Foreign trade, export development authorities folded into one entity

The Cabinet approved merging the Kingdom’s foreign trade and export development authorities into a single body: the General Authority for Foreign Trade and Export, SPA reports. Officials have 180 days to prepare the merger paperwork and file any regulatory changes needed. Industry and Mineral Resources Minister Prince Abdulaziz bin Salman will chair the new authority’s board, with Commerce Minister Majid Al Kassabi as vice chairman.

Overhauling the wholesale price index

The General Authority for Statistics updated the methodology behind the Wholesale Price Index, rebasing it to 2023 from 2014 and widening coverage from three cities to 23 across all 13 administrative regions, it said in a statement. The goods basket grows to 554 from 343 items, with weights now refreshed annually under a chain-linking approach, and the classification, outlet sample, and price quotes all expanded. The first figures on the updated basis are published today.

Zood launches Élevée

Zood real estate launched a SAR 2.5 bn-plus mixed-use community in Riyadh. Élevée, the eight-tower development in the Al-Nakheel district — three residential towers, two hospitality towers (a hotel and hotel apartments), and three office towers, plus two standalone retail buildings — is designed by Spain’s Elia and built with Jadwa Investment as a strategic partner, the Saudi Gazette reports. It is due for completion by end-2029.

Al Tamimi Energy eyes a Tadawul listing

Al Tamimi Energy Group is lining up a Tadawul listing within two to three years. The Saudi group has been working on the IPO for more than a year, after starting preparations some four years ago, CEO Adel Al Shraim told Asharq Business. It spans about 19 companies, more than half of them industrial, across manufacturing, petrochemicals, power, and water, and has localized nine factories in the Kingdom with more to come.

On the docket: Al Shraim also flagged a new gas-for-power supply agreement in the works, a quantum-computing tie-up with France’s Pasqal, and talks on projects in Syria.