Saudi, French firms sign 27 MoUs as Macron visits the Kingdom

Update Saudi, French firms sign 27 MoUs as Macron visits the Kingdom
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Update Saudi, French firms sign 27 MoUs as Macron visits the Kingdom
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Updated 04 December 2021

Saudi, French firms sign 27 MoUs as Macron visits the Kingdom

Saudi, French firms sign 27 MoUs as Macron visits the Kingdom

JEDDAH: A group of leading Saudi and French companies signed 27 memorandum of understanding at an investment forum in Jeddah as French President Emmanuel Macron met with Crown Prince Mohammed bin Salman today during his official trip to the Gulf region, where he is visiting Saudi Arabia, the UAE and Qatar between Dec. 3 and 4.

Around 101 Saudi companies and 84 French companies attended six workshops at the forum, which was opened by Khalid Al Falih, Minister of Investment, Saudi Arabia and Franck Riester, Minister Delegate for Foreign Trade and Economic Attractiveness.

"The memorandums of understanding signed today were a cause for optimism and satisfaction," Al Falih said in a tweet after the event.

Represenatives of French companies and banks including EDF Renewables, Engie, Sanofi, and BNP Paribas are meeting with chairmen and CEOs of leading Saudi firms including ACWA Power, Banque Saudi Fransi, Riyad Bank, and Saudi Military Industries Co. Officials from the Public Investment Fund and Royal Commission of AlUla among others are also participating in the forum. 

 

Below is the agenda for the one-day forum:  


UAE healthcare provider Burjeel to sell 11% stake and list on ADX

UAE healthcare provider Burjeel to sell 11% stake and list on ADX
Updated 12 min 45 sec ago

UAE healthcare provider Burjeel to sell 11% stake and list on ADX

UAE healthcare provider Burjeel to sell 11% stake and list on ADX

RIYADH: Abu Dhabi healthcare provider Burjeel Holdings said it intends to offer 11 percent of its shares in an initial public offering as it prepares to go public this year.

The company plans to sell 550.7 million shares, including 350.3 million from VPS Healthcare Holdings, which owns 79.8 percent of Burjeel.

Among the offered shares, 10 percent will be allocated under the first tranche, and 90 percent under the second tranche.

The offer period for the first tranche and the second tranche starts on Sep. 30 and will close on Oct. 4, 2022. 

Burjeel is expected to announce the final price on Oct. 5, and the shares are expected to be listed in Abu Dhabi on Oct. 10.

“Our long-term vision focused on increasing access to quality healthcare and clinical excellence across the region has driven our growth over the past 15 years,” chairman of Burjeel Holdings plc, Shamsheer Vayalil Parambath, said.

“As healthcare expenditure continues to increase across the region, Burjeel Holdings is strongly positioned to benefit through our focus on providing complex, specialized medicine for all socioeconomic groups, through a targeted, multi-brand strategy,” he added.

J.P. Morgan Securities plc has been appointed as capital markets advisor to the selling shareholder and company in connection with the offering.

“Today’s announcement builds on our partnership with IHC which will have a transformative impact for Burjeel Holdings through the addition of new capabilities, capital, and access to new markets,” Parambaths said.

Last week, International Holding Co. announced that it has purchased a 15 percent stake in Burjeel Holdings.

“The acquisition will aim to continue to scale and diversify IHC’s investment in the healthcare sector locally and regionally,” IHC said in a statement.

IHC is the largest company in the UAE by market value and it is led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE's national security adviser and the brother of UAE’s president.

With a network of 39 hospitals and medical centers, Burjeel Holdings is one of the leading providers of healthcare in the UAE private market with a market share of approximately 17 percent for in-patients and approximately 12 percent for out-patients.

Founded in 2007, the healthcare provider plans to invest $1 billion in Saudi Arabia by 2030 through joint ventures and public-private partnerships.


HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 
Updated 24 min 40 sec ago

HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 

RIYADH: HSBC Saudi Arabia has appointed Faris AlGhannam as the bank’s new CEO as the lender embarks on a new phase of growth in the Kingdom.

Taking up his new role on Oct. 1 upon regulatory approval, AlGhannam is currently the bank’s deputy CEO, according to a statement.

He succeeds Rajiv Shukla, who was appointed senior managing director and advisor to the regional CEO after leading HSBC Saudi Arabia as its chief since April 2019.

“I am delighted to take on the responsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-standing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” he said.

Founded in 2005, HSBC Saudi Arabia is a joint venture 51 percent owned by HSBC and 49 percent owned by the Saudi British Bank.


Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1
Updated 50 min 35 sec ago

Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1

RIYADH: Shares of Saudi poultry processing firm Anaam International Holding Co. surged in early trading after it turned a profit of SR1.6 million ($425,599) in the first half of 2022, against a loss of SR2.4 million in the year-earlier period.

Anaam’s shares topped market gainers, surging 9.94 percent to reach SR20.8 percent at 10:32 a.m. Saudi time.

Anaam attributed its performance to an 84 percent surge in sales and revenue during the first six months of the year to reach SR7.2 million, according to a bourse filing.

Its accumulated losses reached SR7.23 million, representing 2.3 percent of capital, as of June 30, 2022.


NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds
Updated 26 September 2022

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

RIYADH: National Agricultural Development Co. which signed a non-binding memorandum of understanding with Leha Agriculture to produce potato seeds in Saudi Arabia saw its share prices increase during the early trading hours.

NADEC’s share rose 1.96 percent to open Monday at SR26.05 ($7) as of 10:09 a.m. Saudi time.

The MoU, which will take effect on Oct. 1 and expire on April 30, 2023, outlines a general framework for joint cooperation between the two companies, including a desire to study joint investment in potato seed production, Nadec said in a bourse filing.

Both parties agree to combine their investment efforts and serve their mutual interests.

The parties further agreed to appoint independent financial, legal, and technical advisors if they so desire or if the official authorities so request.

The full financial value will be determined and announced after legal, financial, and commercial due diligence.

Leha Agriculture provides storage and cooling solutions for agricultural products in Saudi Arabia and specializes in cultivating and marketing potatoes and potato seeds.


TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell
Updated 26 September 2022

TASI extends loss as oil prices drop below $85: Opening bell

TASI extends loss as oil prices drop below $85: Opening bell

RIYADH: Saudi Arabia’s main index continues to decline in response to oil prices dropping below $85 for the first time since January and fears of a global recession due to aggressive interest rate rises.

The Tadawul All Share Index fell 0.45 percent to start Monday at 11,110, while the parallel market Nomu fell 0.11 percent at 19,853, as of 10:09 a.m. Saudi time.

Brent crude traded at $85.30 a barrel and WTI crude reached $77.96 a barrel, as of 10:06 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.43 percent decline, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, decreased by 0.16 percent, while Saudi British Bank declined by 0.53 percent.

National Agricultural Development Co. gained 1.96 percent, following the signing of a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.

Retal Urban Development Co. gained 1.62 percent, after selling its share in a land located in Al Khobar city for SR67 million ($18 million) to Maali Holding Co.

Anaam International Holding Group gained 5.6 percent to lead the gainers, after reporting that it turned into profits of SR1.6 million during the first half of 2022.