Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m
The deal is expected to close during the third quarter of 2022. (Supplied)
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Updated 30 June 2022

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

Saudi Mouwasat to acquire 51% of Jeddah Doctors for $27m

RIYADH: Saudi healthcare provider Mouwasat Medical Services Co. has signed a final agreement to acquire 51 percent of Jeddah Doctors Co. in a deal worth SR102 million ($27 million).

The deal is expected to close during the third quarter of 2022, according to a bourse filing.

Jeddah Doctors Co. is a Saudi closed joint stock company that owns a hospital presently under construction in Jeddah called Jeddah Doctors Hospital.


Fitch upgrades Oman rating to BB

Fitch upgrades Oman rating to BB
Updated 13 sec ago

Fitch upgrades Oman rating to BB

Fitch upgrades Oman rating to BB

DUBAI: Global rating agency Fitch Ratings upgraded the long-term foreign currency issuer default rating on Oman to BB from BB-.

The outlook on Oman is stable, Fitch said on Monday.

The agency said the upgrade “reflects significant improvements in Oman’s fiscal metrics, a lessening of external financing pressures and ongoing efforts to reform public finances.”

A relatively small crude producer when compared to its wealthier Gulf neighbors, Oman is more sensitive to oil price swings, meaning it was hit especially hard by the pandemic-driven price crash in 2020.

But higher oil prices this year along with fiscal reforms, Fitch said, will support the sultanate to register its first budget surplus since 2013 and contain debt levels over the next few years.

“Higher oil revenue will underpin budget surpluses in 2022 and 2023,” Fitch said.


IT consulting firm Saudi Networkers to list on Nomu on Aug. 17

IT consulting firm Saudi Networkers to list on Nomu on Aug. 17
Updated 22 min 50 sec ago

IT consulting firm Saudi Networkers to list on Nomu on Aug. 17

IT consulting firm Saudi Networkers to list on Nomu on Aug. 17

RIYADH: Saudi Networkers Services Co., a Riyadh-based technical consulting services provider, will list its shares on the Kingdom’s parallel Nomu market on Aug. 17, according to a bourse filing.

The initial public offering price was earlier set at SR71 ($19) per share, yielding strong demand from qualified investors with the IPO being 223 percent oversubscribed.

Led by Aldukheil Financial Group, the offering of 1.5 million shares, or a 25 percent stake, was limited to qualified investors.

Ahead of its IPO, Saudi Networkers posted a 28 percent drop in profit, from SR39.1 million to SR28.3 million, for the year 2021, due to a rise in the cost of revenue. 

 


MENA Project Tracker— ACWA bids on PPP projects; Kahramaa EOI on new project; Iraq requests bids on water dam

MENA Project Tracker— ACWA bids on PPP projects; Kahramaa EOI on new project; Iraq requests bids on water dam
Updated 31 min 37 sec ago

MENA Project Tracker— ACWA bids on PPP projects; Kahramaa EOI on new project; Iraq requests bids on water dam

MENA Project Tracker— ACWA bids on PPP projects; Kahramaa EOI on new project; Iraq requests bids on water dam

CAIRO: Saudi-based ACWA Power has submitted a bid to develop the Amaala Utilities Public-Private Partnership as part of the Amaala giga-tourism project in Saudi Arabia, reported Zawya.

ACWA Power has been going strong with bids on many projects, such as a solar photovoltaic independent power plant project in Uzbekistan, an independent water plant project in Saudi Arabia, and many more.

While the prolonged war has caused disruptions in the project's progress, ACWA said it is confident that its work will experience only a very minor delay.   

Kahramaa EOI on new project

Kahramaa— Qatar state utility General Electricity & Water Corporation—has received expressions of interest from developers for the planned Facility E independent water and power producer project.

While two consortiums and two other companies withdrew their EOI, Japan-based Marubeni Corp. has committed to its bid.

Moreover, Kahramaa is considering swapping out the original project for an independent water project instead, according to MEED.

Iraq requests bids on water dam

Iraq's Water Resources Ministry has requested bids from three companies— Serbian-based Energoprojekt, Italy’s Hydronova, and the Dutch Deltares Co.—for the construction of its $3.7 million water dam on the Southern Shatt Al-Arab River.

“The Ministry asked those companies to submit their bids for the first phase of the project before September 25,” according to Zawya.

 


NRG Matters — Share of renewables in Jordan’s energy mix jumps; India’s clean power industry may miss annual target

NRG Matters — Share of renewables in Jordan’s energy mix jumps; India’s clean power industry may miss annual target
Updated 45 min 17 sec ago

NRG Matters — Share of renewables in Jordan’s energy mix jumps; India’s clean power industry may miss annual target

NRG Matters — Share of renewables in Jordan’s energy mix jumps; India’s clean power industry may miss annual target

RIYADH: Jordan recorded a 3 percent hike in renewable energy’s share of its total energy mix since the beginning of 2022.

According to Jordan’s Minister of Energy and Mineral Resources, Saleh Al-Kharabsheh, renewable energy sources contributed 29 percent to the total power generation in the country up from 26 percent during the same period last year.

Al-Kharabsheh said the total installed capacity of electric power generation projects from renewable energy sources reached about 2,526 MW until the end of July 2022. 

India’s renewable energy target 

India will miss its renewable energy target for the end of the year, with experts saying “multiple challenges,” including a lack of financial help and taxes on imported components are stalling the clean energy industry.

The country has installed just over half of its planned renewable energy capacity, a high level parliamentary report found last week, according to AP News. 

Enlight’s JV

The publicly traded company, Enlight is planning to create a joint venture with Israeli natural gas producer, NewMed, to develop renewable energy projects in North Africa and the Middle East, Bloomberg reported. 

“The venture will exploit what we see as a very large opportunity in the region that began with natural gas, a development led to a large extent by NewMed,” Enlight CEO Gilad Yavetz told Bloomberg. 

The venture targets the region’s markets namely Saudi Arabia, Morocco, the UAE, Bahrain, Oman, Korean and Egypt. 

New Zealand’s Contact Energy

New Zealand's Contact Energy said it would spend $300 million New Zealand dollar ($193.29 million) to build a 51.4 MW geothermal power unit near its Te Huka power station in Taupo.

The investment would help bolster the firm’s renewable power generation amid high demand, according to Reuters. 


TASI rises as investors await earnings, assess rising inflation: Closing bell

TASI rises as investors await earnings, assess rising inflation: Closing bell
Updated 15 August 2022

TASI rises as investors await earnings, assess rising inflation: Closing bell

TASI rises as investors await earnings, assess rising inflation: Closing bell

RIYADH: Saudi stocks ended Monday’s session higher, as investors awaited more earnings reports while trying to assess the impact of rising inflation.

The Tadawul All Share Index edged up 0.23 percent to finish at 12,543, while the parallel market, Nomu, gained 0.31 percent to end at 22,110.

Wafrah for Industry and Development Co. soared 5.09 percent, after the company swung to a profit of SR11 million ($2.92 million) during the first half of 2022.

Arabian Internet and Telecommunication Co., known as solutions by stc, increased 1.55 percent, following the Saudi competition authority’s approval of Egypt’s Giza Systems’ acquisition.

Saudi Tadawul Group Holding Co. added 0.75 percent, despite the announcement of a 23 percent decline in profits during the first half of the year to SR278 million.

Saudi Aramco closed flat, after it achieved its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts’ expectations.

Saudi jeweler L’azurde fell 2.15 percent, despite reporting a 22 percent profit rise in the first half of 2022 to SR22.2 million

Basic Chemical Industries Co. lost 2.19 percent, despite achieving a 63 percent profit increase to SR46 million for the first half.

Red Sea International Co. declined 0.14 percent to lead the gainers, after the real estate firm announced that its accumulated losses have been cut to zero, following a reduction in the company’s capital by SR298 million.

Saudi Printing and Packaging Co. fell 2.25 percent, after the company narrowed its losses by 91.8 percent to SR2 million during the first half.

Arabian Shield Cooperative Insurance Co. slipped 0.64 percent, after posting a 30 percent profit decline to SR16 million for the first half.