Saudi-listed Alkhorayef Water and Power Technologies boosts bank facility to $227mln
Alkhorayef Water and Power Technologies Co. (AWPT), a key player in water and wastewater infrastructure in Saudi Arabia, has signed an agreement with Saudi National Bank (SNB) to renew and increase its Sharia-compliant bank facility, the company announced.
The financing has been expanded by 200 million Saudi riyals ($53.3 million), raising the total value of AWPT's credit facilities from SAR 650 million ($173.3 million) to SAR 850 million ($226.6 million).
The facility is valid until 31 December 2025, the company said in a stock exchange statement.
According to the stock exchange statement, the financing is intended for issuing letters of guarantee, letters of credit, and both long and short-term loans.
AWPT also amended the collateral provided for the financing under a promissory note, increasing the guaranteed amount to SAR 935 million ($249.3 million), while all other terms and conditions remain unchanged.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 hours ago
- Zawya
GIA Redefines Lab-grown Diamond Grading Standards Discontinuation of 4Cs Grading System Enhances Differentiation Between Natural and Lab-Grown Diamonds
HONG KONG SAR - Media OutReach Newswire - 10 June 2025 - The Gemological Institute of America (GIA), the world's foremost authority in gemology announced a redefinition in diamond grading on June 2, 2025. Beginning at the end of 2025, GIA will cease using the internationally recognized 4Cs grading system (Cut, Colour, Clarity, Carat) for lab-grown diamonds. Instead, GIA will implement a new descriptive grading system that lab-grown diamonds submitted to GIA will receive simplified descriptors—categorized broadly as either "premium" or "standard" or no grade at all if the quality is subpar. This transformative change marks a historic shift in the global diamond industry, not only redefining the value perception of lab-grown diamonds but also enhancing the differentiation between natural and lab-grown diamonds. This initiative is not merely a terminology adjustment; it represents a systematic effort to separate the grading systems for lab-grown and natural diamonds. As a non-profit organization, GIA emphasizes the fundamental differences between the two, including their formation processes, physical characteristics, and market values. According to Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, "More than 95% of lab-grown diamonds entering the market fall into a very narrow range of color and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of color and clarity of natural diamonds." Reaffirming the Unique Value of Natural Diamonds This revision of grading standards is another milestone following GIA's abandonment of the term "Synthetic" and its move to describe lab-grown diamonds in relation to natural diamond standards. GIA created the 4Cs—cut, colour, clarity, and carat weight—as a rigorous system to help consumers understand the unique and qualities of natural diamonds. With the new lab-grown diamond grading system, the core value of natural diamonds—rarity and emotional attributes are further emphasized. No two natural diamonds are exactly alike. Every natural diamond is unique, characterized by its distinct growth patterns, inclusions, and colour formed over billions of years. These nature's treasures, formed deep within the Earth, are considered valuable collectibles due to their beauty, rarity and non-renewability. They symbolize values associated with love, commitment, and eternity, while also contributing to the social and economy welfare of the diamond mining communities through responsible mining practices. In contrast, lab-grown diamonds are man-made and mass-produced using high-pressure high-temperature (HPHT) or Chemical Vapor Deposition (CVD) processes. Their industrial nature limits their ability to embody the multiple values associated with natural diamonds, including emotional attributes, rarity, investment potential, and heritage. GIA's reform not only reaffirms the irreplaceable status of natural diamonds but also clarifies that lab-grown diamonds should not be assessed using the same criteria as natural diamonds. Ensuring Consumer Awareness and Transparency Over time, some lab-grown diamond sellers have been using ambiguous marketing terms such as "sustainability" and "equivalency" that may mislead consumers about the differences between lab-grown and natural diamonds. GIA's new approach ensures consumers can make informed choices without confusion, protecting their rights to knowledge, choice, and fair trade. By discontinuing the use of the 4Cs standard for lab-grown diamonds, GIA reaffirms its commitment to scientific integrity and public transparency. GIA's grading redefinition is poised to have a profound impact on the global jewellery industry. As this change takes effect by the end of 2025, it is anticipated that gemological institutes worldwide will follow suit. The boundaries between natural and lab-grown diamonds are clearly defined through GIA's new grading standards. Hashtag: #GIA #NaturalDiamonds #LabGrownDiamonds #DiamondCertification #DiamondGrading The issuer is solely responsible for the content of this announcement. A Diamond is Forever
Middle East Eye
13 hours ago
- Middle East Eye
Bank of America says Saudi Arabia preparing for 'long and shallow' oil price war
Saudi Arabia is batting down the hatches for a "long and shallow' oil price war, in part to clip the wings of US shale energy companies, the Bank of America's top commodities expert said. 'It's not a price war that is going to be short and steep; rather, it's going to be a price war that is long and shallow,' Francisco Blanch, the bank's head of commodities research, told Bloomberg in an interview on Monday. Saudi Arabia led an alliance of energy producers dubbed Opec+ in April to boost supply. The decision was a U-turn for Saudi Arabia, which for years had pushed Opec+ to cut production in a bid to lift energy prices. Saudi Energy Minister Abdulaziz bin Salman went so far as to warn market speculators that they would be 'ouching like hell' if they doubted his willingness to starve the oil market of supply. However, energy analysts had been warning for more than a year that Saudi Arabia was in an untenable position. The kingdom was doing the heavy lifting to keep supplies low, while other countries were benefiting from higher prices. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Saudi Arabia has also surrendered market share in Asia to Iran and Russia. 'They've (Saudi Arabia) done this price support already by themselves for three-plus years,' Blanch said. 'They're done with that.' The United Arab Emirates won concessions to lift its production quotas in recent years. Abu Dhabi wants to pump more of its oil faster, with an eye towards a time in the future when energy demand peaks. Why Saudi Arabia can spend more money than it makes, even as oil prices drop Read More » In April, energy analysts also said Saudi Arabia's decision to boost output was taking aim at Iraq and Kazakhstan, two Opec+ members who were exceeding their Opec+ production quotas. Because Saudi Arabia is richer and is able to quickly extract oil, analysts say it can endure a prolonged slump better than poorer Opec+ members. The Bank of America's analysis points to another target: the United States. The US has become energy independent thanks to a boom in shale oil production over the last 15 years. The US is not a member of Opec, and American production has surged. Oil and gas production in the US hit a record high in December 2025. Saudi Arabia has been issuing a historic amount of debt to make up for budget shortfalls caused by lower oil prices. The kingdom is already scaling back mega-projects like Neom and tightening its purse strings on consulting firms that have raked up a windfall advising on Crown Prince Mohammed bin Salman's Vision 2030 agenda to remake Saudi Arabia's economy. The worst-case scenario for Saudi Arabia is that oil prices spiral further down, risking a price war like the one that erupted in 2020 between Russia and the kingdom during the coronavirus pandemic.
Zawya
15 hours ago
- Zawya
BAIC Announces 2025 Vehicle Lineup for International Automotive &Supply Chain EXPO (HONG KONG)
HONG KONG SAR - Media OutReach Newswire - 9 June 2025 - From June 12 to 15, the INTERNATIONAL AUTOMOTIVE&SUPPLY CHAIN EXPO in Hong Kong will host a major international auto show under the theme "New Car, New Journey." The event will bring automakers, experts and media together showcasing future mobility innovation and trends. At the upcoming exhibition, BAIC Group will present both passenger and commercial lineup, such as the BJ40PLUS RHD and X55 II RHD. BEV models include ARCFOX αS5, ARCFOX αT5 and STELATO S9(REEV). Internationalization is one of BAIC Group's core the general platform of internationalization, BAIC INTL comprehensively coordinates the overseas business. Since its established in 2013, BAIC INTL has expanded to more than 50 countries, establish nearly 300 sales network , and set up eight KD plants—including one wholly owned overseas production base. Its portfolio consists of three distinct brands: BAIC, focused on mainstream and off-road models; ARCFOX, a high-end NEV brand expanding from electric to hybrid offerings; and STELATO, targeting the luxury new energy segment. At the show, BAIC will unveil a range of advanced technologies, including its self-developed Polaris EV platform and the world's first AI-integrated cockpit system. Driven by artificial intelligence, the company is building a closed-loop innovation system that connects user insight, product development, and after-sales service—enabling continuous product evolution and a more intelligent mobility experience. From June 12 to 15, visit Booth C02, Hall 6 at AsiaWorld-Expo to discover how BAIC is driving the next chapter of global mobility—powered by technology, guided by innovation. Hashtag: #BAIC The issuer is solely responsible for the content of this announcement. BAIC INTL.
