Ever Given insurance company says $900m compensation claim is unjustified

Ever Given insurance company says $900m compensation claim is unjustified
The Ever Given will soon be moved to Port Said for further checks. (Reuters)
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Updated 16 April 2021

Ever Given insurance company says $900m compensation claim is unjustified

Ever Given insurance company says $900m compensation claim is unjustified
  • Insurer says it made a generous offer on April 12
  • Crew of Ever Given remains on board ship

RIYADH: The insurance company for the Ever Given, which blocked the Suez Canal for almost a week in March, said it was disappointed by the court order to detain the vessel until $900 million compensation is paid after it had already made a generous offer to settle the claim.

The offer to the Suez Canal Authority was made in cooperation with the Japanese company that owns the ship on April 12th, Al Arabiya reported. However, the ship, its cargo and crew are being held until an agreement is reached, said the insurance company, UK Protection and Indemnity Club.

The Economic Court in Ismailia, Egypt, approved a request submitted by the Suez Canal Authority on Monday, to seize on the ship until $900 million is paid to cover the cost of freeing the ship and the disruption to traffic on the canal.

The insurer described the figure as “huge” and unjustified and said it is working with all concerned parties to ensure the release of the ship, its cargo and 25-person crew.

The Ever Given, currently in the Great Bitter Lake region, will move to Port Said for further examination, the insurance company said.


Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr pays $2.1m in cash dividends in H1
Updated 23 sec ago

Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr board of directors have signed off on SR8 million ($2.1 million) in cash dividends for the first half of 2021, according to a filing.

The pay-out — worth SR 3.2 per share - come as the restaurant chain’s profits increased by 16 percent to SR6.49 million ($1.73 million) during the first half of this year.

Burgerizzr, run by Shatirah House Restaurant Company, saw its net profits rise thanks to the opening of 13 new branches in the period to the end of June 2021.

Financing costs and losses on the disposal of property and equipment also decreased, according to Tadawul.

The total income of the company amounted to SR24.4 million in the first half of this year, up 28 percent compared to SR19 million during the same period in 2020.

The operating profit amounted to SR7 million, up 5 percent, compared to SR6.8 million for H1 last year.

Earnings per share during the period amounted to SR2.6, compared to SR2.25 during the first six months of last year.


Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 
The Mina Al-Ahmadi oil refinery
Updated 18 min 2 sec ago

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

RIYADH: The Kuwait National Petroleum Company (KNPC) has reached a “historic milestone” in clean fuel production, its CEO told KUNA on Tuesday.

Waleed Al-Bader claims KNPC’s Clean Fuels Project will cut carbon emissions and pollution through the use of products that meet strict environment standards.

The project works to reduce emissions and environmental pollutants by producing high-quality oil derivatives that comply with international environmental requirements, he said.

Measures undertaken include cutting nitrogen oxides, sulfur oxides and other pollutants, and increasing the capacity KNPC's two refineries to 454,000 barrels per day and 346,000 barrels per day respectively of eco-friendly oil by-products.

“This is a historic milestone," Al-Bader said, adding that the ambitious project is a source of pride not only for the KNPC but also for the whole Kuwaiti oil sector.

 


ROSHN pledges to create 170k jobs by 2030

ROSHN pledges to create 170k jobs by 2030
Updated 22 September 2021

ROSHN pledges to create 170k jobs by 2030

ROSHN pledges to create 170k jobs by 2030

RIYADH: ROSHN, a real estate company owned by the Public Investment Fund, launched a leadership program Himam as part of its plans to create 170,000 jobs by 2030.

The new jobs will be created in the company’s different projects across the Kingdom. 

The leadership program aims to hone the leadership skills of fresh graduates to transform them into future business leaders, the Riyadh-based company said in a statement.

The program will provide training of up to 24 months, following which the trainees will be accommodated in the company.

“We believe that the basic pillar for improving business performance lies in training a new generation that possesses innovative skills and solutions to realize the Kingdom’s future objectives,” said ROSHN Group CEO David Grover.


King Salman Park awards $1bn construction contracts

King Salman Park awards $1bn construction contracts
Image: King Salman Park
Updated 22 September 2021

King Salman Park awards $1bn construction contracts

King Salman Park awards $1bn construction contracts
  • he project, on the grounds of the old airport in Riyadh, aims to create the largest city park in the world
  • The contracts also include infrastructure works and site preparation works for the Royal Complex for Arts

The King Salman Park Foundation has awarded contracts worth SR3.847 billion ($1 billion) to a group of national companies to implement parts of the King Salman Park project, coinciding with the start of construction work, Al Eqtisadiah reported.


These contracts include site preparation works, and the construction of a number of tunnels and bridges on Abu Bakr Al-Siddiq Road and Al Urubah Road. The project, on the grounds of the old airport in Riyadh, aims to create the largest city park in the world.

At 13.4 square kilometers, King Salman Park will be five times larger than London’s Hyde Park and four times larger than Central Park in New York. It aims to become a one-of-a-kind destination, with more than 160 features and attractions covering art, culture, sport and entertainment. Construction is expected to begin in the second half of this year.

The contracts also include infrastructure works and site preparation works for the Royal Complex for Arts.


MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021

MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021
Updated 22 September 2021

MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021

MEA unit of Virgin Mobile achieves net zero carbon emissions in 2021
  • The telecom company teamed up with Dubai Carbon Center of Excellence to gather data on its operations to calculate its total emissions

DUBAI: Virgin Mobile Middle East and Africa said it has achieved net zero carbon emissions across all its operations in 2021, supported by its ban on single-use plastic in Saudi Arabia. 

The telecom company teamed up with Dubai Carbon Center of Excellence to gather data on its operations to calculate its total emissions. 

Companies in the region are showing increased consciousness about their carbon emissions, inspired by a global movement towards sustainability. Governments in the Gulf are trying to do the same. 

Virgin Mobile previously banned single-use plastic in Oman and Saudi Arabia, eliminating more than 50 tonnes of single-use plastic across the region. 

Other sustainable practices have been implemented in the company’s offices, including policies on business travel, energy use, and environmental awareness for its employees.