Saudi seeks partners for water pipeline project

Saudi seeks partners for water pipeline project
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Updated 19 September 2021

Saudi seeks partners for water pipeline project

Saudi seeks partners for water pipeline project
  • The winning bidder will provide the entire transmission capacity to SWPC under a 35-year water transmission agreement
  • The Saudi government aims to achieve its goals of ensuring sustainable development of the country’s water resources while providing affordable high-quality services

The Saudi Water Partnership Company (SWPC) has invited expressions of interest (EoIs) for the Riyadh-Qassim Independent Water Transmission Pipeline (IWTP) project, which, on completion, will have a transmission capacity of 685,000 cubic meters per day, according to TradeArabia.com.

Through this program, the Saudi government aims to achieve its goals of ensuring sustainable development of the country’s water resources while providing affordable high-quality services, SWPC said in a statement.

According to SWPC, a competitive process will be held to select the developer/developer consortium for the 1,392-km-long pipeline project which will be implemented on a build, own, operate and transfer  basis. The deadline for bids has been set at October 31, stated the utility company.

It will develop the necessary potable water transmission systems network comprising pipelines and interim/terminal storage facilities within the Eastern Supply Group to provide critical connectivity between the consumption centers and the upcoming desalination plants.

The winning bidder will provide the entire transmission capacity to SWPC under a 35-year water transmission agreement in bid to boost the Eastern Supply Group, it added.


UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 
Updated 14 sec ago

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

RIYADH: Egyptian billionaire Naguib Sawiris has announced a $100 million deal with Abu Dhabi’s Chimera for investment in Egypt’s real estate.

Through its subsidiary, Chimera subscribed to a capital increase in Egypt’s Gemini Global Development in return for acquiring a minority stake in the company, Asharq reported.

This capital increase aims to develop and expand the real estate activities of Gemini Global Development Egypt through Ora Developers.

Naguib Sawiris said Ora Developers has always aimed to search for opportunities that expand their offerings to a larger base of customers in various markets, while partnering with global investors, contractors and retailers. 

“Through this partnership, Chimera continues to grow and further enhance its global portfolio by investing in a prominent player operating in a high growth sector in Egypt,” Chimera Chairman Syed Basar Shueb said. 


BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap
Updated 22 min 15 sec ago

BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap

RIYADH: Crypto exchange BitMart has experienced a security breach that has led to hackers withdrawing around $150 million in cryptocurrency, Bloomberg reported.

Blockchain security firm PeckShield estimates the total loss could run as high as $200 million.

Last week, BitMart closed a Series B funding round led by New York-based private equity firm Alexander Capital Ventures that valued the crypto exchange at more than $300 million.

BitMart will use its own funding to compensate users affected by this hack, according to CEO Sheldon Xia's tweet.

“No user assets will be harmed,” he tweeted, adding the company expects to resume deposit and withdrawal functions on Tuesday.

Also last week, crypto lender Celsius network, which has raised funds from major investors including Canadian pension fund Caisse de Dépôt et Placement du Québec, confirmed that it lost funds as a result of the hack of BadgerDAO, a decentralized finance platform.

Mining

Authorities in Russia and Ukraine have shut down a number of farms involved in the illegal mining of cryptocurrencies allegedly powered by stolen electricity.

"An audit revealed an unauthorized connection to the power grid, theft of electricity and illegal seizure of land for the operation of equipment designed to perform cryptographic calculations related to the mining of digital currencies," Ekaterina Korotkova from the Moscow Interregional Transport Prosecutor’s Office said.

The cost of illegally consumed electricity used to operate mining equipment exceeds 500,000 rubles per day ($7,000), Korotkova explained.

The authorities have filed a criminal case and intend to prosecute the owners of the crypto-mining facility.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Tuesday, rising by 5.39 percent to $51,010 at 4:43 p.m Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,355, up 7.47 percent, according to data from Coindesk.


Hilton plans to boost Saudi hotel portfolio, says tourism minister

Hilton plans to boost Saudi hotel portfolio, says tourism minister
Updated 24 min 3 sec ago

Hilton plans to boost Saudi hotel portfolio, says tourism minister

Hilton plans to boost Saudi hotel portfolio, says tourism minister

RIYADH: Hilton plans to increase the number of its hotels in Saudi Arabia from 15 to 75, the Saudi tourism minister said on Tuesday.

 


Saudi sukuk market sees three special deals worth $13.7m

Saudi sukuk market sees three special deals worth $13.7m
Updated 30 min 26 sec ago

Saudi sukuk market sees three special deals worth $13.7m

Saudi sukuk market sees three special deals worth $13.7m

RIYADH: Three special deals were completed on Tuesday in the Saudi sukuk and bond market, with a total value of SR51.7 million ($13.7 million), Argaam reported.

Special deals are orders executed when a seller and a buyer agree to trade specific securities at a certain price in order to comply with the Saudi Stock Exchange, Tadawul. 

Tadawul reported that controls and the regulations are issued by the relevant Capital Market Authority. 

Also, special deals do not affect the price of the last deal, the highest or lowest price of the instrument, the opening or closing price, the market index or sector indices.


UAE sees $3.5bn deal to build world’s largest polyolefin plastics plant

UAE sees $3.5bn deal to build world’s largest polyolefin plastics plant
Updated 35 min 34 sec ago

UAE sees $3.5bn deal to build world’s largest polyolefin plastics plant

UAE sees $3.5bn deal to build world’s largest polyolefin plastics plant

ROME: The owners of the Borouge polyolefin plant in the UAE have signed a $3.5 billion contract to extend the site, which will make it the biggest plastics plant of its kind in the world.

Italian oil and gas engineer Maire Tecnimont has been awarded the contract to work on the Borouge 4 facility, which will be built at the existing complex in Ruwais, the company said in a statement.

A joint venture between the Abu Dhabi National Oil Company and Austrian chemicals group Borealis, the new plant will boost production to 6.4 million tons of polyolefin when work is complete in 2025.

Polyolefin is used to make a range of products such as industrial-grade pipes, cables, films and personal protective equipment.

Maire Tecnimont has signed a series of three engineering, procurement, and construction contracts with the Abu Dhabi Polymers Company.

These include the building of two polyethylene units with a capacity of 700,000 tons per year each.

The Italian business said the project will also include a range of engineering and construction work, equipment and material supply, as well as “commissioning and startup assistance.”

Maire Tecnimont Group CEO Pierroberto Folgiero said: “Our portfolio of digital solutions combined with our technology-driven process expertise will ensure the highest plant assets’ optimization and the best environmentally performing standards.”

Last month, ADNOC and Borealis signed a $6.2 billion deal to extend the Borouge complex.

The joint venture partners also said they would prepare studies for a carbon capture unit to cut CO2 emissions by 80 percent.

The unit may be in operation in time for the start of Borouge 4.
The first Borouge plant was commissioned in 2001, and was followed by Borouge 2 in 2010 and Borouge 3 in 2014. 

The complex produces polypropylene, polyethylene as well as polyolefin plastic.