget confirms Saudi Arabia’s “keenness to protect and enhance our gains,” the King said.
Budget 2022 announcement comes after the Kingdom has overcome the economic effects and exceptional stages of the COVID-19, and as the Kingdom continues its economic breakthrough, King Salman said.
RIYADH: Financial services firm Saudi Fransi Capital has announced the distribution of SR52 million ($13.8 million) worth of cash dividends to unit holders of Bonyan REIT Fund.
This will take place between May 1, 2021 to Oct. 31, 2021, according to the bourse filling of the firm, which providesinvestment banking, asset management, debt and equity research services.
Every unit holder will receive a dividend of SR0.32 per unit, representing 3.2 percent of the unit’s initial price.
RIYADH: Some 4,000 new homes are set to be built in eastern Riyadh after Saudi-based clothing manufacturer Ajlan & Bros acquired a SR800 million ($213 million) real estate scheme. 
The site, which sits on an area of 2 million square meters and is located on the Riyadh-Dammam road, Argaam reported citing the company’s statement. 
The company said the scheme will be prepared to the highest modern standards in terms of water and sewage network, and electricity and communications.
Founded in 1979, Ajlan & Bros specializes in traditional and off-the-shelf classic menswear in the Gulf Cooperation Council region.
The company already has considerable existing investments in the real estate sector in the Middle East, Europe, and Asia in addition to investments in the stock markets of 25 countries.
Earlier, it had entered into a deal to invest SR50 billion into the National Industrial Development and Logistics Program over the next 10 years.
RIYADH: Turkey-based agritech startup Tarfin has raised $8 million in its latest pre-series B round, MAGNiTT reported. 
The newly acquired fund will be utilised to strengthen Tarfin’s offerings to farmers in Turkey and finance expansion into Romania.
“We plan to use this latest $8 million funding in expanding our software development and data science teams, finance the launch of our Romanian operations, and invest in new value-added products and services for our farmers and partner agri-dealers,” CEO Mehmet Memecan said. 
Founded in 2017, Tarfin agritech platform provides flexible and quick financing options to farmers through a Point of Sale network.
The financing solutions provider supplies farmers with access to agri-inputs through over 800 partner agri-dealer locations.
RIYADH: Following the Saudi budget surplus estimate at SR90 billion ($24 billion), the stock market started the trading session in green territory as investors’ level of confidence in the market rose.
Tadawul’s main benchmark index TASI was up 0.78 percent to 11054.45 points while parallel market Nomu increased 0.25 percent to 24047.05 points in early trading.
The top gainer of the session was Eastern Province Cement Co., up 7.89 percent.
Al Sagr Insurance and Development Works Food were among the five highest-performing stocks in morning trading, rising up by almost 4.5 percent.
Losses were relatively trivial with shares of the top faller, Saudi Industrial Export Co., declining 1.58 percent.
Wafrah for Industry announced the resignation of its chief executive officer Maqid Alotaibi.
Bonyan REIT fund announced a 3.2 percent cash dividend at SR0.32 per share for the six-month period ending Oct.13, 2021.
Tourism Enterprise Co., shams, narrowed accumulated losses to SR56.9 thousands, representing one percent of capital.
Al Yamamah Steel Industries Co. declared the distribution of a 10 percent dividend at SR1 per unit for the six-month period ending Sept.30, 2021.
Suliman Al Habib Medical Group signed a SR94.5 million construction contract with Masah Construction Co. for its subsidiary Sehat Al Kharj Hospital.
Batic Investment and Logistics Co.’s SR300 million rights issue trading started today, Dec.13, and will end on Dec.23.
The subscription period to Saudi Economic and Development Securities Co.’s capital REIT fund will end on Dec.16.
Saudi Real Estate Co., Al Akaria, revised its capital increase recommendation to SR1.593 billion from SR1.6 billion.
RIYADH: Saudi Arabia’s finance ministry has announced the Kingdom’s budget allocation for next year – and the education sector took the biggest share of the pie. 
The ministry announced SR955 billion ($254.6 billion) – 19.37 percent, or SR185 billion, of which will go to education.
General items sector takes the second biggest share with an allocation of SR182 billion, followed by the military sector with SR171 billion. 
Health and social development, which took the second-highest share in budget expenditure in 2021, now stands with SR138 billion, or only 14.45 percent of the total budget.
The government spent SR190 billion on health and social development in 2020 as it increased spending unexpectedly to combat COVID-19.
Taking SR101 billion is security and administrative regions, followed by economic resources, municipal services sector, basic equipment and transportation, and general administration.