TRSP 5th anniversary: Dayim Equipment Rental to build carbon neutral operations hub for TRSDC

Special Dayim equipment rental Co. will manage all on- site logistics onshore and offshore, allowing trsDC to focus on its core business. (Supplied)
Dayim equipment rental Co. will manage all on- site logistics onshore and offshore, allowing trsDC to focus on its core business. (Supplied)
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Updated 31 July 2022

TRSP 5th anniversary: Dayim Equipment Rental to build carbon neutral operations hub for TRSDC

Dayim equipment rental Co. will manage all on- site logistics onshore and offshore, allowing trsDC to focus on its core business
  • Facility will be powered by lithium-powered generators and solar panels, says official

RIYADH: Dayim Equipment Rental Co. has partnered with The Red Sea Development Co. to build an on-site, carbon neutral operations hub and provide managed services for The Red Sea Project and AMAALA.

DER Regional General Manager Andy Carter said the company is constructing an office training and workshop complex on the allocated 10,000 square meters of space.

TRSDC stated on a LinkedIn post that DER’s operational hub would be one of the most carbon neutral fulfillment centers in the Gulf Cooperation Council, leveraging the company’s market-leading sustainable product offerings.

We are managing the site, carrying out inspections and working directly with subcontractors.

Andy Carter, Regional general manager at Dayim Equipment Rental Co.

The facility will be powered by lithium-powered generators and solar panels. Additionally, a diesel generator will provide backup only if the batteries need recharging or there is not enough sunlight, pointed out Carter.

In a social media post, TRSDC said: “Leveraging Dayim’s innovative green solutions, this hub will be one of the most carbon neutral of its kind and is part of our commitment to maximize the efficiency of our construction process.”




Andy Carter, Regional General Manager, Dayim Equipment Rental.

The post further said: “In addition to providing the required equipment to support our projects, Dayim will provide on-site training, testing and inspection for our staff and contractors.”

Carter noted that DER has an ISO 14001:2015 certification, which means it meets the requirements for an environmental management system that can improve an organization’s environmental performance.

DER is also certified with the quality management system ISO 9001 and the occupational safety and health standard ISO 45001.

As one of the first equipment rental companies in the Kingdom, DER offers green and sustainable products such as solar lighting, lithium batteries, gas generators, and a 100 percent recyclable washing facility.

“We are managing the site, carrying out inspections and working directly with subcontractors,” Carter said.

DER will manage all on-site logistics onshore and offshore, allowing TRSDC to focus on its core business. Among its managed services, the company tests and inspects all contractor’s equipment as it enters the project to ensure it is safe, leak-free, and fit for purpose, Carter added.

“Our carbon neutral operational hub offers TRSDC a full-service plant, machinery and vehicle solution, which matches the developer’s sustainability ethos,” Rida Said, executive chairman with Dayim Holdings Rida said.


Bahrain-based Eat App raises $11m in a series B funding

Bahrain-based Eat App raises $11m in a series B funding
Updated 28 September 2022

Bahrain-based Eat App raises $11m in a series B funding

Bahrain-based Eat App raises $11m in a series B funding

RIYADH: Bahrain-based restaurant reservation platform, Eat App, raised $11 million in a series B funding round.

The funding round included venture capital firms MEVP, 500 Startups, Derayah VC, Dalah Albaraka, Ali Zaid Al-Quraishi and Brothers, and Rasameel Investment Company.

The firm seeks expand globally and invest in product development to support restaurants and guest experience.

“Looking back, the pandemic impacted Eat App greatly. While it caused a drop in revenue, it was also one of the largest accelerators of the business, as restaurants were forced to implement digital tools,” Nezar Kadhem, co-founder and CEO of Eat App, said in a statement.

Founded in 2015, Eat App currently operates in Bahrain, Dubai, Abu Dhabi, and Doha, with more than 800 restaurants on its platform.


Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round
Updated 28 September 2022

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

Aramco’s Wa’ed Ventures leads French AI firm Alteia’s funding round

RIYADH: Alteia, a European artificial intelligence and industrial software company, announced that it closed its latest funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital arm.

Alteia will utilize its funding to increase its presence in the Kingdom by opening an office in Dhahran to support companies in the region as well as invest in research and development.

“To have the world’s leading energy company invest in Alteia through its investment arm is a strong show of faith in our trajectory, and weighs in the value of contextualized, actionable visual data as the foundation to shape a more efficient, more sustainable industrial future,” Benjamin Benharrosh, co-founder of Alteia, said in a statement.


Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round
Updated 28 September 2022

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

Egypt B2B marketplace Mazaya raises $5m in pre-seed round

RIYADH: Mazaya, an Egypt-based B2B e-commerce marketplace, raised $5 million in a pre-seed round, said a statement issued on Tuesday.

The funding round was led by financial investment firm Raya Trade and Distribution, it added.

The company will use the funds to boost its operation in Egypt as well as expand into new markets and other verticals.

“The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end,” Amir Aboul Fotouh, Mazaya co-founder, said.

The Mazaya App provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores from all major brands.

“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Bassem Megahed, CEO of Raya Trade and Distribution, said in a statement.

The company also plans to offer financial services and support to their retailers by offering credit facilities and flexible payment options.


Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap
Updated 28 September 2022

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

Russia to spend $55bn from rainy-day fund to cover 2022 budget gap

MOSCOW: Russia plans to spend 3.19 trillion roubles ($54.62 billion) from its National Wealth Fund this year to cover its budget deficit, a draft budget published on the finance ministry’s website showed on Wednesday, according to Reuters.

In 2023, Russia intends to spend 1.95 trillion roubles on budget deficit financing from the NWF, a rainy-day fund made up of oil and gas revenues, and another 643.7 billion roubles in 2024.

The ministry intends to issue 2.5 trillion roubles worth of OFZ treasury bonds as it seeks to ramp up domestic borrowing in 2023, the document showed.

In 2024, the ministry plans to borrow 3.4 trillion roubles and another 3.4 trillion roubles in 2025.


MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 
Updated 28 September 2022

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

MENA Project Tracker — Petrofac contract extended; ASHGHAL requests pre-qualification document 

RIYADH: Iraq has approved a project to build a $50 million industrial city in tandem with its post-war reconstruction initiative, reported Zawya.  

Located in the center of the Najaf Governorate, the new city will stretch over 9.5 sq. km, and encompass many different industries such as petrochemicals, lubricants, glass and detergents.

“This project will provide 5,000 jobs to Iraqis and its cost could exceed $50 million…we have received cabinet approval and have already selected a contractor,” said Dirgham Kiko, chairman of the Najaf Investment Commission.

It is expected to be completed within two years.

Petrofac’s contract extended in the Haliba oil field

UK-based Petrofac will continue supporting operations at the Haliba oil field in Abu Dhabi for the next two years, according to an agreement with Al-Dhafra Petroleum — a subsidiary of Abu Dhabi National Oil Co. Group.

Al-Dhafra Petroleum originally selected Petrofac for this contract in September 2019, reported MEED.  

ASHGHAL requests pre-qualification documents

Qatar’s Public Works Authority has requested prequalification documents for four construction contracts that make up the South of Wakrah and New District of Doha pumping station and outfall scheme, reported MEED.

The contract has been tendered since mid-August, and bids will be closed by Oct. 23.