First Saudi data center fund to launch in the Kingdom thanks to SFC, MIS collaboration

First Saudi data center fund to launch in the Kingdom thanks to SFC, MIS collaboration
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Updated 03 February 2022

First Saudi data center fund to launch in the Kingdom thanks to SFC, MIS collaboration

First Saudi data center fund to launch in the Kingdom thanks to SFC, MIS collaboration

RIYADH: The first Saudi data center fund initiative is set to kick off thanks to a collaboration between leading financial services provider Saudi Fransi Capital, or SFC, and Al Moammar Information Systems Co., also known as MIS.

The partnership falls in line with the digital infrastructure initiative launched by the Ministry of Communications and Information Technology back in 2021 which entails an $18 billion scheme to construct networks of significant data centers across Saudi Arabia. 

Both parties aim to make the platform one of the largest pure play data center operations in the Kingdom, according to a statement.

Moreover, the fund will pinpoint additional expansion and collaboration opportunities in an attempt to grow its presence in the industry.

In 2021, SFC and MIS launched the first of its kind initiative, referred to as Saudi Data Center Fund 1, with the aim of constructing six hyperscale data centers – with an accumulated capacity of 24MW - across two availability zones in the country. 

The potential capacity of the data centers was to be expanded to 120MW in the future.


TASI edges higher; eXtra leads the market: Opening bell

TASI edges higher; eXtra leads the market: Opening bell
Updated 17 sec ago

TASI edges higher; eXtra leads the market: Opening bell

TASI edges higher; eXtra leads the market: Opening bell

RIYADH: TASI started Tuesday’s session 0.17 percent higher to 12,317 after a wave of strong earnings reports buoyed investor sentiment.

Nomu, the parallel market, added 0.86 percent at 22,262, as of 10:10 a.m. Saudi time.

eXtra climbed 4.70 percent to lead the gainers, after its half-year profits advanced 24 percent to SR225 million ($60 million).

Saudi chemical giant SABIC rose 1.58 percent, following a hike in second-quarter profits to SR7.93 billion, beating analysts’ average estimate of SR5.9 billion.

City Cement Co. fell 0.35 percent, after reporting SR42 million in profits for the first half, a 64 percent decline from the same period in 2021.

Arabian Cement Co. rose 1.06 percent, despite a 14 percent drop in profits to SR87 million during the first half of 2022.

Retal Urban Development Co. decreased 1.55 percent, despite a first-half profit increase of 10 percent to SR93.5 million.

Bawan Co. gained 1.82 percent, after posting a 12 percent profit increase to SR95 million for the first half of 2022.

Saudi Airlines Catering Co. slipped 0.62 percent, despite turning into profits of SR78.8 million during the first half of 2022, from SR47.5 million losses in the prior-year period.

Nahdi Medical Co. added 1.47 percent, following a 20 percent profit surge to SR506 million during the six-month period.

The Kingdom’s oil giant Saudi Aramco started the day with a 0.13 percent decline.


Independence Day celebration: Air India offers discounted flights from Gulf cities to subcontinent

Independence Day celebration: Air India offers discounted flights from Gulf cities to subcontinent
Updated 33 min 5 sec ago

Independence Day celebration: Air India offers discounted flights from Gulf cities to subcontinent

Independence Day celebration: Air India offers discounted flights from Gulf cities to subcontinent
  • The promotional tickets can be bought from Aug. 8 until Aug. 21

DUBAI: Air India is offering discounted one-way flight fares for passengers departing from its Gulf routes to celebrate India’s 75th Independence Day on Aug. 15.

The promotional tickets can be bought from Aug. 8 until Aug. 21 and are valid for travel until Oct. 15 this year. Although there are limited seats for the promotion, travelers nonetheless are still allowed 35 kilograms of check-in baggage and eight kilos of hand luggage.

Travelers coming from Saudi Arabia’s major cities – Dammam, Riyadh and Jeddah – destined for the Indian cities of Delhi, Mumbai and Hyderabad can take advantage of the one-way direct flights for only $133.33 (500 riyals). A quick check on the airline’s website indicates the normal pricing for a one-way flight from Jeddah to Delhi tops over a thousand riyals.

Air India, which was taken over by Tata Group in January after winning the bid for the airline late last year, has about 81,000 seats per week in its Gulf operations including that of its budget segment via Air India Express.

For passengers departing from Abu Dhabi, Dubai and Sharjah in the UAE, and bound for Indian cities including Delhi, Mumbai, Chennai, Kozhikode, Cochin, Bengaluru and Hyderabad, Air India has pegged the one-way promotional fare at $89.86 (330 dirhams).

Passengers from Kuwait to Chennai and Mumbai meanwhile can purchase their tickets at $119.44 (36.65 Kuwaiti dinars); those flying from Doha to Delhi can have their flight tickets for $137 (499 Qatari riyals); Delhi-bound passengers from Bahrain can avail the cheaper seats at $160 (60.3 Bahraini dinars) while those flying from Muscat to Mumbai, Hyderabad and Kannur can avail of the $93.89 (36.1 Omani riyals) flight tickets.

Passengers out of Muscat to Delhi and Chennai pay $169.3 (65.1 Omani riyals) for their discounted tickets.

Air India, which held around 17 percent of India’s international airlines market in 2021, is aiming to regain lost ground and is planning to add 200 more aircraft to its current fleet of about 128 planes.

The Gulf market, where a large population of non-resident Indians work and live, is dominated by international airlines like Emirates, one of two flag carriers of the UAE.


Commodities Update — Gold edges lower; Corn jumps; Grain ships sail from Ukraine

Commodities Update — Gold edges lower; Corn jumps; Grain ships sail from Ukraine
Updated 34 min 28 sec ago

Commodities Update — Gold edges lower; Corn jumps; Grain ships sail from Ukraine

Commodities Update — Gold edges lower; Corn jumps; Grain ships sail from Ukraine

RIYADH: Gold prices edged lower on Tuesday as investors awaited US inflation data due later in the week that could offer more clarity on the Federal Reserve’s rate-hike plans to combat rising pricing pressures.

Spot gold was down 0.2 percent at $1,785.23 per ounce, as of 0521 GMT. 

US gold futures eased 0.2 percent to $1,802.10.

Silver ticks up

Spot silver was up 0.1 percent at $20.66 per ounce, while platinum was steady at $939.50. 

Palladium slipped 1.6 percent to $2,195.42.

Grains climb

Chicago corn climbed more than 1 percent on Tuesday and soybeans rose after a weekly report from the US Department of Agriculture signaled that the condition of both crops deteriorated.

The most-active corn contract on the Chicago Board of Trade was up 1.5 percent at $6.16-1/2 a bushel, as of 0228 GMT, and soybeans added 0.8 percent to $14.10-3/4 a bushel.

Wheat rose 0.8 percent to $7.86-1/4 a bushel.

Two more grain ships sail from Ukraine, Turkey says

Two more grain-carrying ships sailed from Ukraine’s Chornomorsk port on Tuesday, Turkey’s defense ministry said, as part of a deal to unblock Ukrainian sea exports.

The UN and Turkey brokered the agreement last month after warnings that the halt in grain shipments caused by the conflict could lead to severe food shortages and even outbreaks of famine in parts of the world.

The Ocean Lion, which departed for South Korea, is carrying 64,720 tons of corn, it said, while the Rahmi Yagci is carrying 5,300 tons of sunflower meal to Istanbul.

The four ships that left Ukraine earlier are anchored near Istanbul and will be inspected on Tuesday, the defense ministry statement said.

London zinc falls as higher inventories fan demand concerns

Zinc prices in London slipped on Tuesday, as higher inventories in exchange warehouses raised concerns over tepid demand despite prospects of disrupted supply amid an energy crisis.

 

Three-month zinc on the London Metal Exchange was down 0.7 percent at $3,420.50 a ton, as of 0540 GMT, retreating from a six-week high scaled on Aug. 4, when major producer Glencore warned of output cuts due to high power prices.

On-warrant zinc stocks in LME warehouses rose to 40,950 tons, their highest since June 20 and the biggest daily jump since January 2021, with most immediately available stocks in Taiwan and Singapore warehouses, LME data showed.

The most-traded September zinc contract on the Shanghai Futures Exchange was almost flat at $3,583.38 a ton.

LME copper fell 0.8 percent to $7,923.50 a ton, lead declined 1.7 percent to $2,126.50 a ton, and tin lost 1 percent to $24,060 a ton. 

(With input from Reuters)

 


Oil Updates — Crude dips; Fire rages at Cuba oil terminal; Indian Oil Corp. to issue commercial papers

Oil Updates — Crude dips; Fire rages at Cuba oil terminal; Indian Oil Corp. to issue commercial papers
Updated 38 min 21 sec ago

Oil Updates — Crude dips; Fire rages at Cuba oil terminal; Indian Oil Corp. to issue commercial papers

Oil Updates — Crude dips; Fire rages at Cuba oil terminal; Indian Oil Corp. to issue commercial papers

RIYADH: Oil prices pulled back slightly on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.

Brent crude futures fell 14 cents, or 0.1 percent, to $96.51 a barrel at 0404 GMT, paring a 1.8 percent gain from the previous session.

US West Texas Intermediate crude futures declined 16 cents, or 0.2 percent, to $90.60 a barrel, after climbing 2 percent in the previous session.

Fire rages at Cuba oil terminal; third tank collapses after spill

A third crude tank caught fire and collapsed at Cuba’s main oil terminal in Matanzas, the province’s governor said on Monday, as an oil spill spread flames from a second tank that caught fire two days earlier in the island’s biggest oil industry accident in decades.

Huge columns of fire rose into the sky and thick black smoke bellowed all day, darkening the sky as far away as Havana. Explosions rocked the area just before midnight as one tank collapsed and again at noon as another imploded.

One firefighter died and 16 people were missing, all from Saturday’s explosion at the second storage tank. A fourth tank was threatened but had not caught fire. Cuba relies on oil to generate much of its electricity.

Cuba had made progress fighting off the raging flames during the weekend after drawing on help from Mexico and Venezuela, but late on Sunday the fire began spreading from the second tank, which collapsed, said Mario Sabines, governor of the Matanzas province, about 130 km from Havana.

Matanzas is Cuba’s largest port for receiving crude oil and fuel imports. Cuban heavy crude, as well as fuel oil and diesel stored in Matanzas, are mainly used to generate electricity on the island.

IOC to issue commercial papers maturing Sept: traders

Indian Oil Corporation plans to raise funds selling commercial papers maturing at the end of September, three merchant bankers said on Monday.

The state-run oil marketing company will offer a yield of 5.64 percent on these notes, and it has received commitments worth around 10 billion rupees ($125.54 million) so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature on Sept. 28.

(With input from Reuters)


Shares of Saudi-listed SABIC open 2.4% higher following earnings rise

Shares of Saudi-listed SABIC open 2.4% higher following earnings rise
Updated 41 min 22 sec ago

Shares of Saudi-listed SABIC open 2.4% higher following earnings rise

Shares of Saudi-listed SABIC open 2.4% higher following earnings rise

RIYADH: Saudi Basic Industries Corp.’s shares gained as they kicked off trading on Tuesday, after the company reported an earnings rise for the second quarter of 2022.

SABIC, as the chemical giant is known, reported a 4 percent jump in profits to SR7.93 billion ($2.1 billion) from SR7.6 billion in the same period a year earlier.


Read MoreChemical giant SABIC’s Q2 earnings beat estimates as profit soars to $2.1bn


It beat analysts’ expectations of a 23 percent profit decline to SR5.9 billion, Argaam data showed.

In response to the solid results, SABIC’s stock gained 2.4 percent to SR103.2 as of 10:07 a.m. Saudi time, up from SR101.2 at the previous close.