Saudi mining firm Ma’aden starts commercial operation of Ammonia 3 plant

Saudi mining firm Ma’aden starts commercial operation of Ammonia 3 plant
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Updated 01 August 2022

Saudi mining firm Ma’aden starts commercial operation of Ammonia 3 plant

Saudi mining firm Ma’aden starts commercial operation of Ammonia 3 plant

RIYADH: Saudi Arabian Mining Co., known as Ma’aden, has begun commercial production for its Ammonia 3 plant within the third phosphate project, which can produce 1.1 million tons of ammonia per year.

The Ammonia 3 plant, which has reached stabilization in trial operations, is expected to impact the company’s financial results during the second quarter of 2022, according to a bourse filing.

The plant belongs to Ma’aden Fertilizer Co., part of the Third Phosphate Project, which is 100 percent Ma’aden-owned.


Saudi PIF buys shares in Alphabet, Zoom and Microsoft in US shopping spree

Saudi PIF buys shares in Alphabet, Zoom and Microsoft in US shopping spree
Updated 13 sec ago

Saudi PIF buys shares in Alphabet, Zoom and Microsoft in US shopping spree

Saudi PIF buys shares in Alphabet, Zoom and Microsoft in US shopping spree


DUBAI: Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video and Microsoft as part of a wider pick of US stocks, bringing the sovereign wealth fund’s second-quarter investments to about $40.8 billion.

The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a US Securities and Exchange Commission filing showed.

It also acquired shares in JPMorgan and BlackRock , buying 3.9 million shares and 741,693 shares respectively.

The fund bought 6.3 million shares in Starbucks, and added other stocks including Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot , Costco, Freeport-McMoRan, Datadog and NextEra Energy.

The PIF, which manages $620 billion in assets, is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects that will help to reduce Saudi Arabia’s reliance on oil.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 1 min 57 sec ago

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi stocks reversed losses to close Monday’s session higher, as investor sentiment was boosted by positive earnings from listed companies.

TASI, the main index, edged up 0.23 percent to 12,543, while the parallel market, Nomu, gained 0.3 percent to 22,110.

The Saudi index outperformed peers in the Gulf, with most markets finishing lower on Tuesday.

Qatar, Abu Dhabi, Kuwait, and Bahrain all recorded losses between 0.1 and 0.7 percent, while Dubai and Oman added 0.1 and 0.4 percent, respectively.

Elsewhere in the Middle East, the Egyptian blue-chip index dropped 0.7 percent.

Oil prices continued to drop on Tuesday, with brent crude losing 1 percent to $94.06 a barrel and US West Texas Intermediate down to $88.63 a barrel by 9:08 a.m. Saudi time.

Stock news

Dallah Healthcare has posted solid profit growth of 52 percent to SR152 million ($40 million) for the first half of 2022, supported by an increase in patient occupancy rates

Al-Etihad Cooperative Insurance Co. saw its profits drop 93 percent to SR2 million in the first half of 2022

Qassim Cement Co. reported a 73 percent decline in first-half profits to SR54 million

Saudi Industrial Development Co.’s losses widened by 88 percent to SR11 million during the first half of 2022

Abo Moati for Bookstores Co. reported a 125 percent surge in quarterly profit to SR4.3 million

Al Kathiri Holding Co. turned into losses of SR5.5 million in the first half of 2022

Arabian Food and Dairy Factories Co. signed a contract with Nana Co. to expand the former’s distribution network and facilitate product delivery to customers

Aljouf Mineral Water Bottling Co.’s half-year profit rose 8 percent to SR2.8 million

Walaa Cooperative Insurance Co. published the shareholders’ circular, the offer document, and the timeline for its merger with SABB Takaful Co.

KEIR International partnered with US-based Quadratics Development to deploy its eco-friendly building system and technology in Saudi Arabia

Calendar

August 17, 2022

Saudi Networkers Services Co. will start trading its shares on Nomu


KEIR to bring US-based Quadratics’ eco-friendly building system to Saudi Arabia

KEIR to bring US-based Quadratics’ eco-friendly building system to Saudi Arabia
Updated 18 min 40 sec ago

KEIR to bring US-based Quadratics’ eco-friendly building system to Saudi Arabia

KEIR to bring US-based Quadratics’ eco-friendly building system to Saudi Arabia

RIYADH: Telecom services provider KEIR International has partnered with US-based Quadratics Development to bring its eco-friendly construction and building technology to the Saudi market.

Quadratics’ efficient and sustainable building system, using light gauge steel and lightweight concrete, aligns with the Kingdom’s Vision 2030, KEIR said in a filing to the Saudi Exchange.

“It is a system widely accepted by real estate developers and government entities in Saudi Arabia after having been developed to provide cost-effective and high-specifications building and construction solutions,” it added.

With this partnership, Riyadh-based KEIR aims to strengthen its presence in the telecom, power, and renewable industries as a leading infrastructure company.


Oil Updates — Crude extends losses; Petroecuador seeks investor boost; Oil output in Permian to reach record high in September

Oil Updates — Crude extends losses; Petroecuador seeks investor boost; Oil output in Permian to reach record high in September
Updated 46 min 17 sec ago

Oil Updates — Crude extends losses; Petroecuador seeks investor boost; Oil output in Permian to reach record high in September

Oil Updates — Crude extends losses; Petroecuador seeks investor boost; Oil output in Permian to reach record high in September

RIYADH: Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.

Brent crude futures fell 73 cents, or 0.8 percent, to $94.37 a barrel by 0313 GMT.

WTI crude futures dipped 44 cents, or 0.5 percent, to $88.97 a barrel.

Oil futures fell about 3 percent during the previous session.

Petroecuador seeks investor boost in 23 oil fields

Ecuador’s state oil company, Petroecuador, announced on Monday two separate bidding processes to seek partners to invest in one of its largest oil blocks and almost two dozen other, smaller, fields in a quest to boost the Andean nation’s production.

Ecuador President Guillermo Lasso has said that he hopes to double Ecuador’s crude production, which currently stands at 495,000 barrels per day, with strong private investment in the strategic sector.

The first tender will be for the Sacha field, considered one of Ecuador’s most productive, pulling in 70,000 bpd. The private partner must provide financing to increase reserves and improve extraction levels in the area, Petroecuador said in a statement.

The state-run company said it will continue to operate the Sacha block jointly with the selected partner through a contract for specific integrated services, with financing from the other party.

Petroecuador did not disclose the amount of investment required or the goals for increasing production in the block.

With the second bidding process, Petroecuador is seeking financing from a contractor to increase the output of 22 oil fields located throughout the country’s Amazon region. The fields are operational but require further investment to reach their potential.

Oil output in Permian to rise to a record high in September: EIA

Oil output in the Permian in Texas and New Mexico, the biggest US shale oil basin, is due to rise 79,000 bpd to a record 5.408 million bpd in September, the US Energy Information Administration, also known as EIA, said in its productivity report on Monday.

Total output in the major US shale oil basins will rise 141,000 bpd to 9.049 million bpd in September, the highest since March 2020, the statistical arm of the Department of Energy projected.

In the Bakken in North Dakota and Montana, the EIA forecast oil output will rise 21,000 bpd to 1.157 million bpd in September, the most since November 2021.

In the Eagle Ford in South Texas, the output will rise 26,000 bpd to 1.230 million bpd in September, its highest since April 2020.

(With input from Reuters)


Saudi Dallah Health’s profit climbs 52% on higher hospital occupancy rates

Saudi Dallah Health’s profit climbs 52% on higher hospital occupancy rates
Updated 59 min 25 sec ago

Saudi Dallah Health’s profit climbs 52% on higher hospital occupancy rates

Saudi Dallah Health’s profit climbs 52% on higher hospital occupancy rates

RIYADH: Dallah Healthcare has posted profit growth of 52 percent for the first half of 2022, mainly supported by an increase in patient occupancy rates.

Its net profit surged to SR152 million ($40 million) and sales hit SR1.2 billion, up 21 percent from the same period a year ago, the company said in a filing to Tadawul.

The growth in revenues came on the back of continued growth in operations and higher hospital admissions during the six-month period.

The healthcare group also cited an improvement in operational efficiency when compared to last year, in addition to a lower share in the losses of associates by SR1.6 million.