Latest news with #PIF-affiliated
Argaam
16-02-2025
- Business
- Argaam
Unified credit ratings for PIF project contractors: Tassnief CEO
Imad Kurdi, CEO of Simah Rating Agency (Tassnief), said the Public Investment Fund's (PIF) economic enhancement program aims to unify financial solvency assessments for contractors and PIF-affiliated firms. The goal is to ensure efficient project execution and sustainable funding support. Speaking to Argaam at the PIF-Private Sector Forum, Kurdi explained that the program aims to develop a unified credit rating system. This helps determine the project scale each contractor can handle based on financial capacity, improving transparency and reducing funding assessment discrepancies. The methodology balances financial metrics (40%) with sector, industry, and management quality criteria. This structured approach ensures contractors take on projects aligned with their financial strength. Kurdi highlighted that standardizing risk assessments across PIF-affiliated firms minimizes rating discrepancies and strengthens confidence among financiers and contractors. He highlighted the collaboration with insurers and the Insurance Authority to introduce surety bonds as an alternative to bank guarantees, improving project efficiency and reducing reliance on bank facilities. Project solvency has risen by an average of 28% since implementing the new framework, Kurdi said. This improvement reflects greater contractor efficiency in executing mega-projects tied to Vision 2030, ensuring timely completion, he added. Discussions are ongoing with the Saudi Central Bank (SAMA) to integrate the new credit ratings into the financial system, potentially enabling future bond or credit-linked securities issuances.
Zawya
13-02-2025
- Automotive
- Zawya
EVIQ and Riyadh Development Company partner to enhance charging infrastructure for electric vehicles in the Kingdom
Riyadh, Saudi Arabia: Electric Vehicle Infrastructure Company (EVIQ), a joint venture company between the Public Investment Fund (PIF) & Saudi Electricity Company (SEC) has signed a Memorandum of Understanding (MoU) with Riyadh Development Company in aims of enhancing the Kingdom's charging infrastructure for electric vehicles. This agreement aligns with both parties' efforts to enhance sustainable transportation infrastructure in the Kingdom, in line with the Saudi Vision 2030 and the Kingdom's environmental sustainability goals. The MoU, signed by Mohammed bin Bakr Qazzaz, CEO of EVIQ, and Jihad bin Abdulrahman Al-Qadi, CEO of Riyadh Development Company during the Private Sector Forum 2025, will develop charging station sites within Riyadh Development Company's properties, supporting Riyadh's transformation into a smart and sustainable city while optimizing the company's assets to enhance sustainable investment returns. The agreement also reflects the role of the Private Sector Forum, organized by the Public Investment Fund, in fostering effective partnerships between PIF-affiliated companies and Saudi's private sector. Commenting on the agreement, Mohammed bin Bakr Qazzaz, CEO of EVIQ, stated:"We are thrilled to collaborate with Riyadh Development Company to expand the network of charging stations in the Kingdom. Our goal is to deploy more than 5,000 fast chargers at strategic locations across the Kingdom by 2030, supporting our aspirations for a more sustainable transportation future and reinforcing EVIQ's role in providing advanced infrastructure to facilitate the transition to electric vehicles." "At the beginning of 2023, we launched our company's strategy under the slogan 'Investing for Growth', committing to a broader sustainability approach, including environmental sustainability. This strategic partnership agreement aligns with our commitment to advancing sustainable infrastructure solutions for the city as a whole, with a particular focus on our real estate projects. The agreement enables us to further optimize the use of our assets while enhancing the experience of visitors and residents by offering more comprehensive solutions while preserving environmental gains, supporting the transition to electric mobility and strengthening Riyadh's position as a sustainable urban hub." About EVIQ: The Electric Vehicle Infrastructure Company (EVIQ) is a joint venture company between the Public Investment Fund (PIF) & Saudi Electricity Company (SEC). The company supports EV adoption in the Saudi market by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs for electric vehicles around the Kingdom. With a vision to deploy more than 5,000 chargers in strategic locations around the Kingdom, EVIQ is spearheading the enablement of the EV ecosystem in Saudi Arabia. Through strong collaboration with local partners for installation & maintenance, EVIQ is aiming to build a strong foundation for the sector which will stimulate the growth of EV adoption among the Saudi community, leading to making the sector more attractive and rewarding for investors to take part in the journey. In addition, EVIQ has also established a state-of-the-art Research & Development (R&D) Facility in Riyadh, which is the first of its kind in the region. The new facility will be used for testing a spectrum of chargers and software, to ensure the deployment of best-in-class equipment and related software, reinforcing EVIQ's commitment to quality & efficiency, and driving the evolution in the EV sector across the Kingdom of Saudi Arabia. This facility is a cornerstone in the deployment of chargers & technologies that meet the highest standards of quality, safety, efficiency, and compatibility for the Saudi Market. EVIQ envisions a robust presence throughout Saudi Arabian cities and connecting roads by 2030. This strategic initiative aligns with relevant regulations and standards, aiming to lead the electric vehicle (EV) transition by providing best-in-class and widely accessible EV charging infrastructure. The widespread adoption of EVs holds multifaceted benefits, such as cost saving for car owners, reducing carbon emissions from transportation, and supporting a more sustainable & greener environment for Saudi Arabia. About Riyadh Development Company: Riyadh Development Company was established by Royal Decree No. (M/2) on 09/02/1414 AH as a Saudi joint-stock company, initiated under the visionary leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, during his tenure as Governor of Riyadh, with the goal of developing the Qasr Al-Hukm district and its surroundings. Since its inception, the company has focused on real estate development and management, including the development of integrated residential communities and the establishment, operation, and management of public service projects aimed at advancing the capital city. Through its 'Investing for Growth' strategy, Riyadh Development Company focuses on residential, office, logistics, and educational real estate projects to meet the rapidly growing demand in these sectors. Leveraging its extensive expertise in infrastructure development, the company serves over 2,000 clients and tenants and more than 20 million citizens and residents, employing over 150 qualified national professionals.
