Saudi Sakani program offers close to 3,000 free lands for 8 housing schemes 

Saudi Sakani program offers close to 3,000 free lands for 8 housing schemes 
The eight schemes are distributed in five regions, namely Riyadh, the Eastern Province, Madinah Munawwarah, Makkah Al-Mukarramah, and Aseer Province. (Shutterstock)
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Updated 22 September 2022

Saudi Sakani program offers close to 3,000 free lands for 8 housing schemes 

Saudi Sakani program offers close to 3,000 free lands for 8 housing schemes 

RIYADH: Saudi Arabia has launched 2,957 new free lands for eight housing schemes under the government’s Sakani program that aims to boost the home ownership of its nationals.

The eight schemes are distributed in five regions, namely Riyadh, the Eastern Province, Madinah Munawwarah, Makkah Al-Mukarramah, and Aseer Province, according to the Saudi Press Agency. 

Beneficiaries wishing to benefit from the free lands can visit the electronic portal of the Sakani program’s website, it said.

The website sets out several housing and financing options, including ready-made housing units and units under construction in partnership with qualified real estate developers.

In 2017, the Ministry of Housing and the Real Estate Development Fund formed the Sakani program to facilitate home ownership in the Kingdom, by developing new housing stock, allocating plots and homes to nationals and financing their purchase.

In line with the Kingdom’s Vision 2030, the program contributes to achieving the objectives of the housing program to raise the proportion of home ownership of Saudi families to 70 percent by 2030.


MENA Project Tracker — Egypt starts new gas project; Oman requests bids for port

MENA Project Tracker — Egypt starts new gas project; Oman requests bids for port
Updated 32 sec ago

MENA Project Tracker — Egypt starts new gas project; Oman requests bids for port

MENA Project Tracker — Egypt starts new gas project; Oman requests bids for port

RIYADH: The offshore arm of Abu Dhabi National Oil Co. has received a commercial bid from a Saipem-led team on its $1 billion Umm Sheriff Gas Cap condensate development project, reported MEED.

ADNOC Offshore has single-sourced bids from the Italian-based consortium — which also includes China Petroleum Engineering & Construction Co.— to speed up the highly delayed engineering, procurement, and construction phase.

Egypt to begin work on a new gas project

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla has announced the approval of a project to connect the Raven offshore gas field to the El-Amriya onshore processing plant, reported MEED.

The project will include many different phases, and act as a link between the Raven field and the butane extraction plant, which is operated by the Egyptian Natural Gas Co.

After its completion, the butane plant will receive 100 million cubic feet a day of gas from the Raven field — reaching its maximum capacity, according to Gasco Chairman Yasser Salah El-Din.

Oman requesting bids on development of new port

Oman has requested bids for the development and operations of its Dhalkut Port in the Southern Dhofar Governorate as part of plans to grow its maritime trade, according to Zawya.  

The project will be tendered under a “develop, manage and operate” contract, where both local and foreign firms will be given a chance to bid.

The deadline for the project bids is Oct. 16.

“Bids must be submitted by local and international companies which have experience in port operation and management,” the statement said.


UAE In-Focus — DMCC named Global Free Zone of the Year for eighth consecutive time

UAE In-Focus — DMCC named Global Free Zone of the Year for eighth consecutive time
Updated 9 min 34 sec ago

UAE In-Focus — DMCC named Global Free Zone of the Year for eighth consecutive time

UAE In-Focus — DMCC named Global Free Zone of the Year for eighth consecutive time

DUBAI: Dubai Multi Commodities Center has been named the Global Free Zone of the Year 2022 by the Financial Times specialist editorial team and independent judges.

It is the eighth consecutive year that the Financial Times fDi Magazine has recognized Dubai’s authority on commodities trade and enterprise, the statement added.

Award winners are selected based on a comprehensive set of criteria and a review of the free zones’ ecosystems.

Criteria used in making judgments this year included the effectiveness of each free zone’s ecosystems, business and marketing strategies, infrastructure improvements, and COVID-19 response, the statement said.

This year, the DMCC won several awards, including Large Tenant Free Zone of the Year — Global; Large Tenant Free Zone of the Year — Middle East; Middle East Free Zone of the Year; Middle East SME Free Zone of the Year; Global Excellence Award for Environmental, Social, and Governance Practices; and Global Excellence Award for Infrastructure Development.

Executive Chairman and CEO of DMCC Ahmed Bin Sulayem said: “Since DMCC was established in 2002, we have had two core goals – create a global gateway for trade, and comprehensively enhance the ease of doing business for our member companies.”

SAFEEN Feeders and Invictus Investment sign strategic agreement

A major contract has been signed between AD Ports Group’s SAFEEN Feeders and Invictus Investment to launch an international dry bulk shipping service, according to a statement.

The two companies will purchase ships through Special Purpose Vehicles — 85 percent owned by SAFEEN Feeders and 15 percent by Invictus Investment.

To operate the service, SAFEEN Feeders and Invictus Investment will form a joint venture. 

Invictus Investment will own 49 percent of the joint venture and SAFEEN Feeders will own 51 percent.

The two companies are expected to invest approximately 463 million dirhams in the vessels.

From September 2022 through June 2023, five ships will be deployed of varying sizes, with additional vessels planned for the future.

This joint venture will serve as the carrier for Invictus’ dry-bulk trading business, which ships more than three million tons of commodities annually, primarily wheat and complementary grains. This business will occupy the majority of the ships’ capacity.

The agreement will also extend its commercial bulk shipping services to other companies worldwide, initially focusing on the Red Sea and Pacific corridors, the Indian subcontinent, and the Black Sea region, but with the ability to ship to anywhere in the world within international navigating limits.

Due to Invictus’ large existing trading volumes, the program is expected to generate strong returns on investment for Invictus Investment, the statement said.

Shuaa Capital

Shuaa Capital has announced that its Kuwait-based subsidiary Amwal International Investment Co. has agreed to sell 51 percent of its stake in NCM Investment for 200 million dirhams ($54.4 million), according to a statement.

Shuaa Capital, a Dubai Financial Market-listed company, said in a regulatory filing that it expects the sale to close in the fourth quarter of 2022.


Albabtain Food sets offering price at $20 for Nomu listing

Albabtain Food sets offering price at $20 for Nomu listing
Updated 40 min 28 sec ago

Albabtain Food sets offering price at $20 for Nomu listing

Albabtain Food sets offering price at $20 for Nomu listing

RIYADH: Abdulaziz & Mansour Ibrahim Albabtain Co., known as Albabtain Food, has set its offering price for a direct listing on Saudi Arabia’s parallel stock market Nomu at SR77 ($20.49) per share.

Yaqeen Capital, the financial adviser and lead manager for the transaction, confirmed the news in a bourse filing. 

Founded in 1998 by the AlBabtain family, AlBabtain Food has 11 branches spread across the Kingdom, allowing the company to provide its customers with a high level of services in the region.

The company manufactures a range of products including bread, pastries, and ice cream. 

 


Arabian Plastic Industrial to start trading on Nomu on Wednesday

Arabian Plastic Industrial to start trading on Nomu on Wednesday
Updated 43 min 9 sec ago

Arabian Plastic Industrial to start trading on Nomu on Wednesday

Arabian Plastic Industrial to start trading on Nomu on Wednesday

RIYADH: Jeddah-based Arabian Plastic Industrial Co. will start trading on Saudi Arabia’s parallel stock market Nomu on Oct. 5, a bourse filing showed.

APICO offered 1 million shares, or 20 percent of its valuation, via an initial public offering at SR27 ($7.19) per share. 

The offering coverage was 15.43 times the total shares offered during the subscription period. 

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.


Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 

Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 
Updated 48 min 44 sec ago

Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 

Kuwait’s Agility to invest $60m to modernize Suez Canal Economic Zone 

RIYADH: Kuwaiti supply chain firm Agility Public Warehousing Co. has committed $60 million to build a customs and logistics center in Egypt's Suez Canal Economic Zone.

Agility will work with SCZone on implementing its strategic vision in service, logistics, and support by setting up a technical and logistics arm that will automate customs processes and operations, according to a statement by the company.

The project is scheduled for implementation in the second half of 2023, and the statement added that the return on the investment “cannot be assessed at this time.”