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RIYADH: Saudi Al-Khaleej Training and Education Co. has acquired a 60 percent stake in Al-Faisaliah National Schools Co.
The acquisition deal is worth SR60 million ($16 million) and is subject to obtaining the necessary regulatory approvals, according to a bourse filing.
Listed on Saudi Arabia’s main stock index TASI, Al-Khaleej Training narrowed its net losses by 33 percent to SR5.09 million during the first quarter of 2022, down from SR7.6 million in the same period a year ago.
RIYADH: China stocks closed roughly flat on Tuesday as concerns over the worsening COVID-19 situation offset optimism from recovering services activities in the country.
The blue-chip CSI300 index ended down 0.1 percent at 4,489.54, while the Shanghai Composite Index ended flat, at 3,404.03 points.
China touts Afghan trade and investment plans
China’s ambassador touted trade and investment plans for Afghanistan on Tuesday, in what was a public endorsement for doing business in the Taliban-controlled country after an earthquake drew attention to the humanitarian consequences of Western sanctions.
At a rare press conference alongside the Taliban administration’s acting minister for disaster management, Ambassador Wang Yu announced $8 million in aid for relief from the June 22 earthquake that killed more than 1,000 people.
“Besides emergency humanitarian aid, after the political changes last year and after the earthquake, we also have long-term economic reconstruction plans,” he said. The priority would be trade, followed by investment, as well as agriculture.
No country has formally recognized the Taliban, who seized power last year after the US and its allies withdrew troops following 20 years of war.
China port group launches major pipeline in oil hub Shandong
China’s Yantai Port Group has started pumping oil into a newly expanded crude oil pipeline that connects the port of Yantai to a group of independent refineries in the country’s refining hub Shandong, state media reported on Tuesday.
The 370-kilometer pipeline, with an annual transport capacity of 20 million tons which equals 400,000 barrels per day, is solely invested by Yantai Port Group, a unit of provincial government-backed Shandong Port Group.
The new line, linking Yantai with the city of Weifang, adds to an existing parallel 650 km pipeline connecting Yantai with Zibo, bringing total transport capacity to 40 million tons annually, or 800,000 bpd.
About 10 independent refineries are linked to the two pipelines, according to Shandong-based commodities consultancy JLC.
As part of commodities logistics operations, Yantai Port also operates a 300,000 ton crude oil terminal and a 3.6 million cubic-meter crude oil tank farm.
RIYADH: Saudi Aramco has signed 55 agreements across sustainability, digital, industrial, manufacturing and social innovation sectors, as part of a major expansion of its Namaat industrial investment programs.
Growing from 32 to 55 investments since last year, Namaat supports industrial investment partnerships to create jobs for Saudis and to contribute to national growth and capacity building, according to a statement.
“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty,” Ahmad Al-Sa’adi, Aramco senior vice president of technical services, said.
As part of our industrial investment program #namaat, we sign a series of agreements and MOUs with our partners to enable the industrial value chain#aramco — aramco (@aramco) July 5, 2022
As part of our industrial investment program #namaat, we sign a series of agreements and MOUs with our partners to enable the industrial value chain#aramco
Bolstering Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains, the agreements include:
Honeywell, to establish a joint venture to develop and implement digital technology solutions across industrial facilities.
Armorock and AlKifah Precast, to establish a joint venture to localize the use of polymers in concrete production.
Shell & AMG Recycling and United Company for Industry, the signing of the Vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility.
In addition to the Saudi-owned conglomerate Al Rushaid Group’s agreement between ARPIC, Samsung, and Aramco to create a National Engineering, Procurement and Construction joint venture in Saudi Arabia.
The new EPC joint venture aims to increase Saudization levels and deploy leading construction technologies in alignment with the Saudi Aramco Namaat program.
DUBAI: Aldar Properties, an Abu Dhabi developer, acquired two islands for residential development and the Nurai Island Resort hotel.
The purchase came after acquiring land on Saadiyat island worth 3.7 billion dirhams ($1 billion) to build 2,700 units with a gross development value of 15 billion dirhams, according to MEED.
In addition, Aldar plans to renovate and expand the hotel. The two new islands purchased in Abu Dhabi will be used to build high-end luxury beachfront villas.
Along with the hotel, Nurai island includes water and estate villas owned by third parties.
In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.
Emirates NBD, a leading bank in the the Middle East North Africa and Turkey region, and Dubai Land Department have partnered to boost and strengthen the UAE’s real estate market, according to a statement
Rental check payments will soon be automated and digitized through use of the Direct Debit System of the Central Bank of the UAE to support the rental market.
By eliminating the administrative activities required to manage post-dated checks manually, this collaboration aligns with Dubai’s vision of paperless payment ecosystems as well as the Dubai 10X initiative, the statement added.
In addition, tenants will be able to pay their rent using their bank account rather than issuing checks. In addition, their landlords or property management companies will be able to offer them flexible payment plans.
The Emirates NBD offers non-resident savings accounts that will facilitate investor purchases in Dubai and allow them to manage their property and collect rent conveniently.
A dedicated relationship management team will support overseas investors through the account opening process, the statement concluded.
RIYADH: Saudi stocks finished lower on Tuesday for the third time this week amid fears of unstable oil prices and slowing economic growth.
The main index, TASI, fell 0.12 percent to 11,344, weighed down by a 7.37 percent drop in Methanol Chemicals Co. and a 4.6 percent decline in Sahara International Petrochemical Co.
The parallel market, Nomu, ended Tuesday’s session with a gain of 2.24 percent, reaching 21,135 points.
Fawaz Abdulaziz Alhokair Co. slipped 2.88 percent, and Saudi Basic Industries Corp. dropped 1.2 percent.
Saudi Aramco, the largest player on the Saudi oil market, gained 0.39 percent, while chemicals maker Petro Rabigh climbed 1.29 percent.
In the banking sector, the Saudi National Bank rose 0.76 percent, and Alinma Bank lost 0.75 percent.
Saudi British Bank, which was voted the best bank in 2022, lost 0.24 percent of its share price.
In the energy sector, West Texas Intermediate crude was trading at $108.82 per barrel and Brent crude was trading at $112.23 per barrel as of 3:29 p.m. Saudi time.
RIYADH: Iraqi oil and gas company Gulf Keystone Petroleum has received seven bids for its planned gas management project at the Shaikan Field, MEED reported citing the company’s chief executive Jon Harris.
The $250 million gas management project involves developing a third production facility at the field as well as a gas gathering pipeline, it added.
“Most of the third production facility will be made up of gas handling and compression units,” Harris told MEED, adding that the company is going to put an early production facility on the same site.
Firms bid for Misk Foundation Forum bridge
Saudi Arabia’s Mohammed bin Salman Foundation, known as Misk Foundation, has received bids from contractors to develop its newest 240-meter Forum bridge.
The project will come up in the Prince Mohammed bin Salman Nonprofit City, known as Misk city, scheme that the foundation is developing in Riyadh.
Amongst the contractors which have submitted bids include local firms Saudi Mohammed Al-Rashid Co. and Real Estate Infrastructure Company, according to MEED Projects.
Located in the Irqah neighborhood, the Misk City project will cover a 3.4 square-kilometer area, which will include 500 villas and townhouses, and 6,000 apartments.
TRSDC and AREIC collaborate Jumeirah Red Sea Resort project
The Red Sea Development Company has formed a joint venture with Almutlaq Real Estate Investment Company for the development of the $400 million Jumeirah Red Sea resort in Shura Island.
Expected to start operations in 2024, the Shura island will encompass luxury resorts and suburban neighborhoods, entertainment and recreational facilities, and a 118-berth marina, reported Trade Arabia.
“We are extremely pleased to partner with TRSDC and its best-in-class management team on this exciting and compelling project,” AREIC Chairman Tariq Almutlaq said.
“The destination is coming to life, and we look forward to welcoming our first guests in 2024,” he added.