Saudi SEDCO Capital launches global equity funds with Amundi

Saudi SEDCO Capital launches global equity funds with Amundi
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Updated 12 October 2021

Saudi SEDCO Capital launches global equity funds with Amundi

Saudi SEDCO Capital launches global equity funds with Amundi

JEDDAH: Saudi Arabia’s SEDCO Capital, a global Shariah-compliant asset management and investment advisory firm, has launched two new global passive equity funds in partnership with Amundi. 

The two firms launched SC Global Listed Infrastructure Equity Fund, with a size of $69 million, and the SC Global Low Volatility Equity Fund, with a size of $91 million, it said in a statement.

The first fund will replicate the performance of the FTSE Custom Global Core Infrastructure 50/50 Islamic Next Return Index, SEDCO said, and it is aimed at infrastructure-focused equities “that are less-correlated to the broader market offering stable cash flow and positive fundamentals driven by supportive government policy.”

The second one follows Dow Jones Islamic Market World Low Volatility 300 Net Total Return Index, which measures the performance of the 300 least volatile stocks in the Dow Jones Islamic Market World Index.


Boeing invests $450m in flying taxi developer Wisk

Boeing invests $450m in flying taxi developer Wisk
Image: Shutterstock
Updated 11 sec ago

Boeing invests $450m in flying taxi developer Wisk

Boeing invests $450m in flying taxi developer Wisk

Boeing Co. is investing a further $450 million in Wisk to support development of future pilotless flying taxis, the US aerospace giant said on Monday.


California-based Wisk, owned by Boeing and Kitty Hawk, was launched by Google co-founder Larry Page and is one of dozens of businesses electric vertical takeoff and landing (eVTOL) aircraft but differs in making them autonomous from the outset.


Choice hotels, Saudi Seera Group launch two new hotels in the Kingdom

Choice hotels, Saudi Seera Group launch two new hotels in the Kingdom
Updated 3 min 21 sec ago

Choice hotels, Saudi Seera Group launch two new hotels in the Kingdom

Choice hotels, Saudi Seera Group launch two new hotels in the Kingdom

RIYADH: Two new hotels have launched in Saudi Arabia as part of a bigger plan between hospitality firm Choice Hotels EMEA and Saudi tour operator Seera Group,

Under the collaboration, at least 10 hotels will be opened in the Kingdom in the next five years.

The first hotel launched through the partnership — Clarion Hotel Jeddah Airport — has 200 rooms and is located near the Jeddah Airport Train Station.

The second hotel, Comfort King Road, has 125 suites and is situated near Jeddah Corniche.

Majed Alnefaie, CEO of Seera Group, said the collaboration falls in line with Saudi Vision 2030 and aims to “strengthen inward tourism and to build a robust infrastructure that will enable the Kingdom to realize the goals of economic diversification.”


Panasonic to invest $700 million to produce Tesla EV battery: Nikkei

Panasonic to invest $700 million to produce Tesla EV battery: Nikkei
Image: Shutterstock
Updated 23 min 41 sec ago

Panasonic to invest $700 million to produce Tesla EV battery: Nikkei

Panasonic to invest $700 million to produce Tesla EV battery: Nikkei
  • Japan’s Panasonic will begin producing its new lithium-ion battery for Tesla from as early as 2023

Japan’s Panasonic will begin producing its new lithium-ion battery for Tesla from as early as 2023, with plans to invest about 80 billion yen ($705 million) in production facilities in Japan, the Nikkei reported on Monday.


The powerpack could help make electric vehicles (EVs) more attractive to motorists by extending cruising range by about a fifth, the Nikkei reported, without saying where it obtained the information.


“We are studying various options for mass production, including a test production line we are establishing this business year. We don’t, however, have anything to announce at this time,” Panasonic said in a statement sent to Reuters.


Panasonic unveiled the 4680 format (46 millimeters wide and 80 millimeters tall) battery in October.

At around five times as big as batteries it currently supplies to Tesla, it is also expected to help the US electric vehicle maker lower production costs.


Panasonic will make the 4680 batteries at a plant in Wakayama prefecture in Western Japan, with output of less than 10 gigawatt hours a year, equivalent to around 150,000 vehicles, the Nikkei said.


Panasonic is the sole maker of the more advanced Tesla battery, ensuring it remains a key supplier to the US company, at least for its pricier models, even as the EV maker seeks out battery suppliers in China and elsewhere.


Oil giant Aramco signs 50 agreements during 6th iktva forum

Oil giant Aramco signs 50 agreements during 6th iktva forum
Updated 25 min 8 sec ago

Oil giant Aramco signs 50 agreements during 6th iktva forum

Oil giant Aramco signs 50 agreements during 6th iktva forum

RIYADH: Saudi oil giant Aramco signed 50 new agreements at the In-Kingdom Total Value Add forum and exhibition, known as iktva, amid its supply chain resilience enhancement.

The agreements include a climate leadership and digitalization deal with Schlumberger; equipment localization procurement agreements with Cameron, Technip FMC and Baker Hughes companies; and a partnership deal on pressure vessel fabrication localization with Larsen & Toubro.

Aramco also signed agreements with Sutherland Global Services on smart city services localization; a desalination agreement with Tanajib Cogeneration Power Co.; and a localization of process automation solutions partnership with US’s Honeywell. 

The iktva program increased Aramco’s spending with domestic suppliers in 2021 to 59 percent, up from 35 percent in 2015 when the program was launched.

Amid global supply chain disturbances, the program aims to drive domestic value creation, maximize long-term economic growth and diversification to develop a sustainable and globally competitive energy sector in the Kingdom. 

“It wasn’t possible to foresee the consequences of the COVID-19 pandemic, but iktva helped us to prepare for the disruptions it caused to the global supply chain,” Aramco CEO Amin Nasser said.

The three-day forum, running from Jan. 24 to 26 at Dhahran EXPO, showcases progress in Aramco's flagship business continuity initiative.

Held under the theme ‘Paving the way to Economic Success’, the forum recognizes the achievements of Aramco’s program partners across 10 categories, including overall iktva performance, training, Saudization, female representation and exports.

With local content contributing over $100 billion to the Saudi economy, iktva has attracted more than 540 investments to Saudi Arabia from 35 countries.

Major signings include:

  • Schlumberger – Partnership on climate leadership and digitalization through localization initiatives
  • Cameron/TechnipFMC/Baker Hughes – Wellhead equipment localization procurement agreements
  • Larsen & Toubro – Pressure vessel fabrication localization
  • Sutherland Global Services – Smart City services localization
  • Tanajib Cogeneration Power Company – Tanajib cogeneration and desalination agreement
  • Honeywell – Localization of process automation solutions
  • Alfanar Company - Carbon fiber investment collaboration

 


US PR firm Teneo launches Middle East financial advisory business 

US PR firm Teneo launches Middle East financial advisory business 
Image: Shutterstock
Updated 43 min 49 sec ago

US PR firm Teneo launches Middle East financial advisory business 

US PR firm Teneo launches Middle East financial advisory business 
  • The firm has services in hubs including Riyadh, Doha, and Dubai

RIYADH: US public relations and advisory firm, Teneo has launched a financial advisory business in the Middle East.

This comes as the corporation wishes to expand to key markets worldwide, with the Middle East posing as a potential growth opportunity.

As part of this move, the advisory firm has appointed Matthew Wilde and Elie Fakhoury to key roles.


Wilde is known for his role in various large scale and complex restructuring projects in the region including that of Arabtec, NMC Healthcare, Al Jaber, and others.

Fakhoury holds over 15 years of accumulated experience in the region, including covering extensive restructuring projects.

Teneo financial advisory business has around 350 employees worldwide and offering tools to tackle challenging business issues.

The firm has services in hubs including Riyadh, Doha, and Dubai.