ARABIALINK Daily News – SAUDI ARABIA – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Raytheon Signs $55m Deal for Saudi National Guard [Jul 20]
“US defence contraction Raytheon Co has secured a $55m contract to supply wireless-guided missiles to the US government as part of a foreign military sale to Saudi Arabia’s National Guard. The weapons are known as TOW missiles, which stands for tube-launched, optically-tracked, wireless guided 2A radio frequency missiles, and are favoured for their precise targeting. “On today’s battlefield, potential targets are hiding in caves, behind boulders or in the mountains,” said Shawn Ball, TOW international business development manager, Raytheon..” [Complete Report]
Investors Bet on Saudi Arabia’s Economic Boom [Jul 20]
” Saudi Arabia is drawing strong interest from the private equity sector thanks to a a large and young population, a growing economy and a government dedicated to achieving wider economic diversification. Saudi Arabia ranks favourably in the Insead-Booz and Company survey on the regional private equity industry, which indicates that a large majority of general partners are looking to invest in the GCC this year. But though many of GCC countries are relatively wealthy, they lack the critical mass of in terms of population and size of economic activity, the survey indicated. Saudi Arabia scores in this aspect. A number of international private equity firms have said they expected to open offices in Saudi Arabia in the coming months..” [Complete Report]
Kingdom Holding Net Grows 47% on Revenue From Hotels [Jul 20]
” Kingdom Holding Co., an investment company controlled by Saudi billionaire Prince Alwaleed Bin Talal, said second-quarter profit advanced 47 percent on revenue from global hotel operations and units inside Saudi Arabia. Net income increased to 135.4 million riyals ($36.1 million) from 92.1 million riyals in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse today. The company is “experiencing improving results from its hotel operations and its domestic entities,” it said. Kingdom Holding restructured some of its management and business to drive growth after struggling through the global financial crisis..” [Complete Report]
