MENA Project Tracker: Abu Dhabi’s Masdar City starts work on net-zero tower; EGA becomes UAE’s first silicon metal manufacturer

MENA Project Tracker: Abu Dhabi’s Masdar City starts work on net-zero tower; EGA becomes UAE’s first silicon metal manufacturer
Masdar City has started the works at its net-zero energy office tower. (Shutterstock)
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Updated 26 June 2022

MENA Project Tracker: Abu Dhabi’s Masdar City starts work on net-zero tower; EGA becomes UAE’s first silicon metal manufacturer

MENA Project Tracker: Abu Dhabi’s Masdar City starts work on net-zero tower; EGA becomes UAE’s first silicon metal manufacturer

RIYADH: Abu Dhabi’s technology and innovation hub Masdar City has started the works at its net-zero energy office tower, of Masdar City Square, as the UAE continues its journey to achieve net-zero emissions by 2050. 

Also known as MC2, the project is being developed in collaboration with project management firm Woods Bagot, and architectural firm Faithful+Gould, Trade Arabia reported. 

Woods Bagot will handle design and construction supervision, while Faithful+Gould has been awarded a project management consultancy services contract, the report added.

The MC2 development which has an area of 29,000 square meters with a gross floor area of 50,000 square meters includes seven single and multi-tenant office buildings, along with a large parking facility. 

The works of MC2 are expected to be completed by 2024. 

EGA to produce silicon in UAE

Emirates Global Aluminum, also known as EGA, has announced that the company is planning to develop a project to manufacture silicon in the UAE, Trade Arabia reported.

Currently, there are no silicon manufacturing units in the UAE, and EGA is the largest importer of this metal with an annual demand of 60,000 tons.

“Developing a silicon metal manufacturing facility would secure our supply of a strategic raw material. Once we have met our own demand we could expand further, creating a new growth opportunity for our company while supporting the development of new local industries in line with the goals of Operation 300bn and Make it in the Emirates, and the global energy transition,” said Abdulnasser Bin Kalban, CEO of EGL. 

He added that the construction work of this new project is expected to begin next year.

Silicon is a key raw material for premium aluminum.


TASI ends in red as investor mood sours over oil price shifts: Closing bell

TASI ends in red as investor mood sours over oil price shifts: Closing bell
Updated 22 sec ago

TASI ends in red as investor mood sours over oil price shifts: Closing bell

TASI ends in red as investor mood sours over oil price shifts: Closing bell

RIYADH: Saudi Arabia’s benchmark index ended the week’s final session lower after investors’ mood turned negative as oil prices fluctuated during the week.

TASI finished 0.20 percent lower at 12,621, while the parallel Nomu market finished 0.19 percent higher at 21,574.

The Kingdom’s largest valued bank, Al Rajhi, ended the session with a 1.68 percent gain, while the Saudi National Bank, the country's largest lender, ended with a 1.10 percent decline.

Saudi Aramco lost 0.75 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts' expectations.

Among the Kingdom's leading information technology firms, Elm climbed 6.08 percent to lead the gainers in the market, while Al Moammar shed 1.30 percent.

Abdullah Al Othaim Markets Co. slipped 4.25 percent, despite reporting a 31 percent increase in profits for the first half of the year to SR138 million.

Red Sea International Co. dropped 2.12 percent, after it secured financing from SABB worth SR35 million.

Taiba Investments Co. fell 0.82 percent, despite turning into a profit of SR55 million in the first half, wiping out losses of SR14.8 million from the same period last year.

Sadr Logistics Co. declined 0.95 percent, after it turned into losses of SR3 million during the first six months of 2022.

Saudi Arabian Mining Co., known as Ma’aden, ended the week’s session with a 1.11 percent gain.

 


Saudi insurer Allied Cooperative names new CEO

Saudi insurer Allied Cooperative names new CEO
Updated 33 sec ago

Saudi insurer Allied Cooperative names new CEO

Saudi insurer Allied Cooperative names new CEO

RIYADH: Allied Cooperative Insurance Group has announced the appointment of Mohammad Al-Gadhi as its CEO.

The appointment is subject to approval by the Saudi Central Bank, the insurer said in a bourse filing.

Al-Gadhi served as the company’s head of operations and technical affairs since 2012 and held several technical and administrative positions, it said.


Egypt In-Focus — Egypt launches low-cost airline Air Sphinx; Deal signed for high-speed rail line; SCZONE signs MOU with Toyota Tsusho

Egypt In-Focus — Egypt launches low-cost airline Air Sphinx; Deal signed for high-speed rail line; SCZONE signs MOU with Toyota Tsusho
Updated 9 min 26 sec ago

Egypt In-Focus — Egypt launches low-cost airline Air Sphinx; Deal signed for high-speed rail line; SCZONE signs MOU with Toyota Tsusho

Egypt In-Focus — Egypt launches low-cost airline Air Sphinx; Deal signed for high-speed rail line; SCZONE signs MOU with Toyota Tsusho

CAIRO: Egypt will be launching another airline, under the title of Air Sphinx by the end of this year.

After EgyptAir’s massive losses during the pandemic, the new low-cost airline is an effort to revive the aviation sector and increase profits, reported CNBC Arabia.

Additionally, it will encourage the flow of tourism within and outside of Egypt, according to Elhamy El-Zayat, the former head of the Egyptian Tourism Federation.  

Air Sphinx will operate from the Sphinx Airport in the 6th of October city, he added.

High-speed rail line

Egypt-based Elsewedy Electric, in partnership with Germany’s Deutsche Bahn International Operation, has signed a deal to operate and maintain the Egyptian high-speed rail line.

The scope of work includes the railway’s principle line and cargo rail networks, reported MEED.

SCZONE signs MOU with Toyota Tsusho

The Suez Canal Economic Zone has signed a memorandum of understanding with Japanese tycoon Toyota Tsusho Corp.

This comes as part of a plan to increase Japan’s presence in infrastructure and renewable energy-related projects, reported Egypt today.

Both sides will benefit from this deal, according to the general manager of Energy Infrastructure Projects at Toyota Tsusho Corp.


Aramco’s chemicals JV Sadara reports 88% profit drop as higher feedstock costs drag

Aramco’s chemicals JV Sadara reports 88% profit drop as higher feedstock costs drag
Updated 13 min 51 sec ago

Aramco’s chemicals JV Sadara reports 88% profit drop as higher feedstock costs drag

Aramco’s chemicals JV Sadara reports 88% profit drop as higher feedstock costs drag

RIYADH: Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., has posted an 88 percent drop in profit for the first half of 2022.

On the back of higher feedstock prices, profits of the giant JV went down from SR2.2 billion ($592 million) to SR275 million, a bourse filing showed.

This was coupled with revenues amounting to SR8.3 billion during the six-month period, almost unchanged from the same period in 2021.

“The decrease in net profit in the current period compared to the same period of the last year is mainly attributable to the recognition of modification gain of SR1.05 billion from debt reprofiling during the previous year,” Sadara said in the filing.

 Specialized in producing a wide range of specialty chemicals, the firm added that its profits were hit by an increase in feedstock costs and lower average sales prices.


MENA Project Tracker — Bids on Saudi radiological services project; Spetco lands $172m contract with KOC; JPMC begins work on $85m phosphate plant

MENA Project Tracker — Bids on Saudi radiological services project; Spetco lands $172m contract with KOC; JPMC begins work on $85m phosphate plant
Updated 19 min 1 sec ago

MENA Project Tracker — Bids on Saudi radiological services project; Spetco lands $172m contract with KOC; JPMC begins work on $85m phosphate plant

MENA Project Tracker — Bids on Saudi radiological services project; Spetco lands $172m contract with KOC; JPMC begins work on $85m phosphate plant

CAIRO: Saudi-based Quantum Switch Tamasuk— a specialist in designing and building data centers —has collaborated with the Ministry of Communications and Information Technology on the $2 billion data center project.

The first phase has already begun in King Salman Energy Park in Dammam, and it comprises building 60MW of data center capacity out of the 300MW capacity by year-end, reported Tamasuk.

According to the four-year plan, Riyadh, Jeddah, and NEOM will also benefit from their own data centers by 2026.

“QST’s data centers will be designed and built to meet the demands of hyper-scale cloud service providers, international gaming and media platforms, and global content delivery networks, with a view to attracting them to locate their main regional hubs in the Kingdom,” stated QST.

Bids on Saudi radiological services project

Pre-qualified companies in the health sector will place bids on the Saudi Ministry of Health's radiological services project—the first of its kind in Saudi Arabia.

Eight companies are to reveal their bids on the project on Aug. 18.

The scope of work includes supplying and operating radiological services and medical nuclear images services to top-notch hospitals in the region, reported MEED.

This is part of the $2 billion healthcare projects in the Gulf Cooperation Council being achieved through a public-private partnership model.

Spetco lands $172m contract with KOC

Kuwait-based Spetco International Petroleum Co. has signed a 53 million Kuwaiti dinar ($172 million) contract with state-owned Kuwait Oil Co. to provide and operate sucker rod pumps at oil fields.

This is the third contract out of $389 million worth of contracts, where the other two were tendered to Contracting & Marine Services and Fawares Petroleum Services Co, disclosed MEED.

The bids were conducted through a mumarasa tendering system, which is a reverse auction where each company puts forth its lowest price until the lowest bidder wins.

Tadweer partners with KEO for Al-Dhafra feasibility study

Abu Dhabi Waste Management Centre, known as Tadweer, has partnered with KEO International Consultants on a feasibility study to extract greenhouse gases from the Al-Dhafra landfill.

The project will convert the toxic gasses into sustainable energy, according to MEED.

This study will include detecting the local market’s needs, and how to benefit from the exerted greenhouse gases using the most efficient and environmentally friendly methods. 

JPMC begins work on $85m phosphate plant in Jordan

Jordan Phosphate Mines Co., in collaboration with Ideal Development Co. for Manufacturing Industries, has started work on the planned $85 million phosphate washing factory in Shidiya, Maan governorate of Jordan.

It is to be completed in 15 months, whereafter the project will use washing and floating methods to convert low-quality phosphate into high-quality phosphate, reported MEED.

Not only will the project generate profits of 100 million Jordanian dinars ($140.9 million), but it will also create over 2,000 jobs in the transport and logistics sector, according to Mohammed Thneibat, JPMC chairman.

Qatar to receive first Typhoon fighter Jet

Qatar will receive its first Typhoon fighter jet from UK-based BAE Systems by the end of this month, reported MEED.

This is part of a £5 billion ($6.5 billion) deal in 2018, which entails BAE Systems providing Qatar with 24 Eurofighter Typhoon aircraft.

“The first Typhoon has been delivered on schedule and will ferry from the UK to Qatar later this month,” BAE Systems said.

“Typhoon will provide critical support for the Fifa World Cup, which will be held in the state from 20 November,” the British multinational aerospace company added.