Saudi Aramco awards $16m steel pipes order to Arabian Pipes

Saudi Aramco awards $16m steel pipes order to Arabian Pipes
Arabian Pipes expects the transaction to impact its financial statements starting from the second quarter of 2023. (Shutterstock)
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Updated 03 July 2022

Saudi Aramco awards $16m steel pipes order to Arabian Pipes

Saudi Aramco awards $16m steel pipes order to Arabian Pipes

RIYADH: Saudi oil giant Aramco has given out an order worth SR60 million ($16 million) to homegrown Arabian Pipes Co. to supply steel pipes.

The contract will be valid for one year, the Riyadh-based pipe manufacturer said in a statement to the Saudi stock exchange, Tadawul.

Arabian Pipes expects the transaction to impact its financial statements starting from the second quarter of 2023.

This comes as an extension to two contracts awarded by Aramco to Arabian Pipes so far this year, worth SR368 million in total.


Red Sea International reduces $80m capital to write off accumulated losses 

Red Sea International reduces $80m capital to write off accumulated losses 
Updated 11 sec ago

Red Sea International reduces $80m capital to write off accumulated losses 

Red Sea International reduces $80m capital to write off accumulated losses 

RIYADH: Red Sea International Co. said its accumulated losses have dropped to zero, following an SR298 million ($80 million) capital reduction.

The Saudi-listed construction firm brought down its capital to SR302 million from SR600 million, by canceling nearly 30 million shares, according to a bourse filing.

The purpose of the transaction was to extinguish accumulated losses, which amounted to almost 58 percent of the capital, or SR346 million, as of June end.

Most recently, Red Sea International reported that its net loss widened by 7 percent to SR67 million in its financial results for the first half of 2022.


Saudi annual inflation rate rises to 2.7% in July driven by high food prices

Saudi annual inflation rate rises to 2.7% in July driven by high food prices
Updated 21 min 2 sec ago

Saudi annual inflation rate rises to 2.7% in July driven by high food prices

Saudi annual inflation rate rises to 2.7% in July driven by high food prices

RIYADH: Saudi Arabia’s annual inflation rate accelerated to 2.7 percent in July, from 2.3 percent in June, according to the recent data released by the General Authority for Statistics, also known as GASTAT.

The uptick in the Consumer Price Index, as it is called in technical terms, is driven by a rise in food and beverage prices, GASTAT added. 

According to the report, food and beverage prices showed an annual increase of 3.9 percent, while meat prices surged by 5.1 percent. 

“Food and beverages prices were the main drivers of the inflation rate in July 2022 due to their high relative importance in the Saudi consumer basket with a weight of 18.8 percent,“ said GASTAT. 

Transport prices increased by 3.6 percent, mainly due to the increase in the purchase of motor cars prices which went up by 4.2 percent. 

The GASTAT report further revealed that personal goods and services prices in the Kingdom also increased by 2.1 percent. 

Restaurants and hotels prices increased by 6.3 percent, due to the increase in catering services prices, which went up by 6.5 percent, the report added.


Saudi IT firm solutions by stc gets approval to acquire Egypt’s Giza Systems

Saudi IT firm solutions by stc gets approval to acquire Egypt’s Giza Systems
Updated 15 August 2022

Saudi IT firm solutions by stc gets approval to acquire Egypt’s Giza Systems

Saudi IT firm solutions by stc gets approval to acquire Egypt’s Giza Systems

RIYADH: Arabian Internet and Telecommunication Co., known as solutions by stc, received approval from Saudi Arabia’s General Authority For Competition to buy a $158 million stake in Egypt's Giza Systems Co., a bourse filing revealed.

The Saudi-listed company had earlier entered a binding deal for the takeover of an 89.49 percent stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia.

Subject to other regulatory conditions, solutions by stc said the transaction is expected to be completed by the fourth quarter of 2022, adding that any developments will be announced in due course.

 


Iran’s top automaker sets sights on Russian market

Iran’s top automaker sets sights on Russian market
Updated 14 August 2022

Iran’s top automaker sets sights on Russian market

Iran’s top automaker sets sights on Russian market

TEHRAN: Iran’s leading automaker is seeking to prioritize exports to Russia, its CEO said on Sunday, as both countries reel under Western economic sanctions.

Iran Khodro unveiled the latest model of its crossover Rira vehicle at its factory west of Tehran, where CEO Mehdi Khatibi announced the manufacturer’s ambitions for the Russian market.

“We are going to pay special attention to the Russian market, and we are also thinking of partnering with Russian investors,” he said.

“We have held good negotiations with Moscow. The Russian market, with its capacities, will be one of our important markets,” Khatibi added.

“We will begin exporting this year” to Russia, he said.

Iran Khodro had previously exported vehicles to Russia, notably between 2007 and 2009, Iranian media said.

The two countries have responded to the sanctions by boosting cooperation in key areas to help prop up their economies.
The company’s vice president, Kianoush Pourmojib, struck an optimistic note on Sunday, pointing to increased exports to Azerbaijan over the past five years.

“We are ambitious about improving the quality of our vehicles,” he told AFP.

He added that while the manufacturer hopes to compete in markets such as Azerbaijan, Oman and Iraq, “in volume, it is of course Russia that is the most important.”

“This year, we will produce more than 500,000 vehicles and our goal within three years is to export 100,000 vehicles annually,” compared with fewer than 20,000 currently, he said.


Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program

Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program
Updated 14 August 2022

Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program

Saudi Arabia’s Kingdom Holding unveils $3.4bn investment program

RIYADH: Kingdom Holding Co.unveiled its investment program worth SR12.8 billion ($3.4 billion), according to a bourse filing.

In June, the company announced that it completed its investment program during the period between the second quarter of 2020 and Q2 2022. The program invested in companies operating in diverse sectors with a proven track-record of growth and strong financial position.

The company’s total investments amounted to SR4.33 billion in 2020, SR3.75 billion in 2021 and SR4.73 billion in 2022.