logo
Atlas Elevators to supply, install elevators for NHC project

Atlas Elevators to supply, install elevators for NHC project

Argaam8 hours ago
Atlas Elevators General Trading and Contracting Co. signed on July 2 a supply and installation agreement with Al-Sabq Al-Arabi Company for Trading and Contracting (SATC) — the main contractor for the National Housing Company's (NHC) Al-Fursan project.
The value of the agreement can not be determined at present, as it depends on supply and demand for the company's products through one year, the company said in a statement to Tadawul.
The one-year agreement seeks mutual benefits for both parties. Atlas Elevators will provide SATC with supply and installation services at competitive prices. The agreement further ensures the highest quality and performance in accordance with the agreed-on specifications.
This will guarantee the optimal implementation of the Al-Fursan project, opening new horizons for both parties to grow and expand, while supporting the strategic objectives of the company.
Under to the agreement, Atlas Elevators will supply and install the agreed-upon products at the specified times and locations, in line with the project's timeline and in compliance with Saudi code specifications.
The company will provide advanced and integrated elevator and mechanical systems solutions, ensuring the highest technical and safety standards.
The company expects the agreement to reflect positively on its financial results during the contract period. It also confirmed that there are no related parties involved in this agreement.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%
Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%

Arab News

time35 minutes ago

  • Arab News

Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%

RIYADH: Saudi Arabia's Tadawul All Share Index concluded Thursday's trading session at 11,244.45 points, marking an increase of 114.81 points or 1.03 percent. The total trading turnover of the benchmark index was SR5.625 billion ($1.5 billion), as 139 of the listed stocks advanced, while 110 retreated. The MSCI Tadawul Index also increased by 19.52 points, or 1.37 percent, to close at 1,443.46. The Kingdom's parallel market Nomu reported a decrease, losing 88.34 points, or 0.32 percent, to close at 27,287.50 points. This comes as 37 of the listed stocks advanced while 38 retreated. The index's top performer, Fawaz Abdulaziz Alhokair Co., saw a 9.85 percent increase in its share price to close at SR29. Other top performers included Saudi Ceramic Co., which saw a 6.26 percent increase to reach SR31.90, while Halwani Bros. Co.'s share price rose by 5.55 percent to SR44.86. Middle East Healthcare Co. also recorded a positive trajectory, with share prices rising 5.09 percent to reach SR57.80. Al-Rajhi Co. for Cooperative Insurance was TASI's worst performer, with the company's share price falling by 2.91 percent to SR123.30. Saudi Industrial Export Co. followed with a 2.51 percent drop to SR2.33. Ades Holding Co. also saw a notable decline of 2.32 percent to settle at SR13.06. Americana Restaurants International PLC and Naseej International Trading Co. were among the top five poorest performers, with shares dropping by 2.08 percent to settle at SR2.35 and 1.96 percent to sit at SR100, respectively. On the announcement front, Riyad Bank announced its intention to issue tier 2 trust certificates denominated in US dollars under its updated international trust certificate issuance program, the bank said on Thursday. According to the bank's statement on Tadawul, the issuance — approved by its board on August 9 — is expected to be carried out through a special purpose vehicle and offered to eligible investors both in Saudi Arabia and internationally. The offering is part of the bank's broader capital-raising initiative aimed at general banking purposes, and its size and terms will be determined based on prevailing market conditions at the time of issuance. The Saudi lender has appointed Standard Chartered Bank, HSBC Bank, Merrill Lynch International, and J.P. Morgan Securities, as well as SMBC Group, Mizuho International, DBS Bank Ltd, and Riyad Capital as joint lead managers for the proposed offer. The proposed issuance of trust certificates will proceed following approvals from relevant regulatory bodies and will comply with all applicable laws and regulations. Riyad Bank's share price traded 2.54 percent higher on Thursday to close at SR28.36.

Saudi Arabia's POS spending climbs 24.4% to $3.6bn in final week of June
Saudi Arabia's POS spending climbs 24.4% to $3.6bn in final week of June

Arab News

time4 hours ago

  • Arab News

Saudi Arabia's POS spending climbs 24.4% to $3.6bn in final week of June

RIYADH: Saudi Arabia's point-of-sale transactions climbed to SR13.6 billion ($3.6 billion) in the week ending June 28, marking a 24.4 percent rise compared to the previous seven-day period, according to the latest official figures. The point-of-sale transactions bulletin issued by the Saudi Central Bank showed that the number of transactions also rose by 8.6 percent to reach 219.9 million. Spending on recreation and culture posted the highest weekly increase, surging 49.3 percent to reach SR294.7 million. The number of transactions in this category rose slightly to 2.26 million. Clothing and footwear followed with a 44.2 percent surge in spending, totaling SR830.9 million. The number of transactions in this section rose 34.5 percent to 6.2 million. Telecommunications came third, with a 38.7 percent increase in value to SR123.9 million and a rise in transactions to just over 2 million. Spending on public utilities increased by 28.8 percent, reaching SR52.3 million through 690,000 transactions. Gas stations registered SR963.5 million in transactions, up 18.4 percent from the prior week. Transaction volume climbed to 17.2 million. Expenditures in the health sector reached SR840 million, an increase of 17.9 percent, while spending on transportation rose 18.7 percent to SR746 million. The number of transportation transactions hit 2.9 million. Jewelry sales rose by 34.7 percent to reach SR352.7 million from 280,000 sales. Education services recorded sales of SR 212.1 million, up 9.7 percent, with the number of transactions in the sector reached 118,000. Sales at hotels reached SR212.5 million, a 28.3 percent weekly increase, while transactions advanced 26.4 percent to 680,000. Spending on construction and building materials totaled SR328 million, representing a 7.9 percent boost from the previous week. The number of transactions stood at 1.7 million. Among cities, Hail recorded the highest increase in POS transaction value, rising 41.5 percent to SR226.2 million across 4 million transactions. Abha followed with a 37.6 percent rise in spending, totaling SR195.3 million from 3.48 million transactions. Additional cities across the Kingdom contributed SR3.93 billion in POS sales, reflecting a 32.6 percent increase from the previous week. Madinah posted SR516 million in transactions, up 27.7 percent, while Jeddah recorded SR1.93 billion, marking a 20.4 percent increase. Makkah followed with SR471.7 million, up 20.2 percent from the prior week. Riyadh remained the highest in overall value with SR4.68 billion in sales, a 19.7 percent weekly rise, and 70.3 million transactions. Dammam registered SR673.3 million, increasing 18.1 percent. Khobar and Buraidah posted SR385.7 million and SR327.7 million, respectively, while Tabuk reported SR278.5 million in POS spending.

POS transactions reach SAR 13.6B last week: SAMA
POS transactions reach SAR 13.6B last week: SAMA

Argaam

time4 hours ago

  • Argaam

POS transactions reach SAR 13.6B last week: SAMA

POS device The point-of-sale (POS) transactions in Saudi Arabia reached nearly SAR 13.6 billion in the week ended June 28, compared to about SAR 10.9 billion a week earlier. The number of POS transactions reached about 220 million last week, compared to nearly 202.5 million in the previous week, according to data issued by Saudi Central Bank (SAMA). POS transactions represent consumer expenditure through debit and credit cards at major shopping centers, retail outlets, pharmacies, and others. The data indicated that the value of sales via POS increases in the weeks that coincide with the disbursement of salaries to government employees (the 27th of each month), in addition to the weeks that coincide with school vacations and the weeks preceding Eid Al-Fitr and Eid Al-Adha. On the other hand, the value of sales decreases in the weeks preceding salary disbursement and those coinciding with the start of the back-to-school season. The moving average value of POS transactions stood at about SAR 12.45 billion in 2025. Adopting the four-week moving average, the value of POS transactions soared during 2024 compared to 2023 and 2022. The average value of sales ranged between SAR 11 billion and SAR 14 billion in 2024, compared to SAR 10 billion to SAR 13 billion in 2023 and SAR 9 billion to SAR 12 billion in 2022. For the week ended on June 28, consumer spending was focused on the food and beverage (F&B) sector, representing 14.6% (SAR 1.99 billion) of last week's total POS transactions, followed by the restaurants and cafes sector at 13.9% (SAR 1.89 billion). Riyadh led in terms of POS transaction value by region, with approximately SAR 4.68 billion, representing 34.4% of the total. Jeddah followed with SAR 1.93 billion (14.1%). According to the latest data from the Saudi Central Bank (SAMA), e-payments in the retail (individuals) sector reached 79% of total payments carried out by individuals in the Kingdom during 2024. This achieved the target ratio in the Financial Sector Development Program, one of Vision 2030's programs, which aims to reach an e-payment ratio of 70% by 2025. Over the past few years, Saudi Arabia has witnessed remarkable progress and rapid growth in e-payment adoption, thanks to the myriad strategic efforts and initiatives launched by SAMA, in cooperation with the financial sector, to support the growth of the payments sector and stimulate the use of various e-payment methods in the Kingdom.

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