ArcelorMittal takes over Saudi TAQA’s JESCO

ArcelorMittal takes over Saudi TAQA’s JESCO
The company’s mandate is to lead the way in localizing industries in the Kingdom. (File/AFP)
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Updated 03 August 2021

ArcelorMittal takes over Saudi TAQA’s JESCO

ArcelorMittal takes over Saudi TAQA’s JESCO
  • With the deal, JESCO’s 100 percent ownership has been transferred to AMTPJ

RIYADH: Saudi Arabia’s Industrialization and Energy Service Co. (TAQA) on Sunday sold all its shares in Jubail Energy Services Co. (JESCO) to ArcelorMittal Tubular Products Jubail (AMTPJ).
With the deal, JESCO’s 100 percent ownership has been transferred to AMTPJ, TAQA said in an emailed statement, without disclosing the value of the deal.
Commenting on the sale of stocks, TAQA Chairman Ahmed Al-Zahrani said: “The divestiture of JESCO is in line with TAQA’s 2021 strategy to become a major player in Vision 2030 realization by maximizing the value of local investment and creating a more diverse and sustainable economy. The transaction will result in a much stronger industry in the steel sector serving not only the Kingdom but also the rest of the world.”
The company’s mandate is to lead the way in localizing industries in the Kingdom, supplying specialized equipment, and development of oil and gas resources in the Middle East and North Africa (MENA).
TAQA CEO Khalid Nouh said: “The divestiture of non-core businesses such as JESCO allows TAQA to expand its portfolio through acquisitions of additional services and technologies.” 


Growth in ESG, Islamic investments support stronger asset inflows in the GCC: Moody’s

Growth in ESG, Islamic investments support stronger asset inflows in the GCC: Moody’s
Updated 39 sec ago

Growth in ESG, Islamic investments support stronger asset inflows in the GCC: Moody’s

Growth in ESG, Islamic investments support stronger asset inflows in the GCC: Moody’s
  • There will be a significant increase in demand for ESG-compliant investment products, around 38 percent of respondents said

DUBAI: The growing demand in Islamic and environmental, social, and governance (ESG)-compliant investments is expected to increase asset inflows over the next 12 months.

This is according to asset managers in Gulf countries, based on Moody’s 2021 survey of chief investment officers (CIOs) from eight leading fund firms.

“Half of CIO respondents expect double-digit growth in net inflows, and another 33% foresee a high single-digit increase,” Vanessa Robert, vice-president of senior credit officer at Moody’s Investors Service said.

“Improved investment results and stronger fees, already comparatively high in the GCC region, will further support revenue growth,” she added.

There will be a significant increase in demand for ESG-compliant investment products, around 38 percent of respondents said, while half of them expect sales of Islamic products will grow faster than sales of conventional investments in the next year.

The report also found around 50 percent of respondents said they were open to merger and acquisition activities within the next two years


France’s OVHCloud takes first step toward IPO and hopes to raise around $470m

France’s OVHCloud takes first step toward IPO and hopes to raise around $470m
Updated 37 min 32 sec ago

France’s OVHCloud takes first step toward IPO and hopes to raise around $470m

France’s OVHCloud takes first step toward IPO and hopes to raise around $470m
  • OVHCloud hopes the IPO will “accelerate its growth trajectory and consolidate its European leadership position while continuing to expand in North America and Asia”

PARIS: French cloud computing services provider OVHcloud said it was hoping to raise 400 million euros ($468.64 million) via the issuance of new shares as part of a planned initial public offering (IPO) on the Paris stock market.
OVHCloud hopes the IPO will “accelerate its growth trajectory and consolidate its European leadership position while continuing to expand in North America and Asia,” the company said, as it released its IPO registration document.
The family-owned company added on Monday that it was targeting a revenue growth of 10-15 percent for 2022 and an organic revenue growth rate in the mid-twenties by 2025.
These growth targets would be achieved while maintaining an adjusted EBITDA (earnings before interest, tax, depreciation and amortization) margin in line with the fiscal 2020 level.
No dividend payments were anticipated in the mid-term with cash-flows expected to be re-invested in line with the company’s accelerating growth trajectory, it added.
Following the IPO, the Klaba family will retain a substantial majority stake in OVHcloud.
The company had initially announced its IPO plans in March, two days before a major blaze destroyed one of its data centers in eastern France — a disaster that had raised concerns about its capacity to go public.
In June, OVHCloud re-committed to an IPO but provided no timetable.


Pakistan banks move to close gender gap

Pakistan banks move to close gender gap
Updated 20 September 2021

Pakistan banks move to close gender gap

Pakistan banks move to close gender gap
  • The policy titled “Banking on Equality: Reducing the Gender Gap in Financial Inclusion” identified five key pillars

The State Bank of Pakistan (SBP) launched a gender mainstreaming policy, which aims to reduce the gender gap in the financial industry and improve women’s access to financial services, a statement said.

The policy titled “Banking on Equality: Reducing the Gender Gap in Financial Inclusion” identified five key pillars, according to the statement issued on Friday.

It will aim at improving gender diversity in financial institutions and their access points; developing and marketing women centric products and services; creating women desks at bank branches for improved facilitation for women customers; cgathering gender-disaggregated data and target setting; and institutionalizing a policy forum on Gender at SBP.

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Abdullah bin Zaraa appointed as head of Saudi Arabia’s executive office at the IMF

Abdullah bin Zaraa appointed as head of Saudi Arabia’s executive office at the IMF
Updated 20 September 2021

Abdullah bin Zaraa appointed as head of Saudi Arabia’s executive office at the IMF

Abdullah bin Zaraa appointed as head of Saudi Arabia’s executive office at the IMF
  • Bin Zaraa was chief operating officer and chief executive officer of the National Debt Management Center

RIYADH: Saudi Minister of Finance Mohammed Al-Jadaan has appointed Abdullah bin Zaraa as head of the Saudi executive fffice at the International Monetary Fund, Argaam reported.

Bin Zaraa was chief operating officer and chief executive officer of the National Debt Management Center.

Saudi Arabia's executive office is a permanent member of the IMF executive board, where it represents the Kingdom independently. 


Saudi Ground Services signs $27.2m handling services deal with Fly Dubai

Saudi Ground Services signs $27.2m handling services deal with Fly Dubai
Updated 20 September 2021

Saudi Ground Services signs $27.2m handling services deal with Fly Dubai

Saudi Ground Services signs $27.2m handling services deal with Fly Dubai
  • SGS will undertake ground handling services for Fly Dubai in all the Kingdom’s airports

RIYADH: UAE's Fly Dubai has signed an agreement for handling services with the Saudi Ground Services Company (SGS) for a period of five years, with a value exceeding 100 million Emirati dirhams ($27.2 million), Al Bayan paper reported.

Under the agreement, SGS will undertake ground handling services for Fly Dubai in all the Kingdom’s airports SGS will undertake ground handling services for Fly Dubai in all the Kingdom’s airports, including the 11 airports in which the airline operates.

Flydubai has expanded its network to more than 95 destinations, including many unserved destinations such as Minsk, Salzburg and Tirana.

The carrier also recently announced the start of operations to Ankara in Turkey, Ljubljana in Slovenia and Warsaw in Poland.