BSF signs deal with Saudi desalination giant

Patrice Couvegnes, BSF managing director, with Ali bin Abdulrahman Al-Hazmy, SWCC governor, at the signing ceremony in Riyadh. (AN photo)
Updated 01 April 2017
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BSF signs deal with Saudi desalination giant

RIYADH: State-owned Saline Water Conversion Corporation (SWCC) has awarded a financial advisory mandate to Banque Saudi Fransi (BSF) for two greenfield projects.
Patrice Couvegnes, BSF managing director, said: “The bank is committed to contributing to Saudi Vision 2030 with the objective of developing and delivering high-quality services to the private and government sectors.”
He said that BSF and its subsidiary, Saudi Fransi Capital, has the distinction of being one of the most successful homegrown banks in the Kingdom besides being a leader in offering a wide range of financial and banking services.
The bank has assembled a team of professionals with vast experience in advisory, privatization and financial structuring, Couvegnes said.
“After the announcement of Saudi Vision 2030, SWCC has become one of the first organizations to launch its privatization program,” said a statement issued after the deal was finalized.
“With the Kingdom’s new 2030 vision, BSF’s role as a leading bank and a major financial institution has become more prominent, and the responsibility we carry has increased,” it added.
The Riyadh-based SWCC is the largest desalinating corporation in the world besides being the second-largest power provider in Saudi Arabia. The SWCC, which has over 30 desalination plants and 14 transmission lines across the Kingdom, currently produces about 20 percent of the world’s desalinated water.


GCC citizens eye properties in Oman as number of buyers rises

Many Gulf nationals often buy properties in prominent tourist spots. (File/AFP)
Updated 21 October 2018
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GCC citizens eye properties in Oman as number of buyers rises

  • An increase of 17.63 percent has been recorded

DUBAI: The number of GCC citizens buying properties in Oman has risen by 17.63 percent according to the country's National Center for Statistics and Information, local daily Times of Oman reported on Sunday.

The statistics show that 1,038 properties were purchased by GCC nationals in August 2018, compared to the 855 purchased last year.

“The increase in the number of GCC nationals’ ownership of plots in Oman is because they benefit from the returns on investment in the real estate sector and its value, compared to some other Gulf states. Some of them also buy plots because they have relatives in Oman and want to live near them. Some have inherited land plots because they are of Omani origin, in addition to the desire of many investors to own property in some provinces because of the weather and moderate climate,” an official from Oman’s housing ministry said.

GCC nationals often buy properties in prominent tourist spots in Oman, according to Ahmed Al-Hooti, a member of the Oman Chamber of Commerce and Industry.

“Many nationals from Saudi, Qatar, UAE and Bahrain come here and buy properties in popular tourist spots such as Salalah, Masirah Island, and eastern beaches such as Ras Al Hadd for activities such as fishing,” Al-Hooti said.