France eyes ‘good investment opportunities’ in Saudi Arabia: Official

France eyes ‘good investment opportunities’ in Saudi Arabia: Official
About 135 French companies operate in Saudi Arabia (Shutterstock)
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Updated 01 July 2022

France eyes ‘good investment opportunities’ in Saudi Arabia: Official

France eyes ‘good investment opportunities’ in Saudi Arabia: Official

RIYADH: France is intensifying efforts to take advantage of Saudi investment opportunities in all sectors, mostly energy, technology, water and other industrial services, the country's Ambassador in Saudi Arabia said.

Saudi Arabia is an attractive region and a suitable environment for investments in all its vital sectors, Ludovic Pouille told a press conference.

The French government and the private sector are working to expand the number of companies operating in the Kingdom, which currently stands at about 135, Aleqtisadiah reported citing Pouille.

The aim is to gain large investment spaces, and to benefit from the reforms and economic developments undertaken by Saudi Arabia, which constitute a good opportunity for French companies, he said. 

The French ambassador said France will take the model of agreements between the Al-Ula Authority and his country’s institutions in the fields of infrastructure and culture, as a starting point for expanding the map of investments in the future.


NRG Matters — Oman aims to produce 3,350MW electricity from renewables by 2027; Malaysian utility expedites energy transition

NRG Matters — Oman aims to produce 3,350MW electricity from renewables by 2027; Malaysian utility expedites energy transition
Updated 12 sec ago

NRG Matters — Oman aims to produce 3,350MW electricity from renewables by 2027; Malaysian utility expedites energy transition

NRG Matters — Oman aims to produce 3,350MW electricity from renewables by 2027; Malaysian utility expedites energy transition

RIYADH: Oman is planning to boost its daily power production using renewable energy to 3,350 MW by 2027, up from its current 650 MW, according to Oman Daily Observer.

The country also aims to become one of the top 40 countries globally in the environmental performance index. 

Electric vehicle 

China’s Geely Automobile is aiming to increase the proportion of electric vehicles in its total sales to 50 percent in 2023, Reuters reported. 

It is part of the company’s objectives to accelerate its transition to EV production amid weakening demand for petrol-driven cars.

Green hydrogen conference

The Connecting Green Hydrogen MENA 2023 event will be held on March 14-16, 2023, in Palazzo Versace Dubai, according to Trade Arabia. 

The event will include 1,500 policymakers, oil and gas firms, energy utilities, investors, project developers, suppliers, hydrogen mobility and transportation firms.

The conference will focus on future development and prospects of the Middle East and North African region’s hydrogen industry.

Energy transition 

Malaysian utility Tenaga Nasional Bhd is aiming for capital expenditure of about 20 billion ringgit ($4.48 billion) annually till 2050 to fast track its energy transition plans, Reuters reported citing a statement. 

The investments will help Tenaga reach net-zero emissions by 2050 and “open opportunities in more than doubling its earnings before interest and taxes,” said CEO Baharin Din. 


Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 

Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 
Updated 24 min 37 sec ago

Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 

Saudi IT firm Arab Sea plans new Egyptian branch to meet rising demand 

RIYADH: Information technology services provider Saudi Arab Sea Information Systems Co. plans to open a new office in Egypt in order to address the rising demand for its systems.

Based in Riyadh, the company said in a bourse filing that the decision was approved by the company’s board of directors on Aug. 17.

It added that any developments will be announced in due course.

Most recently, Arab Sea reported weak earnings for the first half of 2022, turning into losses of SR5.5 million ($1.33 million) from SR4.4 million in profit a year earlier.

The results were attributed to a year-on-year revenue drop of 22 percent to SR17 million, in addition to higher costs from establishing its unit, Arab Sea Financial Co.


Saudi insurer Enaya seeks capital reduction of $13m to recoup losses

Saudi insurer Enaya seeks capital reduction of $13m to recoup losses
Updated 32 min 33 sec ago

Saudi insurer Enaya seeks capital reduction of $13m to recoup losses

Saudi insurer Enaya seeks capital reduction of $13m to recoup losses

RIYADH: Saudi Enaya Cooperative Insurance Co.’s board proposed a capital reduction of SR50 million ($13 million).

Upon the reduction, the company will increase its capital by SR130 million through a rights issue, bringing the company's capital to SR230 million, the company said in a bourse filing.

Enaya is reducing its capital to amortize its accumulated losses, it said.


Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit

Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit
Updated 40 min 20 sec ago

Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit

Saudi Aslak to acquire 30% stake in UAE A-1 Fence’s Dammam-based unit

RIYADH: Saudi cable manufacturer Aslak has signed a deal with UAE’s A-1 Fence DMCC C0. to acquire a stake in its wholly owned unit based in Dammam.  

Formally known as United Wire Factories Co., the firm revealed in a bourse filing that it will acquire a 30 percent stake of the capital of A-1 Fence Arabia Co. for Industry.

The share purchase agreement is subject to approval from the Kingdom’s General Authority for Competition and relevant regulatory authorities.

This potential deal comes as Aslak aims to diversify its sources of income and maximize profitability through a pool of investments.


Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump

Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump
Updated 59 min 57 sec ago

Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump

Saudi cement producer Umm Al-Qura’s profit drops 55% as sales slump

RIYADH: Saudi cement producer, Umm Al-Qura Cement Co. has posted a 55 percent decline in net profit during the first half of 2022 owing to lower cement sales.

Profits in the first half dropped from SR49 million in the same period last year to SR22 million ($5.9 million), according to a bourse filing.

The company attributed the decline in net profit to a decrease in sales value and an increase in selling, marketing, and administrative expenses.

Its revenue declined 19 percent to SR125 million during the current period from SR154 million during the previous period.