NRG Matters — Dubai’s energy demand rises by 6.3%; Egypt’s Infinity to become Africa’s largest renewable energy firm

NRG Matters — Dubai’s energy demand rises by 6.3%; Egypt’s Infinity to become Africa’s largest renewable energy firm
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Updated 20 July 2022

NRG Matters — Dubai’s energy demand rises by 6.3%; Egypt’s Infinity to become Africa’s largest renewable energy firm

NRG Matters — Dubai’s energy demand rises by 6.3%; Egypt’s Infinity to become Africa’s largest renewable energy firm

RIYADH: On a macro level, Dubai’s energy demand has risen by 6.3 percent during the first half of 2022, signaling an economic recovery and a return of activities. 

Zooming in, Cairo-based Infinity will buy Africa’s Lekela Power, in a deal that would make it the largest renewable energy company in the continent. 

Looking at the bigger picture

  • India’s Convergence Energy Services is planning a $10 billion contract for 50,000 electric buses in a bid to decarbonize public transport and meet net zero emissions goals, Bloomberg reported.  The state-owned company was formed in 2020 to manage the solar and electric vehicle leasing business of its parent firm, Energy Efficiency Services. This happens as India plans to cut its overall projected carbon emissions by 1 billion tonnes by 2030, to achieve net zero emissions by 2070.
  • Dubai’s energy demand has risen by 6.3 percent during the first half of 2022, Trade Arabia reported, citing Dubai Electricity and Water Authority’s announcement. Reaching 23,096 gigawatt-hours, the increase reflects the economic recovery in Dubai.
  • The share of battery-electric cars among new registrations in Europe grew to 9.9 percent, from April to June — up from 7.5 percent a year earlier, Reuters reported. This happens as fossil-fuel powered cars lost market share and total sales dropped by more than a fifth. 

Through a micro lens:

  • Cairo-based renewable energy company Infinity and Africa Finance Corporation will wholly acquire London-headquartered African renewable energy firm, Lekela Power, Trade Arabia reported. Including Lekela Power’s portfolio of operational wind power projects, with a combined installed capacity of over 1 gigawatt and its 1.8 gigawatt pipeline of greenfield projects, the acquisition will make Infinity Africa’s largest renewable energy company. 
  • Toyota Motor Corp. will work with allied automakers to develop small electric commercial vans and light-duty fuel cell electric trucks, according to Reuters. Due to begin from January 2023, the project will see the vehicles being used to transport goods between Tokyo and Fukushima prefecture as it seeks to promote the widespread use of electrified vehicles. 

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m
Updated 13 sec ago

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed the acquisition of a 41 percent stake in Care Shield Holding Co. in a deal valued at SR307 million ($90 million).

The title to the shares was transferred to the buyer, Maharah said in a bourse filing.

The deal was financed in part by the company’s own resources and in part by a loan from Al Rajhi Bank.

Growth Avenue Investment qualifies for a profit share from the acquired stake as of Jan. 1, 2022.

In August, Maharah announced that Growth Avenue had received the General Authority of Competition’s nod to proceed with acquiring Care Shield Holding.


LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022
Updated 15 min 22 sec ago

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

RIYADH: Professional networking solution provider LinkedIn has revealed the annual ranking of the top 10 startups based in Saudi Arabia that have demonstrated growth in 2022.

The annual ranking has been analyzed on the basis of the companies’ interactions with LinkedIn members. They are measured through employment growth, company and employee engagement, job interests, and talent attraction.

The top startups in Saudi Arabia for 2022: 

  1. Tamara
  2. Sary
  3. Nana
  4. Zid
  5. Tweeq
  6. Gathern
  7. Lendo
  8. Qawafel
  9. Resal
  10. Shgardi

“KSA’s Top Startups List 2022 reflects the current state of the startups and VC space in the country while also offering insights into the prevailing market trends influencing the community,” said Salma Altantawy, senior news editor at LinkedIn.

The announcement also indicated that fintech witnessed huge traction in the Kingdom with three startups — Tamara, Tweeq, and Lendo — in the sector making to the list.

Delivery services have also grown in popularity with platforms like Nana and Shgardi recording good traction. This is in addition to a rise in B2B solutions as companies like Sary and Qawafel found second and eighth positions, respectively.

“This year’s list sees the emergence of many startups from financial backgrounds. This signifies the increased popularity and growing need for simplified and innovative fintech solutions by consumers in Saudi Arabia,” she added.

To be eligible, LinkedIn said, companies must be independent and privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the country on whose list they appear.


TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell
Updated 52 min 24 sec ago

TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell

RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share
Updated 53 min 59 sec ago

Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share

RIYADH: Arabian Drilling Co. has set its price range for its initial public offering at SR90-100 ($24-$27) per share, as it kicks off the book-building period on Wednesday.

The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.


Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m
Updated 28 September 2022

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

RIYADH: Raydan Food Co. has invited its shareholders to vote on reducing the company’s capital from SR338 million ($90 million) to SR158 million.

This reduction plan was made in order to restructure the company’s capital structure to recover losses, according to a bourse filing.

Raydan Food reported earlier that its accumulated losses reached SR179 million in the first half of the year, representing 53 percent of its share capital.

Earlier this month, Raydan received the Capital Market Authority's approval for capital reductions.