From AI to desalination, Saudi contractors outline their plans

From AI to desalination, Saudi contractors outline their plans
1 / 2
The forum included presentations from companies who marketed their services to potential investors, such as the Tamimi Group and the Saudi Services for Electro Mechanic Works.
From AI to desalination, Saudi contractors outline their plans
2 / 2
The forum included presentations from companies who marketed their services to potential investors, such as the Tamimi Group and the Saudi Services for Electro Mechanic Works. (Social media)
Short Url
Updated 25 March 2021

From AI to desalination, Saudi contractors outline their plans

From AI to desalination, Saudi contractors outline their plans
  • The forum showcased nearly 1,000 projects planned in the Kingdom over the next 3 years

RIYADH: As the curtain closed on the final day of the Future Projects Forum, the full scope of the event’s SR600 billion ($160 billion) plans was unveiled.

The online event, hosted by the Saudi Contractors Authority, showcased some of the Kingdom’s prominent companies, such as the Saudi Electricity Co. (SEC), the Tamimi Group, the King Fahd Medical City and the National Industrial Development Center. All took to the stage in a bid to attract investors, showcase expansion plans and outline the services they have to offer.

Thammer Al-Dhubib, a strategic analyst at SEC, revealed plans for more than 115 high-voltage projects to be implemented throughout the Kingdom, almost 300 maintenance and operation projects set to raise the efficiency of the electrical system and over 13 electrical grid interconnection projects designed to link regions with high voltage.

“These plans, which are mapped out between the years of 2021 and 2023, are estimated at approximately SR54 billion. These investments aim to provide electrical services that will meet subscriber expectations and be delivered to nearly a million new subscribers,” he said.

Majed Al-Rumaih, a water infrastructure planning expert at the Saudi Water Partnership Co. (SWPC), outlined the company’s goals for the coming year.

“We aim to offer desalinated water projects to the private sector, purify and treat sewage water, offer water tank projects and transportation lines, and offer water dam projects to provide drinking water,” he said. “We also intend to buy and sell desalinated and purified water, both treated and untreated,” he added. Khaled Kuraishy, CEO of SWPC, also highlighted some of the company’s achievements. “In the past two years, we have reduced our production price by 30-40 percent. We are committed to supporting local content by at least 50 percent during construction and up to 80 percent during operations.”

He also said that SWPC has the lowest global price for the production of desalinated water (approximately 46 cents per cubic meter, or SR1.74 per 1,000 liters).

The Saudi Authority for Data and Artificial Intelligence announced their aim for artificial intelligence (AI) to account for 12.4 percent of the Saudi gross domestic product, as well as contribute $15 trillion to the global economy by 2030.

The National Center for AI also revealed plans for a project titled the “King Salman AI Oasis,” a first-of-its-kind interactive institution where users can learn about AI in an educational and entertaining atmosphere. 

The CEO of electric utility company ENGIE Saudi Arabia, Turki Al-Shehri, said the company sees opportunities valued at $13.2 billion in the Kingdom for 2021. King Fahd Medical City announced plans for several expansion works, including developing and improving the central sterilization department, the children’s dialysis department, the blood bank, the women’s emergency room and the children’s intensive care unit, all to take place during 2021.

Similarly, Princess Nourah bint Abdulrahman University also has a planned expansion in the works. The university intends to build water reservoirs, rooms for security guards, restaurants and coffee shops — some equipped with drive-thru facilities — and warehouses and storage centers.

The forum also included presentations from companies who marketed their services to potential builders and investors, such as the Tamimi Group and the Saudi Services for Electro Mechanic Works. Held in partnership with Saudi Aramco and SABIC, the forum showcased nearly 1,000 projects planned in the Kingdom over the next three years.


Tadawul IPO 442.53% oversubscribed to reach $1.3bn

Tadawul IPO 442.53% oversubscribed to reach $1.3bn
Updated 11 sec ago

Tadawul IPO 442.53% oversubscribed to reach $1.3bn

Tadawul IPO 442.53% oversubscribed to reach $1.3bn
  • The stock exchange group was offering 10.8 million shares to individual investors

RIYADH: The individual subscribers tranche of Tadawul’s initial public offering was 442.53 percent oversubscribed with a total demand of SR5.02 billion ($1.3 billion). 

The stock exchange group was offering 10.8 million shares to individual investors, or 30 percent of the total offer shares at a final price of SR105. 

Around 598,327 subscribers participated in the period, which started on Nov. 30.


Egypt to launch natural gas-powered bus fleet in 2022

Egypt to launch natural gas-powered bus fleet in 2022
Updated 05 December 2021

Egypt to launch natural gas-powered bus fleet in 2022

Egypt to launch natural gas-powered bus fleet in 2022

CAIRO: Egypt will launch its first fleet of buses powered by natural gas next year, Minister of Public Enterprise Hisham Tawfik has said.

About 70 percent of the components used in the manufacturing of the buses will be sourced locally, in cooperation with several Egyptian companies, he said.

Tawfiq said that the fleet will include buses that can accommodate 14 to 50 passengers, and that the goal of the project is to localize technology and transport production.

“Our strategy is to work in the production of environmentally friendly vehicles, whether they run on natural gas or electricity,” he added.

A delegation from the Belarusian Minsk Automobile Plant signed a contract to supply production materials for the project.

Production is expected to begin in mid-2022, with a target of 250 buses completed per year.

Tawfiq welcomed cooperation with the Belarusian side, especially in light of the distinguished relations between the two countries, which have developed significantly in recent years.


PIF offers 100m shares in stc in secondary public offering

PIF offers 100m shares in stc in secondary public offering
Updated 05 December 2021

PIF offers 100m shares in stc in secondary public offering

PIF offers 100m shares in stc in secondary public offering

RIYADH: Saudi Arabia’s Public Investment Fund (selling shareholder) and stc on Sunday announced the launch of a secondary public offering of stc’s ordinary shares, Argaam reported.

“The potential transaction is in line with the PIF’s strategy to recycle its capital to new investments,” the fund said in an earlier statement. 

A total of 10.02 million shares will be allocated to retail subscribers.

The offering comprises a fully marketed secondary public offering of 100.2 million stc shares, representing 5.01 percent of its share capital

The price range has been set between SR100 and SR116 per share. The final offer price will announced on Dec. 10.

Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as joint financial advisers for STC and joint global coordinators for STC and PIF. The Citigroup Saudi Arabia and Credit Suisse Saudi Arabia are acting as joint bookrunners, according to a bourse filing.


Bitcoin continues to decline from its high in November: Crypto wrap

Bitcoin continues to decline from its high in November: Crypto wrap
Updated 05 December 2021

Bitcoin continues to decline from its high in November: Crypto wrap

Bitcoin continues to decline from its high in November: Crypto wrap

RIYADH: Bitcoin, the leading cryptocurrency, plunged around 30 percent from the year’s high of $69,000 on Nov. 10.

It, however, traded higher on Sunday, rising by 2.82 percent to $48,972 at 5:14 p.m. Riyadh time.

Ether, the second most popular cryptocurrency, traded at $4,140 up 4.16 percent, according to data from CoinDesk.

“Corrections and declines do occur in almost all markets including crypto. The current decline is considered the largest in terms of market value since the late March 2020 decline,” Abdullah Mashat, managing director of a private Saudi retail company told Arab News.

Mashat said: “Current decline is due to investors being concerned of tapering talks in the US, which resulted in the decline in stock exchanges and later this caused liquidity crunch in the crypto markets."

Anto Paroian, COO at crypto hedge fund ARK36 said: “The market sentiments  have decisively soured as a result of deepening concerns about omicron variant and its (likely) effect on the economy. The current situation resembles closely what happened in March 2020 as we’re seeing equities plunge 5 percent off recent highs and the negativity is spreading to other markets as well including the digital asset markets. 

“On the other hand, the current price levels aren’t unexpected after the bulls failed to flip the $60,000 resistance multiple times in the past few weeks. During previous Bitcoin bull markets violent swings of 20-30 percent happened a few times before the market topped and let’s remember what happened in July - and how well the market rebounded afterward."

 "It must be noted, though, that one of the key Bitcoin bull market indicators — the 20-week simple moving average — has now been decisively breached so the outlook is currently bearish in the short to medium term. What’s more, since there are widespread expectations that interest rates will rise as central banks are signaling a more aggressive stance on inflation, the violent price move in the digital asset market may also suggest that some investors are preparing to go into a risk-off mode for the time being," Paroian added.

Meanwhile, El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the digital currency’s value slumped again, enlarging his bet on the cryptocurrency despite criticism.

Bukele said last week that El Salvador had acquired 100 additional coins to take advantage of the currency weakening.


Aramco enters Saudi lubricants market with new product line

Aramco enters Saudi lubricants market with new product line
Updated 05 December 2021

Aramco enters Saudi lubricants market with new product line

Aramco enters Saudi lubricants market with new product line

RIYADH: Saudi Aramco on Sunday announced its entry into the Kingdom’s domestic lubricants market with the launch of a new line of products.

The oil giant timed the ORIZON® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah.

The product line has been introduced in more than 20 cities including Riyadh, Jeddah and Dammam with more locations planned. The products include synthetic and semisynthetic lubricants for gasoline engines and heavy-duty diesel engines, as well as driveline products, greases and brake fluids. 

The company has also expanded the brand to include ORIZONPRO® which is a high-performance line for the industrial sector.

Yasser M. Mufti, Aramco vice president of fuels, said: “Entering the lubricants market is an important milestone for the company, as we continue to expand our presence throughout the downstream value chain.” 

The launch “further complements Aramco’s presence in the Kingdom’s downstream direct-to-consumer segment, following the inauguration of our first two service stations in Riyadh and Saihat recently.”