Saudi IT firm MIS to launch $266m investment fund with Al Rajhi Financial 

Saudi IT firm MIS to launch $266m investment fund with Al Rajhi Financial 
The special investment fund will be used to finance digital and technical infrastructure projects as well as medical equipment in Saudi Arabia. (Supplied)
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Updated 14 June 2022

Saudi IT firm MIS to launch $266m investment fund with Al Rajhi Financial 

Saudi IT firm MIS to launch $266m investment fund with Al Rajhi Financial 

RIYADH: Al Moammar Information Systems Co. has closed a deal with Al Rajhi Financial Co. to set up a SR1-billion ($266 million) Shariah-compliant investment fund.

The special investment fund will be used to finance digital and technical infrastructure projects as well as medical equipment in Saudi Arabia, a bourse filing revealed.

Under the deal, information technology provider MIS will be the marketer, supplier, and operator of the fund’s projects, while Al Rajhi will act as the fund manager.

The parties expect to complete the procedures to launch the fund by the second half of 2022.


NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts
Updated 15 sec ago

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

RIYADH: Egypt is eying $10 billion of renewables to replace inefficient thermal fossil fuel power plants. 

In an effort to drive the country’s carbon emissions reduction goal, the precuts are expected to be delivered by the private sector, according to MEED.

US motors

A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved by the US Senate will put achieving electric-vehicle adoption targets for 2030 in jeopardy.

The Alliance for Automotive Innovation had warned that most EV models would be ineligible for a $7,500 tax credit for US buyers under the bill, Reuters reported. 

Offshore rigs

ADNOC Drilling has been awarded two contracts totaling over 12.6 billion dirhams ($3.4 billion) to hire eight jack-up offshore rigs, Trade Arabia reported. 

Awarded by ADNOC Offshore, the contracts will support the expansion of the firm’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.


TASI ends higher on strong earnings reports: Closing bell

TASI ends higher on strong earnings reports: Closing bell
Updated 1 min 14 sec ago

TASI ends higher on strong earnings reports: Closing bell

TASI ends higher on strong earnings reports: Closing bell

RIYADH: Saudi Arabia’s benchmark index ended Monday higher after a wave of earnings reports boosted investor sentiment.

The Tadawul All Share Index added 0.66 percent reaching 12,297, while the parallel market, Nomu, climbed 1.36 percent at 22,072.

The Saudi British Bank climbed 1.44 percent, while the Kingdom’s oil giant Saudi Aramco added 0.13 percent.

The Saudi National Bank, the Kingdom’s biggest lender, ended the day 1.82 percent higher, while Alinma Bank rose 1.07 percent.

The Middle East Paper Co. gained 2.83 percent, following a 216 percent increase in first half profits.

The Wafrah for Industry and Development Co. rose 2.79 percent, following the signing of a $4 million contract with German GEA Food for meat production.

Bank Albilad rose 2.62 percent, following the announcement of the establishment of Enjaz Payment Services Co., a closed joint-stock company located in Riyadh.

Almarai Co. increased 0.56 percent, following the announcement of the re-appointment of Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al-Muhaideb as vice chairman.


EU plan to cut gas use by 15% comes into effect

EU plan to cut gas use by 15% comes into effect
Updated 14 min 44 sec ago

EU plan to cut gas use by 15% comes into effect

EU plan to cut gas use by 15% comes into effect

BRUSSELS: An EU plan to cut gas consumption across the bloc by 15 percent to cope with an energy price crisis spurred by Russia’s war in Ukraine comes into effect on Tuesday.

The EU regulation enshrining the plan agreed two weeks ago by the 27-nation bloc was published Monday in the EU’s official administrative gazette, with the stipulation it would take force from Tuesday.

“Considering the imminent danger to the security of gas supply brought about by the Russian military aggression against Ukraine, this regulation should enter into force as a matter of urgency,” it said.

The aim is for the EU to be able to bolster its reserves of gas in time for what is likely to be a very tough winter. European households and businesses are being squeezed by skyrocketing energy prices and reduced Russian gas that several member states are dependent on.

The regulation said that EU countries “shall use their best efforts” to cut gas consumption by “at least 15 percent” between August this year and March next year, based on how much they used on average over the previous five years.

Some EU countries, though, had carve-outs from strictly following the rule, which was in any case termed a “voluntary demand reduction.”

These were countries not fully connected to the European electricity grid or with gas pipelines to other parts of the EU or unable to free up enough pipeline gas to help other member states.

Hungary, which relies on gas piped in directly from Russia, had demanded the exception.

Germany, the EU’s economic powerhouse, took a major share of the 40 percent of EU gas imports that came from Russia last year.

Should the European Commission see a “severe gas supply shortage” or exceptionally high gas demand emerging, it can ask EU countries to declare an alert for the bloc. That would make gas cuts binding and limit exceptions.


DIFC launches first global family business and private wealth center

DIFC launches first global family business and private wealth center
Updated 26 min 58 sec ago

DIFC launches first global family business and private wealth center

DIFC launches first global family business and private wealth center

DUBAI: The Dubai International Financial Center has announced the launch of the first global family business and private wealth center.

The center will create a hub for bringing together global family-owned businesses, ultra-high-net-worth individuals and private wealth, according to a press release.

To be working on an independent basis, the center will provide advisory and concierge services, education and training, outreach and high-end networking, besides undertaking research and issuing publications, along with giving dispute resolution assistance.

The center will also grant accreditation to businesses and advisers in alignment with DIFC’s standards, the press release added.

“The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy,” said Essa Kazim, governor of DIFC.

In the next decade, he added, those families and others in the Middle East are expected to transfer 3.67 trillion dirhams ($1 trillion) to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow. 

Tarek Hajjiri, appointed CEO for the Global Family Business and Private Wealth Center said: “The new center will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”

The Global Family Business and Private Wealth Center has been approved by the DIFC Authority Board of Directors and is expected to be launched on Sept. 1, 2022.


Saudi Transport Ministry pushes for electrification with EV charging stations for staff

Saudi Transport Ministry pushes for electrification with EV charging stations for staff
Updated 08 August 2022

Saudi Transport Ministry pushes for electrification with EV charging stations for staff

Saudi Transport Ministry pushes for electrification with EV charging stations for staff

RIYADH: The Saudi Ministry of Transport and Logistics has installed the first batch of electric charging stations at its Riyadh headquarters as the Kingdom continues its journey to achieve sustainability.

The stations, developed by electric charging infrastructure developer ABB, can be used by employees of the ministry and visitors, according to a LinkedIn post.

Saudi Arabia’s Vision 2030 aims to ensure a safe environment for future generations, and several carbon emission reduction initiatives are progressing steadily in the Kingdom.

Last month, the Madinah municipality signed an agreement with Al-Sharif Holding Group to establish 12 electric charging stations at several key points in the city.

Recently, Kalyana Sivagnanam, group CEO of Petromin, during an exclusive interaction with Arab News said that its electric charging station arm Electromin is planning to open new charging stations, in addition to the already existing 100 stations in the country.