GE unit completes contract to power Saudi desalination plant

GE unit completes contract to power Saudi desalination plant
The Rabigh-3 plant is considered one of the largest seawater reverse osmosis (SWRO) plants in the world. (Supplied)
Short Url
Updated 30 May 2021

GE unit completes contract to power Saudi desalination plant

GE unit completes contract to power Saudi desalination plant
  • The issue of water security has always been a priority for countries in the Gulf region

A renewable energy unit of General Electric (GE) has completed a turnkey substation contract to power a saltwater desalination plant in Saudi Arabia that will supply drinking water to Makkah and Jeddah.

The Rabigh-3 plant is considered one of the largest seawater reverse osmosis (SWRO) plants in the world, with a capacity of 600,000 cubic meters of drinking water for the two Saudi cities.

GE’s Grid Solutions had secured an independent water and power (IWP) bulk supply joint project from Rabigh-Three Company, the co-owner and operator of the Rabigh-3 IWP.

The contract also involved Shandong Tiejum Electric Power Engineering Company.

“The energization of the substation is a testament to our commitment to delivering our projects in the Kingdom, despite the challenges presented by the pandemic,” said Bernard Dagher, president and CEO of Grid Solutions’ regional arm.

“The use of our advanced technology and the efficient and safe mobilization of our teams highlights our focus on supporting the Kingdom in meeting the Vision 2030 goal of ensuring high-quality services, including water, to the people,” he said.

The success of the project also demonstrated the Kingdom’s strong ties with China, said Mo Bing, project director at Shandong Tiejun.

“This is one of the exemplifications of China’s commitment and relation with the Kingdom of Saudi Arabia in the development and support to meet the stupendous Vision 2030 of the king and the crown prince of the Kingdom of Saudi Arabia,” he said.

The issue of water security has always been a priority for countries in the Gulf region due to limited renewable freshwater resources and shrinking available water resources.


Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed
Updated 15 sec ago

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

Saudi Cura gets $4mn Series-A financing from ELM and Wa’ed

RIYADH: Cura, a Saudi telehealth startup announces a SR15 million Series-A investment from ELM and Wa’ed, the entrepreneurship arm of Saudi Aramco, according to a statement today.

 


SABIC stock hits 7-year high

SABIC stock hits 7-year high
Image: Shutterstock
Updated 9 min 32 sec ago

SABIC stock hits 7-year high

SABIC stock hits 7-year high

Saudi Basic Industries Corporation (SABIC) recorded its highest price on Sunday since September 2014, at SR 134.60, according to Argaam. 

The stock is currently trading up just under 1 percent, with trading exceeding 500,000 shares so far. 

Today’s rise has pushed the stock up a staggering 120 percent since March 2020. 

The Saudi company operates in the petrochemical, fertilizer, iron, steel and aluminum industries with Saudi Aramco the largest investor, with a share of 70 percent. 


FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices
Image: Shutterstock
Updated 52 min 27 sec ago

FTSE adds ADNOC Drilling to three of its global equity indices

FTSE adds ADNOC Drilling to three of its global equity indices

Index publisher FTSE Russell has added ADNOC Drilling to three of its global equity indices.


ADNOC Drilling has been added to the FTSE Global Large Cap Index, the FTSE Emerging Index, and the FTSE All-World Index, according to a statement from ADNOC Drilling.


The index publisher, against whose indexes funds benchmark trillions of dollars of assets, earlier announced the same to clients on October 4.


ADNOC Drilling is a unit of Abu Dhabi National Oil Co. Baker Hughes retains a 5 percent share in the company.


ADNOC Drilling went public earlier this month via a $1.1 billion initial public offering through the sale of a 11 percent share in the company to investors.


Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
Getty Images
Updated 17 October 2021

Saudi Arabia issues penalties in crack down on electronic employment platforms

Saudi Arabia issues penalties in crack down on electronic employment platforms
  • Penalties can be doubled according to the frequency of violations

Saudi Arabia issued penalties in a move to regulate employment in electronic employment platforms as demand for mobile and web applications is booming in the Kingdom.

The Ministry of Human Resources and Human Development issued four penalties for violations on electronic platforms that range between SR5,000 ($1333) and SR50,000 ($13,333), Okaz paper reported.

The violations include the platforms enabling non-Saudi workers to work directly through the platform, platforms not verifying that the worker does not work on behalf of other people, platforms with incorrect data for workers, and those that have not supplied the requested data and information to the ministry.

Penalties can be doubled according to the frequency of violations.

The Minister, Ahmed Alrajhi, had previously obligated electronic platforms to limit direct interactions to Saudi nationals only and not to deal directly with non-Saudi workers except through the operating establishments.


Saudi food group Savola completes $260m acquisition of UAE’s Bayara

Saudi food group Savola completes $260m acquisition of UAE’s Bayara
Updated 17 October 2021

Saudi food group Savola completes $260m acquisition of UAE’s Bayara

Saudi food group Savola completes $260m acquisition of UAE’s Bayara
  • The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations.

DUBAI: Saudi Arabia’s Savola Group has completed the full acquisition of Emirati snack maker Bayara Holding, in a deal worth SR975 million ($260 million).

The transaction, paid in cash according to a stock exchange filing, was part of a five-year strategy to expand Savola’s regional operations.

Bayara is a major manufacturer and distributor of branded snacks in the UAE and the Kingdom.