Dubai ruler investment vehicle weighs IPO of business park operator TECOM: sources

Dubai ruler investment vehicle weighs IPO of business park operator TECOM: sources
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Updated 10 November 2021

Dubai ruler investment vehicle weighs IPO of business park operator TECOM: sources

Dubai ruler investment vehicle weighs IPO of business park operator TECOM: sources

Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, is weighing an initial public offering of business park operator TECOM Group, three sources told Reuters.


US investment banks Morgan Stanley and Goldman Sachs and Swiss bank UBS are close to securing a mandate for roles on the public share sale, said the sources, who declined to be named as the matter is not public.


TECOM and Dubai Holding did not immediately respond to a request for comment. Morgan Stanley and Goldman Sachs declined to comment.


One of the sources said banks were still pitching and may still join the syndicate of advisers.


“It will be a sizeable deal,” said a second source aware of the transaction, adding the exact size will be determined after they have finalized the assets that will be injected into the listed vehicle.


Formerly known as TECOM Investments, TECOM Group which is a part of Dubai Holding, says it has a portfolio of 10 business parks where around 6,500 businesses employ a total workforce of 95,000.


The Dubai government last week announced plans to list 10 state-backed companies on its stock market as part of plans to boost activity on the local bourse. It also said it plans to set up a 2 billion dirhams ($545 million) market maker fund to encourage more private companies to list.


A spate of de-listings and an absence of big initial public offerings have put Dubai’s stock market under pressure, raising questions over the future of one of the Gulf’s major exchanges, launched two decades ago. 


Saudi Eastern Province closes $40m deal to improve its public transport network

Saudi Eastern Province closes $40m deal to improve its public transport network
Updated 12 sec ago

Saudi Eastern Province closes $40m deal to improve its public transport network

Saudi Eastern Province closes $40m deal to improve its public transport network

RIYADH: Riyadh-based Saudi Public Transport Co., also known as SAPTCO, has sealed a SR150 million ($40 million) deal for a public bus transport project in the Eastern Province’s Dammam and Al Qatif governorate.

The contract, signed with the Eastern Province Municipality, will be valid for five years, the homegrown transport firm said in a bourse statement.

The Transport General Authority partnered with the Eastern Municipality to supply the project with eight lanes over a distance of 453 kilometers, 212 stops, and 85 buses, SPA reported, citing the authority’s president Rumaih Al Rumaih.

From reducing the effects of environmental pollution to rationalizing energy consumption, the project comes in line with Saudi Vision 2030.

Upon its completion, the region is expected to see less traffic congestion and more organized transportation systems, SPA reported.

SAPTCO noted that the deal’s financial impact is expected to reflect on the company’s financial statements during the first half of the ongoing year.


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 13 min 45 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 26 min 27 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.