Latest news with #SAKader
Zawya
13-05-2025
- Business
- Zawya
Arabian Drilling expects Q2 2025 revenue to fall amid lower oil price
Saudi-listed Arabian Drilling Company expects the second quarter of 2025 revenue to reflect a potential 5-10 percent decline from first quarter 2025. This guidance reflects a cautious approach in response to the anticipated global reduction in demand for oil and gas, which has significantly impacted oil prices year-to-date, the company said in its first quarter 2025 financial statement issued on Tuesday on the Saudi stock exchange. The company also expects an indirect impact on its operations amid predictions indicating a continued decline in oil prices throughout the year. 'We advise vigilance and caution in forecasting future financial performance given the current volatile global economic conditions,' the statement said. Revenue rose 7.2 percent year-on-year (YoY) to 911 million Saudi riyals ($242.88 million), supported by the effective operation of all newly deployed unconventional land rigs and high rig move activity. Net income increased by 7.2 per cent YoY to SAR 75 million in the first quarter. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
05-05-2025
- Business
- Zawya
Kuwait opens financial bids for $3.9bln Az-Zour North IWPP Phases 2 & 3
The Kuwait Authority for Partnership Projects (KAPP) held a public session to open the financial envelopes for the Az-Zour North IWPP Phases 2 and 3 (combined), the Authority said in a post on social media platform X on Monday. The session was attended by representatives of the qualified bidders, the post said. Az-Zour North IWPP Phases 2 & 3 involve the financing, design, construction, operation, maintenance, and transfer of a combined power and desalination plant with a minimum capacity of 2,700 megawatts (MW) of power and 120 million imperial gallons per day (MIGD) of desalinated water, according to previous KAPP statements. The facility will use Liquefied Natural Gas and high-pressure natural gas, with gas oil as a backup fuel, and will connect to the national grid via a 400 kV transmission substation. Three consortiums and two companies were qualified to bid for the project, according to the project's Request for Proposal (RFP) notice. These were: • Consortium led by TAQA (Abu Dhabi National Energy Company) with local company A.H Al Sagar & Brothers Co and Japan's JERA as members • Saudi's ACWA Power as lead, with local firm Gulf Investment Corporation • China Power International Holding as lead, with Malaysia's Malakoff International and Saudi Arabia's Abdul Aziz Al Ajlan Sons Co as members. • In addition, Qatar's Nebras Power and Japan's Sumitomo Corporation were among the qualified companies. The project will be implemented by the winning bidder under a Public-Private Partnership (PPP) agreement extending up to 27 years and 8 months (investment period). The project company will sign a 25-year Energy Conversion and Water Purchase Agreement (ECWPA) with the Ministry of Electricity & Water & Renewable Energy (MEWRE) starting from the project's commercial operation date. The project is estimated to cost 1.2 billion Kuwaiti dinars ($3.9 billion), a January 2025 report by Zawya Projects said. It will be located adjacent to the existing Az-Zour North Phase 1 facility and Az-Zour South power complex, around 100 kilometers south of Kuwait City. The tendering process was launched with an Expression of Interest (EOI) in July 2018. The qualified bidders were announced on 3 December 2023 followed by Request for Proposal (RFP) on 27 March 2024. KAPP and MEWRE are supported by Ernst & Young as lead and financial advisor, Addleshaw Goddard as legal advisor, and Atkins as technical and environmental advisor. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
05-05-2025
- Business
- Zawya
UKEF provides $761mln loan guarantee for Angola infrastructure project
UK Export Finance (UKEF) has provided a loan guarantee worth up to £573 million ($761 million) to support infrastructure development in Angola's Benguela Province, located on the country's Atlantic coast, the export credit agency said in a notice dated 2 May 2025. UK-based Innovo Projects is executing the construction contract commissioned by Angola's Ministry of Public Works and Spatial Planning. UKEF's support allows the Angolan government, through Ministry of Finance, to finance Innovo Group's contract using funds arranged by Standard Chartered Bank, as Structuring and Coordinating Bank, Bookrunner and Mandated Lead Arranger The project involves the development, construction, and rehabilitation of 22 sub-projects across Benguela located west of Angola. The works span four key categories: Water infrastructure, including water supply systems, drainage, and flood risk management; Transport infrastructure, involving road rehabilitation, construction of pedestrian bridges and crossings, and improved stormwater drainage; Public buildings, focusing on the façade restoration of historic and culturally significant structures; Community facilities, including new marketplaces, public leisure areas, and beachfront enhancements. A key aim of the project is to provide critical infrastructure rehabilitation in order to improve the living conditions for communities, reducing the risk and impact of flooding and other climate related events. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
01-05-2025
- Business
- Zawya
Dar Global brings Trump International Gold Club to Doha
Dubai-headquaryered and LSE-listed Dar Global has signed an agreement with The Trump Organisation to develop Trump International Golf Club, Doha as part of the Simaisima coastal masterplan located 40 kilometers north of Doha. The developer said in a statement that the gold club will occupy approximately 790,000 square metres (sqm) within the 8 million sqm Simaisma development, and comprise an 18-hole golf course, a clubhouse, and high-end branded villas overlooking the golf and the beach. The Simaisima masterplan, led by Qatari Diar, will feature a 650,000 sqm theme park, tourism and hospitality zones, a yacht marina, beach club, and mix of cultural attractions, retail, and fine dining establishments. The statement didn't disclose project cost or completion timelines. Dar Global is also developing Trump International Golf Club in Oman in partnership with The Trump Organisation. Dubai's Damac Properties and The Trump Organisation have partnered on two gof courses in Dubai - Trump World Golf Club and Trump International Golf Club. (Writing by SA Kader; Editing by Anoop Menon)
Zawya
14-04-2025
- Business
- Zawya
Emirates Biotech appoints Samsung E&A as contractor for PLA plant
Dubai-based Emirates Biotech announced on Monday that it has selected Samsung E&A as the contractor for its upcoming Polylactic Acid (PLA) production plant in KEZAD free zone in Abu Dhabi. The company said in a press statement that the South Korean company will oversee all engineering, procurement, and construction work for the Falcon PLA project, which will produce biodegradable and environmentally friendly plastic alternative. The pre-EPC contract, covering the initial phase of the collaboration, was signed on 14 April 2025. The PLA plant, which will use technology from Sulzer, is scheduled to start operations in early 2028, the statement said. In December 2024, Zawya Projects had reported that the new plant will be developed in two phases, each with an annual capacity of 80,000 tonnes, for a total production of 160,000 tonnes per annum. The project will have a pverall investment of approximately $800 million, split over the two phases. The report also noted that the plant's output will be sold in the UAE, Saudi Arabia, Oman and Kuwait as well as India, Turkey and Europe. Emirates Biotech is a joint venture between UAE-based SS Royal Kit Emirates Investment and Hong Kong-based Global Biopolymers Industries (GBI). (Writing by Anoop Menon; Editing by SA Kader) (
