Saudi retailer Alhokair shareholders approve $304m capital reduction

Saudi retailer Alhokair shareholders approve $304m capital reduction
The Saudi-listed firm has grown into one of the leading retailers across the MENA region. (Supplied)
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Updated 30 June 2022

Saudi retailer Alhokair shareholders approve $304m capital reduction

Saudi retailer Alhokair shareholders approve $304m capital reduction

RIYADH: Fawaz Abdulaziz Alhokair Co. obtained approval from shareholders to reduce its capital to SR1.14 billion ($304 million), from SR2.1 billion.

Its shares will be reduced to 114 million from 210 million, the company revealed in a bourse filing.

This follows the approval of the Capital Market Authority earlier this month.

Founded in 1990, the Saudi-listed firm has grown into one of the leading retailers across the Middle East, North Africa, Central Asia, and the Caucasus.


 


OPEC forecasts lower oil demand growth in 2022

OPEC forecasts lower oil demand growth in 2022
Updated 14 sec ago

OPEC forecasts lower oil demand growth in 2022

OPEC forecasts lower oil demand growth in 2022

RIYADH: The Organization of the Petroleum Exporting Countries has trimmed its forecast of oil demand growth in 2022 for the third time since April. 

In its “Monthly Oil Market Report,” OPEC noted that the cut in growth forecast is attributed to the economic impact due to Russia’s invasion of Ukraine, along with the effects of high inflation. 


SAMA launches point-of-sale service between Saudi Arabia and Qatar 

SAMA launches point-of-sale service between Saudi Arabia and Qatar 
Updated 11 August 2022

SAMA launches point-of-sale service between Saudi Arabia and Qatar 

SAMA launches point-of-sale service between Saudi Arabia and Qatar 

RIYADH: The Saudi Central Bank, also known as SAMA, has launched a point-of-sale service between the national payment network Mada and the Qatari national network NAPS, starting from Aug. 1.

The step comes following the success of the pilot technical tests between the two networks, according to a statement.

With the launch of this service, holders of Mada and NAPS cards will be able to implement point-of-sale operations in the two countries through the Gulf Payments Network, known as GCC-Net.

The GCC-Net enables bank customers of the Gulf Cooperation Council’s countries to withdraw cash from automated teller machines, in the local currency of the host country.

In addition to providing the option of payment through direct debit cards to the Gulf network through point-of-sale machines in the countries of the Council. 


MENA Project Tracker— KOC receives bids for $100m flowline; CHEC wins Red Sea contract

MENA Project Tracker— KOC receives bids for $100m flowline; CHEC wins Red Sea contract
Updated 11 August 2022

MENA Project Tracker— KOC receives bids for $100m flowline; CHEC wins Red Sea contract

MENA Project Tracker— KOC receives bids for $100m flowline; CHEC wins Red Sea contract

CAIRO: Kuwait Oil Co. has tendered its $100 million oil flow line project and received  bids from six Kuwait-based companies.
The contract includes the construction and civil work of the flow line — a pipeline that connects the oilfield wellhead to the manifold which connects to the rest of the equipment, according to MEED.

OQ gas delays pipeline bids

OQ Gas Networks, a subsidiary of Oman’s public energy company OQ, has delayed its contract bid submissions for a major pipeline project until Aug. 31.

The 42-inch pipeline is to transport natural gas 193 km from the Fahud station in Oman’s center to reach the industrial hub of Sohar in the north, reported MEED.

However, the energy conglomerate has been contemplating the construction of a shorter pipeline that extends only 128 km from the Fahud compressor station to BVS 4 in Sohar instead.

Hill International selected

Hill International— a US construction consulting firm— has been selected as project manager for two projects by the UAE-based Aldar properties.

The contract includes construction, and schedule control, in addition to health, safety, and environment management, reported Gulf Daily News.

Located in the Saadiyat Cultural District of Abu Dhabi,  the first phase of the project will lie in the heart of the city surrounded by many of its attractions, such as Abu Dhabi Louvre and the Sheikh Zayed National Museum.

The second phase of Al-Reeman residential development will be built in the southeast of Abu Dhabi. It will also offer facilities for different  healthy activities such as bicycle paths and community centers.

 “We will bring our expertise and experience to help ensure Aldar’s vision is realized for this first phase of the Grove and the critical second phase of Al-Reeman,” stated Samer Tamimi, senior vice president at Hill International.

CHEC lands another Red Sea Contract

China Harbour Engineering Co.— a subsidiary of China Communications Construction Co.— has landed the contract for bridges and culverts construction in Shurayrah, Saudi Arabia.

This contract is part of the Red Sea Project development, in which the CHEC has won six other different contracts.

The scope of work includes building 12 bridges and culverts on the Saudi island, in addition to four bridges for a planned golf course, reported MEED.


Saudi Electricity secures $568m funding for interconnection project with Egypt

Saudi Electricity secures $568m funding for interconnection project with Egypt
Updated 11 August 2022

Saudi Electricity secures $568m funding for interconnection project with Egypt

Saudi Electricity secures $568m funding for interconnection project with Egypt

RIYADH: State-owned Saudi Electricity Co. has obtained $568 million in financing to fund the Saudi-Egypt electricity interconnection project.

The Fund, which has a term of 14 years, is backed by Swedish Export Credit Corporation, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp., according to a bourse filing.

Saudi Arabia and Egypt signed an agreement to establish an electrical interconnection in 2012 for the purpose of being the main axis in the Arab electrical linkage, which aims to create an infrastructure for electricity trade between Arab countries.

In October of last year, the two countries signed contracts for a $1.8 billion electricity interconnection project to ensure an exchange of 3,000 MW of electricity between both nations.

In a separate announcement, the utility firm announced that it has also obtained a syndicated loan of $3 billion from a number of international banks.

As part of the five-year syndicated loan, the company will refinance an existing international syndicated facility. This will include, without limitation, capital expenditures.

The financing entities include Standard Chartered Bank, HSBC Bank, Intesa Sanpaolo, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Industrial and Commercial Bank of China, and State Bank of India.

Following the announcement, shares of SEC opened Thursday's trading session 0.39 higher percent at SR26.

Established in 1999, Saudi Electricity produces electricity through 45 power plants and owns transmission and distribution networks throughout the Kingdom.

It is majority-owned by the government at 74.3 percent, while Saudi Aramco owns 6.9 percent.

In the last earnings report by the firm, it reported a 10 percent decline in profit to SR1.5 billion for the first quarter of 2022.


MG sells over 120,000 cars since its debut in Mideast

MG sells over 120,000 cars since its debut in Mideast
Updated 11 August 2022

MG sells over 120,000 cars since its debut in Mideast

MG sells over 120,000 cars since its debut in Mideast

RIYADH: British automotive company MG has sold over 120,000 cars in the Middle East alone since its debut in the region in 2014, according to a press release.

The company claimed that it is currently ranked sixth in the list of manufacturers in the region.

Meanwhile, MG also exported its one-millionth vehicle since it started overseas sales following its acquisition by SAIC Motor in 2007.

Tom Lee, managing director of MG, said: “This latest milestone illustrates the commitment MG has to its customers, both globally and regionally, ranging from the support provided by our Advanced Design Studio in London, our extended support team in headquarters to that delivered by our dedicated partners across the Middle East.”

It further noted that MG is ranked among the top 10 brands in 18 countries including Saudi Arabia, New Zealand and Australia.