NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts
The plan is part of an effort to drive the country’s carbon emissions reduction goal (Shutterstock)
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Updated 08 August 2022

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

RIYADH: Egypt is eying $10 billion of renewables to replace inefficient thermal fossil fuel power plants. 

In an effort to drive the country’s carbon emissions reduction goal, the precuts are expected to be delivered by the private sector, according to MEED.

US motors

A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved by the US Senate will put achieving electric-vehicle adoption targets for 2030 in jeopardy.

The Alliance for Automotive Innovation had warned that most EV models would be ineligible for a $7,500 tax credit for US buyers under the bill, Reuters reported. 

Offshore rigs

ADNOC Drilling has been awarded two contracts totaling over 12.6 billion dirhams ($3.4 billion) to hire eight jack-up offshore rigs, Trade Arabia reported. 

Awarded by ADNOC Offshore, the contracts will support the expansion of the firm’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.


Zain KSA integrates latest Huawei 5G technology into its network 

Zain KSA integrates latest Huawei 5G technology into its network 
Updated 17 sec ago

Zain KSA integrates latest Huawei 5G technology into its network 

Zain KSA integrates latest Huawei 5G technology into its network 

RIYADH: Mobile telecom operator Zain KSA has collaborated with Chinese mobile technology firm Huawei to integrate the third generation of 5G solutions into its network across the Kingdom. 

This new RAN product MetaAAU technology integration will enable Zain KSA to offer a wide range of services to its customers through expanding coverage and capacity and increasing the network speed.

As MetaAAU uses extremely large antenna array architecture, multi-channel technology, and innovative algorithms, Huawei's most advanced products are able to offer double the scale of arrays compared with the previous-generation AAU.

This solution can improve network performance while slashing energy consumption, the company said in a press release. 

This comes as Zain KSA looks to support more 5G use cases, including cloud computing, the internet of things, artificial intelligence and machine learning solutions while continuing to deliver better user experiences. 

“This new upgrade to our 5G network serves our strategic goal to deliver world-class 5G experiences that match up to Saudi Vision 2030’s goals of transforming the Kingdom into a digital economy hub powered by Industry 4.0 and supporting a high quality of life for its communities,” Chief Technology Officer at Zain KSA, Abdulrahman Al-Mufadda said. 

He added: “Building on our elaborate 5G infrastructure, we launched the 5G carrier aggregation feature in 2020, achieving ultra-fast Internet speeds of 2.4 Gbps.” 

Now with the accelerating industry ecosystem development, and as more and more 5G smartphones support this feature, Al-Mufadda said they are extending the population coverage of 5G dual carriers and bringing the ultra-fast user experience to more customers.

President of Huawei 5G Product Line, Ritchie Peng said, “We will continue to provide innovative solutions to help Zain KSA to build the leading performance network and provide a better user experience to end users.”


SAPTCO wins $23m bus transportation project with Taif Municipality

SAPTCO wins $23m bus transportation project with Taif Municipality
Updated 3 min 39 sec ago

SAPTCO wins $23m bus transportation project with Taif Municipality

SAPTCO wins $23m bus transportation project with Taif Municipality

RIYADH: The Saudi Public Transport Co. has been awarded an SR88 million ($23 million) bus project with Taif Municipality.

The five-year project will have a positive impact on the company's revenues during the first half of 2023, it said in a bourse filing.

Founded in 1979, SAPTCO operates urban buses in Riyadh, Jeddah, and Mecca; intercity buses; and international buses to the UAE, Egypt, Jordan, and Bahrain.


Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia

Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia
Updated 14 min 15 sec ago

Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia

Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia

RIYADH: Saudi Arabia’s Capital Market Authority has approved the request of BNP Paribas Investment Co. to amend the list of businesses it is licensed to practice.

Following the amendment, the investment service provider will be authorized to conduct dealing, keeping, arranging, and advising in securities business, according to a statement. 

Established in 2009, BNP Paribas Investment Co. Saudi Arabia is a private limited company based in Riyadh.

Operating in the investment services sector, the organization is owned by French-based enterprises.

In March 2021, BNP Paribas appointed Reema Al-Asmari as head of territory for Saudi Arabia, to bolster the French bank’s corporate and investment banking presence in the Kingdom.

This comes in line with the Kingdom’s Vision 2030’s reform plan, as Saudi Arabia aims for female participation in the labor force to be at 30 percent by 2030, a target it has now achieved ahead of schedule.

The appointment came following a report by the global ratings agency Moody’s that found that rising female participation in the labor force has the potential to boost Saudi Arabia’s non-oil growth and improve average household incomes.


Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document

Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document
Updated 14 min 20 sec ago

Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document

Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document

DUBAI: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds, a document showed on Tuesday.
BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active book-runners, will organize investor calls starting on Tuesday.
A debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. The issuance will be under GACI First Investment Co. and guaranteed by PIF.
Credit Agricole, First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered are also active book-runners, while ANB Capital, BofA Securities, Bank of China, GIB Capital, ICBC, IMI Intesa Sanpaolo, Morgan Stanley, MUFG, Natixis, Riyad Capital and Saudi Fransi Capital are also on the deal. 


MENA Project Tracker — DEWA awards advisory services contract; Iraq to complete $1bn airport by end of 2023

MENA Project Tracker — DEWA awards advisory services contract; Iraq to complete $1bn airport by end of 2023
Updated 27 September 2022

MENA Project Tracker — DEWA awards advisory services contract; Iraq to complete $1bn airport by end of 2023

MENA Project Tracker — DEWA awards advisory services contract; Iraq to complete $1bn airport by end of 2023

RIYADH: Emirates Water & Electricity Co. has awarded the contract to develop the Mirfa 2 seawater reverse osmosis project to a consortium led by France’s Engie, reported MEED.

The Engie-led team offered to develop the 120 million imperial gallons a day independent water plant for $48.32 cents a cubic meter, winning the contract over Spain's Acciona by $3.9 c/cm.

DEWA awards advisory services contract

Dubai Electricity & Water Authority has selected a team led by UK-based Deloitte for the advisory services contract on the development of the Hassyan seawater reverse osmosis independent water project, reported MEED.

It shares this title of ‘legal advisor’ with two other companies — Canadian engineering firm WSP and the UK’s Addleshaw Goddard.

The team placed a bid of 2.09 million dirhams ($570,000) to beat its competitors in the contract.

Bank Muscat credits $101m to Galfar

Bank Muscat has agreed to loan Galfar Engineering & Contracting credit facilities of 39 million Omani rials ($101 million) on their projects, reported MEED.

“We are pleased to further strengthen our partnership with Bank Muscat by concluding this bespoke agreement to facilitate execution of three major projects, which are part of the infrastructure development of our beloved nation,” said Hamoud Al-Tobi, CEO of Galfar.

Ora Developers grants $49m construction contracts

Egypt-based Ora Developers has granted two $49 million construction contracts to Redcon Construction and Concrete Plus for phase one of ZED East project in New Cairo, according to Zawya.

The scope of work in phase one includes constructing 400 residential units — consisting of apartments, duplexes, townhouses, and villas — stretching over 56 acres of land.

The project is expected to be complete by 2025.

Iraq to complete $1bn airport by end of 2023

Iraq is set to complete the first phase of the $1 billion Karbala Airport by the end of 2023, as part of its post-war rebuilding initiative, reported Zawya.

Upon its completion, the airport will hold a capacity of three million passengers.

“We hope that phase one of this strategic project will be completed next year and it will be formally inaugurated at the end of 2023,” stated Suha Al-Najjar, head of the National Investment Commission.