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CAPITAL MARKETS-
Tadawul turned down Advance International Company for Communication and Information Technology’s request to move from parallel market Nomu to the main market, as the ICT solutions firm failed to meet all the necessary requirements to do so, according to a statement from the exchange.
AGRICULTURE-
Gov’t pays third installment of wheat arrears to farmers: State grains buyer General Authority for Food Security paid SAR 426.2 mn to 810 farmers, settling arrears for buying 239.9k tons of wheat this year, according to a post on X. This is the third installment of wheat arrears disbursed by the government for the 2024 harvesting season, which has seen the government procure 552.5k tons of wheat from 2.8k farmers as of mid-July.
ICYMI- The General Authority for Food Security paid SAR 295.2 mn to 792 farmers in the first installment of wheat arrears for this year in July, and it paid SAR 314.5 mn to 682 farmers in the second installment in August.
BUSINESS-
NYSE-listed air conditioner maker Carrier Global Cooperation opened a new regional office in Riyadh, according to a press release. The move comes amid a broader government initiative aimed at incentivizing foreign companies to relocate their regional headquarters to the Kingdom via tax exemptions among other benefits.
STARTUP WATCH-
Tech startup investment platform Tawaref and fintech platform SimpliFi will work together to facilitate startups’ expansion into the Saudi market, according to a press release. The partnership looks to streamline startups’ financial transactions by giving them access to multi-currency wallets, cards, and expense tracking tools. In addition, they will be able to access Tawaref’s Saudi Landing Program, which provides company formation, legal, accounting, and government registration services for non-Saudi startups looking to establish themselves locally.
AVIATION-
The Kingdom led the region in airline seat capacity growth in September, growing 9.9% to 6.4 mn seats, Al Eqtisadiah reports, citing a report by Ch-aviation and OAG. Jeddah's King Abdulaziz Airport ranked third among Gulf airports, growing 7.3% at 2.3 mn seats. Meanwhile, Saudia came in second among carriers in terms of seat capacity during the period, offering 2.6 mn seats at 4.5% growth.
