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SEC to raise $2bn from sukuk
The firm announced 10-year and 30-year tranches.
- The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
- The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.
Business
Hotpack to build plant in KSA
The packaging plant will be one of the largest in the world.
- The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
- With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
Business
GKSD to invest in Middle East
The investment was announced during Investopia 2023.
- 'Smart Clinics', which was hailed as one of the key outcomes of the conference, is a new concept in the healthcare sector that focuses on improving life quality.
- Gruppo San Donato, a private hospital group in Italy, and UAE Ministry of Economy, are part of an MoU for the Smart Clinics program.
Business
Petrofac shares surge
Petrofact and Hitachi Energy secured a $14.1bn energy deal.
- European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
- Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
Business
SES seeks merger with Intelsat
The tie-up would lead to the creation of a $10 billion plus group.
- The satellite communications sector has been seeking to consolidate in the wake of the arrival on the scene of billionaire players Elon Musk and Jeff Bezos.
- The sector is now notably awaiting the upcoming merger of France's Eutelsat with UK counterpart OneWeb, as well as that of US provider Viasat.
Business
Aramco JV HAPCO breaks ground
The complex is expected to be operational by 2026.
- On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
- Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.
Business
ADNOC makes logistics push
Contract worth $2.6bn with ADNOC Offshore part of the launch.
- ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
- The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Business
Alibaba to split into six groups
Each will be managed by its own CEO and board of directors.
- The restructuring is likely to enable each separate business to pursue its own fundraising and public listing plans.
- Hangzhou-based Alibaba said the moves were intended to "unlock shareholder value and foster market competitiveness".
Business
Savola to pay $93m in dividends
The date of distribution will be announced later.
- The General Assembly date will be set after securing the formal approvals from the relevant authorities.
- The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business
Al Rajhi to issue sukuk
The sukuk terms will be determined as per market conditions.
- The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
- The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.
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Tawzea, NWC ink pacts
The companies have signed two agreements.
- Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
- Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.
Business
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.
- The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
- The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.