Contractors gearing up bids for NEOM’s 60km corridor to OXAGON

Contractors gearing up bids for NEOM’s 60km corridor to OXAGON
Also known as NEOM Industrial City, OXAGON was formally launched in November 2021, and will be built around the Duba seaport in the southwest corner of NEOM and will include onshore elements and floating structures offshore. File
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Updated 20 June 2022

Contractors gearing up bids for NEOM’s 60km corridor to OXAGON

Contractors gearing up bids for NEOM’s 60km corridor to OXAGON

RIYADH: Contractors from across the world are gearing up to submit bids for NEOM’s 60 kilometer corridor that connects The Line with the project’s industrial city OXAGON, according to MEED. 

The last date for bid submission is Sept 11. 

According to the MEED report, some of the prospective bidders for the project include Spain’s Acciona, Saudi Arabia’s Al-Khifa Contracting, Al-Yamama Co., Nesma & Partners, Italy’s Webuild, South Korea’s Samsung C&T, and China’s PowerChina. 

OXAGON is also known as the New Industrial City, or NIC. The upcoming project includes the design and building of a 60-kilometer-long infrastructure corridor running south from The Line at Neom City Station through Neom Bay Mansions, Neom Bay airport and on to NIC.


NEOM, McLaren Racing partner to drive innovation in electric motorsport

NEOM, McLaren Racing partner to drive innovation in electric motorsport
Updated 13 sec ago

NEOM, McLaren Racing partner to drive innovation in electric motorsport

NEOM, McLaren Racing partner to drive innovation in electric motorsport

RIYADH: NEOM, one of Saudi Arabia’s flagship projects, has partnered with McLaren Racing to drive innovation and talent development in electric motorsport, according to a statement. 

With the partnership, NEOM becomes the title partner of the McLaren Formula E and Extreme E racing teams, which brings the two electric race series together under the banner of NEOM McLaren Electric Racing.

“Our partnership with McLaren Racing complements NEOM’s commitment to driving sustainable solutions and tackling some of society's most pressing challenges,” CEO Nadhmi Al-Nasr said. 

“The partnership will allow us to share our collective resources and experience to yield exciting results, not only for our own organizations, but also for the broader automotive and sports industries,” he added. 

McLaren will be located within OXAGON’s Research and Innovation Campus, which will provide cutting edge facilities and collaboration spaces. 

During 2023, McLaren and NEOM will create a bespoke program to nurture engineers and students, in line with the mega project’s commitment to develop Saudi talent. 


Thailand to seek fertilizer supply from Saudi producers

Thailand to seek fertilizer supply from Saudi producers
Updated 2 min 16 sec ago

Thailand to seek fertilizer supply from Saudi producers

Thailand to seek fertilizer supply from Saudi producers

RIYADH: Thailand is planning to negotiate with Saudi Arabia for the supply of fertilizers as the country is currently facing a shortage, especially due to the high cost of imports.

The Thai Chamber of Commerce will coordinate with Saudi suppliers and a business event is to be held between three major Saudi-based fertilizer suppliers and Thai importers on June 29, Thai local media reported citing Commerce Minister Jurin Laksanawisit.

Laksanawisit added that two Saudi suppliers were recently provided permission to sell fertilizers to Thailand.

Thailand heavily relies on imports for its fertilizers, with only 8 percent coming from domestic sources and a usage of about 5 million tons of fertilizer a year, according to the minister.

The country’s overall demand for fertilizer from Saudi Arabia is about 808,000 tons, the media report noted citing industry statistics.


US stocks — Wall Street sheds opening gains on losses in high-growth stocks

US stocks — Wall Street sheds opening gains on losses in high-growth stocks
Updated 26 min 9 sec ago

US stocks — Wall Street sheds opening gains on losses in high-growth stocks

US stocks — Wall Street sheds opening gains on losses in high-growth stocks
  • S&P 500 energy stocks among few gainers
  • Robinhood rises on Goldman Sachs upgrade
  • Indexes down: Dow 0.24 percent, S&P 0.36 percent, Nasdaq 0.68 percent

REUTERS: Wall Street’s main indexes fell after opening higher on Monday, as a rally last week on easing concerns over inflation lost steam, with high-growth stocks leading declines.

“We had a nice rally last week, so I think we’re seeing a little bit of profit taking this morning,” said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas.

“The stocks that were up the most last week are the ones getting hit the hardest here today.”

The tech-heavy Nasdaq Composite index, which gained 7.5 percent last week, fell 0.7 percent to lead declines among the three major indexes.

Investors were betting on the retreat in oil prices from the three-month highs hit in June to potentially ease inflationary pressures and likely push the Federal Reserve to moderate its aggressive policy tightening.

However, data on Monday showed new orders for US-made capital goods and shipments increased solidly in May, pointing to sustained strength in business spending on equipment in the second quarter.

Oil prices also moved back into positive territory, pushing up the S&P 500 energy index by 2.2 percent, reining in expectations for inflation falling on the back of lower energy prices.

The US central bank has rapidly raised interest rates to tame 40-year-high inflation, stoking fears its actions could tip the world’s largest economy into a recession.

After the benchmark S&P 500 index earlier this month recorded a 20 percent drop from its January closing peak to confirm a bear market, investors have been trying to gauge when the market might hit its bottom.

At 10:11 a.m. ET the Dow Jones Industrial Average was down 76.62 points, or 0.24 percent, at 31,424.06, the S&P 500 was down 13.94 points, or 0.36 percent, at 3,897.80 and the Nasdaq Composite was down 78.44 points, or 0.68 percent, at 11,529.19.

Shares of Robinhood Markets rose 0.6 percent after media reports said Goldman Sachs upgraded the retail broker’s stock to “neutral” from “sell.”

Goldman Sachs, however, cut rating on Coinbase Global Inc. to “sell” from “buy,” according to media reports, sending shares of the cryptocurrency exchange lower by 9.4 percent.

Declining issues outnumbered advancers for a 1.03-to-1 ratio on the NYSE and a 1.31-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week high and 29 new lows, while the Nasdaq recorded 16 new highs and 41 new lows.


OPEC+ trims 2022 market surplus projection to 1m bpd -report

OPEC+ trims 2022 market surplus projection to 1m bpd -report
Updated 36 min 55 sec ago

OPEC+ trims 2022 market surplus projection to 1m bpd -report

OPEC+ trims 2022 market surplus projection to 1m bpd -report

LONDON: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed its projected 2022 oil market surplus to 1 million barrels per day, down from 1.4 million bpd previously, a report seen by Reuters showed.

The report was prepared ahead of a meeting of the OPEC+ Joint Technical Committee scheduled to take place on Tuesday. 


Saudi IT firm solutions secure $267m for acquisition of Egypt’s Giza Systems

Saudi IT firm solutions secure $267m for acquisition of Egypt’s Giza Systems
Updated 48 min 29 sec ago

Saudi IT firm solutions secure $267m for acquisition of Egypt’s Giza Systems

Saudi IT firm solutions secure $267m for acquisition of Egypt’s Giza Systems

RIYADH: IT firm solutions by stc, a unit of Saudi Telecom Co., has obtained Shariah-compliant banking facilities worth SR1 billion ($267 million).

Formally known as Arabian Internet and Telecommunication Services Co., the firm signed the financing deals with Saudi National Bank, according to a bourse filing.

Proceeds from the facilities, with a duration of one and five years, will partly be used to fund the recent acquisition of Egypt’s Giza Systems.

solutions by stc had earlier acquired 89.5 percent of Giza Systems, in addition to 34 percent of Giza Arabia, a subsidiary of Giza Systems, in a $158 million deal.