Egypt’s private sector plans to sell $120m to $200m in green bonds, minister says 

The sale plan comes on top of $750 million green bonds that Egypt has sold to finance clean transport projects.
The sale plan comes on top of $750 million green bonds that Egypt has sold to finance clean transport projects.
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Updated 22 May 2022

Egypt’s private sector plans to sell $120m to $200m in green bonds, minister says 

Egypt’s private sector plans to sell $120m to $200m in green bonds, minister says 

RIYADH: Egypt’s private sector plans to sell $120 million to $200 million in green bonds to finance eco-friendly projects, the minister of planning and economic development said.  

However, Halla Al-Saeed did not give details about the duration of the bonds. 

The sale plan comes on top of $750 million green bonds that Egypt has sold to finance clean transport projects.

It is part of the country’s efforts to promote green and circular economy to recover from the COVID-19 pandemic’s repercussions.


Pivot Engineering wins $168m contract for Damac Lagoons development

Pivot Engineering wins $168m contract for Damac Lagoons development
Updated 11 sec ago

Pivot Engineering wins $168m contract for Damac Lagoons development

Pivot Engineering wins $168m contract for Damac Lagoons development

DUBAI: Emirati property development company Damac has awarded a $168.2 million construction contract for the Costa Brava cluster within its Damac Lagoons development to Pivot Engineering and General Contracting Co., MEED reported.

According to the report, the scope of work under this contract includes the construction of 976 townhouses for the project.

It was in November 2021 that the development works of the Damac Lagoons Project began in the inland Dubailand area.

The project also includes villas, townhouses, artificial beaches, and community facilities. Damac Lagoons Project which spans 45 million square feet also includes clusters named Venice, Morocco, Nice, Malta, Andalucia and Portofino.

Pivot Engineering and General Contracting Co. is headquartered in Abu Dhabi, and it has been working in the region for 44 years, according to the company website. 


Saudi Cabinet approves companies law reforms to improve investment environment

Saudi Cabinet approves companies law reforms to improve investment environment
Updated 33 min 29 sec ago

Saudi Cabinet approves companies law reforms to improve investment environment

Saudi Cabinet approves companies law reforms to improve investment environment

RIYADH: The Saudi Cabinet has approved the Companies system, the Real Estate Brokerage system and the Regulatory Framework for Public Transport Projects.

The new corporate system gives greater flexibility to companies operating in the Kingdom, as this system will support the legislative and structural reform packages in the Saudi economy. 

It will also enhance the diversity and strength of the local market, and raise the level of competitiveness of the Saudi investment environment.

The Saudi Cabinet said that the International Monetary Fund's estimates of economic growth in the Kingdom reflect the country's efforts and economic reforms. 

It also stressed the importance of securing energy supplies, economic development and addressing the challenges of climate change to ensure the growth and prosperity of countries.

Meanwhile, the Saudi Cabinet is discussing with Azerbaijan and Brazil cooperation agreements in the field of energy.


Commodities Update — Gold buoyed by fall in US bond yields; Wheat up; Copper slips

Commodities Update — Gold buoyed by fall in US bond yields; Wheat up; Copper slips
Updated 38 min 41 sec ago

Commodities Update — Gold buoyed by fall in US bond yields; Wheat up; Copper slips

Commodities Update — Gold buoyed by fall in US bond yields; Wheat up; Copper slips

RIYADH: Gold prices treaded water on Wednesday, with lower US Treasury yields lending support, as bullion struggled to break out of range-bound trading.

Spot gold was up 0.1 percent at $1,821.53 per ounce by 0550 GMT. US gold futures firmed 0.1 percent at $1,822.10. 

Silver dips

Spot silver dipped 0.1 percent to $20.81 per ounce, while platinum rose 0.9 percent to $918.32. 

Palladium gained 2 percent to $1,911.72.

Wheat up, corn down

Chicago wheat futures extended gains on Wednesday, lifted by signs of improving demand and bargain-buying after three straight sessions of losses pushed the contract to its lowest since February.

Corn and soybeans edged lower.

The most active wheat contract on the Chicago Board of Trade rose 0.53 percent to $9.41 a bushel.

Corn fell 0.38 percent to $6.56-3/4 a bushel and soybeans edged down 0.5 percent to $14.55-1/4 a bushel.

Copper down

Copper prices slipped on Wednesday, as downbeat US consumer confidence data and prospects of rapid rate hikes to control a surge in inflation fanned fears of a global economic slowdown, impacting metals demand.

Three-month copper on the London Metal Exchange was down 0.6 percent at $8,314 a ton, as of 0702 GMT.

Prices of the metal, which are used as a gauge of economic health by investors, have fallen 23 percent since scaling a peak of $10,845 in March.

The most-traded August copper contract in Shanghai ended daytime trading down 0.9 percent to $9,466.07 a ton.

(With inputs from Reuters)


Saudi development fund kicks off $100m Kiffa water project in Mauritania

Saudi development fund kicks off $100m Kiffa water project in Mauritania
Updated 39 min 42 sec ago

Saudi development fund kicks off $100m Kiffa water project in Mauritania

Saudi development fund kicks off $100m Kiffa water project in Mauritania

RIYADH: The Saudi Fund for Development, also known as SFD, has kicked off development projects in Mauritania by providing a $100 million soft development loan for a water project in Kiffa. 

The project includes a 250 km water network that reaches 90 villages and serves more than 20 percent of residents of Mauritania. 

It is expected to help provide clean water to the community, minimize the risks of water-related diseases, and achieve water security for people in Kiffa. 

The SFD delegation to Mauritiana, headed by its CEO Sultan bin Abdulrahman Al-Marshad, also inaugurated the Nouakchott Water Distribution Network Project, which SFD co-financed with a total of $25.33 million. 

The Nouakchott Water Distribution Network Project covers 208 kilometers of water pipelines and serves more than 20,000 homes. 

The delegation also launched the SFD-funded dialysis center project in Nouakchott. 

The project, worth $10 million and funded by a grant from the Kingdom, aims to increase access to health care and upgrade services by expanding the hospital capacity, including equipping a dialysis center with 16 units in Nouakchott.

“These projects will positively impact the social and economic development of our sister country, Mauritania. They provide the necessary support for basic services, promoting positive opportunities for Mauritanian people to meet their daily needs to improve their social and economic level,” said Al-Marshad. 

SFD’s delegation also inaugurated the new campus project in Nouakchott. The $30 million project includes the construction of university buildings and a university mosque, along with providing accommodations facilities. 


Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 

Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 
Updated 29 June 2022

Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 

Oil Updates — Crude slides; Nigeria raises $482m from oilfield licenses; Exxon, Imperial to sell shale assets 

RIYADH: Oil prices fell on Wednesday after rising in the previous three sessions as the market tussled between concerns about the global economy and tight global oil supplies.

Brent crude futures for August dropped 84 cents, or 0.7 percent, to $117.14 a barrel by 0444 GMT. The August contract will expire on Thursday and the more-active September contract was at $113.17, down 63 cents, or 0.6 percent.

US West Texas Intermediate crude futures slid 54 cents, or 0.5 percent, to $111.22 a barrel.

Nigeria raises $482 million from marginal oilfield licenses

Nigeria has raised more than $482 million from the issuance of oil prospecting licenses after it offered 57 fields for bidding, the petroleum regulator said on Tuesday.

The Nigerian Upstream Petroleum Regulatory Commission said over 70 percent of the awardees have fully paid for their licenses, two years after bids were sought for the oil blocks. It did not say how many licenses were issued.

Marginal fields are smaller oil blocks located onshore or in shallow waters and are typically developed by local companies.

The NUPRC, which was established last year after Nigeria passed a new petroleum law, said 30 oil fields were awarded between 1999 to 2010, with 17 producing. The latest round of 57 oilfields began in 2020.

Nigeria’s oil minister said on Friday that after meeting with oil companies he expects to see some improvement in the sector that will enable Africa’s top producer to meet its OPEC production quota by the end of August.

Exxon, Imperial to sell Canada shale assets 

US oil major Exxon Mobil Corp. and Imperial Oil Ltd. said on Tuesday they will sell their Montney and Duvernay shale oil and gas assets in Canada to Whitecap Resources Inc. for $1.48 billion.

Exxon and Imperial, which jointly own the assets, began marketing them at the start of this year, hoping to capitalize on a rebound in oil and gas prices.

The assets were valued at up to $1 billion in January by industry insiders.

A strong run-up in commodity prices since then, with Russia’s invasion of Ukraine stoking global supply concerns, has pushed up the value of oil and gas properties across North America.

Imperial’s share in the sale will be around $729 million, the companies said on Tuesday.

The assets being sold include 567,000 net acres in the Montney shale play, 72,000 net acres in the Duvernay basin and additional acreage in other areas of Alberta.

(With inputs from Reuters)