Saudi halal food producer Tanmiah plans for expansion after IPO

Saudi halal food producer Tanmiah plans for expansion after IPO
Tanmiah has almost 18 percent of the Saudi poultry market. (Reuters)
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Updated 09 August 2021

Saudi halal food producer Tanmiah plans for expansion after IPO

Saudi halal food producer Tanmiah plans for expansion after IPO
  • Tanmiah plans to expand regionally and globally
  • Company raised $107 million in IPO last week

RIYADH: Tanmiah Food Co., Saudi Arabia’s number two poultry producer, has plans to take its halal products into new markets after last week’s initial public offering (IPO), in which it raised SR402 million ($107 million), Bloomberg reported.

“We are looking to expand not only locally, but regionally and globally too,” spokesman Ahmed Osilan said in an interview, adding that the company is targeting 1.8 billion Muslims around the world with its expansion.

Tanmiah has about an 18 percent share of the Saudi poultry market, and has branches in parts of the Middle East and Africa. The Riyadh-based company said it hopes to expand to the US, Europe, Asia and Latin America, funded by “various financial tools” from both private and government lenders.

“Halal food is becoming a key opportunity for a lot of companies, and by 2025 we should be able to be set for that expansion,” Osilan said.

Tanmiah said last June it plans to use the proceeds of its forthcoming share sale to double production over the coming five years.

The company already doubled production six times over the past five years and has a 17.6 percent share of the Saudi poultry market, Osilan told Al Arabiya.


UAE’s DEWA launches 16 power transmission stations totalling $816m last year

UAE’s DEWA launches 16 power transmission stations totalling $816m last year
Updated 17 sec ago

UAE’s DEWA launches 16 power transmission stations totalling $816m last year

UAE’s DEWA launches 16 power transmission stations totalling $816m last year

RIYADH: Dubai Electricity and Water Authority, known as DEWA, has inaugurated 16 new electricity transmission stations in 2021, at a total cost of 3 billion dirhams ($816 million).

These include fourteen 132kV stations with a transmission capacity of 2,100 megavolt-amperes, and two 400kV transmission stations with a conversion capacity of 4,000 megavolt-amperes in the Mohammed bin Rashid Al Maktoum Solar Park and Al Quoz 2. 

This brings the total value of DEWA’s investments in electricity transmission to 9.5 billion dirhams, CEO & MD of the authority, Saeed Mohammed Al Tayer, said.

The inauguration of the substations comes as part of DEWA’s efforts to increase the capacity, efficiency, and readiness of electricity transmission networks in Dubai, he added.


Makkah's $27bn project signs deal for power projects 

Makkah's $27bn project signs deal for power projects 
Updated 12 min 59 sec ago

Makkah's $27bn project signs deal for power projects 

Makkah's $27bn project signs deal for power projects 

RIYADH: Masar Makkah, a $27-billion mega project under development in Islam's holy city, is advancing work with new deal for its power requirments.

The project developer Umm Al-Qura Co. for development and construction, known as UAQ, signed an agreement with the National Electricity Transmission Co. to establish two central transmission stations and linking them to the electrical system network.

This agreement comes within the efforts made by the Saudi Electricity Company and its subsidiaries to provide a highly reliable electrical service to all giant projects in the Kingdom, Ibrahim Al-Jarbou, CEO of the Electricity Transmission Co. said.

Masar Makkah is 30 percent away from the completion of its infrastructure phase, Yasser Abu Ateeq CEO of Umm Al-Qura told Asharq News in Novebmer, adding that it has spent SR17 billion from the total SR23 billion allocated for the first phase, with the partial opening of the project slated for 2023.

The importance of Masar lies in its position as it will receive 80 percent of Makkah’s visitors as well as more than 60 percent of vehicles arriving from Jeddah. International hotels such as the Kempinski, Hilton Garden Inn and Taj will be some of the first developments of the project.

UAQ is a closed joint-stock company with investors from the private sector and state-owned investment funds, including the Public Investment Fund, Ministry of Finance, Public Pension Agency, the General Organization for Social Insurance, and the General Authority of Awqaf.

 

 


Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
Updated 23 January 2022

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
  • The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah said

RIYADH: Kuwait Foreign Petroleum Exploration Company, or Kufpec, has discovered natural gas and a light form of oil in Indonesia. 

Kufpec, which is a unit of Kuwait’s state energy company, made the discoveries “through the successful drilling of the Anambas-2X well” in 288 feet (88 meters) of water, Bloomberg reported.

The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah told Annahar on Sunday.

He added all the discoveries are owned by the company as it is the operator of the project, and it was its first discovery at an offshore block that it operates.

Kufpec started its operation in 1981, known as an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside Kuwait.

 


TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell
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Updated 23 January 2022

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

TASI snaps 10-day rally; weak earnings weigh on sentiment: Closing bell

RIYADH: Saudi stocks fell on Sunday as weak earnings data weighed on investor sentiment and losses hit some of the Kingdom’s major stocks.

TASI dropped 1.2 percent, snapping its ten-day winning streak, to close at 12,140 points, and the parallel Nomu market slipped 1.4 percent to 25,707 points.

The Kingdom’s dairy giant, Almarai Co., lost 2.4 percent after leading the losses earlier this morning.

The diary giant earlier posted a 21 percent decline in profit in 2021 as pandemic and value-added tax adversely impacted revenues.

Shares in Saudia Dairy and Foodstuff Co., or SADAFCO, also fell 1.3 percent in response to weak earnings data. Profits dropped by 29 percent during the nine months ending Dec. 31, 2021.

The $1.95 trillion oil giant Saudi Aramco edged down almost 1 percent, and fertilizer firm, SABIC Agri-Nutrients, closed 3 percent lower.

Stocks in the financial sector further weighed on TASI, including Al Rajhi Bank, the Saudi National Bank, SNB, and Alinma Bank, all down between 0.7 and 0.8 percent.

Etihad Atheeb Telecommunications Co. led the gainers, up 6.6 percent, while Saudi Research and Media Group was the highest faller, down over 3.7 percent.

Saudi information technology firm Al Moammar Information Systems Co., MIS, saw a 0.8 percent decline in its share price.

MIS has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co. for cloud hosting and data center services.

In energy trading, In energy trading, oil prices brought to an abrupt end the seven-year high on Friday as higher inventories of US crude and fuel prompted profit-taking.

Brent crude oil reached $87.9 per barrel, and US benchmark WTI crude oil settled at $85 per barrel.


Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris
Image: Shutterstock
Updated 23 January 2022

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris

Egypt launches Africa’s first environmentally friendly flight from Cairo to Paris
  • EgyptAir aims to reduce the use of single-use plastic materials on its flights by 90 percent

Cairo International Airport launched Africa’s first test flight with environmentally friendly services on board to Paris, led by EgyptAir. 

The Boeing 787-9 Dreamliner was led by the Egyptian minister of civil aviation and had 219 passengers onboard.

The flight coincides with the ministry of aviation's celebration of the 92nd National Day of Egyptian Civil Aviation, which falls on Jan. 26 of each year.

Mohamed Manar said the success of the environmentally friendly trip comes in line with the ministry of aviation’s plan to confront the effects of climate change.

EgyptAir aims to reduce the use of single-use plastic materials on its flights by 90 percent. 

It identified 27 products made of single-use plastic that were used on planes and replaced them with environmentally friendly products.

The Egyptian airline has set out a timetable for all flights to Europe with environmentally friendly products and services by 2025, to be circulated to all airline network flights, Amr Abol-Enein,  the head of the holding company for EgyptAir, said