Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant
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Updated 29 November 2021

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

RIYADH: Cairo-based Orascom Construction could acquire a 25 percent share in Egypt's first hydrogen plant announced last Wednesday, its CEO told Al Arabiya.

The plant is expected to start operation in 2014, Osama Bishai said.

Orascom joined the Green Hydrogen Consortium with Fertiglobe, Norway’s Scatec and the Sovereign Fund of Egypt to develop the first Egyptian green hydrogen production facility.

The production plant will consist of 100 MW PEM electrolyzer, ranked as world’s largest standalone electrolyzer and the first in Egypt, according to the company’s statement.


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 10 sec ago

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


Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’
Updated 57 min 54 sec ago

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

Al Qatif beach in Eastern Province sold at $1bn in KSA’s ‘largest real estate transaction’

RIYADH: A five-million-square-meter beach in Saudi Arabia’s Eastern Province has been sold for over SR4 billion ($1 billion), in what was described as one of the largest real estate transactions in the Kingdom. 

Saudi Real Estate Contributions Commission, known as Tasfiah, has concluded the sale of the Al Qatif beach in a public auction in the governorate of Al Khobar, the Saudi Press Agency reported. 

The beach covers more than 5 million square meters on Tarout Island, one of the oldest settlements in the Arabian gulf. 

Tasfiah has so far reached a total of SR15 billion as a return to shareholders through its public auctions and sale of land contributions. 


Saudi shipping firm Bahri starts operations of $203m floating desalination project

Saudi shipping firm Bahri starts operations of $203m floating desalination project
Updated 41 min 39 sec ago

Saudi shipping firm Bahri starts operations of $203m floating desalination project

Saudi shipping firm Bahri starts operations of $203m floating desalination project
  • Bahri said the project is expected to be finalized by the fourth quarter of 2022

RIYADH: A Saudi-based provider of logistics and transportation services, Bahri, has started trial commissioning of the first floating desalination plant under its SR760 million ($203 million) deal with Saline Water Conversion Corp., or SWCC.

The plant is located near the port of Al Shuqaiq on the Western coast of the Kingdom, Bahri said in a bourse statement on Sunday.

Signed in 2019, the deal involves establishing three floating plants, to supply and transfer desalinated water from the stations to desalination tanks.

Each station will have a capacity of 50,000 cubic meters per day with a total capacity of 150,000 cubic meters a day. 

Bahri said the project is expected to be finalized by the fourth quarter of 2022 and attributed the delay in commercial operations to COVID-19 constraints.

Established in 1978, Bahri is a joint venture between Saudi Aramco and the Public Investment Fund. It owns and manages a fleet of 89 tankers and container ships dedicated to transporting oil, petrochemicals, dry bulk, and other cargo.


Abu Dhabi takes a step towards emerging ETF industry in the Gulf region

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region
Image: Shutterstock
Updated 23 January 2022

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region

Abu Dhabi takes a step towards emerging ETF industry in the Gulf region
  • The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index

RIYADH: A new investment product will allow traders in the UAE to track Saudi stocks via the local bourse — a first for the Gulf region’s fledgling ETF market.

Chimera Capital LLC, an Abu-Dhabi-based investment management firm and a subsidiary of Chimera Investment LLC, has launched its Chimera S&P Saudi Arabia Shariah Compliant Exchange Traded Fund (ETF).

The fund tracks the S&P Saudi Arabia Shariah Liquid Top 30 35/20 Capped Index, which is up 44 percent over the past year.

The gauge tracks the top 30 largest and most liquid Shariah-compliant stocks listed in Saudi Arabia.

“We are pleased to have launched our fifth ETF, which is the first to track non-UAE-listed equities. The fund will cater to the growing appetite for diversified investments among UAE and regional investors, providing them with an innovative tool to capitalize on the economic prospects of Saudi Arabia,” Sherif Salem, Chief Investment Officer – Public Markets at Chimera Capital said

The fund’s assets under management rose to 70 million dirhams ($19 million) by the end of the week, he said.

Gulf investors can choose between eight different equity-focused ETFs in the region, with three in Saudi Arabia, two in Qatar and three in the UAE.


IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave
Image: Shutterstock
Updated 23 January 2022

IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave

RIYADH: Amid a wave of initial public offerings in the Kingdom, many companies are to kick off the book-building process on Saudi Arabia’s main and parallel indexes this month.

Al Dawaa Medical Services Co. has announced its intention to debut 25.5 million shares, representing 30 percent of capital, on the main stock index, TASI.

The pharmaceutical retailer will allocate the full offer during the IPO bidding session, which will run from Feb. 13 to Feb. 17, 2022, according to a statement by the company.

Dammam-based Gas Arabian Services started the qualified investors’ book-building session today, Jan. 23, amid plans to list 790,000 shares on Saudi Arabia’s parallel market, Nomu.

The session will take place for four days until Jan. 27, 2022, the bookrunner of the offer, FALCOM Financial Services Co., said in a bourse statement.

The offering price range has been set between SR75 and SR90 per share.

Qualified investors will be entitled to the full offer of 790,000 shares and each shall subscribe to a minimum of 10 shares and a maximum of 789,990 shares.

Arabian International Healthcare Holding Co., better known as Tibbiyah, will begin the book-building process on Jan. 30. The period will last for five days, offering 5 million shares, or 25 percent of capital, on the parallel market Nomu.

Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.