Saudi Arabia closes $1.7bn September sukuk program

Saudi Arabia closes $1.7bn September sukuk program
As per the 2021 Saudi budget, the deficit funding requirement in 2021 is estimated to be SR141 billion. (Shutterstock)
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Updated 15 September 2021

Saudi Arabia closes $1.7bn September sukuk program

Saudi Arabia closes $1.7bn September sukuk program
  • Saudi Arabia had approximately SR854 billion debt outstanding by year-end 2020

RIYADH: The National Debt Management Center (NDMC) has closed the September 2021 issuance under the Saudi Arabian Government riyal-denominated sukuk program. The size was set at  SR6.675 billion ($1.7 billion), NDMC said in a statement on Tuesday.

The issues were divided into three tranches: a SR3.170 billion tranche, which matures in 2029, a SR2.855 billion tranche which matures in 2033 and a SR650 million which matures in 2036.

Saudi Arabia had approximately SR854 billion debt outstanding by year-end 2020, of which 59 percent are riyal-denominated and 41 percent in foreign currency, says NDMC on its website.

As per the 2021 Saudi budget, the deficit funding requirement in 2021 is estimated to be SR141 billion, it says.


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 12 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. 


CMA reviews 45 companies awaiting stock market listing

CMA reviews 45 companies awaiting stock market listing
Updated 22 September 2021

CMA reviews 45 companies awaiting stock market listing

CMA reviews 45 companies awaiting stock market listing
  • The CMA deputy for listed companies & investment products, said the authority wants to expedite applications as part of efforts to support the economy and develop new sectors
  • The CMA highlighted an increase in investors' demand for investment funds, with the number of subscribers rising 12 percent at the end of the first half of 2021

RIYADH: Saudi’s Capital Market Authority (CMA) plans to speed up stock market listings as it revealed around 45 companies are waiting for approval.

In a statement on Tuesday, Abdullah Bin Ghannam, CMA deputy for listed companies & investment products, said the authority wants to expedite applications as part of efforts to support the economy and develop new sectors.

The number of new listings in the Saudi market since the beginning of the year, including traded investment funds, has reached 11, bringing the total number listed to 217, Bin Ghannam said.

The CMA deputy highlighted an increase in investors' demand for investment funds, with the number of subscribers rising 12 percent at the end of the first half of 2021, reaching a record 408,000 investors compared to 364,000 at the end of 2020.