MENA Project Tracker — Bids on Saudi radiological project; Spetco lands $172m contract; JPMC begins work on $85m plant

MENA Project Tracker — Bids on Saudi radiological project; Spetco lands $172m contract; JPMC begins work on $85m plant
A snapshot of some of the recently reported projects across the MENA region. (Shutterstock)
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Updated 18 August 2022

MENA Project Tracker — Bids on Saudi radiological project; Spetco lands $172m contract; JPMC begins work on $85m plant

MENA Project Tracker — Bids on Saudi radiological project; Spetco lands $172m contract; JPMC begins work on $85m plant

CAIRO: Saudi-based Quantum Switch Tamasuk— a specialist in designing and building data centers —has collaborated with the Ministry of Communications and Information Technology on the $2 billion data center project.

The first phase has already begun in King Salman Energy Park in Dammam, and it comprises building 60MW of data center capacity out of the 300MW capacity by year-end, reported Tamasuk.

According to the four-year plan, Riyadh, Jeddah, and NEOM will also benefit from their own data centers by 2026.

“QST’s data centers will be designed and built to meet the demands of hyper-scale cloud service providers, international gaming and media platforms, and global content delivery networks, with a view to attracting them to locate their main regional hubs in the Kingdom,” stated QST.

Bids on Saudi radiological services project

Pre-qualified companies in the health sector will place bids on the Saudi Ministry of Health's radiological services project—the first of its kind in Saudi Arabia.

Eight companies are to reveal their bids on the project on Aug. 18.

The scope of work includes supplying and operating radiological services and medical nuclear images services to top-notch hospitals in the region, reported MEED.

This is part of the $2 billion healthcare projects in the Gulf Cooperation Council being achieved through a public-private partnership model.

Spetco lands $172m contract with KOC

Kuwait-based Spetco International Petroleum Co. has signed a 53 million Kuwaiti dinar ($172 million) contract with state-owned Kuwait Oil Co. to provide and operate sucker rod pumps at oil fields.

This is the third contract out of $389 million worth of contracts, where the other two were tendered to Contracting & Marine Services and Fawares Petroleum Services Co, disclosed MEED.

The bids were conducted through a mumarasa tendering system, which is a reverse auction where each company puts forth its lowest price until the lowest bidder wins.

Tadweer partners with KEO for Al-Dhafra feasibility study

Abu Dhabi Waste Management Centre, known as Tadweer, has partnered with KEO International Consultants on a feasibility study to extract greenhouse gases from the Al-Dhafra landfill.

The project will convert the toxic gasses into sustainable energy, according to MEED.

This study will include detecting the local market’s needs, and how to benefit from the exerted greenhouse gases using the most efficient and environmentally friendly methods. 

JPMC begins work on $85m phosphate plant in Jordan

Jordan Phosphate Mines Co., in collaboration with Ideal Development Co. for Manufacturing Industries, has started work on the planned $85 million phosphate washing factory in Shidiya, Maan governorate of Jordan.

It is to be completed in 15 months, whereafter the project will use washing and floating methods to convert low-quality phosphate into high-quality phosphate, reported MEED.

Not only will the project generate profits of 100 million Jordanian dinars ($140.9 million), but it will also create over 2,000 jobs in the transport and logistics sector, according to Mohammed Thneibat, JPMC chairman.

Qatar to receive first Typhoon fighter Jet

Qatar will receive its first Typhoon fighter jet from UK-based BAE Systems by the end of this month, reported MEED.

This is part of a £5 billion ($6.5 billion) deal in 2018, which entails BAE Systems providing Qatar with 24 Eurofighter Typhoon aircraft.

“The first Typhoon has been delivered on schedule and will ferry from the UK to Qatar later this month,” BAE Systems said.

“Typhoon will provide critical support for the Fifa World Cup, which will be held in the state from 20 November,” the British multinational aerospace company added.


Daman Investments launches UAE IPO fund for institutional investors

Daman Investments launches UAE IPO fund for institutional investors
Updated 16 sec ago

Daman Investments launches UAE IPO fund for institutional investors

Daman Investments launches UAE IPO fund for institutional investors

RIYADH: Dubai’s Daman Investments has launched a UAE initial public offering fund for professional and institutional investors, according to a statement. 

In line with the Gulf country’s plans to develop financial markets, the move will provide investors with higher returns compared to UAE stock market indices. 

Regulated and supervised by the Securities and Commodities Authority, the fund is expected to attract investment firms, professional investors and private family businesses.

“The fund will invest in the upcoming IPOs and in companies which have been listed during the past two years,” CEO Ahmed Khizer Khan said. 

He added the fund is “designed to meet the needs of professional and institutional investors, as it is expected to distribute quarterly and annual profits, respectively.”

This comes amid the rapid developments in financial markets and liquidity rates in the UAE.

In August, the UAE’s net financial surplus increased by 129 percent during the first quarter of this year, according to data from the UAE Ministry of Finance.

The surplus during the first three months of 2022 amounted to 36.4 billion dirhams ($10.1 billion), compared to 15.9 billion dirhams in the same period last year.


Mediterranean Shipping Co. connects Jeddah Port with 10 global ports

Mediterranean Shipping Co. connects Jeddah Port with 10 global ports
Updated 29 min 7 sec ago

Mediterranean Shipping Co. connects Jeddah Port with 10 global ports

Mediterranean Shipping Co. connects Jeddah Port with 10 global ports

RIYADH: Geneva-headquartered Mediterranean Shipping Co. will introduce a new call to its Himalaya Express Service to connect Jeddah Islamic Port with 10 global ports, said the Saudi Ports Authority. 

The new addition will link Jeddah Islamic Port with ports of Colombo, Nhava Sheva, Mundra, Salalah, King Abdullah Port, Valencia, Felixstowe, Rotterdam, Hamburg, and Antwerp, according to a statement. 

The service will include 11 mother ships with a capacity of 14,000 twenty-foot equivalent units for each vessel. Its first vessel sailing is expected to arrive at Jeddah Islamic Port on Oct. 23.

The global transport and logistics firm said it’s part of its commitment to serve the Saudi market and to expand import and export operations in the Kingdom’s ports. 

The cooperation between Mawani and MSC will enhance Saudi ports' performance on the investment and logistical fronts.

It will strengthen connectivity between the Kingdom and the world, reflecting positively on the operational efficiency in line with the objectives of the National Transport and Logistics Strategy of positioning Saudi Arabia as a global logistics hub, Mawani said in a press release.


Egypt aims to raise $6bn by selling stakes in state firms to revive economy

Egypt aims to raise $6bn by selling stakes in state firms to revive economy
Updated 38 min 29 sec ago

Egypt aims to raise $6bn by selling stakes in state firms to revive economy

Egypt aims to raise $6bn by selling stakes in state firms to revive economy

RIYADH: Egypt is planning to raise $6 billion by June 2023 through selling stakes in government companies as the nation tries to revive an economy badly affected by Russia’s invasion of Ukraine. 

Bloomberg, citing Egypt’s planning minister Hala El-Said, reported that the move will include share offerings to the public or block sales to strategic investors, backed by the country’s sovereign wealth fund. 

She did not reveal the names of the companies which will be listed for an initial public offering. 

The Bloomberg report further revealed that the stakes of some companies owned by Egypt’s army will be sold as a part of this program. 

Earlier this month, Egypt set up a new fund to assist government companies in getting listed on the stock exchange. The pre-IPO fund aims to restructure some state-owned assets and prepare them for stake sales. 

El-Said revealed that the ultimate target is to transfer assets worth $3 billion to the fund within three to six weeks, and it includes the assets of a power plant co-built by Siemens AG. 

The planning minister said that Egypt will conduct road shows in Europe and Asia at the end of October to showcase the investment opportunities in the country. 

She added that sovereign wealth funds within the Gulf and other regions will be approached to buy stakes in Egyptian entities. 

“Sovereign wealth funds are usually long-term investors, they add value in terms of expertise, finance and technology,” she said. The Bloomberg report further pointed out that Abu Dhabi’s ADQ and a unit of Saudi Arabia’s Public Investment Fund have already invested roughly $3 billion to buy shares in Egyptian firms owned by the government. 

Apart from eyeing more foreign investments, Egypt is also negotiating a new loan with the International Monetary Fund. 

Egypt’s fuel and food imports bill has soared as a result of the Ukraine war, and the country witnessed $22 billion in outflows from the local debt market since March 2022. 

Egypt had considered listing 10 government companies on the stock exchange this year, but the Russian-Ukraine crisis apparently delayed the plans. 


UAE healthcare provider Burjeel to sell 11% stake and list on ADX

UAE healthcare provider Burjeel to sell 11% stake and list on ADX
Updated 26 September 2022

UAE healthcare provider Burjeel to sell 11% stake and list on ADX

UAE healthcare provider Burjeel to sell 11% stake and list on ADX

RIYADH: Abu Dhabi healthcare provider Burjeel Holdings said it intends to offer 11 percent of its shares in an initial public offering as it prepares to go public this year.

The company plans to sell 550.7 million shares, including 350.3 million from VPS Healthcare Holdings, which owns 79.8 percent of Burjeel.

Among the offered shares, 10 percent will be allocated under the first tranche, and 90 percent under the second tranche.

The offer period for the first tranche and the second tranche starts on Sep. 30 and will close on Oct. 4, 2022. 

Burjeel is expected to announce the final price on Oct. 5, and the shares are expected to be listed in Abu Dhabi on Oct. 10.

“Our long-term vision focused on increasing access to quality healthcare and clinical excellence across the region has driven our growth over the past 15 years,” chairman of Burjeel Holdings plc, Shamsheer Vayalil Parambath, said.

“As healthcare expenditure continues to increase across the region, Burjeel Holdings is strongly positioned to benefit through our focus on providing complex, specialized medicine for all socioeconomic groups, through a targeted, multi-brand strategy,” he added.

J.P. Morgan Securities plc has been appointed as capital markets advisor to the selling shareholder and company in connection with the offering.

“Today’s announcement builds on our partnership with IHC which will have a transformative impact for Burjeel Holdings through the addition of new capabilities, capital, and access to new markets,” Parambaths said.

Last week, International Holding Co. announced that it has purchased a 15 percent stake in Burjeel Holdings.

“The acquisition will aim to continue to scale and diversify IHC’s investment in the healthcare sector locally and regionally,” IHC said in a statement.

IHC is the largest company in the UAE by market value and it is led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE's national security adviser and the brother of UAE’s president.

With a network of 39 hospitals and medical centers, Burjeel Holdings is one of the leading providers of healthcare in the UAE private market with a market share of approximately 17 percent for in-patients and approximately 12 percent for out-patients.

Founded in 2007, the healthcare provider plans to invest $1 billion in Saudi Arabia by 2030 through joint ventures and public-private partnerships.


HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 
Updated 26 September 2022

HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 

RIYADH: HSBC Saudi Arabia has appointed Faris AlGhannam as the bank’s new CEO as the lender embarks on a new phase of growth in the Kingdom.

Taking up his new role on Oct. 1 upon regulatory approval, AlGhannam is currently the bank’s deputy CEO, according to a statement.

He succeeds Rajiv Shukla, who was appointed senior managing director and advisor to the regional CEO after leading HSBC Saudi Arabia as its chief since April 2019.

“I am delighted to take on the responsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-standing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” he said.

Founded in 2005, HSBC Saudi Arabia is a joint venture 51 percent owned by HSBC and 49 percent owned by the Saudi British Bank.