Saudia Aerospace Engineering Industries’ MRO facility to get off the ground by 2025, says VP

Saudia Aerospace Engineering Industries’ MRO facility to get off the ground by 2025, says VP
Majed Sabbagh, VP of transformation and shared services at SAEI, described the growth of opportunities stemming from the new MRO village as massive. (AN photo)
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Updated 15 May 2022

Saudia Aerospace Engineering Industries’ MRO facility to get off the ground by 2025, says VP

Saudia Aerospace Engineering Industries’ MRO facility to get off the ground by 2025, says VP

RIYADH: Saudia Aerospace Engineering Industries’ new maintenance, repair and operations village is expected to be fully operational in 2025. The facility is 50 percent complete and will be ready by the first quarter of 2024.

Speaking to Arab News at the Future Aviation Forum in Riyadh, Majed Sabbagh, VP of transformation and shared services at SAEI, described the growth of opportunities stemming from the new MRO village as massive.

He said that the engineering facility is looking at hiring roughly 7,000 employees to manage its 11 hangars, which is more than double the number of employees they initially had. The headcount could grow even further when it scales up an additional six hangars in the future.

SPEEDREAD

The engineering facility is looking at hiring roughly 7,000 employees to manage its 11 hangars, which is more than double the number of employees they initially had.

The headcount could grow even further when it scales up an additional six hangars in the future.

MRO village is all geared up to offer a wide range of offerings beyond the line maintenance tasks that could simultaneously serve 40 different clients.

MRO village is all geared up to offer a wide range of offerings beyond the line maintenance tasks that could simultaneously serve 40 different clients.

“Base maintenance, or a more thorough checkup for aircraft that require additional time, will also be provided at the new MRO village,” added Sabbagh.

The move assumes significance as the Saudi aviation sector plans to increase its international connectivity to 250 destinations and welcome over 300 million air  passengers by 2030. SAEI has also been signing strategic partnerships to fuel the technology rigors of the MRO facility. For example, it recently tied up with King Abdullah University of Science and Technology as an innovation partner to test new technologies and innovations in the aviation industry.

At the Future Aviation Forum, the company also inked a deal with Saudi Investment Recycling Company.

“We want them to assess potential business opportunities of components we usually scrap such as copper, plastic, synthetic leather, carpet, etc.,” he said while emphasizing the need to make the best of anything worth recycling.


TASI starts the week in green: Opening bell

TASI starts the week in green: Opening bell
Updated 14 sec ago

TASI starts the week in green: Opening bell

TASI starts the week in green: Opening bell

RIYADH: The Saudi main index opened the week on a positive note despite a global risk-off sentiment amid recession fears.

The main index, TASI, gained 0.92 percent to reach 12,645, while the parallel market, Nomu, started almost unchanged at 22,266, as of 10:06 a.m. Saudi time.

National Agricultural Development Co., or Nadc, gained 6.80 percent, leading the market gainers; East Pipes Integrated Co. for Industry. fell 8.71 percent, leading the underperformers.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi rose 1.38 percent, Alinma Bank climbed 1.05 percent, and Bank Albilad added 2.18 percent

Telecom giants stc and Zain KSA were both up by 0.77 percent and 1.84 percent respectively.

In the pharma sector, Aldawaa Medical Services Co. gained 0.64 percent, while Nahdi Medical Co. climbed 0.76 percent.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 1.47 percent.

Oil prices rose on Friday, with Brent crude exiting the week at $119.43 and US West Texas Intermediate settling at $115.07.


Saudi trades in US equities dip to $11bn in Q1; first annual decline in 2 years

Saudi trades in US equities dip to $11bn in Q1; first annual decline in 2 years
Updated 30 min 27 sec ago

Saudi trades in US equities dip to $11bn in Q1; first annual decline in 2 years

Saudi trades in US equities dip to $11bn in Q1; first annual decline in 2 years

RIYADH: Saudi trades in US markets took a dip by 48 percent during the first quarter of 2022, recording the first annual drop in two years.

Saudi investors’ purchase and sale of US stocks fell to SR40 billion ($11 billion) in the first quarter, from SR77 billion in the same period a year ago, the Saudi market regulator reported.

Compared with the fourth quarter of 2021, Saudi Arabia’s trade in US stocks decreased by SR6 billion in the first quarter from SR46 billion.


Oil Updates — Crude up; Sri Lanka to pay $72.6m to buy Russian oil; US renews Chevron’s Venezuela license

Oil Updates — Crude up; Sri Lanka to pay $72.6m to buy Russian oil; US renews Chevron’s Venezuela license
Updated 29 May 2022

Oil Updates — Crude up; Sri Lanka to pay $72.6m to buy Russian oil; US renews Chevron’s Venezuela license

Oil Updates — Crude up; Sri Lanka to pay $72.6m to buy Russian oil; US renews Chevron’s Venezuela license

RIYADH: Oil prices rose on Friday, closing out the week with gains ahead of the US Memorial Day holiday weekend, the start of peak US demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil.

Brent crude rose $2.03, or 1.7 percent, to settle at $119.43. US West Texas Intermediate crude rose 98 cents, or 0.9 percent, to settle at $115.07 a barrel. 

For the week, Brent rose 6 percent while US WTI gained 1.5 percent.

Sri Lanka to pay $72.6 million for 90,000 tons of Russian oil

Sri Lanka will pay $72.6 million to buy a 90,000-ton shipment of Russian oil docked at Colombo’s port for weeks, its energy minister said on Saturday, as the island nation works to restart its only refinery and address a crippling energy crisis.

“I have reached out to multiple countries, including Russia, for support to import crude and other petroleum products,” Power and Energy Minister Kanchana Wijesekera told reporters.

The 90,000-ton consignment was ordered through Dubai-based Coral Energy, Wijesekera said, adding that the payment would facilitate restarting the country’s sole refinery, which has been closed since March 25.

“The next shipment will also be ordered from the same company. Another consignment will be needed within the next two weeks to keep the refinery running continuously,” Wijesekera said.

Sri Lanka has struggled to pay for fuel, food and medicine imports due to a severe shortage of foreign currency. An unprecedented financial crisis has also forced the country to default on some external debt.

Like the rest of Asia, Sri Lanka wants to shift to long-term crude tenders to hedge against high crude spot prices, but dwindling foreign exchange reserves have hampered its ambitions, the power minister said on Saturday.

US renews Chevron’s Venezuela license under existing terms

The US Treasury Department on Friday renewed a license to oil producer Chevron Corp. for operating in US-sanctioned Venezuela through November under the same terms that authorizations granted to the company since 2020.

The license also authorizes oilfield service companies Halliburton, Schlumberger, Baker Hughes and Weatherford International to maintain assets in Venezuela.

(With input from Reuters) 


Here’s what you need to know ahead of the trading day on Tadawul

Here’s what you need to know ahead of the trading day on Tadawul
Updated 29 May 2022

Here’s what you need to know ahead of the trading day on Tadawul

Here’s what you need to know ahead of the trading day on Tadawul

RIYADH: Saudi Arabia’s main index partially reversed gains to close lower in the previous trading session as concerns over an economic slowdown rattled investors.

At Thursday’s closing bell, TASI fell 0.5 percent to 12,530, while the parallel market Nomu added 1.14 percent to 22,272.

Stock exchanges of Qatar, Egypt, and Oman edged lower, while those of Bahrain and Kuwait gained 0.3 and 0.5 percent, respectively.

Dubai’s DFMGI was flat on Friday, after adding 1.2 percent in the prior session, whereas the Abu Dhabi index rebounded with a gain of 1.5 percent.

Oil prices rose on Friday, with Brent crude exiting the week at $119.43 and US West Texas Intermediate settling at $115.07.

Stock News

Zain KSA received approval from the Communications and Information Technology Commission’s board for Zain Business Ltd to acquire 8,069 of its telecom tower sites

Al Moammar Information Systems Co. signed a contract valued at nearly SR80 million ($21.3 million) for the maintenance of medical devices and equipment at a hospital in Makkah

Middle East Healthcare Co., also known as Saudi German Health, will invest SR70 million in Jeddah’s Sobhi Abdel Jalil Batterjee Medical Hospital

Saudi Automotive Services Co. sealed a deal to sell and leaseback ten owned sites valued at SR400 million to Al-Jazira Capital

East Pipes Integrated Co. for Industry swung into losses of SR3.25 million last year, from SR148 million in profit a year earlier

Calendar

May 30, 2022

Close of Anaam International Holding Group’s rights trading

May 31, 2022

End of Retal Urban Development Co.’s IPO book-building

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription 


India's L&T ahead for NEOM $6.4-bn hydrogen renewables facilities: MEED

India's L&T ahead for NEOM $6.4-bn hydrogen renewables facilities: MEED
Updated 29 May 2022

India's L&T ahead for NEOM $6.4-bn hydrogen renewables facilities: MEED

India's L&T ahead for NEOM $6.4-bn hydrogen renewables facilities: MEED

RIYADH: Saudi Arabia's NEOM Green Hydrogen Co. is understood to have selected India's Larsen & Toubro to build solar and wind plants for supplying electricity to the city’s $6.4-billion green hydrogen-based ammonia plant, MEED reported.

ACWA Power, one of the three equity partners in NGHC along with Air Products and NEOM Co., is responsible for supplying the energy to the project. The Riyadh-based firm declined to comment on the news when contacted by Arab News.

According to MEED, L&T, along with Energy China and Power China, submitted a proposal for an engineering, procurement and construction contract to build the renewable energy infrastructure.

The contract covers the construction of 2,930 MW solar power generation plant, a 1,370 MW wind power farm and a 400 MW battery energy storage system, according to a source familiar with the plan.

The package also includes a 190-kilometer power transmission network. 

The planned wind and solar power plants are to be located in northwest Saudi Arabia in proximity to the hydrogen plant, which is to be built at OXAGON industrial zone in NEOM.