MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services
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Updated 23 January 2022

MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.

This followed the approval of the company’s board of directors.

As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.

In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.

MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.

The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.  

Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.


GE to build two wind turbines in Yanbu Industrial City by end of 2022: Head of GE Saudi Arabia

GE to build two wind turbines in Yanbu Industrial City by end of 2022: Head of GE Saudi Arabia
Updated 12 sec ago

GE to build two wind turbines in Yanbu Industrial City by end of 2022: Head of GE Saudi Arabia

GE to build two wind turbines in Yanbu Industrial City by end of 2022: Head of GE Saudi Arabia
  • Separately, GE signed a memorandum of understanding with Saudi Aramco and the Saudi Electricity Company to develop a roadmap toward hydrogen and ammonia neutralization for power generation

DAMMAM: General Electric is set to build two wind turbines in Yanbu Industrial City, with a total capacity of 800 megawatts by the end of the year.

Yanbu is a port city on the Red Sea coast of western Saudi Arabia and hosts major downstream oil and petrochemicals facilities.

The area is managed by the Royal Commission for Jubail and Yanbu.

GE said it plans to accelerate its renewable production of wind turbines and hybrid battery storage, as well as solar and hydrogen-related products, in line with the Saudi green initiative.

The US-based engineering giant is also a leading manufacturer of gas turbines, which work to limit carbon emissions.

(The historical region of Yanbu Saudi Arabia,Yanbu port: Shutterstock)

“GE has a record of efficient gas turbines, which we were able to achieve with our technology development,” said Hisham Albahkali, the president of GE Saudi Arabia and Bahrain, in an exclusive interview with Arab News. “We have been able to reach the optimum efficiency, which gives less pollution and less carbon.”

Albahkali explained how the firm aims to optimize the output of its gas turbine production.

He said: “Gas turbines work on fossil fuel, but the idea is to burn hydrogen. So, the output of the gas turbine won’t be combined with hydrocarbons.”

Separately, GE signed a memorandum of understanding with Saudi Aramco and the Saudi Electricity Company to develop a roadmap toward hydrogen and ammonia neutralization for power generation and carbon capture on May 16.

“We have provided Aramco and SEC with one wind turbine each, and we are participating in several solutions with them for batteries,” Albahkali added on the sidelines of the MoU signing ceremony.

The MoUs were signed in the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman, who also awarded contracts to three Saudi SMEs during the ceremony.

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GE has enrolled around 200 local SMEs into workshop units to help them meet global energy standards.

“Human capital is important for us,” Albahkali said.

GE celebrated its 130th anniversary in April and has operated in the Kingdom for 90 years.


Half of Gazprom’s 54 clients opened Gazprombank accounts, says Russia’s Novak

Half of Gazprom’s 54 clients opened Gazprombank accounts, says Russia’s Novak
Updated 51 min 49 sec ago

Half of Gazprom’s 54 clients opened Gazprombank accounts, says Russia’s Novak

Half of Gazprom’s 54 clients opened Gazprombank accounts, says Russia’s Novak

Half of Russian gas giant Gazprom’s 54 clients have opened accounts at Gazprombank, Deputy Prime Minister Alexander Novak said on Thursday, as Moscow seeks to compel its clients to pay for its gas in roubles.

Russia halted gas supplies to Bulgaria and Poland in April after they refused to meet its demand that European buyers start paying for Russian gas in roubles, raising fears that other states could be next.

Finland’s state-owned energy provider Gasum refused to switch to the new scheme and said this week it would take its dispute over rouble payments with Russia’s Gazprom Export to arbitration proceedings.

Novak told a forum on Thursday that some big companies had already paid for Russian gas under the new scheme and that Moscow would soon know definitively which companies paid and which refused to do so.

“Gas payments under main contracts are due ... and there is information that some big companies already opened accounts, paid (gas bills) and are ready to pay on time,” Novak told a forum. “In the next couple of days we will see a final list of who’s paid in roubles and who’s refused.”

Nearly all the supply contracts EU companies have with Gazprom are in euros or dollars and some top Western companies have already opened accounts at Gazprombank.


Saudi stocks drop on mixed investor sentiment: Opening bell

Saudi stocks drop on mixed investor sentiment: Opening bell
Updated 19 May 2022

Saudi stocks drop on mixed investor sentiment: Opening bell

Saudi stocks drop on mixed investor sentiment: Opening bell

RIYADH: Saudi stocks open lower in the last trading session of the week on mixed earnings reports, which result in mixed investor sentiment.

The main index, TASI, fell 2.52 percent to reach 12,393, while the parallel market, Nomu, lost 1.51 percent at 22,487, as of 10:08 a.m. Saudi time.

United Wire Factories Co. dropped 2.35 percent, after announcing that it had extended its agreement with A-1 Fence Arabia Co.

Tabuk Cement Co. slumped 0.95 percent, after reporting it swung into losses of SR7 million ($2 million) in its first-quarter earnings as sales dropped.

United Cooperative Assurance Co. slipped 1.38 percent, after reporting its net loss was trimmed by 26 percent to SR19.9 million last quarter.

Saudi Real Estate Co. increased 3.34 percent to lead the gainers, after it received shareholder approval to increase capital to SR3.7 billion.

Rabigh Refining and Petrochemical Co. slipped 5.65 percent to lead the fallers.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading down 2.70 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 2.81 percent, and Alinma Bank fell 4.76 percent.

Brent crude settled at $110.43 a barrel, and US WTI crude traded at $110.34 a barrel, as of 10:16 a.m. Saudi time.


Commodities Update — Gold flat; Wheat extends gain; Copper buoyed by easing China curbs

Commodities Update — Gold flat; Wheat extends gain; Copper buoyed by easing China curbs
Updated 19 May 2022

Commodities Update — Gold flat; Wheat extends gain; Copper buoyed by easing China curbs

Commodities Update — Gold flat; Wheat extends gain; Copper buoyed by easing China curbs

RIYADH: Gold prices were flat on Thursday, as an elevated US dollar and rising Treasury yields weighed on greenback-priced bullion, with the metal’s outlook already dampened by an aggressive Federal Reserve stance on inflation.

Spot gold held its ground at $1,813.96 per ounce, as of 0512 GMT. US gold futures were flat at $1,813.40. 

Platinum drops

Spot silver was flat at $21.40 per ounce, while platinum dropped 0.8 percent to $927.78.

Palladium rose 0.5 percent to $2,027.38. 

Grains up

US wheat extended gains on Thursday, after India unexpectedly banned wheat exports last week, while the Russia-Ukraine war kept underpinning global grains markets.

The most-active wheat contract on the Chicago Board of Trade was up 0.89 percent at $12.41-3/4 a bushel.

CBOT wheat had climbed more than 8 percent over the past two days, following India’s wheat ban and reports showing bad condition of US winter crop.

CBOT soybeans edged up 0.95 percent to $16.78-1/2 bushel, extending gains, while corn rose 0.48 percent to $7.85-1/4 a bushel.

Copper inches higher

London copper prices inched higher on Thursday, buoyed by easing COVID-19 restrictions in top metals consumer China, although mounting worries over a global economic slowdown limited gains.

Benchmark three-month copper on the London Metal Exchange was up 0.2 percent at $9,254 a ton, as of 0702 GMT, after dropping 1.4 percent in the previous session. 

The most-active June copper contract on the Shanghai Futures Exchange ended daytime trading down 0.3 percent at $10,576.04 a ton.

LME aluminum was down 0.1 percent at $2,853.50 a ton.

(With input from Reuters)


Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia

Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia
Updated 19 May 2022

Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia

Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia
  • Coinbase, the largest cryptocurrency exchange in the US, is launching a global think tank to shape the policy debate around digital assets

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, down 1.73 percent to $29,293 as of 10:10 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $1,965, down 3.03 percent, according to data from Coindesk.

Russia to legalize cryptocurrency sooner or later: Minister

Russia will sooner or later legalize cryptocurrencies as a means of payment, Industry and Trade Minister Denis Manturov said on Wednesday, suggesting that the government and central bank may be moving closer to settling their differences.

Manturov was asked at a forum whether he believed cryptocurrencies would become legal as a means of payment.

“The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it,” he replied.

“But everyone tends to understand that, sooner or later this will be implemented, in some format or other.”

Russia has plans to issue its own digital rouble, but the government has only recently come round to supporting the use of private cryptocurrencies, having argued for years that they could be used in money laundering or to finance terrorism.

Coinbase establishes think tank to push policy goals

Coinbase, the largest cryptocurrency exchange in the US, is launching a global think tank to shape the policy debate around digital assets as regulators and Congress explore how crypto-assets should be governed.

The Coinbase Institute will accelerate research on cryptocurrency and Web3 — a decentralized version of the Internet — and spearhead discussions with policymakers and academics on the intersection of technology and finance, said Hermine Wong, director of policy at Coinbase and the director of the institute.

“We’re interested in every area of research that involves the crypto economy and how it is interdisciplinary, how it is connected to our global economy, and so there’s nothing that’s going to be off limits,” she said.

Mexican cryptocurrency platform Bitso launches in Colombia

Mexican cryptocurrency exchange platform Bitso has begun operating in Colombia, its fourth market, where it hopes to accumulate 1 million clients just this month, Co-Founder and Chief Executive Daniel Vogel said.

Bitso is among Latin America’s growing collection of “unicorns” — companies with a valuation of at least $1 billion — and is worth some $2.2 billion, following a 2021 funding round where it raised $250 million.

Bitso will offer customers instant transfers via the PSE payment system, sales of cryptocurrencies such as Bitcoin and Ether, as well as use of its new investment platform Bitso+.

Bitso currently has 4 million customers in Mexico, Brazil and Argentina.

“With our launch in Colombia we hope to hit 5 million customers and we think we can do that this month,” Vogel told Reuters in a phone interview.

“We see Colombia as a key market for us, which we are entering with this expansion plan from the point of view of our products, hiring people (and) growing in the country — it is a very dynamic market in terms of cryptocurrencies,” he added, though he declined to say how much Bitso would invest in the Andean country.

(With input from Reuters)